CoCo Bond Market Index Spreads and Yields

iBoxx EUR Contingent Convertible Index data provided by Markit Group Ltd

i) Contingent Convertible Index Spreads

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🎇 Biden bounce fizzles out

Great start, more please... It's going to be strange, after four years of Trump, to return to normal. The establishment is back. As markets and investors adjust, the imponderables now don't really take in domestic US political risk, or uncertainty. We know what coming in that sense. As politics become much more predictable, we can start focusing more on global macro. How [...]

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🗞️ Investors positioning ahead of the curve

Biden transforms into markets' great white hope... The week is going to be one of stops and starts. In corporate primary, we haven't had much - save for Total SA lifting €3bn of hybrids on Monday - and it's likely going to be about opportunistic prints from here on. Biden's inauguration on Wednesday and the ECB meeting on Thursday will likely keep issuers sidelined. The sw [...]

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🗞️ 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 the leader. Buy [...]

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🗞️ 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 is a great time to be a borrower and it ought to be a g [...]

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ii) Contingent Convertible Index Yields