When adequately structured and if correctly monitored within a commonly accepted framework, synthetic securitisation or risk-sharing transactions are a positive tool for the banking sector Securitisation was almost deemed to be a bad word at the end of the global financial crisis. Following the Bear Stearns demise, Lehman collapse and… Read More »
S&P Global Fixed Income Research estimates that $9.6 trillion in rated corporate debt is set to mature globally through 2021. Following several years of favorable credit conditions after the Great Recession, funding conditions tightened considerably in the first part of 2016 as falling commodity prices and volatile equity markets, particularly… Read More »
Paul Jackson, András Vig -
Investors believe that Republican tax proposals would be dollar positive. If that were to be the case, some obvious beneficiaries would be overseas earners in markets such as the Eurozone and Japan. However, the analysis is complex and we are not convinced that the dollar has much more upside. Donald… Read More »
Donald Trump’s economic program is neither inconsistent nor unpredictable. It is actually a very rigorous form of neo-mercantilism. We Europeans have learnt in history books what mercantilism was during the XVII and XVIII centuries: the effort by strong States to accumulate wealth by protecting their industries behind high tariff barriers,… Read More »
A number of major political and economic events shaped financial markets in 2016, forcing investors to navigate a landscape of heightened volatility. But with uncertainty likely to continue through 2017, GAM’s investment managers have identified some unique investment opportunities that go against the grain. Wind Turbine ManufacturersWind turbine manufacturers sold… Read More »
Financial markets’ attention has understandably been focused this past week on the U.S. presidential inauguration ceremony and the first economic decisions that could be announced by the new administration. Meanwhile, the first European Central Bank (ECB) governing council meeting of 2017 that took place on Jan. 19 appeared uneventful at… Read More »
Simon Wells, Elizabeth Martins -
As had been widely leaked, the UK Prime Minister today stated clearly that her aims for post-Brexit Britain were incompatible with membership of the EU Single Market and full membership of the Customs Union. Prepare for a ‘hard’ Brexit. As set out previously, the government’s primary aims are the ability… Read More »
The crowded European electoral schedule (general elections in March in the Netherlands and in Italy by May next year, general and presidential elections in April-May in France, and a German federal election in September), and the possibility of unexpected political outcomes, could lead to sharp policy shifts in eurozone member… Read More »
It is time to forget central scenarios and think about improbable but possible outcomes. Some of our surprises would be bad (US recession, for example) but some would be good (a Mexican peso rally, say). It is time to step back a little. We recently reviewed the success of our… Read More »
Despite generally positive expectations of growth in 2017, La Française should bear in mind certain factors that indicate uncertainty: President Trump’s protectionist tendencies and the potential difficulties to realize his proposed program, the European elections, and the consequences of Brexit. Accordingly, the United States is experiencing rapid expansion – consistently… Read More »
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