Insights

Weekly Update
A zigzag path to opening-up

Fixed Income

18 May 2020

Midway reflection – Fixed Income Monthly
We are still midway through the selloff of the decade triggered by the pandemic

Fixed Income

31 Mar 2020

Jump process in a not-so-random walk – Fixed Income Monthly
COVID-19 hijacked global markets in February, iTraxx Main widened 25bps and Xover by 90bps in the final week

Fixed Income

28 Feb 2020

“Range-bound” through Q1-2020 – Fixed Income Monthly
January ended with rising volatility, triggered by Covid-19, and risk-off sentiment has sent IG cash indices higher

Fixed Income

31 Jan 2020

All’s Well That Ends Well – Fixed Income Monthly
2019 did not change the face in December and ended the year as it started: Just friendly.

Fixed Income

31 Dec 2019

Watch out for “Cliff” – Fixed Income Monthly
November was a reasonably constructive month in terms of credit spreads in aggregate.

Fixed Income

30 Nov 2019

Rates rebounded, credit spreads softened – Weekly update
US data this week confirmed again the relatively solid consumer side and the softening industrial side of the economy.

Fixed Income

15 Nov 2019

Beware of de-tail – Fixed Income Monthly
We observe a strong decompression of IG vs. HY in the light of QE 2.0 and a higher number of “accidents” - but within the IG complex we would expect some spread compression

Fixed Income

1 Nov 2019

New low-duration fund
Cape Capital launches the Cape Select Bond Fund - offering investors a short-term alternative to holding cash in times of negative interest rates

News from Cape

7 Oct 2019

Credit matters – a practical roadmap to tranches
CDS tranches may be used to construct a comfort zone amid a universe of unknowns. Tranches allow investors to slice and dice the risks, to tailor a default risk profile that they find more bearable, while potentially generating an attractive carry

Fixed Income

1 Aug 2019