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Premium Content Archives - Credit Market Analysis

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Premium Content

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3rd March 2021

🗞️ Markets fighting back

Eyes on the prize… The inflation worries-induced rates tantrum continues, but risk markets are into the early throes of the next leg higher, no doubt looking forward to the $1.9trn US stimulus boost. Though large, and some perhaps would declare it an extravagance, it’s become a necessary evil for the economy. The withdrawal symptoms are […]
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2nd March 2021

🗞️ Respite – before the next leg higher

Finger in the air… When is it all going to end? Not yet. Few will pick the top, but that’s not hugely important. It’s more about limiting the downside. Unfortunately, exiting too early always leaves the temptation to add back if markets continue their rise. And now a Chinese banker has warned that (foreign!) markets […]
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1st March 2021

🗞️ Inflation concerns? Yeah, right

Markets melt up… We’re back – with a good risk market recovery. Even rate bears will soon be put back in their box. Oversold markets are bid-up and we think it will persist through March. None of that ‘Beware the Ides of March’ stuff. Investors will have licked their wounds, surveyed the landscape and we […]
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28th February 2021

🗞️ Hold your nerve

Fortune will favour the brave… It is of course an understatement to say that markets have had a chaotic end to February. Investors have taken a savaging in the final sessions of February, and it will make for some potentially delicate asset allocation adjustments as we head into March. Most markets’ correlations have broken down […]
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25th February 2021

🗞️ Buy the dip

Shades of January… Yields crunch higher, the S&P takes a bath, the dollar weakens, Bitcoin tries to bounce, credit caught in the headlights and we gone front he sublime to the ridiculous. Alas, it’s all in a day’s work. Amid greater levels of risk market volatility into the final week of the month – and […]
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23rd February 2021

🍹 Shaken and stirred

Old school markets the focus… Back to business in the old world. We can look at the crypto market when it roars back to life. In the meantime, any fears on the potential for sharply higher inflation sees market yields higher (not on any word on the official tightening of policy) – but is enough […]
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22nd February 2021

💶 Follow the money

What goes up, just came down!… Euro-denominated IG credit has returned -0.5% year to date (iBoxx index). But that’s +1.3% for the high yield market in Europe. Mind, the headlines suggest that the HY market in the US is close to overheating, as borrowers flood the market and funding costs reach eye-wateringly low levels. European […]
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21st February 2021

🏎️ Bitcoin: The F1 of the financial markets

A new trillion dollar market… It’s hard to look past Bitcoin. Equities, credit, commodities, rates and so on can’t touch it for performance. Bitcoin and the broader crypto market have become the only game in town. Tulips or liquid gold – really, who cares! Bitcoin is mainstream and we’re all present at the birth.  The price […]
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17th February 2021

🗞️ ₿andwagon rolling by

Don’t miss it!… The rotation trade. That old chestnut. As if there has been a major withdrawal of liquidity from the financial system. Inflation is through the roof. Rates are at elevated levels and it’s time to be reallocating away from equities and into rates. Don’t buy it. It’s far too early and it certainly […]
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16th February 2021

🗞️ Making up for a lost 2020

In layman’s terms… There’s no such thing as a ‘gimme trade’, but we will play along with the notion of one for the moment. There’s little choice. Expectations of recovery are becoming so entrenched – and now so mainstream in investor thinking, that markets are witnessing some classical investment trend and asset price behaviour. A […]
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