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IGM Credit, IGM FX and Rates

China Insight: NPC Announced Smaller-Than-Expected CGSB Issuance

China Insight 0520

The NPC meeting officially kicked off in Beijing (22 May). There, Premier Li Keqiang announced: - a CNY1,000bn issuance of central government special bonds (CGSB), versus the market consensus of CNY2,000bn - a CNY3,750bn issuance of local government special bonds, versus last year's CNY2,150bn and a market consensus of CNY3,500-4,000bn - a rise in fiscal deficit-to-GDP ratio target to 3.6%, vs last year's 2.8%.

Topic Industry News

EPFR Fund Flows

Curve for Money Market Fund flows flattening

Global Navigator

Money Market Funds posted their first outflow since late February during the week ending May 20, capping – at least for now -- a flight to cash that has seen $1.2 trillion committed to these funds over the past 12 weeks. In that time, EPFR sister company iMoneyNet calculates that the average 30-day yield among taxable US Money Market Funds has fallen from 1.28% to 0.18%. Bond Funds, meanwhile, took in fresh money for the sixth straight week as High Yield Bond Funds extended a run of inflows stretching back to late March.

Topic Industry News

PSN Separately Managed Accounts (SMA) Data, P...

Q1 2020 PSN Top Guns – The Historic Bull Market Comes to a Screeching Halt

Q1 2020 PSN Top Guns – The Historic Bull Market Comes to a Screeching Halt

The first quarter, which included record equity highs, a bear market, record low Treasury yields, record daily market swings, extreme volatility, and unprecedented monetary and fiscal policies will be a quarter we will not forget and will be used as a historical reference point moving forward. The culprit of all the global economic and market distress was the fast spreading COVID-19 illness.

Topic Industry News

IGM FX and Rates

IGM FX Trade of the Week Report

IGM FX and Rates

Initiated on May 1, we stay short GBP/USD from 1.2525 on a Seasonality in May basis. Recently, we also initiated a long USD/CNH at 7.1300 for a move on 7.2500 in the coming weeks. Otherwise, our latest report looks at other firms’ recommendations. For more read our FX Trade of The Week Blog >

Topic Industry News

IGM Credit, IGM FX and Rates

China Insight: After a Strong Sell-Off, Bonds Look Attractive Again

China Insight 0514

The bond market got sold off sharply in the first half of May, regardless of the stable liquidity. We attribute the sell-off partly to mounting supply pressure and partly to the market being overly crowded with long positions.

Topic Industry News

EPFR Fund Flows

Redemptions from China Equity Funds surge as trade tensions resurface

Global Navigator

The prospect of a second major spike in Sino-US trade tensions cast a shadow over markets and some fund groups in mid-May. EPFR-tracked China Equity Funds posted their biggest weekly outflow since early 3Q15 as US President Donald Trump threatened China with new trade sanctions if it does not boost its imports from the US and allow independent investigation of the origins of the COVID-19 pandemic. Redemptions from all Emerging Markets Equity Funds, meanwhile, exceeded $3 billion for the fourth week running. Faced with a new source of uncertainty, already cautious investors steered another $35 billion into Money Market Funds while flows to US Bond Funds climbed to a 13-week high and Japan Equity Funds recorded their third largest inflow year-to-date. US Bond, Money Market and Japan Equity Funds all feature on the list of fund groups that have seen the largest inflows quarter to date, along with Leveraged Bear, High Yield Bond and SRI/ESG Equity Funds and a handful of major Sector Fund groups.

Topic Industry News

IGM FX and Rates

FX Viewpoint: Going negative, really?

IGM FX and Rates

We questioned recently whether Fed negative rates speculation will weigh on the US Dollar and prevent the DXY from reclaiming the 100.00-plus handle? Well, the latest Fed comments indicate there could well be some push-back against the controversial subject matter. Our compilation of major bank views also skews towards this being unlikely. Looking ahead, we suggest keeping an eye on upcoming speeches and possible comments on the subject from other Fed members and in particular, when Fed Chairman Powell speaks on Wednesday. For more read our Viewpoint Blog >

Topic Industry News

EPFR Fund Flows

Quants Corner - When it comes to stock values, ESG Funds count for more

Quant Corner

Corporations have found value in catering to the needs and tastes of Generations X, Y and Z, identifying and understanding their values and embracing socially responsible (SRI) and environmental, social and governance (ESG) criteria goals. Tech giants such as Google claims they are “Raising the bar in making smart use of the Earth’s resources, expecting the highest ethical standards throughout our supply chain and creating products with people and the planet in mind”. These sentiments certainly mesh with large segments of their customer base, which is not shy about demanding that they strive for these standards.

Topic Industry News