Carillion case study: All was not what it seemed

Bond Vigilantes 16/02/2018  

In its 2016 Annual Report entitled ‘making tomorrow a better place’, Carillion claimed they had ‘a good platform from which to develop the business in 2017’. Less than ten months… 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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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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Are debt markets and rating agencies giving M&A too much credit?

Bond Vigilantes 08/08/2017  

Last week, International TV network operator Discovery Communications announced the US$15bn acquisition of Scripps Networks. Scripps owns TV networks focused on food, home and travel, so it fits with the… 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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M&G Panoramic Outlook: Emerging market corporate bonds – falling default rates and high yields. Too good to be true?

Bond Vigilantes 10/05/2017  

There are a lot of misconceptions about defaults in emerging market (EM) debt. Too often, EM corporates are either considered ‘serial defaulters’ compared with their developed market peers, or seen… 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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Private sector credit in China is approaching an historic crisis level

Bond Vigilantes 24/01/2017  

Credit is the oil that lubricates the engine of an economy. For this reason, economists watch credit statistics closely, in order to assess the sustainability of growth. If credit isn’t… 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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Changes in corporate bond market liquidity and the opportunities they present

Bond Vigilantes 27/09/2016  

One of the prevailing features of the last few years has been the increasing prominence of discussions regarding market liquidity and the seemingly downward trajectory it has taken across fixed… 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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