Would you buy a 7-year unsecured bond at 6% yield from a B1/B+ rated Brazilian airline (first time issuer) with well-below-standard credit covenant protection for investors? Many did last week. Few would have a year ago.
This year, many emerging market bond investors have been tempted to lend further down the credit spectrum in search for higher yields. Strong inflows into the asset class combi…
Read the articleToday I am joined in the studio by M&G credit analyst Othman El Iraki and we will be taking a closer look at an area of the fixed income market that has been generating a lot of interest in recent months – Real Estate Investment Trusts (REITs). Othman will talk through some of the characteristics of this asset class and explain what’s been driving the recent surge in new bond issuance, especial…
Watch the videoPresident Trump is likely to announce his choice for the next Fed Chair by the end of this month. Whilst current Chair Janet Yellen is still in the running, she has been slipping down the betting over the past few weeks. There are three good reasons why (from his perspectiv…
Read the articleAfter a couple of months in which central bank policy moves rather than politics have dominated, investors’ attention has recently been pulled back to the political arena. Fund manager Wolfgang Bauer joined me this morning to discuss what Austria’s presidential election result, and Catalonia’s unfolding bid for independence from Spain, mean for government bond and credit markets.
Also –would a …
Watch the videoGrowing awareness of a range of environmental, social and governance (ESG) issues has seen an ever larger number of investors move their focus away from purely financial goals towards an approach that also considers the ESG impact of their investments. Consequently, a pressing question that faces the asset management industry is how to integrate ESG factors into different asset classes and str…
Read the articlePresident Trump is expected to announce his pick for next Fed chair imminently, as Janet Yellen’s term expires in February 2018. Trump being Trump, the outcome is particularly hard to predict. Jim Leaviss joined me on BVTV today to talk through the leading candidates and what they would mean for financial markets if selected.
Watch the videoIt’s party conference season in the UK, with the Conservative party conference now underway. All eyes will be on Theresa May and her senior cabinet ministers, as investors try to gauge the latest Brexit developments. Anjulie Rusius, our UK-focussed junior fund manager, has joined me this morning to discuss recent signals coming out from the Bank of England and the government, and what these mea…
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And they say German elections are boring… As the preliminary results are in, here are our three key takeaways.
(1) Merkel goes fourth
First things first, as expected Angela Merkel has won the election. Her CDU, in combination with its Bavarian sister party CSU, is going to remain the largest faction in parliament (33.0% of votes combined). All roads lead to a fourth term for her as chancellor. …
Read the articleIn today’s environment of solid, synchronised economic growth and low volatility, it is easy to believe such conditions are well set to continue. Did you know that we are now in the third longest bull run in the history of financial markets?
This week on BVTV I look back at the run-up to previous market bubbles and discuss what the Fed’s long-awaited balance sheet reduction announcement could m…
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