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The Path to SOFR and Alternatives

Is LIBOR Replacement Really One Size Fits All?  The choice of SOFR, the Secured Overnight Financing Rate, to replace LIBOR has been controversial from the start. The notion of replacing an unsecured, forward looking term rate with a daily, secured and backwards looking index has left sophisticated market participants scratching their heads. As SOFR fundamentally … Continued

November 2019

New Issue Investment Grade Credit had a strong November with issuance of nearly $100 billion which has provided much needed paper to a market where investor demand continues to outweigh supply. The U.S. investment grade credit market continues to see strong demand with buyers gravitating to new debt as well as secondary paper. The strong … Continued

The “Fed Listens”, Speaks and Distorts

What a turnaround from this time last year. Just as Chairman Powell delivers a speech from Rhode Island this week discussing the dynamics of 2019, risk markets continue to plow forward with optimism around trade, M&A activity and global central bank liquidity. The Fed’s new norm of lower neutral rates, natural rate of unemployment and … Continued

Understanding Expanding Risk in China

Understanding Expanding Risks to Doing Business in China The combination of China’s domestic political, economic challenges and broader regional and global geopolitical dynamics is driving increased risks for U.S. and Western businesses seeking to invest or operate in the People’s Republic of China. Such companies should not only understand the parameters and trajectories of these … Continued