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Credit Analyst corner

July 15, 2021 | Credit Analyst Corner , News

ABN AMRO: Best of (as well as for) both worlds ABN AMRO announced last week the sale of a portfolio of energy loans to funds managed by Oaktree Capital Management and affiliates of Sixth Street Partners for a total amount of USD 1.5 billion. As a resul …

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Q2 2021 Quarterly Commentary (USD)

July 15, 2021 | Commentaries , News

MARKET ENVIRONMENT The securities held within the fund performed well during the second quarter. Concerns over the nature of inflation, on whether it is temporary or enduring, created interest rate volatility. This has not been a significant concern fo …

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Q2 2021 Quarterly Commentary (EUR)

July 15, 2021 | Commentaries , News

MARKET ENVIRONMENT The securities held within the fund performed well during the second quarter. Concerns over the nature of inflation, on whether it is temporary or enduring, created interest rate volatility. This has not been a significant concern fo …

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Q2 2021 Quarterly Commentary (GBP)

July 15, 2021 | Commentaries , News

MARKET ENVIRONMENT The securities held within the fund performed well during the second quarter. Concerns over the nature of inflation, on whether it is temporary or enduring, created interest rate volatility. This has not been a significant concern fo …

Monthly Commentary June

July 10, 2021 | Commentaries , News

GAM Star Credit Opportunities (EUR) June was a positive month for the securities held within our fund. Spreads within our securities tightened. We believe market conditions could lead to further tightening over the summer. The European Central Bank and …

Credit Analyst corner

June 15, 2021 | Credit Analyst Corner , News

Veolia, the largest provider of environmental services globally, has finally reached an agreement to acquire Suez, its main competitor. This is a transformative deal that will allow Veolia to strengthen its presence across key activities spanning from …

Monthly Commentary May

June 11, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) May was a stable month for the securities held within our portfolio. At the beginning of the month, concerns about inflation created volatility across financial markets. However, those concerns eased following commen …

GAM Star Credit Opportunities USD has been awarded a Refinitiv Lipper Award 2021

May 11, 2021 | News , Press & Articles

Several GAM funds recognised in the 2021 Refinitiv Lipper Fund Awards for Switzerlandm UK, Austria, Europe, France and the Nordics. The GAM Star Credit Opportunities USD was awarded for outstanding fund performance over 5 years.

Monthly Commentary April

May 10, 2021 | Commentaries

GAM Star Credit Opportunities (EUR)  April was a positive month for financial markets. Increases in US interest rates paused although we did see moves higher in gilts and European rates. Our securities continued to show their resilience to those moves …

Credit Analyst corner

April 20, 2021 | Credit Analyst Corner , News

Yi Qian – A small German bank recovering from the last financial crisis now becomes an interesting investment case IKB Deutsche Industriebank AG is a small German bank. It was the first German bank to have been negatively impacted by the sub-prime cris …

Q1 2021 Quarterly Commentary (GBP)

April 20, 2021 | Commentaries , News

MARKET ENVIRONMENT Interest rates rose significantly during Q1 2021. This was not a major concern for our fund, as it is positioned to have low sensitivity to interest rates, notably through the exposure to fixed-to-floaters and floating-rate notes. Mo …

Q1 2021 Quarterly Commentary (EUR)

April 20, 2021 | Commentaries , News

MARKET ENVIRONMENT Interest rates rose significantly during Q1 2021. This was not a major concern for our fund, as it is positioned to have low sensitivity to interest rates, notably through the exposure to fixed-to-floaters and floating-rate notes. Mo …

Q1 2021 Quarterly Commentary (USD)

April 20, 2021 | Commentaries , News

MARKET ENVIRONMENT Interest rates rose significantly during Q1 2021. This was not a major concern for our fund, as it is positioned to have low sensitivity to interest rates, notably through the exposure to fixed-to-floaters and floating-rate notes. Mo …

Monthly Commentary March

April 12, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) Interest rates continued to rise in March, prompting concern from many fixed income investors. Our securities once again demonstrated their resilience to rising rates. Our exposure to fixed-to-floaters and floaters e …

BBVA in Spotlight for Being EU’s Most Exposed Bank to Turkey

March 24, 2021 | News , Press & Articles

Interview by Alice Gledhill – Bloomberg Spanish lender has the most significant exposure of EU banks – Credit investors shouldn’t be worried: Atlanticomnium analyst – Spanish lender Banco Bilbao Vizcaya Argentaria SA’s shares and bonds were under press …

