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Covered Bond & Agency Monitor - Time to say goodby (English version)

As many of you probably already noticed, this will be the last edition of UniCredit Credit Research’s Covered Bond & Agency Monitor. In March, UniCredit made the business decision to discontinue all Credit Research activities by the end of June 202...
UniCredit Franz
Franz Rudolf @ UniCredit 30 June 2022

Daily Credit Briefing

Top Credit Stories BANKS - Termination of coverage CONSUMER - Termination of coverage FINANCIALS - Termination of coverage HIGH YIELD - Termination of coverage: INDUSTRIALS - Termination of coverage  
UniCredit Sven
Sven Kreitmair @ UniCredit 30 June 2022

Morning Bulletin - 30 June 2022

All major indexes moved higher through the session as the leading names were from mixed sectors on Wednesday. SOFIX (612.50) advanced the least by 0.17% as Industrial Holding Bulgaria (IHB, BGN 1.94, -3.96%) and Chimimport (CHIM, BGN 0.878, -2.44%).....
First Financial Brokerage House Veselin
Veselin Radoychev @ First Financial Brokerage House 30 June 2022

Defensive & Diversifying Strategies in YTD 2022

Most defensive and diversifying strategies generated negative returns in YTD 2022. The correlation of almost all of these strategies to equities was too high 3.Only managed futures generated attractive diversification benefits.
FactorResearch Nicolas
Nicolas Rabener @ FactorResearch 30 June 2022

Inflation, interest rates and the margin-cost trade-off for EM banks

Margins are likely to widen as interest rates rise (positive). Loan quality will likely deteriorate due to weaker debt servicing capacity and lower collateral values (negative). Items 3-5 will take effect later in the cycle and we will return to thes...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 29 June 2022
Inflation, interest rates and the margin-cost trade-off for EM banks
Inflation, interest rates and the margin-cost trade-off for EM banks

Muangthai Capital PCL: Strong 2022 outlook (despite heavier LLPs), led by lending expansion

We expect MTC to achieve our 2022 loan growth assumption of 20% YoY, despite the inflation spike. The drivers are ongoing sales-point expansion to 6,400 locations by YE22, up 600 YoY (MTC’s 2022 sales-point target is 6,500), and HP-for-new motorbikes...
Bualuang Securities Poramet
Poramet Tongbua @ Bualuang Securities 28 June 2022