Not much change at the Fed – so, what now?
The Federal Open Market Committee (FOMC) meeting was a relatively uneventful one, but there are a few points worth highlighting.
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European banking M&A gathering pace
Recently, BBVA announced that it had approached the management of Banco Sabadell, to explore a possible merger between both entities, with BBVA also appointing advisers for this purpose.
Don't forget about money supply measures M1 and M2
Money supply measures such as M1 and M2 enjoyed a relatively brief period of fame and glory just after the pandemic.
Small miss for Enel, big step for the sector
Following yesterday’s release of Italian energy company Enel's 2023 annual sustainability report, it was confirmed that they had failed to meet the emissions reduction key performance indicator (KPI) linked to a number of their sustainability linked bonds (SLBs).
Volatility resurfaces this week
Volatility made an unwanted come back this week. A combination of rising tensions in the Middle East, strong Consumer Price Index (CPI) and labour market data in the US in previous days, and markets that looked somewhat expensive in certain sectors, all conspired to cause a widening in spreads and a correction in equity prices.
Health of US small business: an indicator for the US economy
The NFIB (National Federation of Independent Business) survey can most certainly be considered an important report that monitors the pulse of the US economy.
European banking stocks - flying!
The Additional Tier 1's product was first launched in early 2013, so the asset class has mostly seen the period of negative interest rates and challenging operating environment post the Euro zone crisis.
CPI surprises again on the upside
The US Consumer Price Index (CPI) surprised on the upside for the third month in a row. There was nowhere to hide in the release with a majority of sub categories and sub aggregates posting worse numbers than expected.
Thames Water – A fluid situation
We previously blogged about Thames Water in July last year but it’s rapidly refloated to the top of UK credit market concerns. Following more recent events, where do we think Thames Water go from here?
Labour markets strength continues
Labour market data in the US was stronger than expected on Friday. US Treasuries reacted accordingly with a 10 bps sell-off with Gilts and Bunds moving in the same direction but in a calmer fashion.
Bumps in the road but CLOs delivered in Q1
After delivering a stunning 2023, collateralised loan obligations (CLOs) were once again one of the top performers in Q1. That leaves us with the question, where do we go from here?
Eventful few weeks in European high yield
It has been an eventful few weeks in the European high yield market. After waiting a long time for a bus to come along, three have come along at once.