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News & Articles
Monthly Commentary – December 2021 USD
Spreads of the securities held within our portfolio tightened in December. We saw government bond rates rise slightly in December, as concerns linked to Central Bank tightening and inflation remained. This occurred despite the increase in Covid-19 case …
Monthly Commentary – December 2021 EUR
Spreads of the securities held within our portfolio tightened in December. We saw government bond rates rise slightly in December, as concerns linked to Central Bank tightening and inflation remained. This occurred despite the increase in Covid-19 case …
Green AT1s – focus on the impact, not the seniority
Since BBVA decided to “innovate” in the green bond market by printing the first green AT1 back in July 2020, there has been significant pushback against green bonds coming in “capital” format – especially bank AT1. Ultimately, the focus should be on th …
Romain Miginiac on BBVA’s acquisition of 50% in Garanti BBVA
The announcement from GFANZ is ambitious but there is still a very wide gap between climate related investments and what is required.
Financing Transition to Net Zero: from Pledge to Action
The announcement from GFANZ is ambitious but there is still a very wide gap between climate related investments and what is required.
Monthly Commentary – October 2021 USD
During October, spreads of the securities held within our portfolio were slightly wider. Concerns linked to tapering and less transitory inflation sparked interest rate volatility causing credit markets to underperform. This was the same for subordinat …
Monthly Commentary – October 2021 GBP
During October, spreads of the securities held within our portfolio were slightly wider. Concerns linked to tapering and less transitory inflation sparked interest rate volatility causing credit markets to underperform. This was the same for subordinat …
Monthly Commentary – October 2021 Climate Bond
Performance of European financials’ green bonds was negatively impacted by rising rates over the month, with German 10-year bund yields rising by circa 10 bps, bringing the total rise to 40 bps since August. While the price move was mainly driven by ra …
Monthly Commentary – October 2021 EUR
During October, spreads of the securities held within our portfolio were slightly wider. Concerns linked to tapering and less transitory inflation sparked interest rate volatility causing credit markets to underperform. This was the same for subordinat …
GAM rises as Liontrust and Baillie Gifford fall in the latest FE fundinfo Crown rebalance
Romain Miginiac estime qu’à note de crédit égale, une obligation verte peut générer un rendement trois fois supérieur à un titre IG européen.
Green bonds – Think “issuer” when assessing the incremental impact of green bonds
Romain Miginiac estime qu’à note de crédit égale, une obligation verte peut générer un rendement trois fois supérieur à un titre IG européen.
Le greenium
Romain Miginiac estime qu’à note de crédit égale, une obligation verte peut générer un rendement trois fois supérieur à un titre IG européen.
Credit Analyst Corner
EDF’s Energy Boost – Exceptional conditions in global energy markets are having a wide impact on consumers, businesses and the wider economy. Oil prices stand at multi-year high, but the surge in prices for electricity, and especially for gas, to histo …
Spotlight – September 2021
Extension Risk – Additional Tier-1 Contingent Convertibles (AT1 CoCos) Extension risk, or the risk of price declines in AT1s due to a re-pricing to perpetuity, remains very much in focus. The market tends to be inefficient and cyclical when assessing …
Monthly Commentary – September 2021 GBP
During the month of September, spreads within our securities remained relatively stable to slightly weaker, despite concerns linked to tapering, higher interest rates, China’s Evergrande and higher energy prices. This low volatility once again demonst …
Monthly Commentary – September 2021 USD
During the month of September, spreads within our securities remained relatively stable to slightly weaker, despite concerns linked to tapering, higher interest rates, China’s Evergrande and higher energy prices. This low volatility once again demonstr …
Monthly Commentary – September 2021 EUR
During the month of September, spreads within our securities remained relatively stable to slightly weaker, despite concerns linked to tapering, higher interest rates, China’s Evergrande and higher energy prices. This low volatility once again demonstr …
AT1 CoCos – Managing extension risk recklessness to avoid ending in tears
Extension risk has come at the forefront of the AT1 market in 2018 when the “extension risk tantrum” hit. The market came to the end of its iterative process of assessing the biggest risks in the market, ultimately realizing that extension is by far the biggest one.
Article published in Investment Week
Why green bonds from European banks are pivotal to the low carbon transition Despite their central role in causing the global financial crisis, exactly 13 years ago this week, banks remain at the centre of the European economy. They finance more than 9 …
Why green bonds from European banks are pivotal to the low carbon transition
Despite their central role in causing the global financial crisis, exactly 13 years ago this week, banks remain at the centre of the European economy. They finance more than 90% of European small and medium-sized enterprises (SMEs) and approximately 80 …