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Dec 15, 20211 min read
Asia Bond Blurb - Weds, Dec 15 2021
Tuesday was difficult day for Shimao. The curve was another 12-15 pts..
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Dec 13, 20211 min read
Asia Bond Blurb - Mon, 13 Dec 2021
himao bonds were marked around 5pts lower on rumors of ..
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Dec 13, 20213 min read
On the Highway to Sell (Encore)
The US November CPI data reported on Friday, and the associated market reaction highlights the importance ofthe Highway to Sell (Encore)
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Dec 9, 20213 min read
The Shadow
Something that we (and others) have often noted over the past few months is the risk that the US Federal Reserve might be committing a costl
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Dec 8, 20211 min read
Asia Bond Blurb - Wed, 08 Dec 2021
The rally in Asian credit strengthened yesterday afternoon with the surge in HK equities, HSI closing +2.72%. Investors looked
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Dec 7, 20212 min read
Asia Bond Blurb - Tues, 07 Dec 2021
China HY galloped up 2-5 points yesterday as China cut bank reserve requirement ratios by 0.5%,, which must have been deemed
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Dec 7, 20213 min read
You Buy What You Want & Sell What You Can
If you want to know where the greatest downside risk exists; follow the leverage. Moreover, there is an intimate link between liquidity, lev
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Dec 6, 20213 min read
The Fragility of HOPIUM
The correction in non-profitable technology stocks – or what we like to call “hope at a ridiculous multiple” (HARM) was fairly brutal last w
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Dec 5, 20211 min read
Asia Bond Blurb - Thurs 02 Dec 2021
Oceanwide Holdings seeks to extend the tenor of CNY 6.8bn in loans from China Minsheng Bank and Fujian Yango fails to obtain noteholder app
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Dec 2, 20212 min read
The Convexity for Equity in Rates
Equity price action over the past week has been a little spicy. Through most of Wednesday the stock market appeared to look through the omic
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Dec 1, 20212 min read
Asia Bond Blurb - Wed, 01 DEC 2021
China HY closed in positive territory for the most part, Times China Holdings, KWG Group and Roadking leading the charge. Agile, Yuzhou and
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Nov 29, 20213 min read
The Emotional Sources of Volatility
If we had to describe our approach in one line it is: to take on the emotional sources of volatility in markets. Stated differently where th
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