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 Click Here to Email | Hailey Orr Managing Director Click Here to Email |
Stephanie Kendal Vice President Click Here to Email | Angela Sun Analyst Click Here to Email |
Market Publications
Date | Title | Link |
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04/24/2024 | Breaking Down the Global M&A Rebound in Q1 2024 | Learn More |
04/23/2024 | Global M&A Rebounds in Q1 2024 | Learn More |
04/20/2024 | Key Election Issues Driving Voters in US Swing States | Learn More |
04/19/2024 | The World’s Largest Democracy Goes to the Polls | Learn More |
04/17/2024 | Oil's Impact on Consumer 'Perceptions' of Inflation | Learn More |
04/16/2024 | Sizing Geopolitical Risk Premium | Learn More |
04/15/2024 | US-German Rate Differentials at 5 Year Wides, Yen at 34 Year Lows | Learn More |
04/10/2024 | Higher than Anticipated Inflation Pushes First Fed Rate Cut Out to Q3 (near US election) | Learn More |
04/09/2024 | Spreads Don’t Like Volatility but Can Stay Low for Long | Learn More |
04/08/2024 | The Bears May Need Some Honey | Learn More |
04/04/2024 | USD Corporate Credit Outperformed in Q1 | Learn More |
04/03/2024 | Corporate Credit Offering 'Generational' Yield Opportunity | Learn More |
04/01/2024 | Markets in Q1 2024 | Learn More |
03/26/2024 | Yields Also Matter | Learn More |
03/25/2024 | T-225 Days | Learn More |
03/23/2024 | Japanese Bank Stocks Surging | Learn More |
03/22/2024 | 'Soft Landing' + Rate Cuts = Risk-on Markets | Learn More |
03/13/2024 | Inflation Surprises to the Upside, Again | Learn More |
03/04/2024 | Monthly Market Recap February 2024 | Learn More |
03/01/2024 | Surging New Issuance Markets Set New Records in January-February | Learn More |
02/28/2024 | Geo-Strategic Realignment of Sino-Russian Trade Flows | Learn More |
02/27/2024 | Tech Drives Global Equity Rally | Learn More |
02/23/2024 | M&A, Mega-Deals & Spreads | Learn More |
02/17/2024 | YTD HY Issuance Returns to Pre-COVID Pace | Learn More |
02/13/2024 | Fed Rate Cut Expectations Decline Sharply on Higher January Inflation | Learn More |
02/02/2024 | Largest US HY Issuance Month in 2 Years | Learn More |
02/01/2024 | Monthly Market Recap January 2024 | Learn More |
02/01/2024 | Largest January US Dollar IG Issuance on Record | Learn More |
01/30/2024 | IG Credit Spreads Break Below 100 bps Threshold (and well-inside LT averages) | Learn More |
01/26/2024 | Quarter Trillion of Announced US Semiconductor Production Investment | Learn More |
01/23/2024 | Productivity Cycle Optimism & the World’s Most Innovative Economies | Learn More |
01/20/2024 | Largest MLK IG Issuance Week on Record | Learn More |
01/18/2024 | Fed Policy During Presidential Election Years | Learn More |
01/13/2024 | Global Growth Below Trend, Inflation Above Trend | Learn More |
01/11/2024 | Hotter than Anticipated | Learn More |
01/08/2024 | Largest, Most Liquid Capital Markets in the World | Learn More |
01/06/2024 | Busiest 'First Week' of IG Issuance on Record | Learn More |
01/05/2024 | Maturity Wall Looms Larger in 2025 | Learn More |
01/04/2024 | Monthly Market Recap December 2023 | Learn More |
01/03/2024 | Rising Starts Outpaced Falling Angels in 2023 | Learn More |
01/02.2023 | Less Than 2 Weeks Until Iowa | Learn More |
12/29/2023 | Modest Global M&A Recovery in 2024 | Learn More |
12/28/2023 | IG Issuance Should Increase 10% in 2024 | Learn More |
12/27/2023 | Moderately Bearish Credit Spreads in 2024 | Learn More |
12/26/2023 | Cyclically Bullish UST Yields in 2024 | Learn More |
12/22/2023 | Notable Milestones in 2023 IG Issuance | Learn More |
12/19/2023 | The Last G10 Meeting of 2023 | Learn More |
12/18/2023 | USD Credit Spreads Currently Not Pricing Recession | Learn More |
