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 very few exceptions.
Amongst the banks, APAC Banks came in at neutral and all others showed a bias towards credit deterioration. Globally Systematically Important Banks (GSIBs) had the weakest showing, with an improving to deteriorating ratio of 1:4. North America Banks followed with an improving to deteriorating ratio of 1:2.3.
The Intermediaries also showed majority instances of deterioration this month. Central Clearing Counterparts (CCP) and Prime Brokers came in at neutral and all others showed a bias towards credit deterioration. Custodians and Sub Custodians were negative this month, with a negative ratio of 1:2.1.
Amongst the Buy Side, Asset Managers showed a bias towards credit deterioration, with improving to deteriorating ratio of 1:4.4. Mutual Funds followed with an improving to deteriorating ratio of 1:3.7. Pension Funds were the lone net positive performer this month, at 1.3:1 improvements to deteriorations.
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.