Credit Analyst corner

March 10, 2021 | Credit Analyst Corner , News

Anthony Giret – Vodafone’s Vintage Exciting news from Vodafone, a company we like and whose corporate hybrids we own, which has confirmed its intention to IPO its Vantage Towers unit before the end of March.  This move should be positive for Vodafone’s …

Monthly Commentary February

March 9, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) The end of February was all about rising interest rates and the impact on financial markets. This has not been a significant concern for our fund, as it is positioned to have low sensitivity to interest rates, notabl …

UBS – a strong year in a challenging context

February 16, 2021 | News

Romain Miginiac, CFA UBS reported very strong results in the 4th quarter of 2020, making 2020 a standout year for the bank. With a return on tangible equity of c13% (on a $6.6bn net income) for 2020 and an excess capital position of $12bn, UBS has tick …

Our resilience to rising rates

February 10, 2021 | Commentaries

With yields on global fixed income close to record lows at 0.9%, investors in classic bonds are left vulnerable to a potential rise in rates, with only limited income buffer. Our approach is different and has in the past shown itself to be resilient to …

Monthly Commentary January

February 9, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) Financial markets traded sideways in January. Within the subordinated debt market of financials, spreads remained stable around 400 bps. Prior to Covid-19, spreads were slightly above 250 bps. Therefore, we believe t …

Monthly Commentary December

January 11, 2021 | Commentaries

GAM Star Credit Opportunities (EUR) December was a positive month for markets and for the fund. Despite the rise in Covid-19 infections, we saw the beginning of vaccination programmes within a certain number of countries. Moreover, there were positive …

Credit Analyst corner

January 6, 2021 | News

Yi Qian – Comparing a new issue from Standard Chartered with existing bonds. – The credit quality of Standard Chartered is one that we like and we have been investing in the company for many years. The bank was cautious when reporting its September res …

Outlook 2021: Subordinated Debt – A Credit Sweet Spot

January 5, 2021 | Insights , News

Several areas of the subordinated debt market look attractive heading into 2021, both from an income and upside potential perspective. We are constructive on the subordinated debt of high-quality financial issuers heading into 2021, supported by the pr …

Banks and ESG: from Governance (G) to Environmental (E)

December 30, 2020 | News

Romain Miginiac, Head of Research At Atlanticomnium After major improvements in bank governance following the global financial crisis (GFC), Atlanticomnium’s Romain Miginiac suggests banks are likely to play an increasingly active role in the environme …

Monthly Commentary November

December 10, 2020 | Commentaries

GAM Star Credit Opportunities (EUR)  November was a strong month for markets and for the fund with positive catalysts for the securities we hold. Firstly, the UK Prudential Regulatory Authority (PRA) gave its opinion on legacy bonds from UK banks and t …

Credit Analyst corner

November 19, 2020 | News

Yi Qian I joined Atlanticomnium at the end of 2019, covering banks and insurance companies. I used to work in an insurance company for over 4 years with a conservative risk appetite and a focus on more senior asset classes. At Atlanticomnium, we want t …

Monthly Commentary October

November 18, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) During the month of October, we saw some positive developments within the securities we invest in. Firstly, the European Banking Authority (EBA) gave its opinion on legacy bonds and the message is very clear – banks …

Q3 2020 Quarterly Commentary (GBP)

November 18, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets continued to rebound during the third quarter following positive economic data combined with the large monetary and fiscal stimulus. Despite the recovery in prices, spreads are still extremely wide for the securities we hold. …

Q3 2020 Quarterly Commentary (EUR)

November 18, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets continued to rebound during the third quarter following positive economic data combined with the large monetary and fiscal stimulus. Despite the recovery in prices, spreads are still extremely wide for the securities we hold. …

Q3 2020 Quarterly Commentary (USD)

November 18, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets continued to rebound during the third quarter following positive economic data combined with the large monetary and fiscal stimulus.. Despite the recovery in prices, spreads are still extremely wide for the securities we hold …

Monthly Commentary September

November 18, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) Despite positive macroeconomic data, markets were slightly softer in September following concerns of Covid-19 second waves. With spreads of around 580 bps, valuations within our securities are still close to two time …

