Corporate Bond Analysis

Will keep the music playing... Another day, another slew of borrowers but... the massive risk-on tone in credit primary has faded. Exuberance in the pricing process from the initial guidance to final terms is getting a little too much for some and the dropouts during that phase can't be ignored for too much longer. This is a great time to be a borrower and it ought to be a g [...]

No stopping these markets... Much has been thrown at this market, particularly during the last couple of years (US/China trade, Trump, Coronavirus, Brexit and lots more) and now the 'incitement of insurrection' impeachment in the US. The next hurdle (it ought not to be) is the Biden inauguration. Yet most are still looking for equities to go higher and set new records, credi [...]

Crypto wobbles... A reminder that what goes up, can also come down. That was most evident in the crypto space with double-digit losses highlighting the market's susceptibility that comes from it lacking the sort of depth that traditional markets might enjoy. It is yet to be seen if this 'go-to' market's decline (Bitcoin came off a 25% intraday decline to -15%) serves to stem [...]

Biden's inauguration can't come soon enough... It surely can't be as exciting this week. However, risk markets will possibly continue their rally. We are unlikely going to see the big moves of last week as the US stimulus euphoria most likely fades some. The opening rally was about getting ahead of the curve of the announcements due after the Jan 20 US Presidential inaugurat [...]