Report
How have corporate balance sheets changed since the start of 2020?
We look at how corporate balance sheets have changed since the start of the COVID crisis in the United States, the euro zone and France. To do so, we examine: The change in corporate debt, both in gross terms and net of cash holdings. We see no increase in net debt in the United States, the euro zone or France; The change in equity (linked to earnings and share issuance). There has been no equity loss in the United States and only a limited one in France, but a large equity loss in the euro zone; The change in the capital stock, linked to the trend in investment. We see a limited fall in the capital stock in the United States and France, but a significant one in the euro zone. Altogether, US companies have not suffered any deterioration in their balance sheets; French companies have suffered a limited deterioration; euro-zone companies as a whole have suffered a relatively large deterioration.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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