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About Ken


+50 year(s) experience

Ken’s coverage includes the primary and secondary investment grade corporate issuance market. Aside from maintaining and publishing very detailed issuance statistics, he anticipates and analyzes the trends in the high-grade new issue market through his statistical morning report (Daily Informa), his morning commentary (Morning Call) and weekly newsletter (In a Nutshell).
Ken joined us in 2005 and focuses mainly on the US Investment Grade new issue bond market. He draws on his 26+ years of experience as an institutional bond trader to relate to the needs of IGM's clients.

His early career on the Street started in the corporate syndicate department of Halsey Stuart & Co and eventually led to a trading position.

On leaving Halsey (Bache) in 1976, Ken joined Whiteweld as VP in charge of floating rate note syndication and trading. From there, he held similar positions in firms in New York and London before retiring from trading in 1997.

Ken honed his editorial skills two years as senior and managing editor of Financial Trader magazine. He was also a Senior Analyst at IFR Markets for five years covering the high grade markets.

Analyst Articles

Articles by Ken

  • IGM FX and Rates

    SPECIAL REPORT: An “August” August

    SPECIAL REPORT: An “August” August

    Bargain Basement Borrowing Costs Spur Record Issuance Historically, the month of August has been associated with such phrases as “the dog days of summer” and “those lazy, hazy, crazy days of summer.” This year, however, someone let the “dogs” out, and the days were just “crazy” in terms of corporate bond issuance, across all asset classes. Over the past decade, the month of August has consistently ranked as the second slowest high grade ex-SSA issuance month of the year, averaging a mere $69.684bln in ex-SSA high grade issuance. As a matter of fact, coming into this month, despite the extenuating circumstances that have caused all forms of corporate issuance to literally explode this year, the Street was so convinced that this August would be no different from those that had gone before that the highest ex-SSA high grade issuance estimate came in at $71bln. Well, this year is certainly “different” than any other year – we have already set a new annual ex-SSA issuance record of $1.421.135bln, 83.1% higher than last year at this time, with four months remaining. The previous record was 2017’s $1.335.363bln. And, when it comes to this August, the same holds true. This year 100 borrowers raised an unprecedented $139.984bln during the month of August, shattering the previous August issuance record of $114.873bln set back in 2016. Read more...

    Topic Industry News

  • IGM Credit



    As a result of the Covid-19 induced lockdowns, many cash-strapped corporations - those who could - descended on the US public debt market in droves, raising an unprecedented $723bln in Q2 2020. That brought ex-SSA H1 issuance to an unheard of $1,214,331bln, topping all estimates for the year. Fun fact: 2020 high grade issuance is running 101.8% higher than last year at this time. Along the way, many milestones were set including a quarter that produced (1) three of the top six busiest ex-SSA issuance months on record (2) the busiest ex-SSA issuance month on record (April’s $297.775bln) (3) and needless to say, the busiest issuance quarter, and half, of all time ($723.121bln and $1,214,331bln respectively).

    Topic Industry News