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The ‘Rodney’ Blog 2019: Fake Recession Ahead
“This time next year, Rodney…”
With ABS Spreads at Pre-QE Levels, Where is the Value?
Bloomberg reported on Monday that since the European Central Bank started its Corporate Sector Purchase Program (CSPP) in June 2016, it has purchased €177bn of investment grade rated corporate bonds. Initially, as expected, spreads tightened rapidly, but since the first quarter of 2018, they have been gradually widening back out to pre-CSPP levels.
Difficult Markets, But a Time of Plenty for Stock Pickers
It is that time of year when we traditionally look ahead to the new year and make predictions on the performance of various asset classes, sectors and industries.
Evidence of Tightening in Italy
We have been discussing for a while what the quantifiable impacts of Italy’s populist government have been for the country’s economy.
A (Measured) Buying Opportunity in Credit
There were sharp declines across global risk assets on Tuesday, led by tech stocks but with barely an asset class left unscathed.
Is High Yield Weakness a Risk to CLOs?
On Monday my colleagues on TwentyFour’s Multi-Sector Bond desk published a blog on rising default risks in high yield credit. Dummen Orange, Douglas, Boparan, Moby, Galapagos and CMC Ravenna are some of the obvious under-pressure names held in loan funds and CLO portfolios that are trading at a significant discount in the market.