Article publié dans l’Agefi

October 1, 2020 | Press & Articles

Interview de Jean-Marc Jancovici parue dans l’Agefi le 25 septembre 2020 en marge de la conférence “Atlanti Foward Thinking Series”. Réchauffement climatique: “La BNS ne peut pas dire qu’elle ne joue pas de rôle.” Entretien réalisé par Matteo Ianni. Je …

Credit Analyst corner

October 1, 2020 | News

Lydie Favre-Felix I joined Atlanticomnium three years ago, having spent 5 years specializing in corporate financial analysis in Paris and London. At Atlanticomnium, I have had the chance to expand my skills in the exciting buy-side world, researching b …

Monthly Commentary August

October 1, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) The month of August was strong, as we saw most assets classes advance strongly. However, spreads within our securities remain extremely attractive. With spreads around 550 bps, valuations are still close to more than …

European financials: showing resilience.

October 1, 2020 | Press & Articles

EUROPEAN FINANCIALS: SHOWING RESILIENCE. Romain Miginiac, Article published by GAM, 20/08/2020 Despite a challenging first half of the year, Atlanticomnium’s Romain Miginiac says European banks and insurers have shown resilience and balance sheets rema …

Credit Analyst corner

October 1, 2020 | News

Romain Miginiac BBVA issues the first green AT1 bond I joined Atlanticomnium two years ago having spent more than four years specialising in banks and insurers in Edinburgh and Geneva. I now lead our team of four credit analysts. A good part of the las …

Monthly Commentary July

October 1, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) The month of July was relatively strong, and this culminated with the news of an agreement of a European Recovery Fund between EU members. The continuation of the strong fiscal support combined with central bank easi …

Atlanticomnium strengthens Credit Analyst team

July 28, 2020 | News

Atlanticomnium SA, manager of the GAM Star Credit Opportunities is pleased to announce the appointment of Anthony Giret as Credit Analyst. Anthony joins the analyst team led by Romain Miginiac, Head of Research, and strengthens the teams’ credit resear …

HIGH INCOME CREDIT: EUROPEAN BANK AT1S – A RELATIVE SAFE HAVEN

July 22, 2020 | Investment Buzz

Marketing material for professional/institutional/accredited investors only –   Executive summary Valuations are attractive on both AT1 CoCos and global high yield (HY) with spreads of 550 bps and 600 bps respectively. Nevertheless, we view AT1s a …

Q2 2020 Quarterly Commentary (GBP)

July 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets rebounded sharply during the second quarter, following the extreme downward moves during March. This rebound was following the large monetary and fiscal stimulus, the reopening of European economies, as well as the better tha …

Q2 2020 Quarterly Commentary (EUR)

July 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets rebounded sharply during the second quarter, following the extreme downward moves during March. This rebound was following the large monetary and fiscal stimulus, the reopening of European economies, as well as the better tha …

Q2 2020 Quarterly Commentary (USD)

July 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets rebounded sharply during the second quarter, following the extreme downward moves during March. This rebound was following the large monetary and fiscal stimulus, the reopening of European economies, as well as the better tha …

Monthly Commentary June

July 8, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) The month of June started strongly as there was positive news on the macroeconomic front, combined with central bank easing and the continued reopening of economies. This led to a large amount of new issues within th …

NOTES ON LEGACY BONDS

June 11, 2020 | Investment Buzz

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 opp …

In 2008, banks were part of the problem, in 2020 banks will be part of the solution.

June 7, 2020 | Press & Articles

A joint statement by UK banks and the Bank of England on Covid-19 Published on 23 March 2020 “In recent days, the Bank of England and the government have worked closely with the major banks to put in place a range of measures which give enormous scope …

Podcast: Handling Misperceptions amid Uncertainty

May 14, 2020 | Press & Articles

https://atlanti.ch/wp-content/uploads/2020/08/Misperceptions-amid-Uncertainty.mp3   Speaking about Decision-making “Much of my thinking about investing has been framed by the study of neuroscience, especially the Nobel prize winning economist Dani …

We are listed as a signatory of the UN-supported PRI

May 13, 2020 | Press & Articles

Atlanticomnium has signed up to the United Nations supported Principles for Responsible Investment (PRI). The PRI is an international global network of asset managers, owners and service providers working together to put responsible investment into pra …

