Taking the Pulse of Healthcare Credit
Global Healthcare has had a difficult time in recent years, with Deloitte reporting that global healthcare spending grew by less than 3% in the period 2013-2017. Governments face the challenges of aging populations, increasing longevity, a growing list of chronic health conditions, and increasingly expensive traditional medical technology. The sector has also been hit by […]
German Corporates Well Positioned to Weather Any Downturn
German growth numbers are at a five-year low and a recession looks increasingly likely. German exports are still growing but the rate has been hit by China’s internal and external economic challenges, as well more global trade-related problems. The global auto sector is facing a pause in demand as technology pivots towards electric cars, and […]
US Corporate Bonds and Borrowers – Real Risks May Lurk in the B Category
The large proportion of US Corporate debt in BBB bonds has raised concerns in the financial press that any economic weakness could see a significant proportion of these downgraded to Non-investment Grade. But bonds are only part of the Corporate debt picture; bank-sourced data shows the credit distribution of corporate borrowers that use bank financing, […]
December Credit Update: Consensus Upgrades Outnumber Downgrades
Credit Benchmark has published the latest monthly credit consensus data (from November 2018), with 29 contributor banks. The set of bank-sourced credit views (CBCs*) now covers nearly 24,500 separate legal entities. The monthly upgrades and downgrades overview is now based on data adjusted for changes in contributor mix. Monthly consensus upgrades and downgrades: 190 obligors […]
Risk.Net: December Credit Data Review
In the recent US mid-term elections, both parties claimed enough of the spoils to declare victory – the Democrats regaining control of the House of Representatives, the Republicans tightening their grip on the Senate. But at the halfway point in a deeply divisive administration – one that saw many sectors benefit from a huge fiscal stimulus last year, […]
Corporate & Financial Credit Trends in Bank-Sourced Data 2016-2018
The latest whitepaper from Credit Benchmark reports on major credit trends for the period 2016-2018. It covers the main industries in the US, UK and EU ex UK, as well as Technology, Oil, Airlines and Sovereigns. The main conclusion is that credit risk assessments are becoming more volatile – which may signal increasing concern about […]
November Credit Update: Consensus Upgrades Outnumber Downgrades
Credit Benchmark has published the latest monthly credit consensus data (from October 2018), with 29 contributor banks. The set of bank-sourced credit views (CBCs*) now covers more than 24,000 separate legal entities. The monthly upgrades and downgrades overview is now based on data adjusted for changes in contributor mix. Monthly consensus upgrades and downgrades: 307 […]
Tech Credit Foundation Still Solid
Recent stock market declines have been led by Technology stocks. In early October, Apple became the first company in history to reach a market value of $1trn; but since then the combined market cap of the FAANG* stocks has lost more than that amount. Apple, in particular, is now officially in bear market territory. Investors […]
Global Oil & Gas Credit Improvement is Slowing
The price of oil has officially entered a bear market, down 25% this year. This includes a drop of 7% this week, surprising many analysts and funds who had been expecting a tighter market for a host of supply-related reasons. The simultaneous dramatic drop in the price of oil alongside an unprecedented 20% gas price […]
Risk.Net: November Credit Data Review
The guillotine and the rack are very different instruments. One does the job quickly: the blade comes down and the head comes off. The rack applies pressure – and pain – for a long, long time. Rate hikes are often seen more as guillotine than as rack, and for equity investors, that’s probably fair enough: […]
