Shifts & Narratives #8 - Post-summer check-up on the regime ...
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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 ...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 in...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...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 focus...More 5 to 10 minutes
Investors on the Italian government bonds market should consider any slip in the Italian bond market as an opportunity to increase their exposure.More 5 to 10 minutes
Despite a severe macro contraction, policy reaction to the covid-crisis limited most of corporates’ rating migration and HY defaults to low-rated debt.More 5 to 10 minutes