The Financial Counterpart Monitor from Credit Benchmark provides a unique analysis of the changing creditworthiness of financial institutions.
It has been a negative month for the credit quality of Global Financial Counterparts, with few exceptions.
APAC Banks and Central Banks both showed a bias towards credit improvement this month, with improving to deteriorating ratios of 1.6:1 and 1.3:1 respectively. On the other hand, Latin American Banks were overwhelmingly negative, with a ratio of 1:5. North American Banks and Global Banks followed closely behind with ratios of 1:3.8 and 1:1.3 respectively. EMEA Banks and Globally Systematically Important Banks (GSIBs) came in at neutral.
The Intermediaries were wholly negative this month. Prime Brokers were the most in the red with a ratio of 6 deteriorations to every improvement.
Amongst the Buy Side, Mutual Funds showed a bias towards credit deterioration, with improving to deteriorating ratio of 1:2.6. Asset Managers followed with an improving to deteriorating ratio of 1:1.7. Sovereign Wealth Funds came in at 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.