The wheels of a Circular Economy go round and round - N°5 Th...
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Global ESG bond markets are bound to deliver another record year of new issuance volumes, led by broad-based dynamic activity in all its major segments.More 5 to 10 minutes
Persistent supportive funding conditions and the improved macro picture are consistent with a current and expected benign picture for US and European default cycles, which are likely to remain on a downward trend in the coming months.More 5 to 10 minutes
EMU-10 EGB net issuance, net of ECB QE purchases, is likely to be negative in H2 this year for three main reasons: 1) front loading of sovereign debt supply in H1, 2) roughly 60% of yearly bond redemptions still to come, and 3) ECB QE purchases to remain steadily high. The supranational debt market will keep growing remarkably, driven by NGEU EU funding, following SURE bond issues in H1, with the ECB likely to keep playing a supportive role in this segment, too.More 5 to 10 minutes
March saw ECB increasing its PEPP purchases and injecting higher than expected liquidity through a successful TLTRO tender. In this piece, our analysis dives into QE recently published figures, demand/supply balance of Euro fixed-income markets and PEPP expected trends. ECB’s role is going to remain prominent in supporting both sovereign and corporate debt.More 5 to 10 minutes
Extraordinary policy intervention has made this HY default cycle unusually short-lived, helping to limit quite significantly the rise in defaults among mid- and high-rated speculative grade companies. A turn into a more benign falling trend over the next quarters looks likely, in light of improved macro perspectives, expected progress in vaccinations and encouraging signals from financial drivers.More < 5 minutes
The move in rates is just one factor of the macro backdrop that can drive spread trends, but one that worked quite well in past cycles and therefore worth focusing on in the current recovery phase.More 5 to 10 minutes