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Deer Point Macro
@deerpointmacro
Macroeconomics, emerging and developed markets, FX, covered interest rate parity, and cross-currency basis swaps.
United States
Joined August 2019
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    Deer Point Macro
    @deerpointmacro
    14h
    Azule Energy bonds look increasingly attractive on a relative-value basis. Its 2030s trade 50bp wider than Seplat’s comparable maturity vs. 90bp in mid-April, despite similar ratings and 1.0x net leverage. Given Azule’s offshore assets/revenue and prior tighter trading, the gap
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    Deer Point Macro
    @deerpointmacro
    Aug 9
    EUR implied and realized volatility had previously diverged but have recently converged again. The path forward for USD strength will likely be driven by the asymmetry of different outcomes. We believe the balance of risks leans toward further dollar strengthening. The primary
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    Deer Point Macro
    @deerpointmacro
    Aug 6
    Cyclical credit has historically generated modestly positive returns when spreads are tight and range-bound. However, we remain cautious given the environment. With cyclical OAS at 161 bps versus 171 bps for noncyclicals, the current spread differential does not appear
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    Deer Point Macro
    @deerpointmacro
    Aug 5
    SoftBank Corp. remains a defensive telecom credit, supported by stable earnings, a strong market position and manageable leverage. Improving network quality, cost controls and a recovery in non-telecom operations should support earnings growth, while EBITDA margins are expected
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