October 2022 Financial Counterpart Monitor

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Credit movement has leaned towards net improvement for global Financials in the last month.

Globally Systematically Important Banks (GSIBs) were the stand out performer, with a strong bias towards credit improvements at a ratio of 9 improvements to every 1 deterioration. Far behind, but still well in the green, were APAC Banks and Central Banks, with improving/deteriorating ratios of 2.2:1 and 2:1 respectively. LATAM and North American Banks were neutral, both with a ratio of 1:1.

Amongst the Intermediaries, Broker Dealers had the strongest net improvement, with a ratio of 2.2:1 improving to deteriorating. CCPs were the only group with net deterioration.

On the Buy-Side, Pension Funds came out on top with an improving to deteriorating ratio of 2.5:1. The rest of the groups were modestly positive, with the exception of Mutual Funds, which came out negative at a 1:1.3 ratio.

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.