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IGM Credit

Everything but M&A

By Ken Jaques 08 Aug 2022

IGM-Everything-but-M&A

It was a busy week in the US high grade primary market this week with 17 issuers raising $45.85bln, making it the fifth busiest ex-SSA issuance week of the year. And all without a single M&A-related funding

IGM Credit

IGM Global Credit ESG Issuance Trends - Q2 2022

By Christopher Shiells and Gavin Kendrick 12 Jul 2022

issuance-trends-q2-2022

The latest IGM Global Credit ESG Issuance Trends report for Q2 shows that this deal type was not immune to the market headwinds as total volumes slowed to USD158.5bn, the lowest since Q4 2020. However, ESG bond issuance as a percentage of all bond issuance recovered to 20.6%, close to the Q4 2021 peak of 21.0%.

Topic Industry News

IGM Credit

IGM Global Credit Issuance Trends - Q1 2022

By Gavin Kendrick 14 Apr 2022

Issuance Trends - Q1 2022

European primary market supply more than doubled in Q1 where all sectors (except HY Corporate) contributed to an upswing that came in the face of rising volatility, surging yields and record euro-area inflation which heaped more pressure on the ECB to wind back stimulus. Higher volumes also came despite several weeks of subdued activity which followed Russia's invasion of Ukraine on 24th February which then depressed volumes until the final couple of weeks of the quarter. Standing out the defensive covered bond market responded impressively to demand for lower risk paper where volume jumped by 3.42x versus Q4 In APAC US$71.26bn of regional IG supply (excl. Japan) managed to get over the line in Q1 2022, the highest volume quarter since Q2 2021. In contrast APAC US$ high yield supply dwindled to just US$3.592bn in the quarter. Issuers had to offer sufficiently attractive spread compensation to persuade cautious investors to part with their cash, particularly in March. That is illustrated by the average new issue concession (NIC) of close to 9bp that APAC non-Japanese IG issuers paid to fund in the quarter US IG ex-SSA issuance for Q1 came in at US$463.8bn. Demand statistics hinted at the volatile broad market conditions over much of the quarter, while showing continued strength in investor interest. Average NICs jumped to 8.46bps, the highest since Q2 2020 whilst coverage ratios rose to 3.46x

Topic Industry News

EPFR - fund flow & allocations data

EPFR Fixed Income Flows and Holdings Data overview

22 Feb 2022

EPFR Fixed Income Flows and Holdings Data overview pdf

Gain a clear picture of mutual fund and ETF debt holdings EPFR tracks fixed income holdings from a universe of 2,000+ globally domiciled bond and multi-asset funds, covering over $2.5 trillion in AUM and more than 50,000 unique corporate and sovereign bonds.

Topic Industry News

EPFR - fund flow & allocations data

A rising tide lifts some (Japanese) boats: The Bank of Japan’s ETF purchases and their impact on market signals for individual stocks

By Steven Xinlei Shen 03 Feb 2022

A rising tide lifts some (Japanese) boats: The Bank of Japan’s ETF purchases and their impact on market signals for individual stocks

The Bank of Japan has been the pace-setter among central banks when it comes to purchasing non-government financial securities. It was the first central bank to officially declare that it was buying exchange-traded funds (ETFs) and Japan Real Estate Investment trusts (J-REITs). Since December 2010, the percentage of the Japanese ETF market held by the Bank of Japan has grown exponentially to nearly 70% of the entire market going into the final month of 2020. This has created a class of stocks that enjoy consistent central bank support.

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap 01.10.22

By Ryan Nauman 10 Jan 2022

Ryan Nauman's Weekly Recap 01.10.22

Will be on the CPI print during the week ahead. Will we continue to see inflation accelerate as wage inflation climbs higher or will inflation begin to subside as some signs point to the easing of some supply chain bottlenecks? Additionally, fourth quarter earnings season kicks off this week. It will be important to focus on the commentary and guidance these companies provide with inflation remaining elevated and higher inters rates on the horizon.

Topic Industry News

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 12.20.21

By Ryan Nauman 20 Dec 2021

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 12.20.21

Despite it being the week of Christmas, there is no shortage of economic data releases. The leading economic indicators index will be worth following to get an indication of economic strength heading into the rate hiking cycle. I will also have a close eye on the consumer confidence index and the University of Michigan consumer sentiment index. However, the headline release will the Federal Reserve’s (Fed) preferred measure of inflation, the personal consumption expenditures index (PCE). The Fed has acknowledged that high inflation will be stickier than originally thought by removing the word “transitory” from their December FOMC meeting announcement and will place a bigger emphasis on taming inflation. Inflation is the primary concern for investors and consumers, so it will be worth watching to see if the Fed can indeed tame it.

Topic Industry News

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: 2022 Investment Outlook

By Ryan Nauman 13 Dec 2021

Nauman

As we move into 2022, investment professionals must prepare for new economic and investment regimes. The new regimes will consist of tighter monetary policies and increased investment risk, all while COVID remains an uncertain variable.

Topic Industry News