From previous blogs (see here and here) you can see that we are not a big supporter of the single currency from an economic point of view. However we recognise the authorities’ political and economic desires to maintain it despite…
Monthly Archives: September 2011
-
We’ve had numerous concerns with EFSF ever since it was announced last year. Here’s our top 10, in no particular order; (1) The considerable risk of one or more of the AAA rated guarantors being downgraded, which would threaten EFSF’s…
-
M&G Fixed Interest team visits New York – Operation Twist, The Fed and corporate bond markets
- Topics
- covered bonds, US
Posted September 23rd, 2011
It’s been two and half years since our last visit to New York. As you can see in this latest video, the past few tumultuous years in the markets have not been kind to Jim, Richard and Stefan. Earlier this…
-
If this is part 2 of the Great Recession, what were the 10 recent policy errors that got us here?
- Topics
- global economy, recession
Posted September 23rd, 2011
When it was all academic, I enjoyed reading about the causes of the Wall Street Crash, the Great Depression and the German hyper-inflation. Policy errors abounded. The UK going back on to the Gold Standard in the middle of the…
-
The Fed, like many central banks, has moved on from conventional to unconventional policy tools to attempt to stimulate the flagging US economy. This was manifested yesterday by the introduction of “Operation Twist”. Operation twist involves the Fed selling $400…
-
A couple of months ago I argued that the implied risk premium on emerging market (EM) debt suggested that the market was treating EM debt as a safe haven, and the market was therefore smoking crack (see here). The price…
-
When I listen to my colleagues or read the English papers, the general consensus is that the Germans don’t like the Euro and don’t want to fund Greece’s bail-outs anymore. Whilst you can hardly argue against this overall impression of…
-
The outlook for fixed income after the summer of discontent
- Topics
- economic factors
Posted September 14th, 2011
What a summer we have had in bond markets! The US and French bank downgrade, limited policy flexibility, aftermath of the Japan earthquake, rising commodity prices and sovereign and banking concerns already had markets on edge. A further deterioration in…
-
A guided tour of the European High Yield market
- Topics
- Europe, high yield
Posted September 8th, 2011
As my esteemed colleague Stefan pointed out earlier this year, we are beginning to see some attractive value emerging in the European high yield market. I thought it would be worth giving a quick update on what is being priced…
-
Journalists and financial commentators have been kept very busy this year. Market participants and investors have clamoured for information on debt ceilings, credit ratings, and restructurings. 2011 looks like a year that will go down in history as one of…
Download or order a hardcopy of the 5th Anniversary Bond Vigilantes book and make a donation to Cancer Research UK
Recent videos from iView
By clicking on these links you will be visiting iviewtv.com
Play video - 
Play video - 
Play video - Bond Vigilantes-Asia Research Trip
Play video - Bond Vigilantes- Quizzing the experts
