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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Can bond markets digest the huge supply of U.S. Treasuries that will be issued this year?

Bond Vigilantes 15/02/2018  

The United States government routinely finances itself through short-term debt, which is normally less expensive than long-term debt, due to the upward sloping nature of the U.S. yield curve. This… 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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US tax reform – unleashing of ‘animal spirits’?

Equities Forum 07/02/2018  

In this month’s update Ritu Vohora, Investment Director, looks at the implications for US tax reform on equities. How much is priced in already and will the new fiscal stimulus… 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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Green securitisation – the ‘green’ paradigm

Bond Vigilantes 26/01/2018  

The global securitised market was valued at $9.8tn at the end of 2016 and, in recent years, some of these asset backed securities (ABS) have made an imprint on the… Read more »

Is this a turning point for bonds?

Bond Vigilantes 24/01/2018  

My view is that the US economy is nearer to overheating than slipping into recession. The strength of the US economy is typified by the labour market in many ways…. Read more »

2017 High Yield Review – Another Solid Year

Bond Vigilantes 05/01/2018  

Good performance after an exceptional 2016 2017 was another good year for high yield investors with the global high yield index delivering a total return of 8.0% (in USD terms),… 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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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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Cross currency basis – what is it? And what are the implications?

Bond Vigilantes 29/12/2017  

Towards the end of this year, a December spike in the cross currency basis for major currencies against the dollar grabbed the market’s attention. But what is cross currency basis… 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 pretty good indicator of USD/EUR exchange rate movements

Bond Vigilantes 06/12/2017  

After four calendar years of price appreciation, it looks like the US dollar will end 2017 deeply in negative territory. The dollar has fallen by almost 12% this year versus… Read more »

UK equities – the silver lining to the Brexit cloud

Equities Forum 24/11/2017  

After making a lot of money, people get emotional and in what I term ‘the BBQ effect’ they want to share these feelings – this causes those who have missed out to be jealous. 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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