Income & Fixed Interest Newsletter – February 2016

February was a very volatile month across markets with the S&P closing the month largely unchanged after a violent fall in the first couple of weeks. There were numerous market drivers this month but the ongoing shift to negative interest rate policy (NIRP) in many countries was by far the most important.

We have talked a lot about the declining liquidity in the markets, so wanted to focus this month on what exactly we mean and why we are so bearish on credit securities on the back of it.

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