Non-Financial Corporate Hybrid Spreads and Yields

iBoxx EUR Non-Financials Subordinated Index data provided by Markit Group Ltd

i) Non-Financial Corporate Hybrid Index Spreads

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🗞️ Enough is enough

Primary pace couldn't just go on and on... It's not quite the cocksure market we thought it could have been. Credit primary was threatening a pre-earnings blackout-period deluge, but it hasn't quite arrived. We are at a lower level of deal flow dynamic but ought to see €20bn or so of IG non-financial issuance (around €10bn at the moment) get away this month. Why? Chin [...]

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💷 HY Strategy Portfolio: 10%+ Profit in Under 3 Months

Market Overview It's very early days with a mixed start to the second half, but the key takeaway is that markets can continue to move higher. Economies are generally back in business. In some cases, further policy stimulus is coming, consumer confidence and industrial sentiment are recovering, while manufacturing and service sector activity hauls itself off the floor. It's bee [...]

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🗞️ Plugging into the (initial V-shaped) recovery

As IG primary records broken... The bounce in economic activity (from the early 2020 Q2-lows) will likely continue with a broadly positive trend in asset prices over the summer months. We could still be looking at the potential for US stocks to rise and get close to those record highs seen in February before the year is out. Rates look anchored though. Credit spreads will ti [...]

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🗞️ Yield sells

But all eyes on China... The second half has got off to a promising start. The data is supportive and the main driver for it. Credit primary continues to furnish us with a plethora of deals and the pipeline suggests deals to come throughout a busy July. Covid19 outbreaks and subsequent localised lockdowns are going to keep corporate treasury desks busier than usual. Still, [...]

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ii) Non-Financial Corporate Hybrid Index Yields