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

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>Net interest margins and profitability measures are unusually high, while financial strength and asset quality show significant improvement with low non-performing loans and bad debt</li>
<li>Italian banks are facing difficulties in funding their TLTRO repayments scheduled for this summer</li>
<li>The BTP Bund spread will be THE thing to watch the coming months, and it has severe implications for asset markets</li>
</ul>


Net interest margins and profitability measures are unusually high, while financial strength and asset quality show significant improvement with low non-performing loans and bad debt
Italian banks are facing difficulties in funding their TLTRO repayments scheduled for this summer
The BTP Bund spread will be THE thing to watch the coming months, and it has severe implications for asset markets


Out of the Box #2 - Italian Banks the First Domino?