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.
September was a challenging month as the macro backdrop continues to be difficult, with notably 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.
September was a challenging month as the macro backdrop continues to be difficult, with notably 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.
August was a month of two halves. The month began strongly, and this strength was extended following the lower-than-expected US CPI data. During the second part of August, we saw prices of risk assets fall.
June was a very weak month for risk assets, concluding a weak first half of the year. To put this into context, from a total return perspective, subordinated debt had one of its worst months in the last decade. High CPI numbers and hawkish statements from central banks have …
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.
| serie | AsOFDateFK | FundName | ISIN | MTD | MTD | YTD | YTD | SI | SI |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 20,251,126 | GAM Sustainable Climate Bond fund | IE000BSJBO14 | -0.16 | -0.0016 | 0.0353 | 3.53 | 0.0198 | 1.98 |
| 2 | 20,251,126 | GAM Star Crdt Ops EUR Inv | IE00B50JD354 | -0.18 | -0.0018 | 0.0400 | 4.00 | 0.7322 | 73.22 |
| 3 | 20,251,126 | GAM Star Crdt Ops GBP Inv | IE00B510J173 | 0.13 | 0.0013 | 0.0595 | 5.95 | 1.0591 | 105.91 |
| 4 | 20,251,126 | GAM Star Crdt Ops USD Inv | IE00B5769310 | 0.35 | 0.0035 | 0.0707 | 7.07 | 0.9829 | 98.29 |
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