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News & Articles
Q1 2020 Quarterly Commentary (USD)
MARKET ENVIRONMENT Markets were challenging during the quarter, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell-off between the second half of February and the first half of March, which impacted the subordin …
Analysts keeping close eye on insurers’ hybrid bonds
Romain Miginiac, quoted in an article published on S&P global, 14/04/2020 Recent falls in European insurers’ solvency ratios are a long way from triggering default clauses in certain hybrid bonds they have issued, analysts say, but the uncertainty …
‘Best Buying Opportunity Of The Century’
‘Best Buying Opportunity Of The Century’ For Corporate Bonds. Gregoire Mivelaz, quoted in an article published by Cherry Reynard on Forbes, 14/04/2020. At the start of 2020, corporate bonds were friendless. The income looked meagre and their cap …
Monthly Commentary March
GAM Star Credit Opportunities (EUR) Markets were challenging during the month of March, driven by the economic ramifications of the Covid-19 outbreak. This has led to a sharp sell off during the first half of the month in subordinated debt markets and …
Banks remain resilient.
Banks remain resilient. Gregoire Mivelaz, interviewed by GAM, 06/04/2020 If the global financial crisis (GFC) of 2008 was a stormy period for the economy, then Covid-19 has been a full scale hurricane. The GFC first hit the American housing mark …
Monthly Commentary Mid-March 3.0
Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance. GAM Star Credit Opportunities (EUR) Prices of subordinated debt continued to correct during the wee …
Monthly Commentary Mid-March 2.0
Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance. GAM Star Credit Opportunities (EUR – GBP – USD) While prices of subordinated debt remained under pr …
Les gérants de dette bancaire restent confiants malgré la crise
Article paru dans Option Finance – Les gérants de dette bancaire restent confiants malgré la crise. Le marché de la dette bancaire subordonnée, et en particulier celui des «CoCos» prisés par les investisseurs pour leur rendement, est fortement chahuté …
Monthly Commentary Mid-March
Given the extraordinary market conditions that are currently taking place, we wanted to provide you with our latest thoughts regarding fund performance. GAM Star Credit Opportunities (USD) Â We are becoming used to periods of turbulence such as we have …
Impact of Covid-19 on our funds
Impact of Covid-19 on our funds: from a credit standpoint and given current information – credit neutral. Our base case remains that economy weakness arising from the virus should be temporary and front-loaded. In the meantime, this will force central …
Impact of COVID-19 on our funds
Impact of Covid-19 on our funds Impact of Covid-19 on our funds: from a credit standpoint and given current information – credit neutral. Our base case remains that economy weakness arising from the virus should be temporary and front-loaded. In the me …
USD vs EUR performance analysis
The tone in subordinated financial markets was softer in February, reversing the strong sentiment in January. This was mainly driven by volatility from the Coronavirus outbreak and potential repercussions on the economy, with the EUR AT1 CoCo index dow …
Monthly Commentary February
GAM Star Credit Opportunities (USD) Despite a strong start to the month, the last week of February was marked by strong ‘risk-off’ sentiment activity due to negative headlines on the Covid-19 coronavirus. The fund was not immune as reflected by a negat …
Discos – More Positive Catalysts to Come
 Executive Summary Prices of Discounted Perpetual FRNs (Floating Rate Notes) have recovered since H2 2019, fueled by several positive catalyst events and there is scope for further price appreciation, in our view Upside potential for bondholders from …
Subordinated Debt – an Attractive Asset Class
SUBORDINATED DEBT – AN ATTRACTIVE ASSET CLASS Executive Summary  Since the global financial crisis (GFC) new regulations obliged banks and insurers to strengthen their balance sheets by increasing and maintaining high levels of capital The financial s …
Environmental, Social And Governance (Esg) Approach
As delegated investment advisor of the GAM Star Credit Opportunities Funds*, we at Atlanticomnium have a fiduciary duty to act in the best long-term interests of our clients and their beneficiaries by seeking to protect and enhance their economic inter …
Monthly Commentary January
GAM Star Credit Opportunities (USD) During the fourth quarter of 2019, financial markets enjoyed a positive trend, as reflected by the performance of the fund. Spreads on financials’ subordinated debt tightened during the quarter. The year ended …
AT1 CoCos of Strong European Banks
AT1 CoCos of strong European banks offer an attractive pick-up and a good risk-reward because intense regulation over the past years meaningfully de-risked European banks, which now hold more and better capital and are ultimately better equipped to han …
GAM Star Credit Opp; Super Attractive new Santander Bond
Banco Santander came to the market with a new AT1 CoCo in EUR – which came at a very attractive coupon of 4.375% or spread of around 450bps – and very cheap compared to existing bonds. The bond is callable in January 2026 (non-call 6) after which the c …