Bank Credit Weekly: Narrative Change Pushes Carry-Trade Unwind as Treasuries Rally
The narrative has changed. There is little to stand in the way of further Treasury market strength near term. This should lead to US$ weakness and...
201 Views
Bank Credit Compass: Positive Total Return Sweet Spot
The sweet spot for positive total returns seems to be in long duration, low investment grade, and high BB rated bonds. This was concentrated in...
345 Views
Bank Credit Weekly: Inflation, the Next Market Challenge or Opportunity?
The recent back-up in US rates may be an opportunity to reload in some Emerging Markets. A US inflation spike is the next hurdle. EM High Yield,...
261 Views
Bank Credit Weekly: One Size Does Not Fit All
Performance attributes varied amongst bank credit classes. Short duration in IG financials combined with high credit spreads in HY and more...
180 Views
Bank Credit Weekly: Melt-Up in Asset Prices or Melt-Down in Conviction?
Melt-up in asset prices or melt-down in conviction? Short callable AT1 bonds led the ongoing rally in bank credit. Tier 2 bonds suggest more of a...
179 Views