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  • IGM Credit

    IGM Global Credit Snapshot - September 2022

    By Gavin Kendrick 04 Oct 2022

    IGM-october-2022-Global_Issuance_Trends_-_Pic1

      In Europe SSAs drove a disproportionate 51.2% of overall supply as extreme volatility and negative sentiment crimped activity across the other asset classes, followed by IG Corps (17.6%), Covered (15.3%), FIG (15.2%) and a small contribution from HY (0.7%). EUR supply rose by 69% m-o-m in September although it was more than 15% below the corresponding month of 2021 as extreme volatility constrained fundraising. The APAC USD primary market struggled to maintain momentum for much of September but USD25.345bn did manage to get over the line helped by a USD15.1bn (or close to 60% of the overall total) contribution from Japanese borrowers who returned to the market in force. US IG Issuance volume for the month of September was USD110.5bn and fell short of respondents' estimates, which had averaged out at USD143bn. Ex-SSA, September's issuance was USD80.45bn, above only June's USD70.85bn in ex-SSA monthly totals for 2022.

    Topic Industry News

  • IGM Credit

    Latest Fed pivot theory has no legs

    By Bruce Clark 03 Oct 2022

    igm-100322-chart1

    Equity markets are trying to rally on a 'sources' story going around the market claiming the Fed is growing uneasy about 'financial instability,' implying that it is overtaking inflation as its primary concern

  • EPFR - fund flow & allocations data

    British pounds of flesh on market’s menu in late September

    By Cameron Brandt 03 Oct 2022

    gnn-100322-LP-chart1

    Investors, who were already struggling to digest the latest US interest rate hike, were confronted with more unappetizing fare during the fourth week of September. This included Italy’s marked shift away from centrist politicians, the sabotaging of pipelines connecting Europe with Russian natural gas fields, Hurricane Ian’s advance on Florida and a market-jolting budget from Britain’s new Chancellor of the Exchequer.

    Topic Industry News

  • EPFR - fund flow & allocations data

    Monetary collar tightens again

    By Cameron Brandt 23 Sep 2022

    gnn-092322-LP-chart1

    The third week of September began with investors buying US equities on the dip and Ukraine’s army rolling back Russian invaders around the city of Kharkiv. It ended with Russia mobilizing the first of 300,000 reservists and short-term US interest rates at their highest level since 2008.

    Topic Industry News

  • EPFR - fund flow & allocations data

    A tale of two cities

    By Vik Srimurthy 21 Sep 2022

    quants-corner-092122-chart1

    Four months after the Covid-19 pandemic swept across the world, China imposed a new national security law on Hong Kong. 

    Topic Industry News

  • IGM Credit

    Fed preview: Fed to hike 75 bps, project 'higher for longer' rate path

    By Bruce Clark 20 Sep 2022

    Fed preview: Fed to hike 75 bps, project 'higher for longer' rate path

    Within a 24-hour period from Wednesday, there will be 16 central bank rate decisions.

  • EPFR - fund flow & allocations data

    Investors caught between two sides of the same coins

    By Cameron Brandt 16 Sep 2022

    gnn-091622-LP-chart1-new

    Devotees of buying on the dip were presented with several handsome opportunities during the second week of September as investors tried to decide which way key events and datapoints will cut.

    Topic Industry News

  • IGM Credit

    Peak inflation is the new transitory inflation

    By Bruce Clark 14 Sep 2022

    igm-091422-chart1

    Investors just learned the hard way that there's a big difference between peak inflation and inflation returning to target, and why the Fed has recently been insistent that rates need to go higher, and for longer, than what was being priced.

  • EPFR - fund flow & allocations data

    Risk off as interest rates keep rising

    By Cameron Brandt 09 Sep 2022

    Redemptions from EPFR-tracked Equity Funds hit an 11-week high in early September as investors surveyed a sea of troubles, ranging from the complete shut-down of the Nord Stream 1 natural gas pipeline connecting Russia with European markets to the US Federal Reserve’s plan to double the pace of its balance sheet reduction.

    Topic Industry News

  • IGM Credit

    IGM Global Credit Snapshot - August 2022

    By Gavin Kendrick 06 Sep 2022

    IGM-august-2022-global

    EUR supply recovered strongly in August as issuers and investors got back down to business following the seasonal lull. FIG activity accelerated the most sharply (both on an absolute and percentage basis). Rising supply came against a backdrop of surging underlying yields with a continuation of aggressive policy action by central banks to reign in rampant inflation. The APAC primary bond market remained in the doldrums with volumes maintaining monthly declines that began in April. Just USD8.989bn of regional supply got over the line during the month (the lowest volume month since December 2021). In stark contrast to European EUR issuance (which was heavily skewed to the latter half of the month) US IG ex-SSA issuance was crammed into the earlier part of August. In total 73 companies tapped the market, raising USD114.7bn (with only USD1.975bn raised in the last eight trading sessions).

    Topic Industry News

  • EPFR - fund flow & allocations data

    Bracing for regular doses of bitter medicine

    By Cameron Brandt 02 Sep 2022

    gnn-090122-LP-chart1

    Late August found markets and investors chewing on a new nugget of ‘Fed-speak.’ 

    Topic Industry News

  • IGM Credit

    European Structured Finance - August 2022 in Review

    By Anil Mayre 01 Sep 2022

    IGM-European-Structured-Finance-August-2022-in-Review

    Issuance tally light amid negative macro headlines on inflation and growth Trio of CLOs price, including the biggest deal since May UK non-conforming RMBS refinances four transactions ABS issuers favour STS, but autos fall off the pace 

  • IGM Credit

    Powell brings the pain

    By Bruce Clark 30 Aug 2022

    Powell brings the pain

    Powell brings the pain - latest article from IGM to upload to Resources page

  • EPFR - fund flow & allocations data

    Will the Fed light 75 more candles in September?

    By Cameron Brandt 26 Aug 2022

    gnn-082622-LP-chart1

    Hawkish remarks by US Federal Reserve policymakers going into the final week of August put the brakes on what investors are hoping is the next leg of a bull market. Worried that they may be walking into another 75 basis points hike in US interest rates next month, those investors call a halt to the rebuilding of positions exited during the second quarter.

    Topic Industry News

  • IGM Credit

    What we got here is a failure to communicate

    By Bruce Clark 19 Aug 2022

    igm-081922-chart

    In the 1967 film 'Cool Hand Luke', Captain justified his beating of Paul Newman's character by delivering the classic line 'what we got here (pronounced he-ah) is a failure to communicate.'

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