Non-Financial Corporate Hybrid Spreads and Yields

iBoxx EUR Non-Financials Subordinated Index data provided by Markit Group Ltd

i) Non-Financial Corporate Hybrid Index Spreads

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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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🗞️ 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 to go higher and set new records, credi [...]

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⚙️ 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 a 25% intraday decline to -15%) serves to stem [...]

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ii) Non-Financial Corporate Hybrid Index Yields