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Autos dominate in BofA €25 billion fallen angel watchlist
4 years ago
Downgrade impact for fallen angels in the coming months could be more extreme than during the 2008 financial crisis, Bank of America strategists have warned, as they identified €25 billion worth of debt at European investment grade companies most at risk of falling into high yield territory -
Sovereign borrowing will crowd out corps and produce fallen angels, warns BofA
4 years ago
Investors should be wary of buying coporate credit that yields less than sovereign debt, Bank of America strategists have warned, predicting €20-30 billion of European fallen angel volume lies ahead as the market cycle turns -
Diverging views emerge over performance of ESG investing, RBC survey reveals
4 years ago
Investors which incorporate ESG principles are convinced it adds value, but those who do not are more uncertain, according to a survey by RBC Global Asset Management -
Boeing/Airbus dogfight widens spreads as WTO ruling exposes Europe's trade weaknesses
4 years ago
The World Trade Organisation’s go-ahead for the US to impose $7.5 billion of tariffs on imports from the EU has sent credit spreads sharply wider. And, according to latest credit research from Bank of America Merrill Lynch, it exposes Europe’s “Achilles heel” -
Political risk puts December in focus as CDS investors play index volatility
4 years ago
Selling implied volatility has been prominent among CDS investors since last month’s iTraxx and CDX index rolls, says BNP Paribas in a research piece, with December a popular point of focus for trades -
Go long CLO triple-A and pick cash bonds over CDS, says JP Morgan
4 years ago
Going long European CLO triple A paper remains one of JP Morgan strategists’ favourite trades following the European Central Bank stimulus announcement last week, despite these tranches having rallied 14bp on average since the bank first backed them. They also predict cash credit to outperform CDS -
Four sectors most favoured by bullish resumption of QE, say BAML strategists
4 years ago
Autos, healthcare, media and real estate bonds are likely to be the biggest initial beneficiaries if the European Central Bank reinvigorates its corporate sector purchase programme (CSPP) next week, say Bank of America Merrill Lynch credit strategists -
Buy iTraxx Europe equity tranche risk but sell Crossover mezz, says JP Morgan
4 years ago
Investors should stick with ‘search for yield’ ideas in investment grade credit, say JP Morgan credit strategists, including selling iTraxx Europe 0-3% equity tranches delta hedged, going long the 10-year Europe index, and selling credit volatility through index options while buying equity market volatility -
Index tranches and Sub Fin basket among top picks after ECB meeting, says JP Morgan
4 years ago
The European Central Bank’s statement that rate cuts will likely be paired with tiered deposit rates suggests a boost for the iTraxx Sub Financials index, as well as tier two and additional tier one bank bonds, says JP Morgan in latest credit research. The bank also advocates selling iTraxx Europe 0-3% tranches delta hedged -
Triple B fightback has begun, says BNP Paribas
5 years ago
Fallen angel risk – the possibility that a wave of triple B credits could be cut by rating agencies to sub-investment grade – should begin to decline, according to strategists at BNP Paribas
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