Author Archives: Wolfgang Bauer

Are sovereign bond-backed securities the key to financial stability within the Eurozone?

Bond Vigilantes 12/03/2018  

Creating a Eurozone-wide safe asset and thus diversifying sovereign risk within the currency union without the need for sovereign debt mutualisation – sounds like having your cake and eating it,… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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BVTV: Getting to the bottom of subordinated debt

Bond Vigilantes 05/02/2018  

Subordinated debt enjoyed an excellent year in 2017, AT1 (Additional Tier 1) bonds in particular. But what are the unique features of this sub-asset class and do AT1 bonds still… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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A tale of two bonds – diverging fortunes for GKNLN 22s and 32s

Bond Vigilantes 23/01/2018  

It was the best of times, it was the worst of times – to phrase it in a Dickensian way – for bonds of British automotive and aerospace components company… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Did the ECB get their fingers burned with Steinhoff bonds?

Bond Vigilantes 09/01/2018  

Credit risk is real. It’s easy to forget this platitude in times when both investment grade and high yield credit markets go from strength to strength. Even one of Europe’s… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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2017 investment grade review – a rising tide lifts all boats

Bond Vigilantes 02/01/2018  

Let’s be honest, 2017 won’t go down in history as the most exciting year for investment grade (IG) credit markets. IG credit spreads have moved more or less in one… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Angela Merkel’s Pyrrhic victory

Bond Vigilantes 25/09/2017  

And they say German elections are boring… As the preliminary results are in, here are our three key takeaways. (1) Merkel goes fourth First things first, as expected Angela Merkel… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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BVTV: Time for a check-up of the US healthcare sector

Bond Vigilantes 22/08/2017  

Heated debates about proposals to repeal and replace Obamacare, generic pharmaceuticals feeling the pain of pressures on drug prices and lingering event risk around potential mergers and acquisitions – there… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Which bonds have benefitted most from the ECB’s corporate bond buying programme?

Bond Vigilantes 11/05/2017  

European investment grade (IG) corporate bond spreads are now more than 40 basis points tighter than in early March 2016, before the European Central Bank (ECB) announced the expansion of… Read more »

Eurobonds: one bond to fund them all

Bond Vigilantes 04/04/2017  

The German federal election in September still seems far away. However, for the first time in years, it appears possible that Angela Merkel could actually lose the election. Martin Schulz,… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Good things come to those who wait – a look into valuations of USD long-dated credit

Bond Vigilantes 11/10/2016  

In a recent blog post, Ben discussed relative valuation opportunities in the US investment grade (IG) corporate bond market. Today, the long-dated segment of this market looks increasingly attractive given… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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