High-yield bond indices are on track for their worst month since January 2016 How worried should we be? … More Risky business?
Takeaway: The IMF’s warning about global debt levels comes at a time when it looks like investors can’t seem to get enough of corporate loans and bonds– even if yields dip below zero. But there are increasing signs that central banks might be calling time – at least on further QE – and may even … More Head-over-heals in debt
Takeaway: Of course Greece isn’t out of the woods. We remain convinced that the only sustainable way forward is through debt reconstruction. It’s not off the table, but it’s not on it either. So, whilst this debate remains parked on a hostess trolley in Brussels, we’re going to ask a few questions to help take … More What’s next? Seven questions, six charts and two illuminating deals.
Takeaway Monetary policies are polarising as fortunes diverge. Balancing the opportunities and risks will be easier for companies able to buy in areas of growth, access cheap debt markets in areas of stress and ride the currency waves. However, for those stuck on the wrong side of the currency equation or the growth and deflation … More Divergent – the opportunities and risks of diverging fortunes
Season of mists and reality checks Last week brought a familiar September market swoon, including a 15-month low for the FTSE and the highest spread between high-yield and investment bonds since July 2013. Risk appetites – if not completely unwinding – are becoming more discerning.