Monthly Commentary April

May 7, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) During the month of April, financial markets showed some positive momentum, as reflected by the beginning of a recovery in prices for the securities within our fund. This has been a positive reaction to the support s …

Monthly Commentary May

May 6, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) During the month of May, financial markets showed some positive momentum, due to the fact that economies have been starting to gradually open, as well as the EU coronavirus recovery plan. The European Banking Authori …

Q1 Results: COVID-19 has not derailed the credit story

May 5, 2020 | News

Article written by Romain Miginiac, published on GAM.com, 05/05/2020 Following the release of Q1 earnings statements, Atlanticomnium’s Romain Miginiac suggests that Covid-19 has not derailed the credit story of European banks. As an investor, is it pos …

Q1 2020 Quarterly Commentary (USD)

April 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets were challenging during the quarter, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell-off between the second half of February and the first half of March, which impacted the subordin …

Q1 2020 Quarterly Commentary (EUR)

April 20, 2020 | Commentaries , News

MARKET ENVIRONMENT Markets were challenging during the quarter, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell-off between the second half of February and the first half of March, which impacted the subordin …

Q1 2020 Quarterly Commentary (GBP)

April 20, 2020 | Commentaries , News

MARKET ENVIRONMENT  Markets were challenging during the quarter, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell-off between the second half of February and the first half of March, which impacted the subordi …

‘Best Buying Opportunity Of The Century’

April 16, 2020 | Press & Articles

  ‘Best Buying Opportunity Of The Century’ For Corporate Bonds. Gregoire Mivelaz, quoted in an article published by Cherry Reynard on Forbes, 14/04/2020. At the start of 2020, corporate bonds were friendless. The income looked meagre and their cap …

Analysts keeping close eye on insurers’ hybrid bonds

April 16, 2020 | Press & Articles

Romain Miginiac, quoted in an article published on S&P global, 14/04/2020 Recent falls in European insurers’ solvency ratios are a long way from triggering default clauses in certain hybrid bonds they have issued, analysts say, but the uncertainty …

Monthly Commentary March

April 6, 2020 | Commentaries , News

GAM Star Credit Opportunities (EUR) Markets were challenging during the month of March, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell off during the first half of the month in subordinated debt markets and …

Banks remain resilient.

April 5, 2020 | Press & Articles

  Banks remain resilient. Gregoire Mivelaz, interviewed by GAM, 06/04/2020 If the global financial crisis (GFC) of 2008 was a stormy period for the economy, then Covid-19 has been a full scale hurricane. The GFC first hit the American housing mark …

Monthly Commentary Mid-March 3.0

April 2, 2020 | Commentaries , News , Press & Articles

Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance. GAM Star Credit Opportunities (EUR) Prices of subordinated debt continued to correct during the wee …

Monthly Commentary Mid-March 2.0

March 25, 2020 | Commentaries , News

Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance. GAM Star Credit Opportunities (EUR – GBP – USD) While prices of subordinated debt remained under pr …

Les gérants de dette bancaire restent confiants malgré la crise

March 23, 2020 | News

Article paru dans Option Finance – Les gérants de dette bancaire restent confiants malgré la crise.  Le marché de la dette bancaire subordonnée, et en particulier celui des «CoCos» prisés par les investisseurs pour leur rendement, est fortement chahuté …

Monthly Commentary Mid-March

March 17, 2020 | Commentaries , News , Press & Articles

Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance. GAM Star Credit Opportunities (USD)  We are becoming used to periods of turbulence such as we have …

Impact of Covid-19 on our funds

March 10, 2020 | Investment Buzz

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 …

Impact of COVID-19 on our funds

March 10, 2020 | News

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 me …

USD vs EUR performance analysis

March 5, 2020 | Investment Buzz

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 dow …

Monthly Commentary February

February 28, 2020 | Commentaries , News , Press & Articles

GAM Star Credit Opportunities (USD) Despite a strong start to the month, the last week of February was marked by strong ‘risk-off’ sentiment activity due to negative headlines on the Covid-19 coronavirus. The fund was not immune as reflected by a negat …

Discos – More Positive Catalysts to Come

February 5, 2020 | News , Press & Articles

 Executive Summary  Prices of Discounted Perpetual FRNs (Floating Rate Notes) have recovered since H2 2019, fueled by several positive catalyst events and there is scope for further price appreciation, in our view  Upside potential for bondholders from …

