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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💉 Corporate bond primary on steroids

Not quite broken markets everywhere... Albeit seemingly on steroids, the only market doing what is says on the tin, in the sense that everyone is satisfied, is the IG corporate bond primary one. We have become used to equities not unusually up or down by 3-5% per session, rates better bid or offered depending on which way the wind blows and secondary credit spreads tighter o [...]

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🗞️ Corporate bonds: Pile ’em high, sell ’em cheap

But it is a quarter to forget... In the end we managed to finish in the black but there's a feeling that we might be running out of steam. Having said that, it has been a super recovery-like period for the markets. It's a case of too little, too late because it has been a devastating quarter for investors. We suspect that the turnaround is going to be immense, though, given [...]

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🗞️ Corporate bonds: Help needed for the little guy

Good riddance to Q1, but will Q2 offer hope? The first day of calm after 3 weeks. It doesn't feel right. The S&P didn't hit limit up/down and EM bonds were not moving in a 5/10 point range. The enemy has been at the gates, though. Fund managers have been propped up against the door, stopping investors from breaking it down and getting their cash out from the various i [...]

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🦠 The Covid-19 credit gimme trade

Event-risk to offer more opportunities... It looks like the IG corporate bond market is healing, albeit leaving a nasty scar. Corporates are playing the short game, borne from a necessity of shoring up balance sheets - and paying up for it. Of course, some of their justification for a print comes from the still historically low coupon payments, but they're going to decline a [...]

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ii) Non-Financial Corporate Hybrid Index Yields