Investment briefing
Ricochet
Cast your minds back to 2014, when the Caribbean Island of Puerto Rico, burdened by a chronic budget deficit, spooked the US municipal bond market by passing legislation to restructure some of its enormous $73bn debt pile. US Municipal Bond ETFs reeled and wider markets were spooked, the country’s debt downgraded to ‘junk’ status.
Investment briefing
The Right Bill of Lading
‘…Antonio hath a ship of rich lading wrack’d on the narrow seas;’
(The Merchant of Venice, Act III, Scene I).
Investment briefing
The approval of vaccines to counter the misery of COVID-19 has driven equity markets higher into the New Year as a hint of, whisper it, ‘normality’ can be glimpsed on the horizon.