2026 年のユーロ圏国債（EGB）の供給見通し

The role of banks in China’s green transition: Bigger, or Bitter?

China’s green finance had surged from 2020 to 2024 thanks to announcement of the dual-carbon target coupled with multiple supportive regulations. With a compounded annual growth rate (CAGR) of 30%, the outstanding balance of green finance has more than tripled during this period. By finance type, green loans contributed the lion’s share of 93% of total growth, while green bonds have also grown, albeit slower, at a 12% CAGR due to the credit meltdown since 2021.However, the momentum has been slowing as green loan growth halved versus 2023 and green bond growth falls further to around 5%. We see...

Rates Weekly: Not so obvious for the Fed

EUR rates:Recap of the week:  This week, the Federal Reserve's decision to cut rates by 25 bp was overshadowed by Jerome Powell's remarks, which dampened hopes for further rate cuts in the near future. Meanwhile, the ECB maintained stable rates while signaling a slightly more favorable outlook for growth, but the risks surrounding inflation remain unchanged. In the bond market, the Bund resumed its rise while still retaining its dearness to swap; the Spanish spread continued to tighten to historical levels, reflecting positive momentum following recent rating upgrades.Tactical view:  Despite t...