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.
Price action in oil had been largely rangebound over the summer months. However a slower than expected demand recovery and returning supply has seen prices wobble more recently. While we still see prices moving higher from current levels, we have revised lower our price expectations due to the demand picture
Covered bonds have seen an impressive spread retightening after the Covid-19 crisis resulted in a substantial widening of spreads in March. However, for most countries spreads have not yet fully returned to their end of 2019 levels. This is among others for Slovakian covered bonds a reason for our overweight call.
• SpareBank 1 Boligkreditt issued a 7yr green covered bond today, the issuer's second EUR benchmark green covered bond after its 2018 inaugural Norwegian green covered bond. The Norwegian green covered bond market has expanded quite a bit ever since. Five Norwegian issuers currently have a green EUR benchmark covered bond outstanding for €4bn in total excluding today's €1bn benchmark. Besides, almost €2bn equivalent has been printed by Norwegian issuers in NOK and SEK.
The ECB increased its CSPP activity to €1.7bn in net purchases last week. As supply slowly increases so too will corporate purchases in the primary market - the primary remains the main market to purchase corporate debt. Last week pencilled in just two redemptions under CSPP. Additionally, the ECB saw two Distribuidora Intl de Alim.SA (DIASM) bonds drop from their holdings. The CCC rated company's bonds have been considered defaulted and have been bought back by its main shareholder L1. This is a prime example of the c.40 fallen angels that the ECB currently holds, which were bought while stil...
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