by Atlanti | Mar 15, 2024 | Analysis & Performance, EUR, News
February was a relatively stable month for our securities, despite the increase in interest rates. Spreads on our securities tightened slightly during the month. The macroeconomic data has meant that market participants have been revising their assumptions on the number of rate cuts in 2024 downwards. However, the outlook remains constructive, i.e. a gradual disinflationary scenario combined with a soft or no landing. Spreads on subordinated debt of financials remain wide, especially on a relative basis. As such we believe that there is more upside in terms of capital appreciation, in addition to the high income we are receiving.Â
by Atlanti | Feb 8, 2024 | Analysis & Performance, EUR, News
January was a relatively good month for our securities, despite the slight increase in interest rates at the beginning of the month. Following central banks’ announcements, market participants have been reviewing their assumptions regarding the timing of rate cuts, but the direction remains the same and the outlook remains positive and constructive ie, a gradual disinflationary scenario combined with a soft or no landing.
by Atlanti | Jan 19, 2024 | Analysis & Performance, EUR, News
Like November, December was a very strong month for risk assets. This came following some positive macroeconomic data and the Fed’s dovish comments that seemed to pave the way for a gradual disinflation scenario combined with a soft or no landing.
by Atlanti | Dec 19, 2023 | Analysis & Performance, EUR, News
November was a very strong month for risk assets in general, following some positive macroeconomic data. We seem to be in the gradual disinflation scenario combined with a soft landing. This was taken positively by global markets and also meant that spreads on our securities had tightened.
by Atlanti | Nov 27, 2023 | Analysis & Performance, EUR, News
Volatility on interest rates remained elevated during October. However, the market is starting to believe that we might have reached peak interest rates. Inflation remains too high but has been easing. Spreads on our securities widened during the month, despite the extremely strong credit fundamentals of our companies.
by Atlanti | Oct 10, 2023 | Analysis & Performance, EUR, News
September was once again a month where we saw significant volatility on interest rates, as the higher for longer theme remains very much present. Inflation has been easing, but it remains too high for central banks and macroeconomic data remains resilient. Higher oil prices also contributed to higher interest rates. Spreads on our securities widened slightly during the month.