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Alpinum Investment Management’s Blog offers an opportunity to share some of the knowledge we gathered over the years blended with current markets trends and activities.
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Europe is back in partial lockdown and economic volatility is expected to be higher beginning of 2021. At the same time, the European Central bank continues to press on the gas pedal and Eurozone money supply M1 growth is expanding at 14% yoy. These are levels last seen in 2008 and 1999. Money supply is
Europe is back in partial lockdown Read More »
Investment grade (IG) bond credit spreads have further tightened and have reached almost pre-Covid levels. The upside of IG bonds is limited taking into account their embedded “duration” feature. In comparison, spread levels in the high-yield (HY) market are still wider and have more room to tighten. High yield bonds are typically more cyclical in
Investment Grade credit tightened Read More »
During the market rally in November, credit spreads have further tightened and reached almost pre-Covid levels in the investment-grade category, whereas spread levels are still wider in the high-yield market. OAS of broad US investment-grade corporate bonds are now only slightly higher (112 bps) in comparison to the start of 2020 (99 bps). US high-yield
Credit spreads almost at pre-Covid levels Read More »
Year-to-date US high yield corporate rating downgrades accumulated to more than 475 – even surpassing the previous crisis in 2008. The up-/downgrade ratio (proportion of upgrades among total rating actions of Moody’s and S&P) marked a low of 0.16 in Q2 2020 and the accumulated YTD ratio reached 0.25, a similar low level as experienced
Rating downgrade slowed down Read More »
In the first half of 2020, major central banks purchased USD 6 trillion in public and private sector debt. In comparison, the same central banks spent USD 1.5 trillion on quantitative easing measures after the Global Credit Crisis in 2008. However, this was over a time span of 5-years. The massive intervention of central banks
Central banks purchased 6 tln debt Read More »
Last Week, the Fed announced that it is going to buy single corporate bonds to ensure a functioning secondary corporate bond market, which is a historical move and a positive sign for a market that was close to collapsing in March this year, when liquidity disappeared just in a matter of days. The Fed is
Fed installs Backstop for Corporate Bonds Read More »
Mitte Juni 2020 kündigte die US-Notenbank an, nebst Anleihen-ETF’s auch ausgewählte Obligationen zu kaufen, um einen funktionierenden Markt für Unternehmensanleihen zu gewährleisten. Dies ist ein historischer Schritt und ein positives Zeichen für einen Markt, der im März dieses Jahres noch kurz vor dem Zusammenbruch stand. Die amerikanische Notenbank (Federal Reserve, Fed) wird den Umfang ihres Anleihen-Kaufprogramms
Zeit für selektive Kreditinvestitionen | finews.ch Read More »
Die unabhängigen Vermögensverwalter in der Schweiz befürchten die Folgen einer zweiten Corona-Welle und rechnen damit, dass Donald Trump die nächsten US-Präsidentschaftswahlen verliert. Exakt 44 Prozent der unabhängigen Vermögensverwalter in der Schweiz gehen davon aus, dass es zu einer U-förmigen Erholung der Wirtschaft kommt. Mit anderen Worten: Das Potenzial für neues Wachstum ist da – allerdings
Vermögensverwalter erwarten U-förmige Erholung – aber ohne Trump | finews.ch Read More »
Central banks unprecedented influence on capital markets and their coordination with central governments will put a backstop on the economy in the US and Europe. Rating agencies have started to revise downwards their projections for defaults, which acts as an additional support for credit markets in general.
Central banks unprecedented influence on capital markets Read More »
Ein Fachmann im Bereich Alternative Investments wechselt zur Zürcher Finanzboutique Alpinum Investment Management und übernimmt dort die Rolle als Head Business Development und Investor Relations. Der langjährige Experte im Alternative-Investment-Bereich, Peter J. Hegglin, wechselt zu Alpinum Investment Management, wie Recherchen von finews.ch ergeben haben. Er übernimmt dabei die Rolle des Head Business Development und Investor
Alpinum Investment Management baut Zürcher Team aus | finews.ch Read More »
