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The Weekly Globe


/ 6 Oct 2020

The Weekly Globe

Recent trends behind key IG drivers are quite supportive. With the start of the last quarter of 2020 it is worth looking at some key drivers, or so called ‘technicals’, for IG given our overweight views on the asset class. First, expected IG bond issuance is likely to slow dramatically in the remainder of the year as companies see less incentive to hold large amounts of precautionary cash to face an uncertain COVID outlook. This year broke IG bond issuance records with a Sep’20 YTD worth US$1.74 trillion (the March-May 2020 period saw an monthly average issuance that was over double normal levels), easily breaching the full 2017 US$1.51 trillion existing record. Amid abundant issuance, IG companies raised cash balances and reduced refinancing needs substantially.

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