Press & Articles

Sentiment was particularly weak in March driven by fears around the banking sector in Europe and the US. Spreads on EUR investment grade (IG) widened by more than 20 bps to 170 bps after peaking at circa 200 bps during the month. Rates rallied on a combination of more dovish (at least as interpreted by the market) rhetoric from central banks as well as risk-off seen in markets.

After a very strong start to the month, fixed income markets gradually crept lower during the month as rates rose significantly in February, with EUR investment grade (IG) corporates ending the month -1.4% in terms of total return. Sentiment remained resilient nevertheless, as spreads were slightly tighter over the month – by 4 bps to 148bps.

 January was a strong month for risk assets. Spreads on our securities tightened and government bond rates fell during the month, therefore prices on our securities benefitted strongly. All of this was related to the expectations of a softer monetary policy from most major central banks.

January was a strong month for risk assets. Spreads on our securities tightened and government bond rates fell during the month, therefore prices on our securities benefitted strongly. All of this was related to the expectations of a softer monetary policy from most major central banks.

 January was a strong month for risk assets. Spreads on our securities tightened and government bond rates fell during the month, therefore prices on our securities benefitted strongly. All of this was related to the expectations of a softer monetary policy from most major central banks.

 January was a strong month for risk assets. Spreads on our securities tightened and government bond rates fell during the month, therefore prices on our securities benefitted strongly. All of this was related to the expectations of a softer monetary policy from most major central banks.

January was a strong month for risk assets. Spreads on our securities tightened and government bond rates fell during the month, therefore prices on our securities benefitted strongly. All of this was related to the expectations of a softer monetary policy from most major central banks.

 January was a strong month for risk assets. Spreads on our securities tightened and government bond rates fell during the month, therefore prices on our securities benefitted strongly. All of this was related to the expectations of a softer monetary policy from most major central banks.

Risk assets continued performing strongly in November, especially following the lower-than-expected US CPI, signalling the potential for the beginning of a Federal Reserve (Fed) pivot. Moreover, some relatively dovish comments following the European Central Bank (ECB) meeting also contributed to the positive sentiment. Subordinated debt prices benefited during the month.

Risk assets continued performing strongly in November, especially following the lower-than-expected US CPI, signalling the potential for the beginning of a Federal Reserve (Fed) pivot. Moreover, some relatively dovish comments following the European Central Bank (ECB) meeting also contributed to the positive sentiment. Subordinated debt prices benefited during the month.

Risk assets continued performing strongly in November, especially following the lower-than-expected US CPI, signalling the potential for the beginning of a Federal Reserve (Fed) pivot. Moreover, some relatively dovish comments following the European Central Bank (ECB) meeting also contributed to the positive sentiment. Subordinated debt prices benefited during the month.

Market sentiment was particularly strong in November, with EUR investment grade (IG) spreads 40 bps tighter on the month. Expectations of a ‘pivot’ in central banks’ monetary policy and better-than-expected inflation prints both in the US and Europe led to a strong rally in markets globally.

Risk assets continued performing strongly in November, especially following the lower-than-expected US CPI, signalling the potential for the beginning of a Federal Reserve (Fed) pivot. Moreover, some relatively dovish comments following the European Central Bank (ECB) meeting also contributed to the positive sentiment. Subordinated debt prices benefited during the month.

Risk assets continued performing strongly in November, especially following the lower-than-expected US CPI, signalling the potential for the beginning of a Federal Reserve (Fed) pivot. Moreover, some relatively dovish comments following the European Central Bank (ECB) meeting also contributed to the positive sentiment. Subordinated debt prices benefited during the month.

Risk assets continued performing strongly in November, especially following the lower-than-expected US CPI, signalling the potential for the beginning of a Federal Reserve (Fed) pivot. Moreover, some relatively dovish comments following the European Central Bank (ECB) meeting also contributed to the positive sentiment. Subordinated debt prices benefited during the month.

October was a better month for risk assets, notably subordinated debt which performed strongly. Softening gas and energy prices, coupled with the latest developments in the UK, as well as a more dovish tone by the European Central Bank (ECB) all helped the sentiment at the end of the month.

October was a better month for risk assets, notably subordinated debt which performed strongly. Softening gas and energy prices, coupled with the latest developments in the UK, as well as a more dovish tone by the European Central Bank (ECB) all helped the sentiment at the end of the month.

Market sentiment improved in October, following very weak markets in August and September. In the EUR investment grade (IG) market, spreads were only marginally tighter on month (4 bps tighter to 221 bps) while subordinated debt outperformed sharply with IG-rated EUR Tier 2s around 25 bps tighter and EUR additional tier 1 contingent convertible bonds (AT1 CoCos) spreads close to 80 bps tighter.

October was a better month for risk assets, notably subordinated debt which performed strongly. Softening gas and energy prices, coupled with the latest developments in the UK, as well as a more dovish tone by the European Central Bank (ECB) all helped the sentiment at the end of the month.

September was a challenging month as the macro backdrop continues to be difficult, notably with concerns regarding inflation, the potential for a hard landing, the energy crisis and events in the UK following the appointment of the new prime minister.