April 2023 Financial Counterpart Monitor
The Financial Counterpart Monitor from Credit Benchmark provides a unique analysis of the changing creditworthiness of financial institutions.
Quarterly Credit Outlook Q1 2023
The latest whitepaper from Credit Benchmark illustrates global credit trends in the first quarter of 2023. The credit optimism of early 2023 has faded with the latest data suggesting a gradual but broad decline in global credit. US regional banks have shown extensive deterioration, though negative movement has paused for their larger counterparts. Global REITs, Mutual Funds, Hedge Funds, US Technology and Telecomms all showing net deterioration.
April 2023 Industry Monitor
Credit Benchmark have released the latest end-month industry update, based on the final and complete set of the contributed credit risk estimates from 40+ global financial institutions.
April Credit Consensus Indicators (CCIs) – US, UK & EU Industrials
Credit Benchmark have released the April Industrials Credit Consensus Indicators (CCIs). US Industrial firms return to negative credit balance this month. UK Industrial firms ended their trend of net deterioration, with a neutral credit quality score. EU Industrial firms continue their run of positive credit movement.
April Credit Consensus Indicators (CCIs) – US, UK & EU Oil & Gas
Credit Benchmark have released the April 2023 Credit Consensus Indicators (CCIs). US Oil & Gas have maintained positive credit balance for seven consecutive month. UK Oil & Gas return to negative credit balance this month. EU Oil & Gas have experienced recent instability in their collective credit balance.
Data at a Glance: US and EU Banks
Recent bank failures and mergers have uncovered transatlantic tensions in the global banking sector. This data at a glance looks at US and EU Banks sectors. Average default risk for US Banks deteriorated for much of H2 2022 ahead of recent volatility. EU Banks default risk has been steadily improving.
Credit Portfolio Risk: Consensus Data Fills in the Blanks
Investors in credit portfolios make extensive use of credit agency ratings and market-driven risk models. But some segments are faced with less visibility and a lack of public ratings, while credit portfolio management models are only as good as the credit risk data available to them. This paper reviews a data-driven framework for portfolio risk analysis and discusses practical applications of consensus credit risk estimates.
AT1 Bonds: Investor Risk Means Stronger Banks
Bail-in bonds are a powerful extra prop for bank balance sheets in times of turmoil: AT1 bond issuers showed faster post-COVID credit recovery than most Global Systematically Important Banks, and the gap continues to widen.
March Credit Consensus Indicators (CCIs) – UK, EU and US Consumer Goods
Credit Benchmark have released the March Consumer Goods Credit Consensus Indicators (CCIs). UK Consumer Goods have experienced recent instability in their collective credit balance. US Consumer Goods register a sixth consecutive instance of a negative CCI this month. EU Consumer Goods return to net deterioration.
After SVB: What’s the Next Shoe to Drop?
The sudden collapse of Silicon Valley Bank has raised questions as to what warning signs were missed. While this may have been a black swan event, bank credit warning signs have been flashing in consensus credit data for the past few months.
