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Monthly Commentary – August 2021 EUR
Monthly comment  During the month of August, spreads of the securities held within our portfolio remained relatively stable, despite concerns linked to the Delta variant of Covid-19, China policy changes, and the potential for tapering by the Federal R …
Spotlight – August 2021
Q2 bank results – another positive quarter underpins a strong recovery Banks reported another strong quarter, with most issuers beating consensus estimates. Again, a key driver of the results was very low and even negative loan loss provisions – boosti …
Monthly Commentary – August 2021 GBP
During the month of August, spreads of the securities held within our portfolio remained relatively stable, despite concerns linked to the Delta variant of Covid-19, China policy changes, and the potential for tapering by the Federal Reserve. During th …
Monthly Commentary – August 2021 USD
During the month of August, spreads of the securities held within our portfolio remained relatively stable, despite concerns linked to the Delta variant of Covid-19, China policy changes, and the potential for tapering by the Federal Reserve. During th …
Is the European reinsurance sector investable?
When the top reinsurers trade at the tightest spreads in the European insurance space driven by high ratings and positive perception – this raises the question of the investment case of the sector.
GAM launches new sustainable climate bond strategy investing in bonds supporting environmental transition
Passive investing has a clear role for investors but in the realm of green bonds, it does raise serious questions though.
Is passive investing in green bonds greenwashing?
Passive investing has a clear role for investors but in the realm of green bonds, it does raise serious questions though.
Credit Analyst Corner
The ECB decision to lift its ban on dividend payment is a positive catalyst for the Rabobank certificates, the top holding of our fund. On Friday July 30, the ECB announced its decision to remove the cap on dividend payments for European banks, startin …
Monthly Commentary – July 2021 EUR
Spreads of the securities held within our fund remained relatively stable in July, despite concerns linked to the Delta variant of Covid-19 and Asian equities. We continued capturing strong income from our holdings. This, combined with the fall in inte …
Monthly Commentary – July 2021 USD
Spreads of the securities held within our fund remained relatively stable in July, despite concerns linked to the Delta variant of Covid-19 and Asian equities. We continued capturing strong income from our holdings. This, combined with the fall in inte …
Monthly Commentary – July 2021 GBP
Spreads of the securities held within our fund remained relatively stable in July, despite concerns linked to the Delta variant of Covid-19 and Asian equities. We continued capturing strong income from our holdings. This, combined with the fall in inte …
Spotlight – July 2021
EBA Stress tests At the end of July, the EBA released the results of its 2021 stress tests. Banks performed very well with an end-point 10% CET1 ratio even after assuming circa EUR 300 billion of credit losses after an already tough 2020. Another posit …
Monthly Commentary – June 21 GBP
June was a positive month for the securities held within our fund. Spreads within our securities tightened. We believe market conditions could lead to further tightening over the summer. The European Central Bank and the Bank of England remain accommod …
Credit Analyst Corner
ABN AMRO: Best of (as well as for) both worlds ABN AMRO announced last week the sale of a portfolio of energy loans to funds managed by Oaktree Capital Management and affiliates of Sixth Street Partners for a total amount of USD 1.5 billion. As a resul …
Quarterly Commentary – Q2 2021 GBP
MARKET ENVIRONMENT The securities held within the fund performed well during the second quarter. Concerns over the nature of inflation, on whether it is temporary or enduring, created interest rate volatility. This has not been a significant concern fo …
Quarterly Commentary – Q2 2021 USD
MARKET ENVIRONMENT The securities held within the fund performed well during the second quarter. Concerns over the nature of inflation, on whether it is temporary or enduring, created interest rate volatility. This has not been a significant concern fo …
Quarterly Commentary – Q2 2021 EUR
MARKET ENVIRONMENT Spreads of the securities held within our fund remained relatively stable in July, despite concerns linked to the Delta variant of Covid-19 and Asian equities. We continued capturing strong income from our holdings. This, combined wi …
Outlook – Q2 2021 EUR
From a credit standpoint, we have possibly seen the strongest results of financials in the past decade. We have seen capital and excess capital at very high levels. This is despite all the issues linked to Covid-19, as well as the provisions for expect …
Outlook – Q2 2021 USD
From a credit standpoint, we have possibly seen the strongest results of financials in the past decade. We have seen capital and excess capital at very high levels. This is despite all the issues linked to Covid-19, as well as the provisions for expect …
Outlook – Q2 2021 GBP
From a credit standpoint, we have possibly seen the strongest results of financials in the past decade. We have seen capital and excess capital at very high levels. This is despite all the issues linked to Covid-19, as well as the provisions for expect …