Senior & Subordinated Financials Spreads

iBoxx EUR Financials Index data provided by Markit Group Ltd

i) Senior Financials Spreads

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❔The high yield market mystery

High yield isn't ticking any boxes... On the surface of it, the relatively resolute performance of the high yield market takes some explaining. The iBoxx index gapped to B+2000bp in 2008 at the height of the financial crisis. This time, we barely saw B+900bp at the peak of the panic just over a week ago. That was a commendable effort. Over a decade ago, the high yield mar [...]

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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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ii) Senior Financials Spreads: Recent History

iii) Subordinated Spreads

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iv) Subordinated Spreads: Recent History


v) 2008-2009: Sub financials collapse and recovery

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