Bond moment

Shining in the credit firmament

After "fallen angels" and recession, it's time to talk about "rising stars" and recovery. The trend is underway, but it will not take a linear path, reflecting the pace of the markets over the past year.

Bond moment

Moment of truth for credits?

Catherine Reichlin today talks about the risks in the credit markets. How did shrinking bond yields affect investor behaviour?

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What about Russia?

Our expert today talks about Russia and how the US sanctions are impacting the Russian credit markets.

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"Taper Tantrum"?

Our expert Catherine Reichlin todays tells us more about credit markets in Europe and what can be expected later this year.

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Accra-Islamabad

Ghana and Pakistan, both rated B-, have returned to the international bond market recently. How did the markets react and how could we describe their respective success? Listen to our expert Catherine Reichlin to find out more.

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Can money buy peace of mind?

In a falling yield environment, investors worry about their re-investment risk but in a rising yield environment, which is currently the case, it is the issuers who worry about having to face higher costs. So what can they do? Our expert Catherine Reichlin will answer this question using the example of the car rental company Avis.

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Green isn't a shield

Stars are aligned and the fight against climate change may have found its financing tools: green bonds. While records in terms of new issues will very probably be broken in 2021, let’s not forget that green bonds are first and foremost bonds… and are subject to the same market risks than any other bond. Let Catherine Reichlin explain you more in her Bond Moment.

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Same but different

Today our financial expert, Catherine Reichlin talks about the recent global increase in long-term yields. Indeed, while the pandemic has brought the monetary and fiscal policies to converge, the end of the crisis seems to accentuate gaps between countries and create discrepancies.

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Nature bonds

A new type of bond could be created this year: Nature bonds. The protection of biodiversity is now emerging as a crucial issue for financial markets, given that more than half of the world's GDP is based on natural resources. Pakistan could be the first state to take the plunge! A case to follow.

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Reflation

The word reflation is currently around every corner... what is it exactly and how does it affect bond markets? Let Catherine Reichlin tell you more about it in her Bond Moment.

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Total.ly surprising

Catherine Reichlin today reflects on Total's surprising announcement to issue only sustainability linked bonds to finance its operations. Will investors respond more favourably than when Repsol made a similar attempt in 2017?

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It's Party time!

For the first time ever, the average yield to maturity in US High Yield fell under… 4%! Can we still talk about High Yield? With the recent bond issued by Party City, Catherine Reichlin examines this unprecedented situation.

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Crossover Zone

How crowded is the "crossover zone" of the rating agencies - a transition zone shared by issuers that are on the verge of downgrading from Investment grade to High-yield or vice-versa? It appears that the situation is somewhat improving. Listen to Catherine Reichlin's analysis.

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A certain idea of sharing

Today, Catherine Reichlin explains the difference between sustainable bonds and sustainability linked bonds. The example of Tesco is once again proof that some details can change the big picture.

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Who leads the tango?

Catherine Reichlin looks back at the mixed success of Spanish Treasury's first issue of the year and shows that the balance between issuers and investors is shifting over time... but who leads that dance?

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SRI surge

In her Bond Moment, Catherine Reichlin today tells us about a positive outcome of the year 2020: the growing interest for socially responsible investment (SRI). Proof is: green, social, sustainable bonds and sustainability-linked debt have set new records.

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Better little than less than nothing

What consensus for the euro zone bond market can we expect in 2021? Catherine Reichlin tells us that if the low level of bond yields is not good news for future performance, the measures announced by the ECB give reason to hope!

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We need more Caire

Diversifying sources of financing is key to limit dependence on creditors and Egypt is the perfect example. Above progressing in delivering its local debt on Euroclear, Egypt has been active on the green bond market since this autumn. This casts a light on the E of ESG. But what about the "Social" & "Governance" levels?

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Abracadabra

Do the central banks have superpowers? And how would they affect bond markets? This is the magic trick explained by Catherine Reichlin today.

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The love boat

Catherine Reichlin talks about credit markets and its reaction to the announcement that the Fed could end its credit facility programme. The symptomatic example of Carnival shows the ambient optimism linked to the materialisation of a vaccine but also to the certainty that at the slightest stress, governments will intervene again.