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About Andrew

UK

33+ years of experience

Andrew Perrin, Head of Credit, Europe, IGM, headshot
As manager of the 11 Analysts who make up the Credit team in Europe, Andrew ensures timely coverage of the daily flow of information on new issues, from the initial mandate to pricing.

He covers real-time news on primary issuance and secondary flow, price fluctuations and event risk in the cash credit bond markets for the real-time IGM service. This includes deal previews incorporating relative value on pipeline and ‘live’ bond issues, and subsequent analysis of executed deals.

Andrew joined IGM in 2013 as a Senior Credit Analyst and has been managing the European credit operation since May 2015.

He focuses on all aspects of the European credit market, including the investment grade corporate, high yield and emerging markets.

He has worked at market-leading institutions including International Financing Review (IFR), Thomson Reuters and Market News International (MNI).

Analyst Articles

Articles by Andrew

  • IGM Credit

    IGM Global Credit Snapshot

    By Andrew Perrin 04 Nov 2021

    IGM

    IGM Global Credit Snapshot | Thursday, 4th November 2021 - An Oktoberfest it was not, with primary market activity pulling back - Higher yields, inflation and expectations of reduced central bank support all undermine. - European primary market activity pulls back lead by unsecured FIG issuers; exception is high yield. - European corporate issuance falls significantly with NICS creeping up to highest average YTD. - APAC US$ primary market struggled to maintain fluidity, average NICS jump, cover ratios slip. - APAC China high yield supply grinds to a halt for 2nd time this year on property developer woes. - US IG issuance exceeded Street estimates however with record October volumes. - US IG ex SSA deals showing slight signs of investor fatigue, with highest average NIC this year. - For more specific regional highlights see below.

    Topic Industry News

  • IGM Credit

    IGM Global Credit Snapshot

    By Andrew Perrin 05 Oct 2021

    Global

    IGM Global Credit Snapshot | Thursday, 6th October 2021 - Primary market switches to a flurry of activity, volumes surge despite broader market volatility. - Prospects of higher rates entice borrowers to tap markets sooner rather than later. - US IG ex SSA issuance exceeds even highest Street estimate, Average NIC falls to near flat. - US SSA issuance recovers strongly to represent 20% of total IG issuance. - APAC US$ IG volumes surge, conditions conducive with average NIC lowest since Dec 2020. - APAC high yield supply jumps, though Evergrande keeps a lid on Chinese HY property developers. - European primary market picks up pace sharply, Enel SpA sells largest ever SLB corporate offering. - European covered bonds register record supply with a focus on the ultra-long end of the curve. - For more specific regional highlights see below.

    Topic Industry News

  • IGM Credit

    IGM Global Credit Snapshot

    By Andrew Perrin 01 Sep 2021

    IGM

    IGM Global Credit Snapshot | Thursday, 2nd September 2021 - Primary market issuance volumes seasonally slow in August - Major milestones nonetheless made in European and US primary markets - US IG ex SSA issuance surpasses US$1tn mark, though metrics suggest some investor fatigue - European primary market YTD tally also crosses Eur 1tn mark; with buying interest still evident - APAC US$ IG issuers rewarded with attractive funding costs amidst ongoing fall in supply - For more specific regional highlights see below.

    Topic Industry News

  • IGM Credit, IGM FX and Rates

    APAC REVIEW: Tencent Music Entertainment hits the right note for investors

    By Andrew Perrin 26 Aug 2020

    APAC REVIEW

    It was a productive first day in the office for Tencent Music Entertainment Group (TME Group) which received a very enthusiastic response from investors for its inaugural US$-denominated bond issue on Wednesday. The largest music streaming platform in China, TME Group is majority owned by Chinese technology giant Tencent Holdings Limited (A1/A+/A+) which has a 55.6% stake in the group, and is rated once notch below its parent at A2/A/A (all stable). "The A2 issuer rating incorporates Tencent Music's underlying credit strength and a two-notch uplift, reflecting the high likelihood of the company receiving strong support from its parent, Tencent Holdings Limited (A1 stable), in times of need", noted Moody's Investor Service...

    Topic Industry News

  • IGM Credit

    COMMENT: EUR IG Corp bonds look set to remain on solid ground

    By Andrew Perrin 22 Sep 2017

    COMMENT: EUR IG Corp bonds look set to remain on solid ground

    Its been an encouraging year for the EUR IG Corporate Bond market with indicators pointing to more spread tightening to come

  • IGM Credit

    DAILY CLOSE: Primary firmly back in the spotlight

    By Andrew Perrin 12 May 2017

    DAILY CLOSE: Primary firmly back in the spotlight

    EUR1.5bn of IG/HY paper printed in the single currency on Friday giving a weekly issuance total of EUR41.95bn across all asset classes

  • IGM Credit

    DAILY CLOSE: DB SAE takes centre stage pre ECB

    By Andrew Perrin 07 Dec 2016

    DAILY CLOSE: DB SAE takes centre stage pre ECB

    Deutsche Bank SAE maintains a pulse in the Euro primary market with well received EUR1bn Dec 2021 Cedulas Hipotecarias

  • IGM Credit

    DAILY CLOSE: Primary accelerates ahead of key event risk

    By Andrew Perrin 01 Dec 2016

    DAILY CLOSE: Primary accelerates ahead of key event risk

    It was a more active session for primary activity on Thursday with EUR3.575bn printing

  • IGM Credit

    DAILY CLOSE: Primary continues as risk bounces back

    By Andrew Perrin 24 Nov 2016

    DAILY CLOSE: Primary continues as risk bounces back

    A slower day for European primary markets although still decent for a Thanksgiving day

  • IGM Credit

    DAILY CLOSE: Primary looks set to reopen on Tuesday?

    By Andrew Perrin 21 Nov 2016

    DAILY CLOSE: Primary looks set to reopen on Tuesday?

    European primary market draws a complete blank at the start of the week but the pipeline continues to grow....

  • IGM Credit

    DAILY CLOSE: Corps fuel sharp uptick in EUR issuance

    By Andrew Perrin 18 Nov 2016

    DAILY CLOSE: Corps fuel sharp uptick in EUR issuance

    Primary and secondary credit market news & analysis

  • IGM Credit

    DAILY CLOSE: Corps see mixed results in primary

    By Andrew Perrin 16 Nov 2016

    DAILY CLOSE: Corps see mixed results in primary

    The bears were in largely the driving seat in European markets on Wednesday whether that be risk assets or EZ government bonds.