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Providing Market Insights to C-Suite Executives

Exemplifying MUFG’s commitment to clients as a trusted advisor, MUFG’s Capital Markets Strategy team provides C-suite executives (Board, CEO, CFO, Treasury) insights to anticipate, understand, and respond to important global market, economic and policy developments.

Unlike traditional Wall Street research, MUFG’s Capital Markets Strategy team maintains a dedicated focus on the needs of corporate clients, analyzing key themes that impact business strategy, funding and hedging.

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For more information, contact us.

Tom Joyce
Managing Director
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Hailey Orr
Managing Director
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Stephanie Kendal
Vice President
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Angela Sun 
Analyst 
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Market Publications

DateTitleLink
03/04/2024Monthly Market Recap February 2024Learn More
03/01/2024Surging New Issuance Markets Set New Records in January-FebruaryLearn More
02/28/2024Geo-Strategic Realignment of Sino-Russian Trade FlowsLearn More
02/27/2024Tech Drives Global Equity RallyLearn More
02/23/2024M&A, Mega-Deals & SpreadsLearn More
02/16/2024February Volumes Already Surpass Full Month ExpectationsLearn More
02/13/2024Fed Rate Cut Expectations Decline Sharply on Higher January InflationLearn More
02/02/2024Largest US HY Issuance Month in 2 YearsLearn More
02/01/2024Monthly Market Recap January 2024Learn More
02/01/2024Largest January US Dollar IG Issuance on RecordLearn More
01/30/2024IG Credit Spreads Break Below 100 bps Threshold (and well-inside LT averages)Learn More
01/26/2024Quarter Trillion of Announced US Semiconductor Production InvestmentLearn More
01/23/2024Productivity Cycle Optimism & the World’s Most Innovative EconomiesLearn More
01/20/2024Largest MLK IG Issuance Week on RecordLearn More
01/18/2024Fed Policy During Presidential Election YearsLearn More
01/13/2024Global Growth Below Trend, Inflation Above TrendLearn More
01/11/2024Hotter than AnticipatedLearn More
01/08/2024Largest, Most Liquid Capital Markets in the WorldLearn More
01/06/2024Busiest 'First Week' of IG Issuance on RecordLearn More
01/05/2024Maturity Wall Looms Larger in 2025Learn More
01/04/2024Monthly Market Recap December 2023Learn More
01/03/2024Rising Starts Outpaced Falling Angels in 2023Learn More
01/02.2023Less Than 2 Weeks Until IowaLearn More
12/29/2023Modest Global M&A Recovery in 2024Learn More
12/28/2023IG Issuance Should Increase 10% in 2024Learn More
12/27/2023Moderately Bearish Credit Spreads in 2024Learn More
12/26/2023Cyclically Bullish UST Yields in 2024Learn More
12/22/2023Notable Milestones in 2023 IG IssuanceLearn More
12/19/2023The Last G10 Meeting of 2023Learn More
12/18/2023USD Credit Spreads Currently Not Pricing RecessionLearn More
12/15/2023Equities During Fed Easing CyclesLearn More
12/14/2023Ten Year UST Yields Trade Below 4%Learn More
12/12/2023Headline Deceleration But Core Remains 'Sticky'Learn More
12/06/2023Largest HY Bond Inflows on RecordLearn More
12/05/2023Biggest Election Year in HistoryLearn More
12/04/2023Monthly Market Recap November 2023Learn More
11/28/2023Resilient Economy, Normalizing Inflation, Creating Backdrop for Year-End RallyLearn More
11/16/2023Markets During Fed Easing CycleLearn More
11/14/2023Encouraging Signs of US DisinflationLearn More
11/13/2023Map of the Day - The 2023 APEC Leadership Summit in San Francisco (Nov 11-17, 2023)Learn More
11/10/2023Financial Markets Now Doing the TighteningLearn More
11/07/2023Months is a Long Time in WashingtonLearn More
11/06/20233rd Highest IG New Issuance Forecast Week in 2023Learn More
10/30/2023Downward Pressure on USD Credit Market ReturnsLearn More
10/28/2023The Strait of Hormuz Strategic ChokepointLearn More
10/27/2023Investment Fund Purchases of UST'sLearn More
10/26/2023Ownership of the $25 Trillion UST MarketLearn More
10/24/2023Absorbing Over $1.3 Trillion of UST Supply Since June 1Learn More
10/23/2023Record U.S. Budget DeficitsLearn More
10/21/2023Markets Since the Israel Gaza Crisis Began Two Weeks AgoLearn More
10/17/2023Dis-Inversion of the UST Yield CurveLearn More
10/16/2023Markets After the October 7th Attacks on IsraelLearn More
10/12/2023U.S. Inflation Rises More Than AnticipatedLearn More
10/10/2023China's Market Share of U.S. Imports Approaching 20 Year LowLearn More
10/04/2023G10 Monetary Tightening Cycle Nearly CompleteLearn More
10/03/2023Losing Control of the Long EndLearn More
09/28/2023Altering the Traditional Path of Economic & Market CyclesLearn More
09/26/2023Duration of U.S. Government ShutdownsLearn More
09/20/2023Higher Friction GeopoliticsLearn More
09/18/2023$100 OilLearn More
09/14/2023Forthcoming Capex SupercycleLearn More
09/13/2023Headline Inflation Higher on Energy Prices (Core Inflation’s Decline Firmly Intact)Learn More
09/12/2023M&A Cycle Disconnecting from Rising EquitiesLearn More
09/08/2023Negative Structural & Cyclical Feedback Loops Weigh Heavily on China's GrowthLearn More
09/07/2023New Normal for China Growth 5%Learn More
09/06/2023Busiest IG Bond Volume Day in 2023 (5th Largest Ever)Learn More
09/05/2023Business Cycle Status for G20 EconomiesLearn More
08/24/2023BRICS Invite 6 New Members in Southern ExpansionLearn More
08/22/2023Shifts in U.S. Treasury SupplyLearn More
08/21/2023High Yield Spreads Pricing a Soft LandingLearn More
08/15/2023Market Repricing Long Term U.S. Inflation ExpectationsLearn More
08/14/2023At 23-Year Highs U.S. Mortgage Rates Rising with UST YieldsLearn More
08/11/2023Paradigm Shift in Source of U.S. Rate VolatilityLearn More
08/10/2023Moderating July Inflation Reinforces Expectations of Fed Pause in SeptemberLearn More
08/09/2023Nine Countries with AAA RatingsLearn More
08/08/2023Debt & Deficits MatterLearn More
08/07/2023Global Government Bond Yields at Multi-Year Highs    Learn More
08/04/2023Sahm Rule NOT Signaling RecessionLearn More
08/03/2023Global Manufacturing Recession Has Further to RunLearn More
08/01/2023Less Rate Sensitive US EconomyLearn More
07/26/2023Who is Buying $1 Trillion of U.S. TreasuriesLearn More
07/25/2023Americas $20 Trillion Economy by StateLearn More
07/19/2023Leverage Loan Defaults Than High YieldLearn More
07/12/2023U.S. Inflation Drops to 27 Month Low of 3%Learn More
07/11/2023Attractive Entry Point for High Quality CreditLearn More
07/10/2023Resilient U.S. Consumer & EconomyLearn More
07/08/2023Buyback Stocks Outperformed Dividends in 1H 2023Learn More
07/07/2023Strength Across Markets in the 1H 2023Learn More
07/06/2023Strong Corporate Balance Sheets with Divergence by RatingLearn More
07/05/2023Real Rates More Firmly PositiveLearn More
06/29/2023Corporates Moving Opportunistically to Pre-Fund 2025 HY Maturity WallLearn More
06/21/2023USD High Yield Spreads Vulnerable to Widening in 2H 2023Learn More
06/14/2023IG & HY Credit Spreads Trading Below Multi-Decade AveragesLearn More
06/13/2023Headline US Inflation More than 50% Below June PeakLearn More
06/08/2023Share Buybacks Hit Record $1.3 Trillion in 2022Learn More
06/06/2023Major Markets Sending “Mixed Signals” on the EconomyLearn More
06/05/2023Strength Across Markets in the 1H 2023Learn More
06/01/2023Earnings Recessions in the Absence of Economic Recessions Are RareLearn More

