CoCo Bond Market Index Spreads and Yields

iBoxx EUR Contingent Convertible Index data provided by Markit Group Ltd

i) Contingent Convertible Index Spreads

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πŸ‘£ Feet up for summer

But difficult to put pandemic behind us... The fat lady's been belting out the tune at the top of her voice. It sometimes feels like it's all over. European country GDP numbers for Q2 were worse than feared. The US economy contracted by almost a third year on year, or some 9.5% quarter on quarter, in Q2. Relations between the US (and increasingly by the 'western' world) with [...]

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🌬️ Headwinds, but we’re working through them

We shall overcome... In credit, there isn't too much going on, save for a gentle squeeze taking IG spreads back to levels last seen in early March, taking in a 21bp tightening so far in July. The recovery in the high yield market is a little more circumspect - which is understandable, but with the iBoxx index now at B+485bp it is 40bp tighter this month so far. And the AT1 m [...]

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πŸ’§ Market Liquidity, My Friend, is Your Friend

Beginning to see the light... The S&P is now dipping in and out of the black for 2020. The bank earnings season is off to a flyer, markets basking in a brighter than anticipated start to the season as the big US banks deliver. While a cautious tone persists generally on the medium-term outlook, markets are looking at the glass as being half full. We'd say, though, that t [...]

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πŸ”­ Looking Beyond the Earnings Season

Autumnal riches might be out of reach... The mood music keeps on changing. And it's an unpredictable daily playlist. If we believed the equity markets for much of Monday, then the outlook was bright. That includes an earnings season which is going to be as bad as one might imagine it to be, but it looks like that is 'priced in'. On Tuesday, however, after California's rol [...]

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ii) Contingent Convertible Index Yields