BondEValue Archives - ��Ƶ

The One That Got Away: Credit Suisse’s Tier 2 CoCo That Rallied 25 Points

Maria Acevedo — Tue, 21 Mar 2023 19:08:50 +0000

Simon Adamson, head of global financials research at ��Ƶ said via a note that the bond will “presumably remain an obligation of the enlarged UBS, alongside CS’s senior bonds,” adding that the 2023s have “an unusual structure,” and characteristics in common with both plain vanilla Tier 2 and with AT1 bonds. Meanwhile, when UBS CEO Ralph Hamers was asked whether Tier 2 bonds would be written down, he said, “we’ll have to come back to you”.

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Credit Suisse Buyback Sees Only Half of the Holders Tender its Bonds

Maria Acevedo — Mon, 07 Nov 2022 19:27:41 +0000

“The benefits are clear for CS, and it was a signal that its liquidity was strong in an effort to calm the market, which it did, but I don’t think the terms were very attractive for bondholders”, said Simon Adamson, CEO of ��Ƶ London.

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US HY Bond Funds Attract Cash as Recession Fears Ebb

Maria Acevedo — Fri, 12 Aug 2022 13:51:52 +0000

Based on ��Ƶ data, the US HY distress ratio, a measure of risk in the bond market, also decreased from 15.2% in June to 10.6%, which is a good indicator of falling default rates. Despite this, some investors are still cautious. Thomas Samuelson, chief investment officer at Vineyard Global Advisors said, “High-yield bond funds are getting inflows due to enthusiasm that the US economy will avoid a recession or, if it does have one, that it will be mild…We are maintaining our underweight position on high-yield bonds until we see more evidence that the Fed is closer to the end of its tightening cycle and the risk of a recession subsides.”

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Asia ex-Japan AT1s Outperform Global Counterparts YTD

Maria Acevedo — Thu, 07 Jul 2022 18:33:16 +0000

��Ƶ analysts wrote that around two-thirds of European banks’ AT1 are pricing in some extension/non-call risk (Term of the Day, explained below) while Asia did not have the same risk.

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Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

Maria Acevedo — Thu, 24 Feb 2022 14:44:18 +0000

“We’ve already hit the all-time low point in yields in both investment grade and high yield. We don’t think the move in yields has become a threat to either investment grade or high yield quite yet. Companies can still borrow at very low levels.”

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BondEValue Archives - ������Ƶ

The One That Got Away: Credit Suisse’s Tier 2 CoCo That Rallied 25 Points

Credit Suisse Buyback Sees Only Half of the Holders Tender its Bonds

US HY Bond Funds Attract Cash as Recession Fears Ebb

Asia ex-Japan AT1s Outperform Global Counterparts YTD

Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

BondEValue Archives - ��Ƶ