12/15/2023 | Equities During Fed Easing Cycles | Learn More |
12/14/2023 | Ten Year UST Yields Trade Below 4% | Learn More |
12/12/2023 | Headline Deceleration But Core Remains 'Sticky' | Learn More |
12/06/2023 | Largest HY Bond Inflows on Record | Learn More |
12/05/2023 | Biggest Election Year in History | Learn More |
12/04/2023 | Monthly Market Recap November 2023 | Learn More |
11/28/2023 | Resilient Economy, Normalizing Inflation, Creating Backdrop for Year-End Rally | Learn More |
11/16/2023 | Markets During Fed Easing Cycle | Learn More |
11/14/2023 | Encouraging Signs of US Disinflation | Learn More |
11/13/2023 | Map of the Day - The 2023 APEC Leadership Summit in San Francisco (Nov 11-17, 2023) | Learn More |
11/10/2023 | Financial Markets Now Doing the Tightening | Learn More |
11/07/2023 | Months is a Long Time in Washington | Learn More |
11/06/2023 | 3rd Highest IG New Issuance Forecast Week in 2023 | Learn More |
10/30/2023 | Downward Pressure on USD Credit Market Returns | Learn More |
10/28/2023 | The Strait of Hormuz Strategic Chokepoint | Learn More |
10/27/2023 | Investment Fund Purchases of UST's | Learn More |
10/26/2023 | Ownership of the $25 Trillion UST Market | Learn More |
10/24/2023 | Absorbing Over $1.3 Trillion of UST Supply Since June 1 | Learn More |
10/23/2023 | Record U.S. Budget Deficits | Learn More |
10/21/2023 | Markets Since the Israel Gaza Crisis Began Two Weeks Ago | Learn More |
10/17/2023 | Dis-Inversion of the UST Yield Curve | Learn More |
10/16/2023 | Markets After the October 7th Attacks on Israel | Learn More |
10/12/2023 | U.S. Inflation Rises More Than Anticipated | Learn More |
10/10/2023 | China's Market Share of U.S. Imports Approaching 20 Year Low | Learn More |
10/04/2023 | G10 Monetary Tightening Cycle Nearly Complete | Learn More |
10/03/2023 | Losing Control of the Long End | Learn More |
09/28/2023 | Altering the Traditional Path of Economic & Market Cycles | Learn More |
09/26/2023 | Duration of U.S. Government Shutdowns | Learn More |
09/20/2023 | Higher Friction Geopolitics | Learn More |
09/18/2023 | $100 Oil | Learn More |
09/14/2023 | Forthcoming Capex Supercycle | Learn More |
09/13/2023 | Headline Inflation Higher on Energy Prices (Core Inflation’s Decline Firmly Intact) | Learn More |
09/12/2023 | M&A Cycle Disconnecting from Rising Equities | Learn More |
09/08/2023 | Negative Structural & Cyclical Feedback Loops Weigh Heavily on China's Growth | Learn More |
09/07/2023 | New Normal for China Growth 5% | Learn More |
09/06/2023 | Busiest IG Bond Volume Day in 2023 (5th Largest Ever) | Learn More |
09/05/2023 | Business Cycle Status for G20 Economies | Learn More |
08/24/2023 | BRICS Invite 6 New Members in Southern Expansion | Learn More |
08/22/2023 | Shifts in U.S. Treasury Supply | Learn More |
08/21/2023 | High Yield Spreads Pricing a Soft Landing | Learn More |
08/15/2023 | Market Repricing Long Term U.S. Inflation Expectations | Learn More |
08/14/2023 | At 23-Year Highs U.S. Mortgage Rates Rising with UST Yields | Learn More |
08/11/2023 | Paradigm Shift in Source of U.S. Rate Volatility | Learn More |
08/10/2023 | Moderating July Inflation Reinforces Expectations of Fed Pause in September | Learn More |
08/09/2023 | Nine Countries with AAA Ratings | Learn More |
Policy Notes
Date | Title | Link |
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03/07/2024 | When Monetary Policy Pivots & Election Cycles Converge | Learn More |
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 |
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
Team Bios
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 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 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.
Angela 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.