Subordinated Debt – an Attractive Asset Class

February 4, 2020 | News , Press & Articles

SUBORDINATED DEBT – AN ATTRACTIVE ASSET CLASS Executive Summary  Since the global financial crisis (GFC) new regulations obliged banks and insurers to strengthen their balance sheets by increasing and maintaining high levels of capital  The financial s …

Environmental, Social And Governance (Esg) Approach

February 3, 2020 | News , Press & Articles

As delegated investment advisor of the GAM Star Credit Opportunities Funds*, we at Atlanticomnium have a fiduciary duty to act in the best long-term interests of our clients and their beneficiaries by seeking to protect and enhance their economic inter …

Monthly Commentary January

February 1, 2020 | Commentaries , News , Press & Articles

  GAM Star Credit Opportunities (USD) During the fourth quarter of 2019, financial markets enjoyed a positive trend, as reflected by the performance of the fund. Spreads on financials’ subordinated debt tightened during the quarter. The year ended …

AT1 CoCos of Strong European Banks

January 19, 2020 | Investment Buzz

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 han …

Tesla

January 19, 2020 | Investment Buzz

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. …

Bombardier update

January 19, 2020 | Investment Buzz

What happened? There are several reasons for the drop: Most important: Bombardier said it is rethinking the JV with Airbus, seen as the lifeline of its delayed and over-budget jetliner program – costs with the new A220 plane (previously known as C-seri …

GAM Star Credit Opp; Super Attractive new Santander Bond

January 10, 2020 | Investment Buzz

Banco Santander came to the market with a new AT1 CoCo in EUR – which came at a very attractive coupon of 4.375% or spread of around 450bps – and very cheap compared to existing bonds. The bond is callable in January 2026 (non-call 6) after which the c …

Q4 2019 Quarterly Commentary (GBP)

January 8, 2020 | Commentaries , News , Press & Articles

Q4 2019 Quarterly Commentary (USD) MARKET ENVIRONMENT During the fourth quarter of 2019, financial markets enjoyed a positive trend, as reflected by the performance of the fund. Spreads on financials’ subordinated debt tightened during the quarter. The …

Q4 2019 Quarterly Commentary (EUR)

January 8, 2020 | Commentaries , News , Press & Articles

  MARKET ENVIRONMENT During the fourth quarter of 2019, financial markets enjoyed a positive trend, as reflected by the performance of the fund. Spreads on financials’ subordinated debt tightened during the quarter. The year ended strongly followi …

UK Election: Initial thoughts

December 13, 2019 | News , Press & Articles

Following the unexpectedly strong election victory for Boris Johnson and the Conservative Party, some of GAM’s portfolio managers offer their views on how this is likely to impact markets. Jeremy Smouha – Developed Market Credit Our experience over the …

GAM Star Credit Opps; Another Legacy Bond taken out 5% higher

November 18, 2019 | Investment Buzz

Patrick spoke about the opportunity for capital gains in legacy bonds  in a recent Wed meeting: Commerzbank just announced that it will call on 30JUN20 a legacy Tier 1 (DE000A0KAAA7, 0.8% position in the EUR fund) at a price of 100%. The bond was tradi …

Featured Video

November 15, 2019 | News , Press & Articles

GAM Star Credit Opportunities seeks to generate steady, high income from the bonds of quality companies, with a focus on junior or subordinated debt to capture higher yields. The suite of three long only UCITS is managed by corporate bond specialist, A …

Subordinated Debt – The Opportunity hidden in Negative Yielding Debt

November 2, 2019 | News , Press & Articles

Executive Summary The eurozone remains in a low growth, low inflation environment with the European Central Bank cutting rates to a record -0.5% low There is a now some USD 15 trillion of negatively yielding debt worldwide Stricter regulation has led t …

Discounted Perpetual FRNs –An Opportunity in Subordinated Financial Bonds?

May 2, 2019 | News , Press & Articles

Pdf Version Here Discounted Perpetual FRNs – Attractive Risk-Reward Highly attractive features – especially as a diversifier Legacy capital securities issued by banks and insurers under previous regulatory regimes, close to $15bn equivalent outstanding …

An opportunity in subordinated financial bonds?

