The month of May was characterized by a positive trend on the stock markets, with the S&P 500 registering a fourth consecutive month of profits. However, this increase was moderate (0.70%) compared to the 13% cumulative increase over the previous three months. Market implied volatility decreased to 16.76%, returning to the levels observed in 2019, before the coronavirus crisis, and also a value much lower than its long-term average performance (around 21%); On the bond market, a mixed situation prevailed as regular bonds posted positive return (0.30%), while convertible bonds posted negative return (-0.59%).