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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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Market nervousness regarding the US/China trade war may have reached a temporary peak and has calmed down. At the same time, the yield spread between Asian USD High Yield Corporate Bonds (yield-to-worst 7.7%) and Global USD High Yield Corporate Bonds (yield-to-worst 5.6%) has increased from 1.3% in April 2019 to 2.1% today and offers an […]
US/China Trade War Read More »
S&P Global Credit Ratings continue to deteriorate and Q3 2019 saw 164 downgrades versus 64 upgrades. This is the lowest ratio (0.39) since 2015 with the majority of the cuts being applied to the high-yield corner of the market.
S&P Global Credit Rating Read More »
Global growth is receding but (US) consumer confidence remains strong and as long as corporates’ capital expenditures do not further deteriorate, the likelihood for a near-term recession in the US or China is low. US GDP growth is largely supported by consumer spending. Further rate cuts and politics to warm up for the presidential elections
Q4 2019-Quarterly Investment Letter Read More »
Zurich-based Alpinum Investment Management, the asset manager of the Swiss Marcuard Heritage Group, is expanding its Board of Directors with Markus Wintsch, CEO of Swisspartners Group. External Link: finews (German) Meet the Alpinum Investment Management Team.
New Mandate for swisspartners-CEO | finews.ch Read More »
Germany has the world’s first 30-year bond priced with a yield of -0.11%. In fact, Germany’s whole yield curve is now below 0%, meaning that the government is effectively being paid to borrow out to 30 years. The negative yield environment has accentuated even more and forces investors into higher risk assets. Read more about
30-year German bond yielding -0.11% Read More »
Germany’s 10yr bond yield is about to fall below the European Central Bank’s deposit rate as speculation abounds that more policy easing may be coming. The negative yield environment has accentuated even more and forces investors into higher risk assets. Read more about Credit Investments
German 10-year bond yield Read More »
The US Fed is the dog that wags the tail. US Treasury futures forecast two rate cuts this year, which will prolong the economic cycle and prevent the USD from further strengthening. US GDP growth is slowing but a sudden recession is not on the cards. 10-year US treasuries fell back to 2%, supporting credit.
Q3 2019-Quarterly Investment Letter Read More »
Technically the USD index (DXY) has broken through its 200-day moving average. Expected US Fed rate cuts for the rest of the year and signs of slower growth ahead should begin to erode the US Dollar’s pillars of support.
Direct lending returns have historically been driven by consistent double-digit income returns, with a range between 10% and 12%. The slow decline in credit spreads within the CDLI over the last several years is a product of overall credit spread compression, but also the gradual increase in the proportion of lower-yielding senior loans in the
Direct Lending – Performance Analysis Read More »
The European Central Bank is prepared for more easing and the search for yield has become even more pressing. Whether right or wrong but 5yr Greek government bonds yield now less than 5yr Italian government bonds.
