Credit Improves as Debt Growth Slows and Equities Rally (Capital Markets Research) - Moody's Capital Markets Research

Credit Improves as Debt Growth Slows and Equities Rally (Capital Markets Research)

Credit Improves as Debt Growth Slows and Equities Rally (Capital Markets Research) - Moody's Capital Markets Research
Credit Improves as Debt Growth Slows and Equities Rally (Capital Markets Research)
Published Apr 20, 2017
26 pages — Published Apr 20, 2017
Price US$ 750.00  |  Buy this Report Now

About This Report

  
Abstract:

WEEKLY MARKET OUTLOOK APRIL 20, 2017 CAPITAL MARKETS RESEARCH Moodys Analytics markets and distributes all Moodys Capital Markets Research, Inc. materials. Moodys Capital Markets Research, Inc is a subsidiary of Moodys Corporation. Moodys Analytics does not provide investment advisory services or products. For further detail, please see the last page. Credit Improves as Debt Growth Slows and Equities Rally Credit Markets Review and Outlook by John Lonski Credit Improves as Debt Growth Slows and Equities Rally. ¯ FULL STORY PAGE 2 The Week Ahead We preview economic reports and forecasts from the US, UK/Europe, and Asia/Pacific regions. ¯ FULL STORY PAGE 6 The Long View Check our chart here for forecast summaries of key credit market metrics. Full updated stories, After Q1- 2017s 98.3% annual surge, US$ high-yield bond issuance is projected to grow by a much slower 16.8% for all of 2017, begin on page 14. ¯ FULL STORY PAGE 14 Ratings Round-Up by Njundu Sanneh Upgrades Rebound. ¯ FULL STORY PAGE 18 Market Data Credit spreads, CDS movers, issuance. ¯ FULL STORY PAGE 20 Moodys Capital Markets Research recent publications Links to commentaries on: Cycle, South Africa, yields, Venezuela, equity, eurozone, hike, global, profits, Korea, Caa, yes, hike, VIX, rates, France, demography, boom, Japan. ¯ FULL STORY PAGE 24 Credit Spreads Investment Grade: Year-end 2017 spread to exceed its recent 122 bp. High Yield: After recent spread of 415 bp, it may approximate 480 bp by year-end 2017. Defaults US HY default rate: after March 2017s 4.7%, Moodys Credit Policy Group forecasts it near 2.9% during 2018s first quarter. Issuance In 2016, US$-IG bond issuance grew by 5.6% to a record $1.412 trillion, while US$-priced high-yield bond issuance fell by -3.5% to $341 billion. For 2017, US$-IG bond issuance may rise by 4.2% to a new zenith of $1.472 trillion, while US$-priced high-yield bond issuance may increase by 16.8% to $398 billion but still lag 2014s $435 billion zenith. Click here for Moodys Credit Outlook, our sister publication containing Moodys rating agency analysis of recent news events, summaries of recent rating changes, and summaries of recent research. Moodys Capital Markets Research, Inc. Weekly Market Outlook Contributors: David W. Munves, CFA 1.212.553.2844 david.munves@moodys.com John Lonski 1.212.553.7144 john.lonski@moodys.com Njundu Sanneh 1.212.553.4036 njundu.sanneh@moodys.com Yukyung Choi 1.212.553.0906 yukyung.choi@moodys.com Irina Baron 1.212.553.4307 irina.baron@moodys.com Franklin Kim 1.212.553.4419 franklin.kim@moodys.com Xian (Peter) Li 1.212.553.1404 xian.li@moodys.com Moody's Analytics/Europe: Tomas Holinka +420 ( 221) 666-384 Tomas.holinka@moodys.com Moody's Analytics/Asia-Pacific: Katrina Ell +61 (2) 9270-8144 katrina.e...

  
Source:
Document ID
PBC_195402
Report Type
Market Outlook
Format:
PDF Adobe Acrobat
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Sections

TitleStarting PageNumber of Pages
The Week Ahead11
The Long View11
Ratings Round-Up by Njundu Sanneh11
Upgrades Rebound.11
Market Data11
Moody s Capital Markets Research recent publications11
Weekly Market Outlook Contributors:11
Credit Markets Review and Outlook24
  Breadth lends quality to latest equity rally31
  Latest equity rally pushes equity-infusion upgrades above shareholder-compensation downgrades41
  M&A now figures in more upgrades than downgrades42
The Week Ahead US, Europe, Asia-Pacific68
  THE US61
    Thursday, April 2061
  Jobless claims (week ending April 15; 8:30 a.m. EDT)61
  Philadelphia Fed manufacturing survey (April; 8:30 a.m. EDT)61
    Friday, April 2171
  EUROPE71
    Friday, April 2181
  U.K.: Retail Sales (March; 9:30 a.m. BST)81
  Spain: Foreign Trade (February; 9:30 a.m. BST)81
  Asia-Pacific81
    Thursday, April 2091
  New Zealand Consumer Price Index 2017Q191
  Japan Foreign Trade March91
  Indonesia Monetary Policy April91
    Friday, April 2191
  Japan Industry Activity Indexes February101
    Monday, April 24101
  Taiwan Domestic Trade March101
  Taiwan Industrial Production March101
    Tuesday, April 25101
  Hong Kong Foreign Trade March101
  South Korea Consumer Sentiment Index April101
    Wednesday, April 26101
  Australia Consumer Price Index 2017Q1101
  Singapore Industrial Production March111
    Thursday, April 27111
  South Korea GDP 2017Q1111
  Japan Monetary Policy April111
    Friday, April 28111
  New Zealand Foreign Trade March111
  South Korea Industrial Production March111
  South Korea Retail Sales March121
  Japan Consumer Price Index March121
  Japan Employment Situation March121
  Japan Household Expenditures Survey March121
  Japan Industrial Production March121
  Japan Retail Sales March121
  Taiwan GDP 2017Q1131
  Singapore Employment 2017Q1131
  Japan Housing Starts March131
  Thailand Private Consumption March131
  Thailand Foreign Trade March131
The Long View144
  Credit spreads141
  The recent high-yield bond spread of 413 bp is less than what is inferred from the spread s macroeconomic drivers and the high-yield EDF metric, and the VIX index. The implications for liquidity of regulatory changes merit scrutiny. If regulatory cha...141
  Defaults141
  US CORPORATE BOND ISSUANCE141
  US Economic Outlook151
  EUROPE151
  Asia Pacific162
Ratings Round-Up181
Ratings Round-Up181
Ratings Round-Up191
Market Data204
Moody s Capital Markets Research recent publications243

Table Of Contents

Moody's Capital Markets Research—Moody's Analytics offers research, unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management.

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Cite this Report

  
MLA:
Moody's Capital Markets Research. "Credit Improves as Debt Growth Slows and Equities Rally (Capital Markets Research)" Apr 20, 2017. Alacra Store. Mar 28, 2024. <http://www.alacrastore.com/storecontent/Moody-s-Capital-Markets-Research/Credit-Improves-as-Debt-Growth-Slows-and-Equities-Rally-Capital-Markets-Research-2141-3244>
  
APA:
Moody's Capital Markets Research. (2017). Credit Improves as Debt Growth Slows and Equities Rally (Capital Markets Research) Apr 20, 2017. New York, NY: Alacra Store. Retrieved Mar 28, 2024 from <http://www.alacrastore.com/storecontent/Moody-s-Capital-Markets-Research/Credit-Improves-as-Debt-Growth-Slows-and-Equities-Rally-Capital-Markets-Research-2141-3244>
  
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