• As the earnings season gets under way in early January, we look at 2021’s bumper level of bank debt issuance, in particular from Bank of America, JP Morgan and Citigroup, which have all seen big increases in deposits. Banks look set to benefit from rising rates this year, but also from their historically large capital buffers, diverse funding levels and central bank liquidity backstops and offer attractive valuations.
  • ABS issuance may have been on a downward trajectory since the global financial  crisis but there is a clear complexity and illiquidity premium for investors.
  • In the growing green bond market, increasing sovereign issuance is a welcome development to help set and improve standards on transparency. Corporate issuers continue to innovate, although not without the occasional controversy, as in the case of the Indian conglomerate the Adani Group.
Liam is IPE’s editorial director and a board director of IPE International Publishers Ltd. He has over 20 years’ experience as a financial journalist and editor, specialising in the field of institutional investment and pension funds. He is also a regular speaker/moderator at industry events around the world. Prior to joining IPE in 2007, Liam spent nearly seven years at the Financial Times group in London, where he worked as a specialist editor and writer and launched a number of European pension and investment titles.

Topics

Portfolio Strategy – Fixed Income Report