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The Context 03.30.20

The CAD Week - Bias is Bearish

The BoC finally delivered another 50bp cut on Friday, its third emergency 50bp cut in just over three weeks, taking the key rate to 0.25% to match the 2009/10 record lows. In addition, the BoC announced two new asset purchase plans, but signaled that they now feel the policy rate is at its "effective lower bound".

Euro Corp Comment: Bumper Week as Issuers Offer Attractive Premiums

It was a bumper week for issuance with EUR Investment Grade/split-rated corporate supply coming in at a blowout EUR20.97bn from 29 separate tranches. That marks the busiest week for the asset class since the w/e 6-Sep 2019.

Two Distinct Camps

The performance of risk assets has left two distinct camps: those who think the worst has been priced-in, and those suggesting a classic bear market bounce with new lows to come.

The Context

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