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Plummeting bonds reflect souring UK mood for outsourcing and privatisation

20 June 2024Credithigh yield bonds, outsourcing, privatisation, utilitiesNick Dunbar

Bonds issued by Atos and Thames Water are trading at distressed levels as investors prepare for a changed climate after the UK election

Corporate debt bar chart race

29 December 2023Creditcorporate bondsNick Dunbar

How have the world’s biggest corporate borrowers changed since 2016?

Charting China’s real estate bond meltdown

29 August 2023Credit, Risk CommentaryChina, corporate bonds, distressed debt, real estateNick Dunbar

Our corporate bond tool shows that dollar-denominated Chinese real estate bonds are collectively worth just 12% of their total value two years ago. By analysing iBoxx departures and distressed prices, we firm up this analysis and look at the wider implications for China’s troubled economy.

Inflation and the return of corporate borrowing

8 June 2023Credithealthcare, inflation, utilitiesNick Dunbar

High interest rates were a dampener on corporate borrowing but now the trend has reversed, led by two sectors with their own inflationary characteristics

Spares and heirs in the capital markets

18 January 2023Creditcorporate bondsNick Dunbar

At first sight, corporate bonds did badly in 2022, but aside from a handful of exceptions, this was the result of the sell-off in government debt, our analysis shows. With yields of 4-5%, investment grade bonds are now an attractive asset class.

The endgame of Chinese real estate bonds

15 November 2022CreditNick Dunbar

China’s real estate developers are frozen out of the bond markets, with steep losses priced in for bonds that haven’t yet defaulted. A sketchy regulatory rescue plan is likely to be too little, too late to make a difference.

Descending the debt mountain

17 June 2022Creditcorporate bonds, inflationNick Dunbar

Inflation-busting is likely to involve a recession, and companies are starting to reduce debt built up during the pandemic. What’s the best way to do it?

Inflation and the corporate debt hangover

25 March 2022Creditcorporate bonds, inflationNick Dunbar

Inflation is supposed to be good for corporate bond issuers, because the real value of repayments is eroded. But what if a company’s ability to repay debt from earnings is eroded even faster?

Tales from the junk bond boom

12 October 2021Credithigh yield bondsNick Dunbar

One in two corporate bonds issued this year have been high yield, after redemptions are taken into account. Who are the winners and losers so far?

Building on sand

15 September 2021Credit, EconomicsChina, corporate bonds, regulationNick Dunbar

Distress is building in corners of the Chinese offshore corporate bond market. What does this tell us about the nation’s relationship with foreign capital and investment?

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