April 28, 2019 | News , Press & Articles

Pdf Version Here Executive Summary Discounted Perpetual Floating Rate Notes (FRNs) are legacy capital securities issued by banks and insurers under previous regulatory regimes We discuss why Discount Perpetual FRNs could be considered an attractive ass …

A Recovery of the European Financials Sector

April 23, 2019 | Uncategorized

  There are a number of reasons why the European financials sector looks in good health, says Gregoire Mivelaz of Atlanticomnium. The fundamentals and credit quality of European banks remain strong, with regulatory changes providing further support. Re …

GAM Star Credit Opps Santander AT1 Call Missed

February 12, 2019 | Investment Buzz

Santander has announced this evening that it will not be calling its 6.25% EUR AT1 CoCo (Callable on the 12th of March with 30 days’ notice). Our expectation has always been that Santander would not call the bond at the first call date given the curren …

Extension Risk looking behind AT1 CoCos

February 10, 2019 | White Paper

    Pdf Version Here Executive Summary Extension risk was one of the key themes in subordinated financial debt markets for 2018, particularly in Additional Tier 1 (AT1) contingent convertible bonds (CoCos) Instruments re-pricing to perpetuity …

GAM Star Credit Opps: SocGen, BBVA, Barclays

January 17, 2019 | Investment Buzz

SocGen profit warning this morning an equity not a credit story. Driven by challenging conditions in capital markets and the accounting impact of disposals, we see this as purely an equity story (stock down 4.0% this morning) as it impacts FY earnings, …

GAM OUTLOOK 2019: KEY EVENTS

December 12, 2018 | Uncategorized

Fund Manager Grégoire Mivelaz cited in GAM’s Outlook 2019 ECB changing policy direction Everyone has been waiting for the ECB to announce its first rate hike, which has now been postponed to 2019, specifically September 2019 according to the latest ind …

Atlanticomnium expands fund management team

December 10, 2018 | Uncategorized

Press Release Atlanticomnium expands credit opportunities fund management team Atlanticomnium SA, today announced the appointment of Patrick Smouha as co-manager of GAM’s credit opportunities strategies. Patrick, who joined Atlanticomnium in 2012, will …

A guide to the Insurance Restricted Tier 1 (RT1) market

December 6, 2018 | White Paper

A guide to the Insurance Restricted Tier 1 (RT1) market The first insurance restricted tier 1 (RT1) deal was issued in late 2017. Romain Miginiac highlights why investors should consider these instruments and how they differ from traditional bank AT1s. …

Q3 2018 Quarterly Commentary (GBP)

October 11, 2018 | Commentaries , Uncategorized

Q3 2018 Quarterly Commentary (GBP) Market environment Following the strong ‘risk-off’ environment in Q2, prices continued to be weak, but somewhat stabilised during Q3. Concerns regarding trade wars, Italy, and Brexit have continued to dominate the hea …

Monthly Commentary September

October 10, 2018 | Commentaries , Uncategorized

Monthly Commentary September GAM Star Credit Opportunities (USD) During the third quarter, the fund reported positive results, despite rising interest rates, with the US dollar 10-year rate increasing from 2.86% to 3.04%. From the end of June, prices w …

Looking for Value in High Income Credit

September 19, 2018 | Uncategorized

Looking for Value in High Income Credit Additional Tier 1 (AT1) debt has lost ground versus European High Yield (EHY) debt so far in 2018, with spread differentials currently exceeding 50 bps. The team at Atlanticomnium explain that this not only raise …

Weekly Review

September 10, 2018 | Uncategorized

Weekly Review Market News Our markets remain relatively resilient in the face of renewed speculation around trade wars, the latest rhetoric from president Trump, fresh debate on Brexit and concern about Italy’s economic agenda. With market participants …

Atlanticomnium strengthens its resources

September 10, 2018 | Uncategorized

New hire announcement We are very pleased to announce that we have made an addition to our team: Laure Pendino, who has joined us as Credit Analyst. Laure brings extensive credit analysis experience to our team. She worked for 2 years in Frankfurt, first with Credit Agricole and then IKB Investment Bank. Most recently, she spent the last 4 years with GE Capital (acquired by Sumitomo Mitsui Banking Corporation) as an Associate Director. Laure started out her career in credit analysis as a graduate at the European Investment Bank in Luxembourg and holds a Master of Science degree in management and finance from the EM Lyon Business School.