Policy Notes

Date Title Link
01/15/2024 The Next 50 Days in Washington Learn More
01/12/2024 Elevated Geopolitical Risk in the Taiwan Strait Learn More
10/31/2023 BOJ Takes Another Step Toward Policy Normalization Learn More
09/22/2023 Hawkish Fed Pause Drives U.S. Rates to 17 Year Highs Learn More
05/25/2023 Fitch Places United States' 'AAA' on "Rating Watch" Learn More
05/16/2023 Stakes Higher Markets More Sensitive Risk Lower Learn More
05/15/2023 Viable and Non-Viable Options for US Debt Ceiling Resolution Learn More
05/08/2023 Expectations from Washington on US Bank Sector Stress Learn More
04/06/2023 The BOJ's Changing of the Guard Learn More
03/13/2023 A Closer Look at Silicon Valley Bank Learn More
01/18/2023 Downside and Upside Risks for 2023 Learn More
01/17/2023 Summary Conclusions on the Fed and Inflation in 2023 Learn More
10/31/2022 Legislative and Policy Implications of the US Midterm Elections Learn More
10/20/2022 Services Inflation Remains the Primary Concern Learn More
8/15/2022 Breaking down the $740 bn Inflation Reduction Act & the $280 bn CHIPS and Science Act Learn more
6/3/2022 The EU's 6th Sanctions Package Learn More
5/13/2022 Looking “Under the Hood” (The Transition from COVID to Conflict Inflation) Learn more
5/11/2022 Detailed Inflation Breakdown by Category Learn more
5/5/2022 Record Supply Side Delays Continue Learn more
3/22/2022 SEC Issues Highly Anticipated Climate Disclosure Rule Proposal Learn more
3/7/2022 Investors Incorporating Russia into ESG Agenda Learn more
2/28/2022 Sanctioning the Central Bank of Russia (CBR) Learn more
2/26/2022 Why the West is Hesitant to Deny Russia Access to SWIFT, and How that May Change Learn more

