SUMMARY
COVID-19 has massively disrupted share buyback activity. We consider what this may mean for equity prices.
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Please be advised that verbal and written communication from Citi may be in English as we may not be able to provide servicing related communications in all languages. These communications may include, but are not limited to, account agreements, statements and disclosures, change in terms or fees; or any servicing of your account. If you need assistance in a language other than English, please contact us as we have language services that may be of assistance to you.
Por favor, tenga en cuenta que las comunicaciones verbales y escritas de Citi podrían redactarse únicamente en inglés, ya que, tal vez, no podamos proporcionar comunicaciones relacionadas con los servicios en todos los idiomas. Estas comunicaciones podrían incluir, entre otras, contratos, divulgaciones y estados de cuenta, cambios en los términos o en los cargos, así como cualquier documento de mantenimiento de su cuenta. Si necesita ayuda en un idioma distinto al inglés, por favor, comuníquese con nosotros, ya que tenemos servicios de idiomas que podrían serle útiles.
Informamos que as comunicações verbais e por escrito do Citi podem estar em inglês, pois talvez não possamos fornecer comunicações relacionadas a serviços em todos os idiomas. Essas comunicações podem incluir, mas não estão limitadas a, acordos de contas, declarações e divulgações, mudanças nos termos ou taxas; ou qualquer serviço de sua conta. Se você precisar de ajuda em um idioma diferente do inglês, entre em contato conosco, pois temos serviços de idiomas que podem ser úteis para você.
请注意，花旗集团可能使用英文进行口头和书面通信，因为我们可能无法以所有语言提供与服务相关的通信。这些通信可能包括但不限于账户协议、账单与披露声明、条款或费用变更，或为您账户提供的任何服务。如果您需要英文以外的其他语言的帮助，请与我们联系，因为我们提供可能对您有帮助的语言服务。
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Investment strategy
April 29, 2020
The mother of all blackout periods: COVID-19’s impact on share buybacks
April 29, 2020
Wietse Nijenhuis
Client Portfolio Manager, Citi Investment Management
Zeshan Azam
Head of Systematic Equities, Citi Investment Management
With companies receiving federal aid barred from repurchases for the next 12-plus months and others conserving their cash as the pandemic unfolds, corporations have lost their go-to share price strategy. To get a sense of the scale of that, S&P 500 Index companies alone have spent $1.6 trillion on buybacks in the past two years.
With this end to the low volatility era Wietse Nijenhuis, Client Portfolio Manager, and Zeshan Azam, Head of Systematic Equities, anticipate a vastly altered markets landscape, with newly exacting investor scrutiny around the formerly Biggest Buybackers, changes in market structure, revision of security selection criteria and, perhaps, the launch of a new era for ESG investing.
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