What’s going on with IG corporate bonds?
January just witnessed a record amount of new investment grade (IG) corporate bond issuance. The US$194bn was nearly 50% higher than the monthly average over the last four years. This comes on the heels of US$1.2tn in each of the last two years and against the backdrop of the US$7.7tn market value of the Bloomberg […]
Can the Super Bowl predict markets?
Chartology
Corporate fundamentals: Opportunities and challenges within credit dispersion
Credit fundamentals continued to modestly weaken towards the end of 2023, with both leverage and interest coverage metrics trending towards long-term averages from the lows and highs respectively witnessed a year ago, as shown in Figures 1 and 2 below. Figure 1: Leverage increasing towards long-term averages Source: BofA, as at 31 December 2023. Figure […]
Asia ex-Japan Equity: Letter to Investors
Capital Constrained
Outlook brightens for emerging market debt
market snapshot
360°, Q1 2024:
Dispersion, disparity, duration
US-amerikanische Small- und Mid-Caps: Antworten auf 7 Fragen
Wie werden US-amerikanische Small Caps Ihrer Meinung nach im kommenden Jahr abschneiden? US-amerikanische Small-Cap-Unternehmen haben in den letzten Jahren gegenüber größeren Unternehmen an Wert verloren, was auf Befürchtungen hinsichtlich der allgemeinen Wirtschaftsaussichten und der Auswirkungen der geldpolitischen Straffung zurückzuführen ist. Die überragende Performance einiger Mega-Cap-Technologiewerte hat diese Diskrepanz noch verschärft. Vor diesem Hintergrund könnten die […]
Where are the best opportunities at the short end of the curve?
Short Term Investments Committee
Stick or twist: The ECB stays tight-lipped on rates
market snapshot
How do Red Sea disruptions affect global supply chains?
Fast reading The Red Sea, connected to the Mediterranean by the 120-mile Suez Canal, is the primary maritime gateway for cargo flows from Asia to Europe and the Mediterranean. Container shipments operating in the Red Sea have dropped 75% as a result of the disruptions as vessels re-route around Africa. But longer routes can add […]
