ECB's bank lending survey has something for everyone
Felipe Villarroel gives an overview of what he believes to be important features of the survey, reflecting on both the good and the bad news.
Insights Topic
Europe
PMIs below expectations in Europe and the UK
Felipe Villarroel looks at the preliminary numbers for July PMI Manufacturing and PMI Services data, and how from a markets point of view, he thinks volatility will remain in place while both rates and spreads should trade in a range as we await for more clarity on whether inflation will allow Central Banks to pause and the extent of the slowdown in H2, particularly considering August is looming.
Reinvestment risk growing, along with the soft landing narrative
What level of risk are investors willing to take? As central bank rates hike and a soft landing narrative makes its way into analysts’ forecasts, Eoin Walsh takes a look at what affects this has on investment risk and reinvestment risk.
Rainbows from Barca
Last week Aza Teeuwen and our ABS team visited the Global ABS conference in Barcelona. One key discussion point in CLOs was around the lack of leveraged loan supply and the resultant sharp slowdown in the primary market
Central Banks did not rock the boat
In a week with several important releases and monetary policy decisions, what have we learnt?
BBVA take a significant step forward for AT1s
BBVA have announced they are issuing a new AT1. What does this mean for the market? Eoin Walsh believes this could be the catalyst investors have been waiting for to help AT1 spreads grind tighter.
European consumers not expecting a hard landing
What have we learnt from the ECB’s Consumer Expectations Survey? Felipe Villarroel discusses how latest changes in the consumer’s expectations of the economy reflect that the ECB’s monetary policy is actually working.
The EBA says a little and a lot
Two months have now passed since the Swiss regulator’s decision to controversially write down Credit Suisse AT1s. Dillon Lancaster looks at possible European Banking Authority reforms and what it means for the sector?
French CMBS deal repaid in full: A beacon of hope for struggling commercial real estate sector
Given the current macro environment, Pauline Quirin believes loans with near term maturities provide a useful insight into where risk lie.
ECB’s bank lending survey shows a slowing economy but no crisis
Following the release of the ECBs bank lending survey Felipe Villarroel looks at the response from the banking sector and the wider implications for credit conditions.
CLO performance in 2023, what's next?
European Asset Backed Securities has been one of the few asset classes that has showed positive performance this year, Aza Teeuwen answers the million dollar question, how do you position for this?
European banks continue to deliver, on earnings and calls
As earnings season kicks off in Europe, Eoin Walsh looks at what impact, if any, recent volatility in the banking sector has had on European banks.