p over the last few months, however, for a more sustained price increase we likely need to see further evidence of an acceleration in global growth. Foreign Exchange We remain underweight the Japanese yen. The Japanese economy continues to weaken against its peers, leading to rising pressure for the Bank of Japan

On that front, European credit shrugged off the election outcome, tightening marginally in the HG space and widening very slightly in the HY space. Foreign Exchange The post-US election drama is unfolding as expected. Four more years with the same cast is delivering a higher USD versus most currencies but JPY du

ank bond holders will lose money and this risk is, in our mind, not yet in the price (Rethinking the capital structure, R. Henriques et al., Mar 27). Foreign Exchange • Today's research note, Sacrificing Cyprus, examines several presumptions which have arisen over the past two weeks due to the Cyprus crisis, and sc

ank bond holders will lose money and this risk is, in our mind, not yet in the price (Rethinking the capital structure, R. Henriques et al., Mar 27). Foreign Exchange • Today's research note, Sacrificing Cyprus, examines several presumptions which have arisen over the past two weeks due to the Cyprus crisis, and sco

ank bond holders will lose money and this risk is, in our mind, not yet in the price (Rethinking the capital structure, R. Henriques et al., Mar 27). Foreign Exchange • Today's research note, Sacrificing Cyprus, examines several presumptions which have arisen over the past two weeks due to the Cyprus crisis, and sco

accelerated this week. Also, our client survey reports on-going demand for credit and new issues remain well bid (see CMOS and F&L for more details). Foreign Exchange 2013 has started with bubbling optimism across global markets. Equities are approaching five-year highs and credit spreads their five-year lows, whil