Category Archives for "Corporate Bonds"

17th July 2019

Corporate bond market QE – please no!

QE ‘fix’ unwelcome… The corporate bond market is anything but broken. Issuers are easily funding at or close to their lowest ever levels. Investors are hugely receptive of deals – across the ratings spectrum, and by a large margin. Demand for new corporate debt is holding at oversubscriptions typically in the 3x – 7x area. […]
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14th July 2019

Here comes the summer sun…

Markets play it cool… Equities in the US into record territory, rates giving up some of their stellar gains and IG credit spreads at levels not seen since May 2018. A dovish Fed has laid the foundations for a rate cut at the end of month FOMC meeting, and the ECB looks as if they […]
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7th July 2019

Liquidity aplenty, but expensive to hold

… and greater risks emerging Until the late pull back when markets were undermined by the minutiae of the timing of any Fed rate cut, it was looking fantastic. Actually, we don’t think it changes much and it is looking very good still. We’re in the midst of the mightiest bond grabfest in history. We […]
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2nd July 2019

Treading water

Keeping the faith… The euphoria of the month’s opening session hit a brick wall, leaving us with what could best be described as a more reflective day for the most part. Hopes and positive soundbites driving markets higher were replaced by the need for something more concrete to emerge from any US-Sino talks. Markets were […]
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1st July 2019

Eurozone rates pencil in depression!

The market expects… It could only ever have been a positive session following the weekend’s events. President Trump gave reason aplenty for risk markets to rally as pressure eased on several fronts. Hopes of a reasonable trade tariff outcome, the softening of the US stance on Huawei and, for good measure, the love-in at the […]
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30th June 2019

Please, sir, I want some more

Everyone’s a winner… We are needing to go some to match that first half. It was just about the best six month period ever for markets as equities, rates, credit, most commodities and even Bitcoin managed the most impressive of returns. For 2019 overall, we actually don’t need to match it to register a good […]
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27th June 2019

That’s a cracking first half

Now sit back and enjoy the G20… It got a little precarious through May, but we have recovered extremely well leaving us effectively to almost charge our way through a great first half of 2019. The reality check will come later. The markets have kind of fizzled out from an activity viewpoint this week reflecting […]
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25th June 2019

Fixed… income, really!

Snoozing to the halfway point… It looks as if the G20 meeting has come at just the most opportune of times, clearly leaving the markets unwilling to take a significant directional view as investors wait to see how any meeting between Trump and Xi turns out. We’re not quite treading water in the strictest of […]
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24th June 2019

Bandwagon rolls on

Opportunity to jump on… We’re in bandwagon territory, but few are neither advocating or thinking of getting off it. In fact, the thinking is that there is more to go and there’s a quite a scramble to get on board. Equities are close on 20% higher this year, fixed income in its safest form has […]
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23rd June 2019

Let the music play on

Fill your boots… There’s nothing delicate about it, but we are nicely poised to finish off the first half of the year with some style! Into the final week of the first 6 months of 2019 and it’s been a boon period for contrasting – and not always the right – reasons, for all asset […]
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