High yield pricing and covenants test investor demand
September’s surge in high yield (HY) issuance tested the limits of investor appetite in an evolving market.
Insights Topic
Fixed Income
ABS: Why it can pay to stay floating
It has been another strong year for European asset-backed securities (ABS), and securitised markets have looked through the recent rates volatility well, with spreads broadly stable across the capital structure in Q3 2026.
InPost puts bondholder protections to the test
E-commerce platform InPost has entered the European high yield (HY) market this week with a new seven-year senior secured bond as part of a €3bn financing package to help fund its acquisition by an Advent led consortium.
Are bond market technicals better than price action suggests?
Looking at the sharp moves in government bond markets in recent days, one would be forgiven for thinking we are seeing some level of forced selling that is pushing valuations lower.
Markets can’t rely on midterms to change course of Iran war
Prediction markets suggest the Democrats are capable of gaining a majority in both the Senate and the House of Representatives at the US midterm elections on November 3, with Polymarket putting the chance of a “sweep” at 64% as of Friday morning.
Reinsurance: Pressure on premiums and AI opportunities
The Rendez-Vous de Septembre (RVS) reinsurance conference was held last week in Monte Carlo. This annual event began in 1957 and is the largest gathering in the reinsurance sector, bringing together participants across the insurance and reinsurance market for bilateral discussions ahead of annual renewals (with a major share of contracts renewing on January 1).
Are Bunds poised to outperform US Treasuries?
On Thursday, the European Central Bank (ECB) delivered a well telegraphed 25bp rate hike and updated its projections for growth and inflation.
How hyperscaler issuance is reshaping the Treasury curve
Hyperscaler bond issuance has surged in 2026, with volumes already far exceeding previous years. Alphabet, Amazon, Meta, Microsoft, Oracle and SpaceX have issued over $180bn of USD-denominated bonds so far this year.
Warsh finally gives markets much needed clarity
Kevin Warsh’s Jackson Hole speech went a long way, in our view, towards restoring some much-needed credibility to the Federal Reserve’s (Fed’s) reaction function and its commitment to the dual mandate.
Record supply meets disciplined buyers
US investment grade (IG) borrowers printed close to $150bn in August, surpassing the $136bn record set in August 2020 and making this the third consecutive month to set an all-time high after June and July.
US life insurers feel private credit scrutiny
A series of recent developments has put US life insurers with significant private-credit linkages under greater regulatory and investor scrutiny. While we believe this could create pressure for some US names, we see limited evidence that the concerns are spilling over into European life insurers.
US Treasury intervention unlikely to provide lasting support
The US Treasury Department surprised markets yesterday afternoon by announcing an increase in its buyback operations, which will “at least double” to $4bn, from 9 September to 4 November.