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The Context 06.22.20

The EUR Week - Bias is Bearish

EUR/USD fell to lows of 1.1168 late last week after Fed's Rosengren's warned about the possibility of a virus resurgence, while warnings from Lagarde (recent calm in financial markets is in part because investors have priced-in action from governments), along with Merkel repeating that the EU is facing its deepest recession since WWII, both also knocked local sentiment.

US High Yield: Fed Backing Leads to Record Week

Following the announcement that the Fed will be buying individual bonds under its Secondary market Corporate Credit Facility (SMCCF), primary markets have been in full swing as issuers take advantage of the positive sentiment.

CEEMEA Sovereign Issuance Trends Shows Credit Market Has Recovered, But Not For All

Our CEEMEA international bond issuance data shows the COVID-19 pandemic caused a near sudden stop in new deals during the month of March, with the number of deals dropping by 57% from 2019 levels and the USD amount raised down by circa 70%. However, thanks to a bumper rebound in April and May, the level of issuance in H1 is on track to surpass last year.

The Context

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