February 2022 Financial Counterpart Monitor

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Amongst the banks, Globally Systematically Important Banks (GSIBS) again showed the strongest ratio of improvements to deteriorations, at 3:1. North American Banks also showed favourable movement, with a ratio of 2.3:1. All other regions / groups showed positive credit movement with the exceptions of Central Banks and EMEA Banks, which both showed a very modest bias towards deterioration with a ratio of 1:1.1.  

Intermediaries did not perform as well as last month’s across-the-board positive report card, with Custodians and Sub Custodians this month showing mild deterioration with a ratio of 1:1.2. On the positive side, Prime Brokers stood out with an improving to deteriorating ratio of 3:1. CCPs showed no movement of note in either direction, remaining neutral this month.

Asset Managers were the stand out group this month, topping the improving ratios at 4.5:1. Buy-Side Owners showed a more mixed picture, with Mutual Funds demonstrating a very slight bias towards deterioration (1:1.2), while Pension Funds improved, and Sovereign Wealth Funds remained neutral.

The Financial Counterpart Monitor from Credit Benchmark provides a unique analysis of the changing creditworthiness of financial institutions. The report, which covers banks, intermediaries, buy-side managers, and buy-side owners, summarizes the changes in credit consensus of each group as well as their current credit distribution and count of entities that have migrated from Investment Grade to High Yield.

The data, which is based on the credit risk views of Credit Benchmark’s contributing financial institutions, is also available at the legal entity level. Users of the data can monitor and be alerted to the changing credit consensus of their financial counterparts.

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    Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.