ING Financial Markets

In FICC (Fixed Income, commodities and Currencies) Research, we offer niche EM expertise, especially in EMEA. We are the go-to bank for Benelux issues, from regulations to rates to a Benelux credit focus. We have developed top notch covered bonds research, and have niche offerings in money markets, rate derivatives and European high yield. We overlay this with a global offering in macro, FX, commodities research and technical analysis. Europe is a key focus for us, but our global sphere extends to the Americas and Asia, in areas where we have selected DM & EM edges. Our analysts provide both written output and conference calls, but also travel the world to provide face-to-face presentations.

ING’s Equity Research team provides in-depth research on over 120 companies in the BeNeLux region, offering both breadth and depth of stock coverage. In addition to investment recommendations, our analysts offer thematic research, proprietary data points. insights into industry trends and unique valuation perspectives. ING’s Equity Research team was ranked the #1 Country Research team in the BeNeLux region in 2017 by the Extel Survey. Next to this, ING is the only bank to have been involved in all the BeNeLux IPOs in 2017. ING has the largest equities team focussed on Benelux listed securities and is the only Benelux broker with sales and research operations in both Amsterdam and Brussels and a sales hub in New York.

Padhraic Garvey ... (+2)
  • Padhraic Garvey
  • CFA

We've changed our 5.5% call for the US 10yr

We've taken a cold look at our 5.5% call for the US 10yr and have on balance decided to trim it, to 5%. A combination of Doge, Bessent and talk of SLR adjustment(s) have managed to tame the prior de-rating of Treasuries versus the risk free rate. As tempting as it sometimes is, we can't blame everything on Donald Trump. So we won't. Some of this is actually good

Padhraic Garvey ... (+2)
  • Padhraic Garvey
  • CFA

We've changed our 5.5% call for the US 10yr

We've taken a cold look at our 5.5% call for the US 10yr and have on balance decided to trim it, to 5%. A combination of Doge, Bessent and talk of SLR adjustment(s) have managed to tame the prior de-rating of Treasuries versus the risk free rate. As tempting as it sometimes is, we can't blame everything on Donald Trump. So we won't. Some of this is actually good

Marine Leleux ... (+4)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen
  • Timothy Rahill

Playing the liability structure/Treasure in T2

There has been a strong performance of bank bonds so far in 2025, with notable tightening across the liability structure. Whilst covered bonds do look attractive in some areas, the recent tightening leaves less to be excited about and the margin between where Govies and SSAs are trading has become slim. Looking at seniors, bail-in remains the expensive one of the bunch and may suffer from more supply expected, while preferred senior looks to be the better alternative. Our preferred positioning i...

Marine Leleux ... (+4)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen
  • Timothy Rahill

Playing the liability structure/Treasure in T2

There has been a strong performance of bank bonds so far in 2025, with notable tightening across the liability structure. Whilst covered bonds do look attractive in some areas, the recent tightening leaves less to be excited about and the margin between where Govies and SSAs are trading has become slim. Looking at seniors, bail-in remains the expensive one of the bunch and may suffer from more supply expected, while preferred senior looks to be the better alternative. Our preferred positioning i...

Marine Leleux ... (+4)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen
  • Timothy Rahill

Playing the liability structure/Treasure in T2

There has been a strong performance of bank bonds so far in 2025, with notable tightening across the liability structure. Whilst covered bonds do look attractive in some areas, the recent tightening leaves less to be excited about and the margin between where Govies and SSAs are trading has become slim. Looking at seniors, bail-in remains the expensive one of the bunch and may suffer from more supply expected, while preferred senior looks to be the better alternative. Our preferred positioning i...

Hamza Khan ... (+2)
  • Hamza Khan
  • Warren Patterson

The Commodities Feed

Energy • Crude oil speculative position: Speculators continued to increase their net long in ICE Brent over the last reporting week. According to exchange data, speculators increased their position by 4,175 lots to leave them with a record net long of 565,459 lots. Meanwhile for NYMEX WTI speculators reduced their net long by 15,591 lots to leave them with a net long of 396,381 lots. • US oil rig count: Latest data from Baker Hughes shows that over the last week the number of active rigs decreas...

Gustavo Rangel
  • Gustavo Rangel

LATAM: Political risk calls for caution

Presidential elections are scheduled in Mexico, Brazil and Colombia this year. We take a look at what the rise in political uncertainty means for economic policy and currency trading in the region

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