Infradebt Q3 Newsletter

Relative to the last two quarters markets have been more subdued.  As Ben Hunt (of Epsilon Theory fame) aptly called it, Brexit was more of a Bear Stearns moment rather than a Lehman moment (after the initial shock, markets recovered very quickly), and as we ‘go to print’ Deutsche Bank is creating lots of noise (potentially a Lehman’s moment) and affecting debt markets in subtle, and not so subtle (e.g. Deutsche CDS) ways. 

The first article of this newsletter looks at the low volatility anomaly, which, whilst not directly related to infrastructure, is highly relevant to the asset class.  The second article takes a look at disruption within the electricity sector, and the third provides a contemporary recap of the ports sector over the prior years.

Follow  link for full pdf