Tag Archives: Corporate bonds

Does the U.S. yield curve predict wider credit spreads? Also, goodbye to Hamish Watson

Bond Vigilantes 17/04/2018  

As the U.S. yield curve flattened to just 45 bps (2s-10s) last week, we dug out something I wrote back in 2007, in the early days of this blog. A… 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 impact of the technology tantrum on US corporate bond valuations

Bond Vigilantes 17/04/2018  

It is fair to say that markets have become more lively of late. One sector in particular has been the epicentre of revived market volatility – Technology. In the US… 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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Trump should reappoint Yellen. Also: credit spreads are tight, Tesla, Laffer’s napkin and other stuff.

Bond Vigilantes 18/10/2017  

The Fed Chair choice should be obvious for Trump.  Yellen all the way.  I don’t understand why he would choose Taylor. President Trump is likely to announce his choice for… Read more »

State-owned corporate bonds: there is no such thing as an implicit guarantee

Bond Vigilantes 08/06/2017  

A couple of weeks ago, state-owned International Bank of Azerbaijan (IBA) shocked its bondholders by announcing a surprise restructuring. The bank’s capital ratio turned negative at year-end 2016 due to… 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: 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 »

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 »

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 »