Volatility Triggers, CCC Rallies and Opportunities in HY ETFs

Published on 28 August 2023

Manuel Hayes, senior portfolio manager at Insight Investment, discusses potential volatility triggers for the upcoming week and what to expect. He also unpacks his views on how CCCs in corporate credit are performing; where his trading team is finding opportunities in HY ETFs and his take on the future of portfolio trading.

North America

  • Equities volumes were still very low but bid-ask spreads appeared tight for the year to date.
  • US IG volumes remain very below the 8-month average but liquidity is very good for the year.
  • Data: Job Openings, Mortgage Applications, GDP growth, Core PCE Prices, and Non Farm Payrolls.
  • US axe data, which is within normal ranges, indicates a much higher proportion of buying versus selling in credit.

Europe and the UK

  • Equities volumes were still very low but bid-ask spreads appeared tight for the year to date.
  • US IG volumes remain very below the 8-month average but liquidity is very good for the year.
  • Data: Job Openings, Mortgage Applications, GDP growth, Core PCE Prices, and Non Farm Payrolls.
  • US axe data, which is within normal ranges, indicates a much higher proportion of buying versus selling in credit.