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When risk is “on”, serious analysis is “off”, allowing many unknown companies, from all over the world, to tap the corporate bond market
Published March 2012 Bridport bond outlook
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We see this as a major reassertion of sovereignty and democracy. It will not be the last “rebellion”.
Published March 2012 Bridport bond outlook
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To explain the lack of bid liquidity in European corporate bond markets, we hypothesis the existence of a yield barrier below which buyers refuse to go.
Published February 2012 Bridport bond outlook
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An unusual mixture of rising markets in both equities and corporate bonds allows cleaning up of fixed-interest portfolios ready for a long period of little economic expansion.
Published February 2012 Bridport bond outlook
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A benign atmosphere has set in, we hope for a few months. What a pity the underlying barriers to sustainable growth remain in place, thanks mainly to political inaction.
Published January 2012 Bridport bond outlook
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Europe seems to have joined the USA in showing a few silver linings in the dark economic clouds. The ECB’s massive bank lending may be thanked. For increased liquidity.
Published January 2012 Bridport bond outlook
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Rejoice in the improved employment situation in the USA, but do not confuse breathing space provided by cheap money with a real solution to economic weakness based on rebalancing.
Published January 2012 Bridport bond outlook
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What is in Merkel’s mind as principal decider for the euro crisis? She is too smart for her ludicrous description of political union to be anything but a political ploy.
Published December 2011 Bridport bond outlook
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Published December 2011 Bridport bond outlook
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“Federalisation or bust!” should be the slogan of the euro politicians and bankers now meeting.The ghost of Alexander Hamilton must be wryly smiling. Is Sarko a latter-day Hamilton?
Published November 2011 Bridport bond outlook
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At the moment, bond market yields are being driven not by economic fundamentals, but by mass psychology and political issues. How long can this continue?
Published November 2011 Bridport bond outlook
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With the departure of two Prime Ministers, some breathing space has been given to the euro zone to find permanent solutions, and to fixed-income investors to adjust their banking portfolios.
Published November 2011 Bridport bond outlook
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As panic gives way to reflection on Papandreou’s referendum call, there may be good results from this after all, such as a more decisive rescue and federalisation with democratic underpinning.
Published November 2011 Bridport bond outlook
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There may be lessons from the Swiss national Banks’ negative repo rate and the failure of Dexia. Both reflect aspects of how the euro crisis has become a banking crisis.
Published October 2011 Bridport bond outlook
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The main features of the euro rescue plan are now appearing and there is hope that they will crystallise at the G20 meetings, including an outline of the “federal” structure.
Published October 2011 Bridport bond outlook
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Though euro crisis is not yet over, the banks are being made to recapitalise in readiness for Greek debt restructuring.
Published October 2011 Bridport bond outlook
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Little from Jackson Hole, but opinion is changing in favour of recognition that the West faces years of slow growth and that central banks can do no more to help
Published September 2011 Bridport bond outlook
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The objective of the Chinese Government is first to implement Renminbi internationalization, then convertibility. To be considered as a international currency, China should development its financial markets. In this context, bond markets is gradually opening to international investors.
Published September 2011 Bridport bond outlook
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Will the politicians save the euro before Greece defaults? What are the Chinese doing? Already the RMB is bond issuing and Asian trading currency. Reserve currency next?
Published September 2011 Bridport bond outlook
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Flattening the yield curve, clearly the objective of the Fed at least, sounds like a good idea to improve borrowing. Unfortunately it ignores the problems created for banks.
Published September 2011 Bridport bond outlook
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Bridport Investor Services thought the Federal Reserve's Ben Bernanke would announce a third round of quantative easing, however the lack of announcements at Jackson Hole has been hailed as a disappointment
Published September 2011 Bridport bond outlook
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“True economic governance”? What a fudge! We ask whether the weak announcement from Sarkozy and Merkel is a measure of poor leadership of political realism.
Published August 2011 Bridport bond outlook
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The best hope now is that the ECB stop gap measures work, that federalisation of the euro zone advances and that the recession is “L-shaped”, not a double-dip “W”.
Published August 2011 Bridport bond outlook
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Now that the Congressional brinkmanship is over, markets clearly see the inadequacies of the US budget plan as well as the chronic structural problems of the euro zone.
Published August 2011 Bridport bond outlook
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Published July 2011 Bridport bond outlook
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Palliative measures to economic malaise are being proposed on both sides of the Atlantic, with little attention to underlying problems of budget deficits and a needed monetary union.
Published July 2011 Bridport bond outlook
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Published July 2011 Bridport bond outlook
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In view of the public disapproval of banks, it might be thought that banks would be wiser to acquiesce to proposals to separate retail from investment banking
Published June 2011 Bridport bond outlook
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Trichet agrees with us that federalisation is the answer, too! The movement is underway but with opposition in both the rich North and the poor South of the EU.
Published June 2011 Bridport bond outlook
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A temporary solution to the euro zone’s problems is on the cards, along with federalisation as a longer-term outlook. Meanwhile the situation in the USA is not improving.
Published June 2011 Bridport bond outlook
