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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🗞️ Weighing up the risks

Front running policy... Talk of impending doom - market implosion and the like - is just that. Accommodative policy and too much liquidity sloshing around the financial system will keep risk propped up through 2021. Investors, however, have taken their stake in the market and are just front-running this particular dynamic. In equities, earnings are improving and there is lit [...]

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🗞️ Vaccine angst riles market

Net, net we will muddle through... Asian markets (especially China) are firing ahead and the US equity markets are setting record highs at least once or twice a week. The former is the world's manufacturing unit, the latter is being driven by expectations that a stimulus package will soon be agreed and propel activity Q2 onwards (GDP growth in US 2021 possibly as high at 8%) [...]

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🗞️ Solid opening stanza

We'll take that... The euphoria faded almost as quickly as it erupted although markets managed to hang on to enough of their gains, keeping them in the black for the week as well as for the opening period of 2021. The issues are unchanged. The pandemic represents the immediate angst, and the vaccine roll-out the hope. The new regime in Washington is trying to reverse the wor [...]

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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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ii) Non-Financial Corporate Hybrid Index Yields