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Commentary

Canso 2004 Q3 Market Observer

The Federal Reserve continued its “measured” tightening of U.S. monetary policy with a .25% increase in the Fed Funds rate in both August and September. Alan Greenspan, the Chair of the Federal Reserve, had been…
Commentary

Canso 2004 Summer Corporate Bond Newsletter

The Canadian corporate bond market seems to have hit its tight yield spreads for this cycle, as can be seen by the chart below of the Corporate Bond Index yield spread. The recent Yellow Pages…
Commentary

Canso 2004 Q2 Market Observer

The U.S. Federal Reserve increased the Fed Funds rate by .25%, as widely had been expected, at the end of the second quarter of 2004. This was the first increase in U.S. administered interest rates…
Commentary

Canso 2004 Spring Corporate Bond Newsletter

“Low short term interest rates and a steep yield curve provide powerful incentives to boost leverage, undertake carry trades, and seek yield by going out the risk spectrum. There is a real risk of investor…
Commentary

Canso 2003 Winter Corporate Bond Newsletter

Loose monetary policy and a strong North American economy restored confidence to the credit markets in 2003. With plentiful liquidity chasing investment opportunity, portfolio managers, financial institutions and retail investors provided a strong and sustaining…
Commentary

Canso 2003 Fall Corporate Bond Newsletter

“With evidence of fear and liquidation rampant, we know that the future is being severely discounted and that causes us to look for evidence of reasonable future cash flows. With professional and amateur investors alike…
Commentary

Canso 2003 Summer Corporate Bond Newsletter

The second quarter of 2003 started with a moroseness that might have come from “Iraq Attack” let down or “Post Triumphal Stress” syndrome. No more televised retired generals, no more campaign maps, just boring and…

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