Sun setting on the tightening cycle
A busy month of news pertaining to the liquidity markets ended on a high note when the US Federal Reserve maintained the target fed funds rate at 5.25-5.50% and pushed the probable first rate hike to late spring at the earliest. Degrees of confidence US Federal Reserve Chair Jerome Powell returned to the word “confidence” […]
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 […]
Where are the best opportunities at the short end of the curve?
Short Term Investments Committee
Election watch
2024 Outlook
Not your average credit cycle
Three things we learned: Issuers are preparing for a new normal. Nothing’s written in stone but higher for longer has already profoundly affected credit market fundamentals. Dispersion could be a central theme of 2024. Short-term money markets have not witnessed significant outflows… yet. Expectations are for asset growth to continue into 2024 but will be driven by institutional […]
Expert insights on the short end of the curve
Short Term Investments Committee
The tiger that lost its roar: the mystery of South Korea’s underperforming equities
Chartology
The recession party: should you stay or should you go?
Fiorino
The ABS resurgence
Chartology
Euro-denominated short duration – only upside from here?
Chartology
