Bank Credit Weekly: Melt-Up in Asset Prices or Melt-Down in Conviction?
Melt-up in asset prices or melt-down in conviction? Short callable AT1 bonds led the ongoing rally in bank credit. Tier 2 bonds suggest more of a...
377 Views
Standard Chartered: Capital, Forbearance and CDS
Standard Chartered’s capital ratios remain above regulatory minimums even after adjusting for Covid-19 forbearance. Limited aid to SMEs and...
486 Views
Bank of East Asia: Strategic Review to Set AT1 Value; Forewarned Is Forearmed
Bank of East Asia's (BNKEA) strategic review may have an outsized valuation impact on the firms’ Additional Tier 1 (AT1) bonds given the potential...
538 Views
Rizal Commercial Bank’s Inaugural AT1 Bond: Caveat Emptor
Caveat emptor. That is, let the buyer beware. Rizal Commercial Bank's (RCB PM) Additional Tier 1 (AT1) bond should be un-investable for many. This...
476 Views
Bank Credit Weekly: Asia Outperforms a More Measured US
Asia’s high yield market outperformed as US credit momentum remained more measured. A declining US dollar and investor reach for non-US yield aided...
471 Views