1/27/2022

Labor Market Shortages Learn more
1/20/2022 The Implications of De-Globalization Learn more
1/14/2022 Key Risks to Watch in 2022 Learn more
12/30/2021 Remarkable 2021 Recovery Sets Backdrop for 2022 Learn more
11/30/2021 What to Watch with the Omicron Variant                                                                                                 Learn more
11/2/2021 Evolving Expectations for US Tax Code Change Learn more
9/28/21 President Biden Fed Appointments in the Weeks Ahead Learn more

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Speaking Requests

  • Corporate Board meetings
  • CEO Executive Committee presentations
  • Chief Financial Officer global finance team presentations
  • Global treasury and town hall meetings
  • Global leadership off-sites
  • Trade association meetings
  • Conferences
  • Corporate dinners
  • Private Equity partnership gatherings
  • Private Equity portfolio company meetings

To request an event, please contact the Capital Markets Strategy Team directly at CMGStrategy@mufgsecurities.com

 

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Team Bios

Tom Joyce Tom Joyce
Managing Director
Capital Markets Strategist
New York, NY
Tom.Joyce@mufgsecurities.com

Tom Joyce is a Managing Director and Capital Markets Strategist within MUFG’s global capital markets and investment banking business. Based in New York, Tom heads a team that creates customized analytical content for multi-national S&P 500 companies. His team provides in depth analysis on the impact of economic, political, public policy and regulatory dynamics on the US credit, foreign exchange, rates and commodities markets.

Tom has over 25 years of Investment Banking experience in New York, London, Hong Kong, and San Francisco. Over the last 15 years, Tom created and built the Capital Markets Strategy role, advising corporate C-Suite executives (Boards, CEOs, CFOs, and Treasurers) on the pervasive macro forces driving markets. Tom also presents at dozens of corporate events each year including Board meetings, CEO ExCo sessions, CFO and Treasury off-sites, corporate leadership events and conferences.

Tom’s educational background includes a year of study at Oxford University from 1991 - 1992, a Bachelor of Arts in Political Science from Holy Cross College in 1993, and a MBA from Kellogg Business School, Northwestern University in 2000.

Tom resides in New Canaan, CT with his wife and four sons, where he coaches youth basketball and serves on the Board of Trustees of the New Canaan Library, the Board of the New Canaan Football (Soccer) Club and the Holy Cross College President’s Council.

Hailey OrrHailey Orr
Managing Director 
Capital Markets Strategist
New York, NY
Hailey.Orr@mufgsecurities.com

Hailey Orr is a Managing Director in MUFG’s Capital Markets Strategy group within the global capital markets and investment banking business. The team provides market based content for corporate clients to assist in strategic decision making. Focus areas include the impact of economic, political, public policy and regulatory dynamics on the US credit, foreign exchange, rates and commodities markets.

Hailey has a decade of Wall Street experience, including three years as a Consumer Sector Specialist in Equity Sales and seven years as a Capital Markets Strategist. Hailey is also a member of MUFG’s Inclusion & Diversity Council and has devoted years to participating in and developing Wall Street recruiting programs.

Hailey graduated with honors from the University of Michigan’s Ross School of Business with a BBA and a minor in International Studies.

In March 2020, Crain’s New York Business Magazine named Hailey one of the “Rising Stars in Banking and Finance”. 

Stephanie KendalStephanie Kendal
Vice President
Capital Markets Strategist
New York, NY
Stephanie.Kendal@mufgsecurities.com

Stephanie Kendal is a Vice President in MUFG’s Capital Markets Strategy group within the global capital markets and investment banking business. The team provides market based content for corporate clients to assist in strategic decision making. Focus areas include the impact of economic, political, public policy and regulatory dynamics on the US credit, foreign exchange, rates and commodities markets.

Stephanie has spent over six years as a Capital Markets Strategist. She is an active member of the University of Michigan recruiting team and is focused on the diversity recruiting effort at MUFG. Stephanie is also a part of MUFG’s DEI, Culture & Philanthropy (DCP) Council.

Stephanie graduated with honors from the University of Michigan’s Ross School of Business with a BBA .

Stephanie is actively involved in NYC’s iMentor program, mentoring high school students with their journey to college graduation. She also volunteers at Experience Camps, a free summer camp program for grieving children. 

Stephanie KendalAngela Sun
Analyst
Capital Markets Strategist
New York, NY
Angela.Sun@mufgsecurities.com

Angela Sun is an Analyst in MUFG’s Capital Markets Strategy group within the global capital markets and investment banking business. The team provides market based content for corporate clients to assist in strategic decision making. Focus areas include the impact of economic, political, public policy and regulatory dynamics on the US credit, foreign exchange, rates and commodities markets.

Angela previously interned at MUFG working in Capital Markets within the Equity Capital Markets and Leveraged Finance divisions. She is also an active member of the Carnegie Mellon University recruiting team.

Angela graduated with honors from Carnegie Mellon University’s Tepper School of Business with a BS in Business Administration with an additional major in Statistics and a minor in Media Design. She was a member of Alpha Kappa Psi business fraternity and the Undergraduate Entrepreneurship Association.