Category Archives for "Premium Content"

Premium Content

19th June 2018

It IS a big deal

Tweetie pie is back… The investor base in the euro-denominated corporate bond market would have been left massively deflated after Bayer decided to pull the trigger on $15bn of issuance in the US, and only €5bn here. We had the appetite and willingness to take down much more. Even as most were fretting about an […]
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18th June 2018

Running scared

It’s more than a rumble… No sign of the expected deluge of issuance. It will come. Instead, we’ve kicked off the week in defensive mode reflecting and fearful on the outcome of the US import tariffs against Chinese imports – and the retaliation. It wasn’t necessarily a very bad session – just soft, reflecting the […]
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17th June 2018

ECB gives credit a leg up

Time to roll up those sleeves… The ECB has given every reason for credit markets to get bullish for the next 9 – 12 months. They’re not moving on rates. Admittedly, QE is ending, but fundamentals remain supportive and technicals will take on a different – but also supportive – dynamic. The bid for rates […]
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14th June 2018

The end of an era

Goldilocks ECB policy… Well, that was a surprise. They’ve gone and done it. QE is all over at the end of this year and the €30bn monthly asset purchases fall to €15bn per month through the final quarter. However, rates are expected to remain unchanged until after next summer, reflecting a fairly dovish posture. And […]
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13th June 2018

Two more to go

Time to move on… It’s back to business. We’ve had our fill of geo(politics). The FOMC and ECB meetings loomed large in Wednesday’s session, the latter having much to contemplate given the recent weakness in the economic data in the Eurozone – which is looking like we’re not heading for a short, soft patch but […]
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12th June 2018

Change should be coming

Time to step out of the comfort zone… Trump hit it out of the park, or he should have, but we were too light on detail. There’s a long way to go, the North Korean regimes past have got form in reneging on deals. But this could be the start of something new and we should […]
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11th June 2018

History in the making

Heavyweight mavericks meet… If we are ticking boxes for this week, then we’re off to a flyer ✅. The Italian new finance minister went a long way in assuaging any market fears of an Italian ruckus with the EU. And President Trump’s pre-summit tweets are as upbeat as they can be with the North Koreans […]
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10th June 2018

Handle with care

No more plundering the piggy bank… After Friday’s performance in the rate markets, the ECB has a job on its hands articulating a measured macro view when it meets later this week. After factory orders disappointed previously, German industrial production dropped by more than expected in April (-1%) versus March suggesting that the Eurozone’s most […]
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7th June 2018

Week just passes us by

Rate markets setting the agenda now… The ‘relentless’ rise in Bund yields shows little sign of abating. Well, it feels relentless given that the 10-year yield has jumped by over 20bp in the last week! Even the poor German factory orders for April, where a drop of 2.5% was recorded versus March – and the […]
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6th June 2018

Hawkish sounds from the ECB

…Raise alarm We’ve been hoping for a good June. But we keep hitting hurdles which stop us rallying in any sustainable or material way. There’s just a constant drip feed of news which makes us wary and then unwilling to chase the markets higher. On Wednesday, safe-havens sold off some more after word from influential ECB […]
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