29th August 2018

EM – Not fixing the roof while the sun is shining…? On Friday (24 Aug), S&P downgraded Zambia to B- from B[1] and kept it on a stable outlook. At time of writing (28 Aug), all its USD bonds are trading at spreads of more than 1000bps[2], over the respective US Treasury Note. This is […] more

25th May 2018

Advertising giant WPP has been in the headlines for the past few weeks following the departure of its long term CEO, Martin Sorrell. Just this week, Ratings Agency Fitch downgraded the outlook on its bonds to negative, but kept its BBB+ (Investment Grade rating). Reasons Fitch gave for the change included: Pressures building both across […] more

18th May 2018

Why are they issued? Corporate Hybrids are a maturing area of the global fixed income universe that have formed a key part of the Rubrics Global Credit strategy for over six years. These instruments enable corporates to issue tax deductible debt which also benefits from equity credit standing from the major rating agencies. As a […] more

11th May 2018

  At the end of 2017, Antonio Del Favero, Senior Portfolio Strategist highlighted the increasing risk of a correction in 2018 – despite the loose financial conditions at the time. In March, Antonio presented his updated analysis to the Stress Testing and the Global Economy: Main Drivers and Risk event in Zurich.  Up for discussion was the […] more

10th May 2018

Earlier this week (Wednesday 9 May), Senior Portfolio Manager at Rubrics, Antonio Del Favero featured on Bloomberg Surveillance with Francine Lacqua. Up for discussion was the increasing political risk and its effects on the markets, and the current less synchronised world growth. Watch part one of the discussion focussing on Trump’s decision to withdraw US […] more

16th April 2018

Bond markets are usually a reliable gauge of what’s really going on in the world. The recent flattening of the yield curve is indicating to many that global central banks have failed in their stated objective of reviving inflation. A spectacular failure in many ways given the addition of $22 trillion in global QE coupled […] more

15th March 2018

After being rudely awoken from their slumber in early February, risk assets have been in consolidation mode. Assuredly, there is plenty for the markets to get their collective ‘heads’ around. The prospect of higher rates in the US, reinforced by a Fed Chair seemingly willing to follow through on rate hikes, the spectre of quantitative […] more

6th March 2018

While the short-term focus of the markets has recently been on the outcome of the Italian Election, and the proposed Steel and Aluminium Tariffs by President Donald Trump; we note some interesting activity in the Corporate Credit space. Return of the mega-deal? The strong economic backdrop, robust earnings and cheap financing has boosted the confidence […] more

12th February 2018

Rubrics Asset Management is delighted to announce that it came first in two categories at the recent Raging Bull Awards in South Africa, which celebrates the top performing international unit trust funds across a range of sectors and acknowledges the best-performing... more

29th January 2018

While Mario Draghi, Davos and Trump dominated headlines last week. It was the pricing in the European New issue market which caught the attention of our Credit Team… New issues that priced last week highlighted the immense strength of the European Credit market... more

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