04 OCT 2021

No Gas To Burn

News and insights

Key Points


September ended with volatility across all asset classes, duration products have suffered from rates selloff

Surging natural gas pricing puts pressure on utility bills for European Industries and consumers; so far, no meaningful impact within the utility issuers’ cash spreads

Europe has recorded sharp inflation prints mainly due to energy price spikes, unlikely to have a meaningful impact on medium- to long-term inflation expectation due to subdued wage growth

Credit valuation has come down from the recent peak, implied vol rose sharply as a result of excess downside hedging activities, correlation within IG credits also suggests a modest pickup in systemic risk

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