Bank Credit Weekly: Melt-Up in Asset Prices or Melt-Down in Conviction?
Melt-up in asset prices or melt-down in conviction? Short callable AT1 bonds led the ongoing rally in bank credit. Tier 2 bonds suggest more of a...
162 Views
Bank Credit Weekly: Asia’s Higher Risk Notes Outperform in Thin Markets
Asia’s AT1, Subordinated and high yield Senior Unsecured bonds outperformed over the holiday shortened week. Thin markets were directionless, so we...
263 Views
Bank of East Asia: Move to Overweight the Capital Inefficient Securities from Buy
We move to Overweight Bank of East Asia’s capital inefficient securities as these securities have outperformed their peers since our Buy...
216 Views
Bank Credit Weekly: Virus Vs. Vaccine: Time to Sell the Caa-Bull?
Is it time to sell the Caa-bull market? Some AT1 bonds seem to be at a market top. We are set-up for disappointment. Nonetheless, we anticipate...
199 Views
Bank Credit Weekly: FOMC Meeting May Determine Near-Term Risk Sentiment
Weakening oil prices, a flattening US$ yield curve and rising Eurodollar futures together point to a decline in economic demand prospects combined...
256 Views