Strategy Conference Call

Outlook 2022: A conference call series on major markets

| December 10, 2021

This document is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt research reports prepared for retail investors.

Join Amherst Pierpont strategists in a series of important calls looking at the unexpected risks and opportunities across markets.

Outlook 2022: Emerging markets

Thursday, December 9, 11a ET

Latin America should continue to transition next year in the aftermath of Covid as many countries enter either a more difficult phase of their International Monetary Fund program or an election cycle. Despite economic recovery, there is recession fatigue after surviving prolonged pandemic shock. This makes it socially and politically difficult to adopt the fiscal restraint needed to tackle higher debt burdens. A trend of rating downgrades has also made debt sustainability difficult.  However, it is also difficult to be bearish when most of the ‘B’ sovereign credits are trading at or near double-digit yields and discount a significant probability of default. We head into next year with attractive valuations that argue for less defensive positions. Join Steve Abrahams, Stephen Stanley and Siobhan Morden for a recap of major themes and Q&A.

Outlook 2022: Corporate credit

Wednesday, December 8, 3p ET

Strong issuance. Steady demand for yield. Robust M&A. A weaker consumer. An imprint from inflation on companies and their customers. And credit picking comes back into play. These are some of the things likely to mark the investment grade corporate market next year. Investors can target selective relative value opportunities in positioning for some of these developments. Join Steve Abrahams, Stephen Stanley, Meredith Contente and Dan Bruzzo for a recap of major themes and Q&A.

Outlook 2022: MBS and CMBS

Tuesday, December 7, 3p ET

Government-sponsored lending will likely play an even larger role in mortgage finance in 2022. Higher loan limits should give agency MBS a larger share of new origination, and government policymakers will attempt to widen the credit box, boost affordability, and increase lending to underserved markets. A bigger agency footprint should change the face of the private-label MBS market next year with a growing focus on expanded credit and non-QM lending. The transition to a post-pandemic world should broadly help commercial real estate although performance should vary significantly across multifamily, lodging and office sectors. Join Steve Abrahams, Stephen Stanley, Brian Landy, Chris Helwig and Mary Beth Fisher for a recap of major themes and Q&A.

SCIB US Strategy Team
inquiries@apsec.com
aps-strategy-team

This material is intended only for institutional investors and does not carry all of the independence and disclosure standards of retail debt research reports. In the preparation of this material, the author may have consulted or otherwise discussed the matters referenced herein with one or more of SCM’s trading desks, any of which may have accumulated or otherwise taken a position, long or short, in any of the financial instruments discussed in or related to this material. Further, SCM may act as a market maker or principal dealer and may have proprietary interests that differ or conflict with the recipient hereof, in connection with any financial instrument discussed in or related to this material.

This message, including any attachments or links contained herein, is subject to important disclaimers, conditions, and disclosures regarding Electronic Communications, which you can find at https://portfolio-strategy.apsec.com/sancap-disclaimers-and-disclosures.

Important Disclaimers

Copyright © 2024 Santander US Capital Markets LLC and its affiliates (“SCM”). All rights reserved. SCM is a member of FINRA and SIPC. This material is intended for limited distribution to institutions only and is not publicly available. Any unauthorized use or disclosure is prohibited.

In making this material available, SCM (i) is not providing any advice to the recipient, including, without limitation, any advice as to investment, legal, accounting, tax and financial matters, (ii) is not acting as an advisor or fiduciary in respect of the recipient, (iii) is not making any predictions or projections and (iv) intends that any recipient to which SCM has provided this material is an “institutional investor” (as defined under applicable law and regulation, including FINRA Rule 4512 and that this material will not be disseminated, in whole or part, to any third party by the recipient.

The author of this material is an economist, desk strategist or trader. In the preparation of this material, the author may have consulted or otherwise discussed the matters referenced herein with one or more of SCM’s trading desks, any of which may have accumulated or otherwise taken a position, long or short, in any of the financial instruments discussed in or related to this material. Further, SCM or any of its affiliates may act as a market maker or principal dealer and may have proprietary interests that differ or conflict with the recipient hereof, in connection with any financial instrument discussed in or related to this material.

This material (i) has been prepared for information purposes only and does not constitute a solicitation or an offer to buy or sell any securities, related investments or other financial instruments, (ii) is neither research, a “research report” as commonly understood under the securities laws and regulations promulgated thereunder nor the product of a research department, (iii) or parts thereof may have been obtained from various sources, the reliability of which has not been verified and cannot be guaranteed by SCM, (iv) should not be reproduced or disclosed to any other person, without SCM’s prior consent and (v) is not intended for distribution in any jurisdiction in which its distribution would be prohibited.

In connection with this material, SCM (i) makes no representation or warranties as to the appropriateness or reliance for use in any transaction or as to the permissibility or legality of any financial instrument in any jurisdiction, (ii) believes the information in this material to be reliable, has not independently verified such information and makes no representation, express or implied, with regard to the accuracy or completeness of such information, (iii) accepts no responsibility or liability as to any reliance placed, or investment decision made, on the basis of such information by the recipient and (iv) does not undertake, and disclaims any duty to undertake, to update or to revise the information contained in this material.

Unless otherwise stated, the views, opinions, forecasts, valuations, or estimates contained in this material are those solely of the author, as of the date of publication of this material, and are subject to change without notice. The recipient of this material should make an independent evaluation of this information and make such other investigations as the recipient considers necessary (including obtaining independent financial advice), before transacting in any financial market or instrument discussed in or related to this material.

The Library

Search Articles