NZ Credit: A top performer in 2011
Returns on the NZ Corporate A-Grade Index outstripped other major credit indices in 2011. The running yield on the index was supplemented by the capital gain from the fall in prevailing market interest rates.
• NZ investment grade credit was a top performing asset class globally in 2011.
• Global credit markets deteriorated mid-year, faced with the European sovereign crisis and the US macroeconomic slowdown.
• NZ credit markets remained oddly insulated until November, when credit margins widened sharply as domestic issuance picked up.
•bWhile the backdrop in 2012 remains challenging, wider credit margins are available to investors, especially on issuers in the financial sector...MORE»
Tyndall Monthly CommentaryMonday, January 9th, 9:22AM
The Outlook for 2012 MORE» |
Harbour Commentary: Stable Government and economic recoveryMonday, December 12th, 12:56PM
New Zealand shares were among the better performers during November, a month dominated by the European debt crisis and, closer to home, the General Election. MORE» |
Harbour Commentary: Holes in the lifeboat
The European sovereign debt crisis remained the main driver of global fixed income markets during the course of October, continuing the theme that dominated markets over September.
MORE»Tyndall Monthly Commentary
Another Euro Summit - November 2011
MORE»Harbour commentary: Waves of pessimism and optimism
Markets are swinging from focusing on significant downgrades to European growth expectations and the prospect of financial contagion from European debt stress to hope that a road map for Europe will be 'published' in coming months.
MORE»Tyndall Monthly Commentary
All Roads Lead to Frankfurt (not Rome) - October 2011
MORE»Harbour Commentary: Bond markets pricing in a lost decade
Harbour Asset Management fixed income manager Christian Hawkesby looks at recent economic developments including the US downgrade and local market news and explains what they mean for investors.
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