September 2022 Financial Counterpart Monitor

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Financials have seen a mixed bag in terms of credit movement this month across all counterpart categories.

Globally Systematically Important Banks (GSIBs) and North American Banks both showed a bias towards credit deterioration this month, with improving to deteriorating ratios of 1:1.7 and 1:2 respectively. On the other hand, Latin American Banks were overwhelmingly positive, with a strong improving ratio of 7:1. APAC Banks also came out strong with a ratio of 3.2:1 improvements to deteriorations.

The Intermediaries showed more instances of deterioration than improvement, with all groups showing negative ratios with the exception of Custodians and Sub Custodians which came out positive at 1.3:1. Of the other Intermediaries, Prime Brokers were the most in the red with a ratio of 2.3 deteriorations to every improvement.

Amongst the Buy Side Managers, Asset Managers and Insurance companies both showed slight negative ratios, at 1:1.2 each.

Buy Side Owners had a better run, with positive ratios across the board, led by Pension Funds at 2 improvements to each deterioration.

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.