Category Archives for "Corporate Bonds"

24th April 2018

Inflexion point for risk assets

Mixed fortunes… We hoped that this week might have sizzled, pouring with deals ahead of an anticipated quieter last couple of days into (and after) the ECB meeting/announcement and then that important macro data (US GDP and core PCE). But no. We’re scraping the bottom of the barrel for corporate bonds in secondary as well […]

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23rd April 2018

Rising rates sap enthusiasm

Rate market sucks away the joy… We were back to our customary slow start to the week following a weekend of lighter news flow, allowing us to concentrate on the events ahead. That means a focus on the earnings season, the ECB and what’s occurring in the rate markets. It might have pedestrian, but a […]

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22nd April 2018

Rate market limelight

Warnings signals abound… There was much good last week for the markets. The rally in equities through the first part of it, the broadly good start to the earnings season with financials leading, and the moderate recovery in credit spreads. There has been no obvious escalation in the Syrian/US troubles, while the potential for de-nuclearisation […]

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19th April 2018

Corporate bonds – The Dead Zone

Zombie bond market… These are odd times for credit. The corporate bond market should be racing along. It isn’t. Admittedly, there are warnings signs aplenty on macro, rate markets and geopolitics, and while equities generally are holding steady after recovering from their recent wobble, there’s little follow-through into the credit markets. Corporate bond markets are […]

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18th April 2018

IG borrowers missing in action

Corporate vanishing act… A poke in the eye for a moribund euro-denominated IG non-financial corporate bond market, as Syngenta decided not to proceed with the acquisition finance funding deal in the currency. They got filled in dollars for the $4.75bn they were looking to raise. The issuance run rate so far this year is the […]

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17th April 2018

It must be a relief rally

Because macro isn’t improving… Uh oh… The signs are there, the Eurozone is slowing sharply and we might ultimately be heading into recession territory for the region. The ZEW index, a measure of economic confidence in the German economy fell to -8.2 in April and to the lowest level in over five years. Add into […]

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16th April 2018

ECB corporate purchases reach landmark

Treading water in tentative session The limited Western response in Syria elicited a fairly pragmatic market response. In a tentative, finding-your-feet session opening part of the session, the moves were limited and we might just get away with focusing on the earnings season and macro rather than geopolitics. Into the end of the month, that […]

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15th April 2018

Don Trump? No, stick with Donald

West’s response sullies outlook… It should be time to switch focus and save the month’s performance. The earnings season is upon us and might prove to be a useful distraction as we focus on the nitty-gritty of companies and macro. With that, the Q1 earnings season has kicked off in good fashion. US banks¬†have been […]

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12th April 2018

The Tweeter and the Porky Pie

Geopolitical tensions ease… It’s just as well that we have no clue what’s going on because it seems like the US administration doesn’t either. Having readied us all for an imminent attack on Syria, Trump’s latest tweet pulled back on his earlier threat. The back channels are open and busy while Theresa May was busy […]

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11th April 2018

To be forewarned is to be…

Batten down the hatches! Trump’s latest tweet, readying for an attack on Syria and warning the Russians that the missiles were coming had the markets paying much more attention to the situation in the Middle East. With the US on the brink of launching some kind of offensive on the Syrian state, the Russian threats […]

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