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Please find attached our new weekly newsletter, The Context, from IFI Research. The Context contains a selection of thought leadership articles from around the globe, spanning a host of asset classes to give you value-added insight into key themes affecting fund flows, macroeconomics, and markets. As always, all feedback is greatly appreciated, so please do get in touch if you have any comments or suggestions. We hope you find it useful!

For the pdf, please click THE CONTEXT

Recommended Articles

  • IGM FX and Rates

    2020: That was the year that was - U.S. High grade primary markets

    22 Dec 2020

    2020 will be known for the Great Debt Binge when corporate America and a host of foreign companies raised an unprecedented amount of capital via the USD public debt market amidst the worst pandemic crisis in over a century...

    Topics Industry News

  • IGM FX and Rates

    2020 Year in Review

    By Jonathan Cavenagh 22 Dec 2020

    The positive risk bias at the start of 2020 for EM Asia assets didn’t last long. The synchronised global economic upswing quickly unravelled as the COVID pandemic swept through EM Asia economies. The epicentre of the pandemic was in China to begin with and as China went into lockdown Q1 was a write off for economic growth in the region. From a peak in mid-January to late March, the ADXY currency index lost 5%. There were significant divergences within the region though, with the IDR losing close to 15% against the USD, the baht 8.6% and INR 5.5%. IDR and INR are typically current account deficit currencies and sensitive to broader risk appetite, whilst the collapse in tourism inflows weighed heavily on the baht. In contrast, the PHP was basically flat against the USD in Q1, while the TWD only lost 0.67%. The Philippines has fairly limited offshore investor positioning, which served it well, while Taiwan managed the pandemic very well and this was reflected in relative currency outperformance…

    Topics Industry News

  • IGM Credit, IGM FX and Rates

    China Insight: A return of focus to credit clean-up in 2021

    14 Dec 2020

    Concerns over China corporate credit risk have come to the forefront since the beginning of Q4, highlighted by three high-grade issuers' defaults: 1. AAA-rated Huachen Auto Group (onshore), 2. AAA-rated Yongcheng Coal & Electricity Group (onshore), 3. AAA-rated Tsinghua Unigroup (offshore) Coincidentally, all of these three issuers are state-owned enterprises (SOEs) in nature. This, to a certain extent reflects central government's bias in favour of a return to policy normalisation and possibly a second round of financial deleveraging (following the first round in 2017). Chart 1 shows that China's total debt to GDP ratio may have reached as high as 290% by the end of this year, so there is a need for deleveraging regardless of the defaults YTD being smaller than those in the previous two years both in terms of the total number and the total size of events (chart 2). From the perspective of the policymakers, with various kind of economic activities having returned to their pre-COVID levels, a return of the focus to credit clean-up should be more beneficial to long-term economic development... 

    Topics Industry News

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