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The birth of the euro was a symbol of European integration and the ECB was created to safeguard the currency and keep inflation under control. To fulfill this mission, the ECB has implemented different tools over the years. Let’s review this toolkit chronologically and assess the latest Transmission Protection Instrument (TPI). Interesting times.
However, many market participants seem to overlook the concept of ‘mean reversion’. In fact, over the next 12 to 36 months, reversion towards normality seems more likely than continued inflation growth.
Can the European Union tighten its military cooperation, or should we look at alternatives instead?
Ongoing central bank interventionism has blurred the lines between ‘base-case’ and ‘risk’ scenarios.
In this weeks’ piece, we reflect on the dynamics of both scenarios across three different levels to better understand financial markets ahead of a synchronised tightening cycle.
Convertible bonds hold more credit DNA than equity. As such, a careful credit analysis process needs to be set up in order to assess both the quality of the convertible bonds and the strength of the bond floor in particular, which is closely linked to the credit spread of the company.