Markets

Market Spinner

-

MARKET MOVES •Last week concerns about the global economy and Fed monetary policy drove market sentiment. •Cut off of gas supplies by Russia introduced further major uncertainty into the outlook and also raised the risk of a potential oil embargo by the EU. •China’s COVID-19 lockdown measures and the ongoing… Read More »


Global Rates Notes: May 2022 Refunding Preview

-

We expect Treasury to announce a final round of nominal auctions size cuts, concentrated at longer maturity sectors, at its May refunding meeting. Our assumption for cuts imply a drop in gross nominal supply from $780bn per quarter to $759bn. We think further supply reductions beyond this refunding quarter are… Read More »


Twitter Inc. ‘BB+’ Ratings Placed On CreditWatch Negative On Acquisition Deal

-

Elon Musk’s proposed takeover of Twitter would cause leverage to spike significantly above the 1.5x downgrade threshold associated with the ‘BB+’ issuer credit rating. The proposed transaction includes $13 billion in new debt financing issued by the company and a $12.5 billion margin loan against $62.5 billion of Tesla Inc.… Read More »


The differentiated appeal of EM debt

-

We like emerging market (EM) local debt within an overall bond underweight. Much monetary tightening has been done, and valuations are compelling. U.S. Treasury yields hit new three-year highs last week, and equities fell. We still think stocks can weather the yield rise in the inflationary backdrop. U.S. and euro… Read More »


Plenisfer’s 2022 Outlook

-

Looking at the current and future scenario, we remain cautious in terms of overall risk  taking. Some long-standing trends, such as energy crisis, deglobalization and the need for  income redistribution, support a risk of persistently high inflation. The crisis in Ukraine has  accelerated certain dynamics, generating a scenario of lower… Read More »


Global Markets Daily: Growing Risks But Too Early For Recession Obsession

-

With elevated inflation, slowing growth from the Covid rebound and a historically tight labour market, stagflation concerns remain high among investors. And, with the Fed embarking on one of the steepest hiking cycles since the 1990s, there are also growing concerns over recession risk. To gauge the market-implied probability of… Read More »


Global ETP flows: march 2022

-

• Flows into global ETPs in March rose above February’s inflows, with $115.6B added over the course of the month. • Below the surface, trends differed vs. February: equity flows stayed relatively steady with $74.8B in, slightly down on February’s $76.1B, while fixed income flows rose to $25.5B. • Commodity… Read More »