The Fed awakens!

Takeaways: An end to uncertainty, an effective vote of confidence and the repetitive use of the word ‘gradual’ by the FOMC inspired a brief rally in most equity and bond markets – even in some more vulnerable areas. So, is there really nothing to see here after their 0.25% increase in interest rates? Not quite. The … More The Fed awakens!

Previewing 2016: Will changes in the deal environment stall the M&A boom?

We’ll be issuing a list of top ten themes for 2016 at the start of January.  M&A is sure to feature and this week’s blog has a sneak preview in honour of a significant milestone and the return of a ‘mega-deal’ mooted in the last boom. There’s no reason to think that the deal carriage … More Previewing 2016: Will changes in the deal environment stall the M&A boom?

The minute waltz

Takeaways: It’s a week that’s pushed US and UK rate expectations back, brought ECB buying forward and dragged all three currencies, but especially the euro down. The UK’s brush with negative inflation added to the ‘loose’ narrative – just don’t call it deflation or get complacent. All this has helped steady bond markets, but it’s … More The minute waltz

Five questions

Takeaways: We wouldn’t be so presumptuous as to say these are the biggest questions out there, but they’ve been exercising our minds these week and we’d welcome your views. We’re still waiting on Greece’s fate, whilst we ponder the bond sell off, ask where oil is going, wonder about corporate cash piles, and reflect on … More Five questions

The future isn’t what it used to be…what next for earnings?

Takeaways:  UK companies are issuing more profit warnings now than 2014. It would be easy to blame election stutters, sterling or oil prices, but the struggle to forecast isn’t new. Volatility, price pressure and disruptive influences have proved to be a troubling mix in this recovery – especially when costs are already cut to the … More The future isn’t what it used to be…what next for earnings?

Windows of opportunity

Takeaways: The IPO window isn’t closed entirely, but the bonanza is over. Investors are looking for a certain je ne sais quoi and keener pricing – open windows may also be limited in 2015. This opens up dual process or pure M&A opportunities – but HY borrowers should watch-out – it probably won’t get better … More Windows of opportunity

Questions, Questions…

There are many questions to ponder this week. From the strength of the US recovery to why markets seem only periodically concerned with geopolitical turmoil – is everything a buying opportunity these days? Are junk bonds our canary? Is Banco Espirito Santo the last European bank casualty or a taste of things to come? US … More Questions, Questions…