Rates vs Risk Assets – A Renewed Tug of War
19th February 2021
“I think we are actually at a point of encouraging risk-taking, and that should give us pause. Investors really do understand now that we will be there to prevent serious losses. It is not that it is easy for them to make money but that they have every incentive to take more risk, and they […] more
Game Stop or End Game?
3rd February 2021
The current market phenomenon we are experiencing around market excesses is nothing particularly new. When loose markets conditions occur over an extended period of time financial discipline tends to break down. CLICK HERE TO READ THE FULL ARTICLE For more information please contact Rubrics Asset Management. info@rubricsam.com. more
Credit Market Overview
3rd February 2021
Click the link below for our latest summary on last month’s credit market performance and corporate activity. CLICK HERE TO READ THE FULL ARTICLE. For more information please contact Rubrics Asset Management. info@rubricsam.com. more
Managing for Change
22nd January 2021
The time for change has arrived. Not the empty political rhetoric kind, but something far more profound for economies and societies alike. The impact of COVID has been shocking, in both an immediate and tragic way, and in the extent to which it has accelerated pre-existing trends (digitalisation, inequality etc). Much of this has been […] more
2021 – System Health Check
8th January 2021
2020 began with an abundance of monetary support. The Fed’s U-turn on rates in late 2018, coupled with the resumption of QE in the wake of the Q4 ‘19 repo market problem, created a backdrop of loose financial conditions. Such extreme action, however, was not suggestive of a stable financial system. The situation on the […] more
Fleeting Euphoria or Enduring Optimism?
9th December 2020
How long can euphoria last? According to Wall St., quite some time, at least where financial markets are concerned. A combination of unbridled fiscal stimulus and the release of $1.4trln in pent-up savings is reason enough to be ecstatic, for the time being at least. Another way to answer the above question is to look […] more
Macro Update – Recovery Risks
18th November 2020
A notable November has so far given us a newUS president (we expect), a Republican Senate(we think), and a vaccine to end the pandemic(we hope). Market reactions have been suitablyvolatile as the stream of news flow is digested.The net reaction has been a positive one with‘value’ driven equity indices thus faroutperforming on hopes of an […] more
Credit Market Update: Devil in the Detail
21st July 2020
“Following the Fed’s announcements of direct corporate bond and ETF purchases (high yield and investment grade), credit spreads have contracted sharply – over 500bps in the high yield space. With spreads now closer to their long-term average, and significant economic uncertainty remaining, we would posit that the scope for spread tightening is more challenging despite […] more
Macro Update – Crossing the Line
12th April 2020
For the full 15 April 2020 update please click the link below. CLICK HERE TO READ THE FULL ARTICLE For more information please contact Rubrics Asset Management. info@rubricsam.com. more
Macro Update – Bad Plumbing
22nd March 2020
The crisis in which we currently find ourselves is very different to that of 2008. Both the structure of the credit markets, or the plumbing as we like to call it, and the incentives of corporate CEOs issuing debt into those credit markets are very different, and not in a good way. For the last […] more