Monthly Commentary August 2018

September 5, 2018 | Commentaries , Uncategorized

Monthly Commentary August 2018 GAM Star Credit Opportunities (USD), GAM Star GAM Star Credit Opportunities (GBP), Credit Opportunities (EUR)

Clarifications following recent headlines on GAM

August 2, 2018 | Uncategorized

Clarifications following recent headlines on GAMCredit Opportunities fundsDear client,As you may be aware, GAM announced on July 31 2018 the suspension of Tim Haywood, investment director business unit head for the unconstrained/absolute return bond st …

Coupon collecting: A silent march

August 1, 2018 | Uncategorized

In the post-2008 era, finding attractive sources of yield has proved a perennial challenge. Jeremy Smouha explains that it remains possible to construct a high-quality portfolio with a significant yield premium. However, the ride is not always a smooth …

Quarterly Q2 2018 Commentary (GBP)

July 19, 2018 | Commentaries , Uncategorized

GAM Star Credit Opportunities GBP – For professional investors only

Quarterly Q2 2018 Commentary (EUR)

July 19, 2018 | Commentaries , Uncategorized

GAM Star Credit Opportunities EUR – For professional investors only

Quarterly Q2 2018 Commentary (USD)

July 19, 2018 | Commentaries , Uncategorized

GAM Star Credit Opportunities USD – For professional investors only

Monthly Commentary June

July 11, 2018 | Uncategorized

Monthly Commentary June 2018 GAM Star Credit Opportunities (USD), GAM Star GAM Star Credit Opportunities (GBP), Credit Opportunities (EUR)

Monthly Commentary May

June 14, 2018 | Uncategorized

Monthly Commentary May 2018 GAM Star Credit Opportunities (USD), GAM Star GAM Star Credit Opportunities (GBP), Credit Opportunities (EUR)

Manager Views

May 30, 2018 | Uncategorized

Developed Market Credit Overview

Manager Views – May 2018

May 30, 2018 | Uncategorized

Current Overview of our Strategy

Monthly Commentary April

May 14, 2018 | Uncategorized

Monthly Commentary April GAM Star Credit Opportunities (USD) In April, we saw an improvement from the “risk off” adjustments experienced during the first quarter of the year. Market sentiment is still relatively soft, the US Dollar 10-year interest rat …

GAM Star Credit Opps GBP Aviva pref shares update

March 12, 2018 | Uncategorized

GAM Star Credit Opps GBP Aviva pref shares update Further to our note last week (and this mainly is about the GBP fund as the impact in EUR fund and USD is less than 30bp in EUR and much less than that in USD fund). The UK preference share market been …

GAM Star Credit Opps GBP Aviva pref shares

March 8, 2018 | Uncategorized

GAM Star Credit Opps GBP Aviva pref shares Today Aviva in their results presentation referred to their 4 issues of preference shares and the possibility of reimbursing them at par, well below the prices at which they had been trading. We hold some in o …

The Share Centre’s six funds to diversify your portfolio

March 6, 2018 | Uncategorized

The GAM Star Credit Opportunities, managed by Anthony Smouha and Gregoire Mivelaz, is featured.

Monthly Commentary February

March 5, 2018 | Uncategorized

Monthly Commentary February GAM Star Credit Opportunities (EUR) The month of February saw a contrast between strong earnings from issuers held in the portfolio and negative price movements in many of our holdings driven not by fundamentals but instead …

Atlanticomnium Welcomes a new COO

February 7, 2018 | Uncategorized

Atlanticomnium Strengthens Resources by announcing new COO, M. Gregory Kreiss.

Monthly Commentary January

February 5, 2018 | Uncategorized

Monthly Commentary January. GAM Star Credit Opportunities (EUR) GAM Star Credit Opportunities (GBP) GAM Star Credit Opportunities (USD)

Portfolio Adviser

February 1, 2018 | Uncategorized

The GAM Star Credit Opportunities is mentioned.

Quarterly Q3 2017 Commentary

January 26, 2018 | Uncategorized

Quarterly Q3 2017 Commentary Market environment During the third quarter the fund benefited from robust income and capital gains while the US Treasury bond yield ended the period little changed. There were gains in all our categories of fixed-rate bond …

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