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Monthly Commentary – February 2024 USD
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.
Monthly Commentary – February 2024 GBP
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.
Monthly Commentary – February 2024 EUR
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
Monthly Commentary – January 2024 Climate Bond
Credit markets ended the month in the green, with spreads on eurozone (EUR) investment grade (IG) corporates tightened by 8 bps to 129 bps. Markets have remained fairly complacent in the face of mixed macro data and hawkish narrative from central banks, focusing on disinflationary trends and a soft landing scenario.