Sentiment was weak in September, with a notable risk-off environment towards the end of the month. Spreads on EUR investment grade (IG) credit widened by 23 bps to 225 bps on the month, the widest levels year to date – approaching Covid-19 levels of 247 bps.
Sentiment deteriorated in August, despite a strong start to the month. Spreads on EUR IG credit widened by 15 basis points (bps) to around 200 bps, edging closer to year-to-date wides of around 220 bps.
Sentiment improved significantly in July, with the second half of 2022 starting on a strong footing. Spreads on EUR investment grade (IG) corporates tightened by around 30 bps over the month to around 190 bps, reversing a quarter of the first half’s widening.
Negative sentiment was persistent during June. Spreads on EUR investment grade (IG) corporates widened by a further 56 bps during the month – bringing total widening to 120 bps since the beginning of the year, with EUR IG spreads now sitting close to 220 bps.
| serie | AsOFDateFK | FundName | ISIN | MTD | MTD | YTD | YTD | SI | SI |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 20,251,202 | GAM Sustainable Climate Bond fund | IE000BSJBO14 | -0.08 | -0.0008 | 0.0343 | 3.43 | 0.0188 | 1.88 |
| 2 | 20,251,202 | GAM Star Crdt Ops EUR Inv | IE00B50JD354 | -487.35 | 0.0000 | 0.0404 | 4.04 | 0.7328 | 73.28 |
| 3 | 20,251,202 | GAM Star Crdt Ops GBP Inv | IE00B510J173 | 0.07 | 0.0007 | 0.0614 | 6.14 | 1.0629 | 106.29 |
| 4 | 20,251,202 | GAM Star Crdt Ops USD Inv | IE00B5769310 | -0.02 | -0.0002 | 0.0709 | 7.09 | 0.9833 | 98.33 |
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