George Curtis discusses how credit markets have performed in Q1 2021 and provides his outlook for the year ahead.

This recent stability in the rates curve suggests to us that for now the market is listening to the Fed’s rhetoric and as a result the UST market feels better balanced.

TwentyFour AM partner and portfolio manager Douglas Charleston discusses how ABS markets have performed in the first quarter of 2021 and provides his outlook for the rest of the year.

TwentyFour partner and portfolio manager Gordon Shannon looks at the developments we saw in investment grade credit in the first quarter of 2021 and provides his outlook for the rest of the year.

With treasury yields moving aggressively higher this year, anyone reading or listening to the financial press will have become very accustomed to headlines highlighting the negative performance of “Bonds”.

There are many other aspects of SFDR to discuss and we expect the market to take some time to fully adjust.

Primary deals launched in the European high yield market over the last two weeks have been diverse, and at times opportunistic.

We woke today to the ironic news that on the same morning that Greece struck a deal with Eurozone authorities to ease its repayment obligations, another borrower, who also manged to ease its obligations a few years ago, has now decided to return to the markets with a new issue.

We are not in the habit of writing when a lot of our readers are on holiday, however we know many of you still follow events closely even while off, and we felt this event was particularly newsworthy.

In terms of execution, it is difficult to assess any ‘ESG premium’ in Brass 10 given the overall strong demand, and in our view it’s still early to weigh the importance of a ‘social’ label for ABS investors.