Credit Bulletin: Deleveraging and Growth Story Intact Despite Leadership Churn
BP is a large, globally diversified, integrated energy company based in the UK. Historically, BP operated three main business segments: (i) Oil Production &…
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Research on banks, brokers, insurance, fintech, credit quality and financial market structure.
BP is a large, globally diversified, integrated energy company based in the UK. Historically, BP operated three main business segments: (i) Oil Production &…
Citi’s Credit Card Data for US Restaurants – Week Ending 7/25/26 Aggregate restaurant spend data grew by +3.2% Yr/Yr, with transactions up +2.3% and check…
Citi card data show continued divergence across US industrial-linked spending: HVAC contractor activity declined during the week while automotive service…
The market assumes China's fiscal position is uniformly deteriorating, but June data reveals a structural divergence between accelerating on-budget revenue…
The market assumes Eurozone credit conditions are uniformly tightening, but the latest lending survey reveals a clear divergence between corporate and…
The market believes EM sovereign spreads are vulnerable to renewed Middle East conflict, but the data shows that recent spread-widening episodes have…
The market prices PKO Bank Polski as a cyclical bank, but data reveals its non-interest income generation is a structural counterweight to net interest margin…
The market treats Erste Group as a low-growth Austrian bank, but the Poland acquisition reveals a structural shift into higher-growth CEE markets. This…
The market misprices China banks as a uniform defensive sector, but a style rotation is creating a structural divergence between SOE banks and joint-stock…
The market expects AU Small Finance Bank to face structural margin compression, but data reveals deposit growth accelerating, CASA ratio recovering, and NIMs…
The market treats Argentine lending as a uniformly deteriorating asset class, but data reveals a structural divergence between commercial loans and non-bank…
The market attributes Samsung Life's rally to insurance fundamentals, but the real driver is its 8.5% stake in Samsung Electronics, worth roughly twice its…
The market treats EM sovereign credit as a homogeneous asset class, but data reveals a structural divergence between high-yield and investment-grade…
The market broadly assumes EM HY can continue to tighten versus US HY, but the 14bp spread differential already prices in the lower oil regime. Further…
The market assumes CDS volatility follows a fixed smile or local volatility heuristic, but JPMorgan's research reveals a stable 'sticky strike plus' regime…
The market assumes synchronized easing across Asian central banks, but the crude price collapse is creating a structural policy divide between oil importers…
The market treats large and small banks as a homogeneous group, but a sharp divergence in deposit and loan trends reveals a structural fault line that is not…
The market treats Australian banks as a resilient sector, but Judo's guidance cut reveals a structural divergence in asset quality. Global investment banks…