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Apr 12, 20223 min read
Cluster Struck
The news flow this week is likely to be relatively important for markets. Of course, as we often note, it is how price responds that matters
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Apr 11, 20222 min read
Bond Market Insights - Mon, Apr 11 2022
Today US 10yr climbs through 2.77% as stops are hit, first time since 2010 - Zhenro defaults take edge off recent rally in China HY
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Apr 9, 20222 min read
Bond Market Insights - The Week that Was
Asia Credit spreads resilient despite volatility in rates - $8bn Asia-Ex Japan IG new issues - China property downgrades
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Apr 8, 20222 min read
Bond Market Insights - Fri, Apr 8 2022
Japanese Lifers sell most foreign debt since 2020 in March - Asia credit dominated by new issues -
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Apr 7, 20222 min read
Bond Market Insights - Thurs, Apr 7 2022
FOMC minutes a non-event, Continued selling of China TMT bonds overnight, consolidation in China property
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Apr 6, 20222 min read
Brain-Fade
From our perch, the communication from the Fed’s Brainard overnight was thick with irony. As my Italian friend noted, I never thought I woul
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Apr 6, 20223 min read
Bond Market Insights - Wed, April 6 2022
US Treasuries sold off led by the belly of the curve - FOMC the main focus today - Despite downgrades HY China property being sought after
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Apr 5, 20221 min read
Bond Market Insights - Tues, April 5 2022
Asia Sovereign’s were dominated by the frontier markets. Pakistan and Sri Lanka were marked down as political uncertainty escalated.
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Apr 4, 20223 min read
Hot Stuff
The recent macro news flow has many parallels with the 1970s. As a result, I cannot seem to get the immortal Donna Summer out of my head. Th
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Mar 31, 20223 min read
The (Unsustainable) Gap Between Actions & Promises
Oh boy, what a quarter it has been in markets. The round trip on the S&P500 (the global risk proxy) has been -14% from the early January hig
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Mar 30, 20223 min read
Bond Market Insights - Wed, Mar 30 2022
Month end rebalancing took Asia IG spreads up to 4bp tighter yesterday. There was some real money selling of India corporate 10yr benchmarks
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Mar 29, 20223 min read
The Zen of Yen
Following the balance sheet recession Japan has experienced a long (perpetual) phase of near zero interest rates. The period also coincided
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