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Schrodinger’s bonds
March 2021: Corporate bonds had a near death experience in 2020. After a decade where credit markets grew to $10 trillion, borrowing costs spiked as we stared into the abyss of a global economic shutdown. We had been warning of this for several years and were positioned accordingly. But since the US Federal Reserve drenched the market with its money hosepipe, credit is alive again.
Scrabbling around for income
July 2020: Coronavirus shutdowns have triggered the worst recession since the Great Depression. Like a depth charge dropped against a submarine, we’ve felt the shockwave but have yet to see how much debris floats to the surface. Ratings agencies suggest the damage is serious and that default rates will soar.
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Investment Review
April 2020: When the elements speak, elemental forces are unleashed, and it is important, in the middle of this storm, to capture the right tone of voice.
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Investment Review
January 2020: The year of 2019 was one when many of the six impossible things before breakfast remain unresolved – with the shining exception of Brexit, and the wider resolution of domestic politics.
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Investment Review
October 2019: There’s a childhood game, whose name changes each generation – currently called Jenga. It starts as a wall of wooden bricks, and successive players remove individual pieces until the loser takes one out, and down falls the edifice.
TINA turning?
February 2019: Rising returns on cash may cause investors to withdraw from riskier assets such as equities and corporate bonds
Triple B or not triple B? That is the question…
January 2019: Growing risks in corporate debt markets spell big trouble – and big opportunities
The corporate credit canary – is US corporate debt on borrowed time?
August 2018: The risk of soaring corporate debt is being ignored
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London
80 Victoria Street
London SW1E 5JL
Edinburgh
31 Charlotte Square
Edinburgh EH2 4ET
Paris
103 boulevard Haussmann
75008 Paris, France