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April was a very volatile month following President Trump’s ‘Liberation Day’ tariff announcements. Global equity markets, government bonds and foreign exchange were significantly affected by these announcements.

April was a very volatile month following President Trump’s ‘Liberation Day’ tariff announcements. Global equity markets, government bonds and foreign exchange were significantly affected by these announcements.

 April was a very volatile month following President Trump’s ‘Liberation Day’ tariff announcements. Global equity markets, government bonds and foreign exchange were significantly affected by these announcements.

Sentiment was weaker in April, with spreads on EUR investment grade (IG) corporates ending the month 14 basis points (bps) wider, after having widened more than 30 bps earlier. April was a very volatile month following Trump’s ‘Liberation Day’ tariffs announcements, which had a significant impact on global equity markets, government bonds and foreign exchange.

Sentiment was weaker in March, with spreads on EUR investment grade (IG) corporates 7 basis points (bps) wider on the month. Sentiment was firm initially on the back of German and EU fiscal stimulus news, leading to spreads touching 85 bps.

Sentiment was weaker in March, as the trade war continued to be in focus with markets awaiting the 2 April tariff announcements. Equity markets, particularly in the US, were significantly affected by the potential tariffs. This was less the case for the bond market, although credit spreads did widen during the month.

Sentiment was weaker in March, as the trade war continued to be in focus with markets awaiting the 2 April tariff announcements. Equity markets, particularly in the US, were significantly affected by the potential tariffs. This was less the case for the bond market, although credit spreads did widen during the month.

Sentiment was weaker in March, as the trade war continued to be in focus with markets awaiting the 2 April tariff announcements. Equity markets, particularly in the US, were significantly affected by the potential tariffs. This was less the case for the bond market, although credit spreads did widen during the month.

Sentiment was mixed in February as spreads on EUR investment grade (IG) corporates ended the month flat. February started on decent footing, as spreads touched lows of 87 basis points (bps), levels not seen since summer 2021.

Sentiment was mixed in February, as credit spreads in general finished the month at relatively similar levels. Following the postponement of the Canada and Mexico tariffs proposed by President Trump, spreads tightened during the first part of the month. However, spreads subsequently widened as geopolitical tensions, notably related to tariffs, weighed on markets.

Sentiment was mixed in February, as credit spreads in general finished the month at relatively similar levels. Following the postponement of the Canada and Mexico tariffs proposed by President Trump, spreads tightened during the first part of the month. However, spreads subsequently widened as geopolitical tensions, notably related to tariffs, weighed on markets.

 Sentiment was mixed in February, as credit spreads in general finished the month at relatively similar levels. Following the postponement of the Canada and Mexico tariffs proposed by President Trump, spreads tightened during the first part of the month. However, spreads subsequently widened as geopolitical tensions, notably related to tariffs, weighed on markets.

Sentiment was strong in January, with spreads on EUR investment grade (IG) corporates 12 basis points (bps) tighter. Demand for credit remains a key driver of spread performance, as inflows into IG credit remained strong, easily absorbing the high issuance in the first half of the month.

Subordinated debt markets were strong in January despite volatility in interest rates. Strong US employment numbers initially put pressure on interest rates.

Subordinated debt markets were strong in January despite volatility in interest rates. Strong US employment numbers initially put pressure on interest rates.

Subordinated debt markets were strong in January despite volatility in interest rates. Strong US employment numbers initially put pressure on interest rates.

The tone was particularly strong in the first half of the month, as spreads briefly broke through 100 bps (setting lows of 98 bps) before drifting wider.

Subordinated debt markets were fairly strong in December, despite a large rise in interest rates on both sides of the pond.

Subordinated debt markets were fairly strong in December, despite a large rise in interest rates on both sides of the pond.

Subordinated debt markets were fairly strong in December, despite a large rise in interest rates on both sides of the pond.