US Credit Update – Signs of Stability

Highlights from U.S. Credit Markets: Investment grade corporates lagging Financials lead new issuance Financials’ outperformance moderates as Treasuries recover Utilities poised to outperform if Treasury yields fall Energy still leading among industrials Investment grade corporates lagging High yield bonds outperformance and...

AQA Morning Update – February 26, 2018

USTs – 5-10ys Expected to Out-perform TIPS Breakevens – Shorter Maturities Buoyed by Energy Markets Newsclips for Friday, February 23  USTs – 5-10ys Expected to Out-perform U.S. treasuries are rebounding (10y 2.87, -5.1 bps), flattening the curve yet again...

USTs – 5-10ys Expected to Out-perform

U.S. treasuries are rebounding (10y 2.87, -5.1 bps), flattening the curve yet again (2y10y 62.8, -4.3 bps). Heavy short positioning and economic data misses in the Eurozone (CESI < 0) were the most discussed reasons for the bullish turn....

AQA Morning Update – February 23, 2018

USTs – Bullish After Data Under-whelms Outside U.S. TIPS Breakevens – Steady as She Goes Canadian Sovereigns – Potential for Narrower Canada – U.S. Spreads Newsclips for Thursday, February 22 USTs – Bullish After Data Under-whelms Outside U.S. U.S....

USTs – To Break or Not to Break 3.0%…

U.S. treasury yields flew higher (30y 3.22, +6.5 bps) after investors digested the latest FOMC minutes, sending the curve steeper (5y30y 53.9, 3.3 bps). Officials provided a more rosy economic outlook and optimism of achieving their inflation target. OIS...