/ Research Center

12.06.2020 - Podcast

Blue Research - The "Day After" series #5 - New frontiers for Central Banks

Central Banks (CBs) are by nature more flexible than governments. Thus, they have been the most proactive in this crisis, reintroducing large-scale asset-purchase programmes financed by money creation (QE policies).

02.06.2020 - Expert Talk

The day after #5 - New Frontiers for Central Banks

Central Banks (CBs) are by nature more flexible than governments. Thus, they have been the most proactive in this crisis, reintroducing large-scale asset-purchase programmes financed by money creation (QE policies).

Didier BOROWSKI

Head of Global Views

22.04.2020 - Insights Paper

Revisiting the global high yield outlook in the wake of the COVID-19 pandemic

Global HY markets sold off aggressively between February and March in response to the COVID-19 outbreak, the oil price war and the liquidity freeze in some markets. An analysis of past peak-and-trough episodes in the US HY market shows that on most occasions investors have enjoyed positive market returns just one year after the peak. Three years past such a peak, market returns have proven positive in all six occurrences since 2000.

Kenneth J. MONAGHAN, Andrew FELTUS, Matt SHULKIN, Sergio BERTONCINI, Marina COHEN, Colm D’ROSARIO

02.04.2020 - Monthly Cross Asset

Central banks are entering a new regime: unlimited support

Coordinated actions by central banks and governments have a clear objective to prevent a sharp rise in bankruptcies. We are confident in central banks’ ability to address the liquidity crisis as central banks have entered a new regime: unlimited support. However, we have no strong convictions on the depth of the coming solvability crisis.

Valentine AINOUZ

Deputy Head of Developed Market Strategy Research

02.04.2020 - Monthly Cross Asset

Thematics Views - The Eurozone’s quantum leap: on the road to debt mutualisation

The Eurozone’s architecture does not allow it to contain all the risks arising from the current shock. Recourse to an European Stability Mechanism (ESM) credit line without strong conditionality is a de facto first step towards debt mutualisation. Looking ahead, this could pave the way to a European budget and a common debt.

Didier BOROWSKI, Pierre BLANCHET

17.03.2020 - Podcast

Blue Convictions - SPECIAL COVID-19 ep#2 - Evolution and market impacts

Jean-Jacques Barberis, Head of Institutional and Corporate clients coverage, speaks with Monica Defend, Global Head of Research, about the governments and central banks last decisions and measures to fight Covid-19 pandemy.

10.03.2020 - Podcast

Blue Conversation - SPECIAL EPISODE - Coronavirus impact on markets: Volcker's theory as a victim of COVID-19

The shock in the markets is temporary and the main issue is on the credit side. Central banks mission includes stepping in when the markets conditions are tightening.

09.03.2020 - Monthly Cross Asset

Thematics Views - March 2020

From unemployment and inflation to climate change and social inequality, central banks (CB) are on the frontlines. In the context of the ECB’s and the Federal Reserve’s strategic reviews there are now open debates about their new tools, targets and mandates. But a more profound change in central banks’ behaviour should also be discussed, regarding recession aversion, fiscal dependence and markets interaction.

Didier BOROWSKI, Pierre BLANCHET, Annalisa USARDI, Valentine AINOUZ

21.02.2020 - Insights Paper

Global high yield outlook: Be confident, but not complacent

Last year was a strong year for global bond markets, which were supported by the accommodative stance of the main central banks and strong investor demand. US, European and EM high yield (HY) bonds all returned more than 14% swapped into US dollars. The performance was led by the higher-quality segments of the market, such as BB-rated bonds, as well as the strong performance of CCC bonds in Europe. This was due to the search for yield across credit products, helped by positive risk sentiment.

Kenneth J. MONAGHAN, Andrew FELTUS, Matt SHULKIN, Marina COHEN, Sergio BERTONCINI

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