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Market jitters mount as US delivers May CPI
1 year ago
Credit spreads have moved sharply wider for the fourth day straight as investors digested the European Central Bank’s hawkish turn and watched with trepidation for the US to reveal its May consumer price index numbers -
CLO top stack offers best value versus corp debt after junior tranche rally: Barclays
2 years ago
Having lagged in the recent market recovery, CLO triple A paper looks attractive versus corporate investment grade and the CDX IG credit derivatives index -
Russia oil ban accord unites markets in sell off
2 years ago
EU leaders’ compromise agreement on banning Russian oil imports by sea has presented a united front few may have thought possible only days ago. But financial markets have not reacted positively, with risk assets selling off as the euro slumps and oil hits its highest level since March -
Fund outflows extend despite sharp improvement in credit performance
2 years ago
This has been a much better week for credit and equity market performance than last, but that has not stopped the tide of investors looking to withdraw their money from funds for such risk assets -
Bespoke bond baskets on the rise as investors seek targeted portfolio trades
2 years ago
High yield index replication and accessing illiquid exposure are two factors building momentum for a new investment approach that bundles bonds into a single risk piece -
Credit fund bleed out looks hard to stem, as hawks ignore macro gloom
2 years ago
Ever more investors are running to safety as risk assets tally up another rough week, with strategists warning there is no end in sight for credit fund outflows while central banks hold their course on rate hikes -
Credit retreats from wides, but worrisome test levels remain in view
2 years ago
Another rocky week for markets is ending with credit finding a firmer tone. But big questions remain unanswered about relative value and the levels some sectors could test -
Post-Fed volatility prompts stark reassessment of credit relative value
2 years ago
Central bank policy moves have caught markets off-guard, with volatility ensuing and spreads hitting new wides -
German real estate co troubles mount on short-seller response and earnings no-show
2 years ago
Friday is proving a bad day to end a bad week in a bad year for Germany's Adler Group, with debt risk measures hitting new levels as short-seller Viceroy responds to the firm's recent investigation by KPMG and the market rumour mill goes up a gear -
High yield / loan slowdown affects year-end projections and pricing: Barclays
2 years ago
A sharp decline in primary market activity means expectations for high yield bond and even leveraged loan issuance need to be lowered, say Barclays credit strategists. And that in turn has implications for relative value -
Volatility has teed up decompression trades: Barclays
2 years ago
Recent credit market turbulence has brought relative value trading opportunities between cash bonds and CDS, credit and equity as well as between investment grade and high yield, particularly in Europe -
Credit awash with volatility in first week but investors load up
2 years ago
It has been a volatile opening week to the year for credit, but one in which investors have allocated bullishly to credit funds -
Euro bonds set to outperform US despite big fund outflows: BofA
2 years ago
The November credit crash has left Euro investment grade bonds wider than those in the US, a rare occurrence that sets the scene for a January rally, say Bank of America credit strategists -
Loans will be winners in bearish year for credit: BNP Paribas
2 years ago
Floating rate loans are best positioned for a year of widening credit spreads, but high yield bonds will outperform investment grade and EM credit is set for losses, says BNP Paribas in its 2022 outlook -
Slow and sustainable trades will win race in '22: BofA
2 years ago
A year on from the US presidential election and unveiling of covid-19 vaccines, the credit compression looks challenged. But 'laggards' and sectors with strong capex growth still hold promise -
Credit bull run falters as central bank glow abates
2 years ago
Thoughts that the credit market had taken a positive directional shift are turning, after Tuesday’s session has brought a sizeable retracement wider, but credit strategists predict an overall firming of tone into the end of the year off the back of dovish central bank meetings -
CB bond purchase 'greening' is game changer for credit: BofA
2 years ago
Confirmation by the Bank of England that its corporate bond purchase scheme will be ‘greened’ is a game changing moment for credit markets, say Bank of America strategists -
Europe dominates ESG issuance, but US is racing to catch up: BofA
2 years ago
The stark gap between European and other regions in issuing ESG bonds has been thrown into the spotlight by last week’s COP26 summit. Nevertheless, encouraging data suggests the US is accelerating fast in its drive to bridge the gulf, finds Bank of America -
It's a-live! AI platform launch puts US ratings in spotlight
2 years ago
RoboR8, a fintech platform that aims to democratise credit ratings through artificial intelligence, has launched and hopes to rate 50,000 companies by the end of December, before building to several million in 2022. -
There's still time to pick up pennies in credit before steamroller arrives: BNP Paribas
2 years ago
Declining dealer inventories, rising fund cash balances, and a greater prevalence of hedging have added up to produce a credit market that is positioned too short, according to BNP Paribas strategists -
Long duration high yield will overcome short-term rates carnage, says BofA
2 years ago
Bonds with inflation-protected real yield, longer duration, and especially those in the utilities sector are among the most compelling trades amid a phase of ‘policy paranoia’, according to Bank of America credit strategists -
Credit shrugs off ECB tapering signal, but strategists warn of IG vulnerability
Credit markets are ending the week on a firm footing after taking in their stride the European Central Bank’s message that it expects to limit asset purchases in the coming quarter. But some parts of the market look more vulnerable than others, say strategists -
Rising star portfolio has room to run, says JP Morgan
2 years ago
The theme of 'rising stars' still has room to run and investors should consider a basket of candidates to benefit in the coming months, according to JP Morgan credit strategists -
High yield compression has one last push after real yields turn negative, says BofA
2 years ago
With real yields for European high yield bonds having turned negative, Bank of America credit strategists see "one last hurrah" for spread compression trades -
Lingering covid vies with inflation as top credit threat, finds BofA
2 years ago
Covid-19 lingering is catching up with inflation as credit investors' number one worry, Bank of America's August survey has found. The picture for central bank purchases is bullish, but strategists see industrial and bank senior bonds as shorts for contrarians over the summer
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