IGM's December Newsletter: What's New This Month!
Read on for the latest analysis, data and intelligence on syndicated bonds and the foreign exchange and rates markets.
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CREDIT OPEN: Cautious start eyed to event packed session
By?David Corbell
EU stocks look set for a modestly defensive start to today’s event and data-packed session which comes in the wake of four straight days of gains seen despite the intense political drama unfolding in France.
That follows a cautious Asian session where attention remained on the political unrest revolving around South Korea with President Yoon declaring martial law late Tuesday, claiming that it would prevent the opposition from trying to paralyze his administration and eradicate the influence of North Korean supporters. Martial law was subsequently lifted today with Yoon bending to pressure from the opposition who are now seeking to impeach President Yoon, saying in a statement that the declaration was done illegally.
CORP SNAPSHOT: Trio forge ahead despite headline distractions
By Matthew Barrett
It’s a busy session for European corporate bond supply Wednesday, relatively speaking anyway, with two out in euros and one in sterling.
That despite a host of distractions including headline data, lots of central bank speak and political uncertainty both in South Korea and France.
On the latter and as a reminder a no-confidence vote is scheduled today with the French government standing on the brink of collapse.
CEEMEA OPEN: Pipeline activity remains subdued
By Jermaine Antwi
The DXY appears softer falling to an early session low of 106.279, while after hours yesterday, the Fed's Daly said that a December interest rate cut was still on the table, highlighting to keep the economy in a good place they must keep recalibrating policy.
Fed's Goolsbee remarked that rates should still drop 'a fair amount' from where they are now over the next year, while Fed's Kugler added that the economy remains in a good position and inflation remains on a sustainable path.
European FX Open - France's no-confidence vote
By Tony Nyman
US stock futures all stand in the green at the time of writing, led by the +0.3% NASDAQ, as French president Macron urged French lawmakers to reject a no-confidence vote later today and vowed not to resign before his term ends.
EUR/USD holds above 1.0500 for now as The Times writes President Macron is already casting around for a new centre-right figure to replace Michel Barnier as PM, whose government is set to be toppled this week. The administration’s collapse would leave France facing a political crisis unlike anything it has experienced in six decades. Meanwhile, BBC News leads with Barnier saying it is "possible" he could survive a no-confidence vote in his minority government.
ASIAN MORNING BUZZ: Primary quiet with attention on Korea
By Ofelia Yeoh
The APAC USD primary market was devoid of supply on Tuesday which marked a sixth session of zero issuance unless it was placed by a Chinese LGFV.
There was a mandate announcement to report though from Zhengzhou Urban Construction Investment Group Co., Ltd (BBB+ Stable by Fitch) which held investor calls yesterday ahead of a planned offering of senior unsecured notes.
Analyst insight: Monthly musings
Each month, one of our analysts shares their insights and perspectives on the current financial climate. Don't miss their expert take on the latest trends and developments.
This month, Anjela Traboulsi, Head of US Structured Finance at IGM, provides her insights:
"The US Structured Finance market had a strong year with robust issuance across the Asset Backed Securities, Commercial Mortgage Securities and Collateralized Loan Obligations space.??
In the ABS sector, in addition to strong issuance of consumer assets, there was continued growth in esoteric assets such as data centers and music royalty securitizations.??In the CMBS field, Single Asset Single Borrower transactions continued to attract investors and 5 year conduit CMBS exceeded issuance of prior years."
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