Category Archives for "Corporate Bonds"

22nd November 2017

UK budget stymies activity

But the UK is in the limelight… It’s not often that UK budget day grips the market so much that it comes to standstill. With Brexit negotiations potentially about to reach a crucial phase, UK politics are now front and centre. Or maybe it was something to do with the budget also coming on the […]

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21st November 2017

America, leading the way

The winds of change… The positive start to the week continued through Tuesday’s session led by stocks. Primary credit was busy delivering a whole bunch of deals while secondary was also slightly bid. Rate markets were better bid as well as yields declined on a combination of a poor UK government borrowing number for October, […]

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20th November 2017

Markets caught napping

Wake up call from German politics… Things are potentially serious as we’re back to politics. Angela Merkel’s attempt to stay in power and form a new, so-called ‘Jamaica’ coalition government failed. All is not quite lost and there are options open to her CDU party, but we can’t discount the increasing possibility of there being […]

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19th November 2017

Mixed signals

Relax, don’t do it… We’ve been through the grinder a bit in these opening couple of weeks of the month, but have managed to stabilise and regain some of the lost performance. The flow in the secondary cash market has not justified in any way the level of weakness that we have had and we […]

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16th November 2017

We’re back, 1000 year deals and all

All is not lost… Just when all looked hopeless, the tide did turn. We are back. Higher equities, flattish in duration and tighter credit spreads. It’s been a while (!) since we could last say any of that. The illiquidity in the offered side of the market ensured we squeezed better as buyers emerged and […]

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15th November 2017

Waiting for the tide to turn

As the jitters persist… We were again greeted by a sea of red across the screens. Those equity markets just don’t want to shake off the feeling that we have probably gone too far on nothing but excess liquidity. So we’re getting a period where the pull-back from those heady heights in all markets is […]

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14th November 2017

Reloaded & ready to go again

Roll up those sleeves… We are having that pull back in spread markets. That little reminder that markets don’t go in any direction for too long before they correct. We had been in bullish mode for well over two months and the weakness last week was probably a timely reminder of the over-exuberance in the […]

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13th November 2017

They’re back!

Some more of the same… The big picture for credit has investors concerned about the level of the market and the timing of ‘the’ correction. That big event is unlikely going to occur just yet. Most will safely assume that 2018 is the timing for that and will use the rest of this year to […]

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12th November 2017

If it was just that easy!

Defeat from the jaws of victory… We came into last week on such high expectations that spreads would continue to squeeze tighter, but we were completely wrong-footed. Not because there was any measurable or obvious better selling cares, or that we had a credit market related event that scuppered those expectations. Nor was it that […]

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9th November 2017

Soggy end to the week

Playing the game… There was a cautious tone to the markets again and after several sessions with that being the case, we must be thinking in terms of a reluctance by investors to chase the markets deeper into record territory so close to year-end. That certainly seems to be the case for European equities, while […]

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