Do you know your odds?

Equities Forum 12/04/2018  

This Saturday (April 14th) sees the 175th running of the Grand National, the most famous jump race in the world. With thrills and spills throughout its 4-mile, 4-furlong length, 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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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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Low yield, low quality, weaker covenants

Bond Vigilantes 28/11/2017  

When investing in companies of a lower credit quality, loss given default risk is the key threat that investors have to assess. Consequently, covenant protection is a crucial consideration before… 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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Is the reflation trade back on?

Equities Forum 19/10/2017  

The reflation trade has regained traction in recent weeks with global bond yields rising and renewed discussions in the US on tax and regulatory reform, promising a fiscal boost. Added… 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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Caribbean bonds: forecasting the weather, tail risks and spreads

Bond Vigilantes 13/09/2017  

First of all, our thoughts are with those impacted by Hurricane Irma and other recent weather-related disasters. Beyond the human tragedy and economic costs, these are typically low-probability, but potentially… 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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The decline of covenants in the European leveraged loan market

Bond Vigilantes 23/08/2017  

The sustained demand for high yield bonds and European leveraged loans over the past few years, combined with improving corporate fundamentals, has led to strong performance from both asset classes…. 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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This week on BVTV: “high yield” in name only

Bond Vigilantes 21/08/2017  

James Tomlins, M&G fund manager, helps manage over £5bn in high yield assets. This week on BVTV I ask him: 1) What is your outlook for global high yield default… 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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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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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 »