A tale of two supermarkets
9th November 2018
We outline recent credit developments at Distribuidora Internacional de Alimentación (“Dia”) and Tesco as well as the impact of the ECB on bond pricing. DIA is predominantly an Iberian supermarket, whose stocks and bonds have experienced something of a roller-coaster ride since October. Unfortunately for DIA and its key stakeholders, the ride is unlikely to […] more
EM – Not fixing the roof while the sun is shining…?
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
Corporate Hybrids: An insight into recent LME activity
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
Where to next?
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
