Delivering Global Macro Investment Insights

DeSaque Macro Research

DeSaque Macro Research Limited was formed by Said DeSaque in April 2012 with the view to delivering global macro investment insights aimed at providing new ideas to clients.

Said DeSaque has over 26 years of experience working as a professional economist in financial services. Prior to establishing DeSaque Macro Research, Said held positions as Senior Economist at Robert W Baird and William Blair. He began his career as a graduate at PaineWebber in 1986, where he eventually became Head of the London Economics Department.

Said takes a very keen interest in international relations, along with their implications for economic development. His research interests include the economic transformation of China and its implications for global capital markets, particularly in the United States. He is a member of Chatham House in London.

The US economy and capital markets have historically been Said’s main focus of attention. He frequently presents his views to institutional investors in diverse geographic locations. In recent years, Said has also been carefully monitoring economic developments in Asia, particularly China and Japan.

Global Economist, DeSaque Macro Research

Said Desaque

Global Economist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Credit markets have finally accepted the view that central bank policy rates will remain higher for longer. Despite the resilience of global demand, conditions vary considerably on a cross-border basis.</li>
<li>Conditions in credit markets have not deteriorated as badly as envisaged. Investors are wary about speculative grade borrowers. Banks continue to be much more risk averse than credit markets. </li>
<li>US borrowers will wait before refinancing due to the higher for longer policy of the Fed. Asia Pacific speculative grade borrowers face refinancing risks if market conditions fail to improve. </li>
</ul>


Credit markets have finally accepted the view that central bank policy rates will remain higher for longer. Despite the resilience of global demand, conditions vary considerably on a cross-border basis.
Conditions in credit markets have not deteriorated as badly as envisaged. Investors are wary about speculative grade borrowers. Banks continue to be much more risk averse than credit markets. 
US borrowers will wait before refinancing due to the higher for longer policy of the Fed. Asia Pacific speculative grade borrowers face refinancing risks if market conditions fail to improve. 


Global Credit Outlook: Tightness at Banks and Speculative Grade Issuers to Persist