It is the 19th of November 2019

News

Credit Investors Are Suddenly Extremely Worried About Central Banks

On one hand, credit investors have never had it better with IG credit spread at record tights and junk bond yields sliding to 3 year lows

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Deutsche: The Market Broke In 2012, "This Is What Everyone Is Talking About"

Two weeks after Deutsche Bank’s whimsical, James Joycean derivatives strategist, Aleksandar Kocic disaggregated the market’s current sweeping complacency regime in a florid stream-of-consciousness report, and warning that the market's current "metastability" would lead to "cataclysmic events", with a crash becomes increasingly more likely the longer price discovery in the market (one not propped up by Federal Reserve) is delayed, in his latest note from this week he takes on a more practical - if just as abstract - target; quantifying complacency, both in a market sense and as a metaphysical concept (long-term readers of Kocic are all too aware that when it comes to fusing markets and philosophy, mostly of the post-modernist bent, nobody even comes close).

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Hedges Are "Pricing A World Almost Free Of Risk" Says BofA: Here's How To Trade It

Over the weekend, Bank of America's volatility experts Jason Galazidis and his team, pointed out that while US equity vol remains at historic low levels, it is not just equities where market participants are remarkably complacent, and write that both US credit & Chinese equity hedges "are pricing a world almost free of risk."

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