Bank Credit Weekly: Bull Steepening, but Is It Sustainable?
Treasury yields bull steepened while the melt-up led credit total returns. Yield conviction may build as April economic data is published; however,...
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US Investment Bank Results and Upcoming European Bank Earnings
Upcoming European bank results may be as good as it gets for this year. As each bank should release reserves, investment bank specialization may be...
370 Views
Bank Credit Weekly: Momentum Slows as Conviction Is Lacking
Momentum behind the Treasury market started to slow. Greater conviction is likely to build over the weeks which follow as economic data is...
403 Views
Bank Credit Weekly: Narrative Change Pushes Carry-Trade Unwind as Treasuries Rally
The narrative has changed. There is little to stand in the way of further Treasury market strength near term. This should lead to US$ weakness and...
393 Views
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...
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