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Inside China’s real estate bond boom

21 June 2019Articles, Risk CommentaryNick Dunbar

As trade tensions worsen, dollar-denominated bond issuance by Chinese real estate companies is at a record high, while credit spreads have tightened.

Leveraging the Powell put in US M&A markets

21 June 2019Articles, Risk CommentaryNick Dunbar

With a softening approach from central banks, borrowing-driven M&A is being rewarded

Where would the market be without share buybacks?

4 January 2019Articlesequities, S&P 500Nick Dunbar

The decline in equity markets seen in the last few months would have been worse without the countervailing effect of buybacks. But by how much?

Year of the MAGA stock

11 September 2018Articlescompetition, research & development, technology, volatilityNick Dunbar

Just four S&P 500 companies gained $1 trillion of market cap this year. Was this prophesised by a trio of academics?

Turkey’s crisis in six charts

15 August 2018Articles, Economics, Risk CommentaryEmerging markets, TurkeyNick Dunbar

Turkey faces an economic crisis as its dispute with the US escalates. We highlight Turkey’s financial vulnerabilities with six charts.

Italy’s populists throw down gauntlet to Draghi

25 May 2018Articles, EconomicsECB, European Central Bank, Italy, quantitative easingNick Dunbar

Italy’s new populist government is on a collision course with the ECB, which is mulling the tapering of QE purchases. But inflation divergence suggests a way out for the central bank.

Hefty swap bets fail to lift Total Return Fund

24 May 2018Fundsexchange-traded funds, PimcoNick Dunbar

In a time of rising bond yields, active bond funds can use derivatives to manage duration risk. But as the experience of Pimco shows, attempts to generate alpha this way do not justify the risks or management costs.

Is Pimco’s Ivascyn hooked on credit default swaps?

3 May 2018Fundscredit default swaps, PimcoNick Dunbar

Pimco’s star manager uses credit default swaps to boost returns and increase inflows to his fund. How transparent are the risks?

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