Suki Mann

Author Archives: Suki Mann

17th January 2021

🗞️ Credit’s in a funny little place

Immune to volatility… The Japanification of the European corporate bond market is reaching its denouement. As it commoditises, investor acceptance (or, rather, frustration) is peaking at the lack of liquidity in secondary. There is a lack of excitement in not being able to transact worthwhile (or enough) relative value trades. Almost like zombies, we follow […]
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13th January 2021

🗞️ US stimulus, recovery…

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 […]
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12th January 2021

🗞️ Day of reckoning pushed back

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 […]
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11th January 2021

⚙️ Primary credit shifts up a gear

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 […]
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10th January 2021

👨‍⚕️ Men in white coats, please

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 […]
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7th January 2021

💶 Money Talks

And it CAN sing and dance and it CAN walk… The liquidity-fuelled markets are on fire. Not even the siege at the US Capitol building could derail markets. Investors have their all on a Biden administration stimulus package anticipated to propel US growth into a fresh orbit over the next couple of years. We’re even […]
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6th January 2021

♠️ New Kid in Town Holds All the Aces

Balance of political power shifts… The Democrats completed a clean sweep of Congress, giving the Biden administration more control of government and the direction of policy than the Obama administration ever had. Trump will eventually be on his way – somewhere. The dollar printing presses are about to kick into the highest gear. The dollar […]
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5th January 2021

🇺🇸 US Senate vote up in the air

It’s all about control… Trump is throwing is toys out of the pram, and will eventually be wheeled away. Biden wants total control, the Republicans need a result to pursue a blocking agenda. We have the Georgia upper house election Tuesday, where the result will go a long way in determining the particular dynamics of […]
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4th January 2021

🗞️ We Should All Have Georgia On Our Minds

Not sure it makes much difference, near term… Georgia matters. That’s because who ultimately controls the summit will determine the direction for markets over the medium term. There are two seats being contested, and if the Democrats take them, they will have control of both houses and be able to push through their $3trn stimulus […]
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3rd January 2021

🔭 2021 Credit Market Outlook: Japanification complete

The low-hanging fruit has been picked Investment considerations will continue to be driven by excess/easy liquidity conditions – even if the real economy’s recovery barely raises a whimper through the first quarter. Fixed income isn’t dead. We think that IG and HY credit spreads will achieve record tight levels through 2021 – while generating total […]
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