Leveraged Loans – History Rhyming?
· Despite three Federal Reserve rate cuts, leveraged loan credit quality is rapidly declining. · Covenant-lite issues now account for more than 80% of US$ issues. · CLO managers, among others, may need to sell, but few buyers are evident.
- 29/11/2019
- 6
Fragility: What the US Money-Market Squeeze Means for the Future
· Last month’s squeeze in overnight domestic US$ funding rattled markets · The Fed responded rapidly but the problem has been growing for some time · Market fragility stems from problems in the transmission mechanism
- 18/10/2019
- 5
Value, Momentum and Carry – Is it Time for Equity Investors to Switch?
· Index tracking and growth funds have outperformed value managers for several years · Last month value was resurgent, but will it last? · In the long run, value has offered a better risk adjusted return · The long-term expected return from growth stocks remains hard to assess
- 04/10/2019
- 7
Uncertainty and the Countdown to the US Presidential Elections
· JP Morgan analyse the impact of 14,000 presidential Tweets · Gold breaks out to the upside despite US$ strength · China backs down slightly over Hong Kong · Trump berates Fed Chair and China
- 13/09/2019
- 6
Chinese Currency Manipulation – Trump’s Petard
· The risk the Sino-US trade war morphs into an international currency war has risen · The US$ Index is up since 2010 but its only back to the middle of it range since 2000 · The Chinese Yuan will weaken if the Trump administration pushes for higher tariffs · Escalation of domestic unrest in Hong Kong will see a flight to safety in the greenback
- 23/08/2019
- 6
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