Did you know distressed loan trades take on average 66 days to settle? Mike Kerrigan of Hunton Andrews Kurth explai… https://t.co/LPCD325kgt
Value trade protectionism
After tumbling from the January high in the first quarter, global stocks were relatively more range bound to start off the second quarter. Global economic growth did see a mild improvement in April according to the J.P. Morgan Global Manufacturing PMI™, yet developed market investors shied away from momentum toward value, as inflation fears and concerns of escalating trade tensions and higher interest rates remained (Table 1).
- US: Rational Decay Alpha was a particularly weak performing factor among large and small caps
- Developed Europe: Valuation was a positively rewarded theme, as demonstrated by Forward 12-M EPS-to-Enterprise Value and Industry Relative Leading 4-QTRs EPS to Price
- Developed Pacific: Markets followed suit with other developed regions, favoring value over momentum, while also taking direction from the securities lending market, as gauged by Implied Loan Rate
- Emerging markets: Industry-adjusted 12-month Relative Price Strength captured positive investor outlook, though optimism was kept in check by short selling demand signals (e.g., Demand Supply Ratio)
- One-Year Relative Score of the IHS Markit Five-Year European Sovereign CDS Spreads: April 12, 2019
- SOFR: Q1 Quarter-End Spike?
- Distressed Loan Settlement: The PSA solution
- FRTB: Is time still on your side?
- Five Key Takeaways from the IHS Markit Corporate Access Roundtable
- Subordination (TLAC and MREL) - Preparing for the New German CDS Protocol
- Global economy gains momentum for second month running in March but manufacturing malaise deepens
- March 2019 Model Performance Report
RT @TabbFORUM: The labor-intensive, manual processes for managing inventory create risk affecting all distressed loan market participants.…