The Venezuelan cash crunch: exporting passports as a palliative?

Bond Vigilantes 23/01/2018  

Venezuela’s cash flow crisis has been well covered. The recent default on its sovereign debt and likely default on the debt issued by its state-owned company, Petroleos de Venezuela SA… Read more »

Trump’s US tax Christmas present

Bond Vigilantes 04/01/2018  

Glittering gifts for Investment Grade telecom companies, but only lumps of coal for High Yield. On 22nd December last year, President Trump enacted probably the most significant achievement… 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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Equities Market Perspective: Cyclicals take firm grip on leadership of equities rally

Equities Forum 04/08/2017  

In this month’s update Ritu Vohora, Investment Director looks at what is driving the momentum in cyclicals.

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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Five years on from “whatever it takes”

Bond Vigilantes 26/07/2017  

Today marks five years on from Mario Draghi’s now famous ‘whatever it takes’ remarks, widely credited with sparking a reversal in the Eurozone’s fortunes. Below are five charts offering some… 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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Equities Market Perspective: Shifting sands? Central bankers turn more hawkish

Equities Forum 06/07/2017  

Is the era of cheap money coming to an end? In this month’s update Ritu Vohora, Investment Director, reviews central banks increasingly hawkish rhetoric.

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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Argentina’s century bond: much ado about nothing

Bond Vigilantes 23/06/2017  

Argentina’s recently issued century bond deal was unexpected in terms of timing and maturity. Century bonds in EM are rare (we think the table below is pretty exhaustive) and they… 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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P-Hacking versus Skin in the Game: How can understanding incentive structures help us think about market efficiency?

Episode 17/05/2017  

While markets may have seemed uneventful of late, there has been a flurry of academic activity that gets to the very heart of whether it is possible to beat the… Read more »

A problem with U.S. average hourly earnings, and why it may be understating the true picture

Bond Vigilantes 16/05/2017  

The last time the US had an unemployment rate below 5% and inflation expectations around 2%, the Fed funds rate was above 5% and had been aggressively hiked in the… Read more »

BVTV: Europe’s turn for positive surprises

Bond Vigilantes 15/05/2017  

The Eurovision song contest may be over for another year, but Europe’s capacity to surprise could well continue. Tune in to the latest edition of BVTV, where Anjulie Rusius joined… Read more »

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 »