Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Between the Scylla of Inflation and Charybdis of Financial Instability

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>On Friday, Silicon Valley Bank - the then 16th largest bank in the US - came to feel the ramifications of hazardous (if even existing) risk management </li>
<li>The Fed has posed the option of a discount window for banks in distress to mitigate contagion risks. Banks with large holdings of HTM-portfolios may be better off than others</li>
<li>We find reasons to worry about the banks with a large exposure to Commercial Real Estate in these times of funding stress - due to contagious effects from the crisis.</li>
</ul>


On Friday, Silicon Valley Bank - the then 16th largest bank in the US - came to feel the ramifications of hazardous (if even existing) risk management 
The Fed has posed the option of a discount window for banks in distress to mitigate contagion risks. Banks with large holdings of HTM-portfolios may be better off than others
We find reasons to worry about the banks with a large exposure to Commercial Real Estate in these times of funding stress - due to contagious effects from the crisis.


5 Things We Watch: Five Aspects Surrounding the Banking Turmoil