28 FEB 2022
Heightened vol as a result of the shocking Russian invasion of Ukraine; govt bonds yields pulled back given flight to haven assets; inflation expectation jumped; central banks stuck in a challenging position of surging inflation pressure from energy disruption and homeland security dampening growth aspects.
CDS indices saw sharp intra-day vol as the geopolitical situation evolves rapidly; cash bond capital structure risks underperformed and issuers with sizable Russian exposure experienced pronounced selling.
Topline portfolio risk level close to all-time low with decent cash buffer and front-end curve positioning.
+41 43 888 45 60
+41 43 888 60 60