Marketing material for professional/institutional/accredited investors only – Market dislocations remain despite strong price recovery The dispersion of recovery in subordinated financials has been elevated, and price dislocations create attractive opportunities for...
Impact of Covid-19 on our funds

Impact of Covid-19 on our funds

Impact of Covid-19 on our funds: from a credit standpoint and given current information – credit neutral. Our base case remains that economy weakness arising from the virus should be temporary and front-loaded. In the meantime, this will force central banks to remain...

USD vs EUR performance analysis

The tone in subordinated financial markets was softer in February, reversing the strong sentiment in January. This was mainly driven by volatility from the Coronavirus outbreak and potential repercussions on the economy, with the EUR AT1 CoCo index down close to 2.6%....

AT1 CoCos of Strong European Banks

AT1 CoCos of strong European banks offer an attractive pick-up and a good risk-reward because intense regulation over the past years meaningfully de-risked European banks, which now hold more and better capital and are ultimately better equipped to handle an eventual...


Following the recent surge in the stock price (partly due to a short squeeze), we feel that, the Tesla stock is somewhat ahead of itself. The amount of cars Tesla needs to sell in order to justify its current valuation (PE of 91.2x 2021 EPS est. vs. 5.8x for US...
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