FICC Focus The Year Ahead in Rates, Credit and Currencies
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Dec 9, 2024 Celebrate the approaching year with insights on interest rates, credit, and currency trends! Unravel unexpected market surprises from the past year and explore future shifts in the bond landscape. Dive into the dynamics of foreign exchange markets amidst economic resilience and volatility. Learn about the implications of the Supreme Court's Purdue ruling on bankruptcy and catch an outlook on Europe's tumultuous financial climate. Plus, discover how new housing policies may impact first-time buyers and the future of mortgage markets.
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Bankruptcy Trends
- The revival of J&J's Texas two-step bankruptcy strategy will be monitored for future mass tort applications.
- Aggressive creditor efforts to control bankruptcy cases early on, using DIP financing and roll-ups, are noteworthy.
Credit Resilience
- Despite market chaos and incorrect rate predictions, credit investments performed well in 2024.
- Credit outperformed government bonds (treating governments as corporates), despite poor government metrics.
European Credit Opportunity
- European credit remains a good investment opportunity due to its resilience and volatility.
- Despite political and economic instability, European credit spreads offer value compared to US credit.