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.

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Ticker Underlying First Report Latest Report
000174278 US75950V2025 Reliance Power Ltd 2018/04/17 2018/04/17
002508 CNE100000WY9 Hangzhou Robam Appliances (A) 2018/08/21 2018/08/23
108W ZAE000134961 ArcelorMittal South Africa Ltd 2018/01/31 2018/08/01
13XQ ZAE000068367 Steinhoff Invest Hld Prf 2018/03/23 2018/03/23
182A JE00B5N88T08 Marshall Monteagle 2018/01/30 2018/05/15
18BJ ZAE000204566 Ascension Properties Ltd A 2018/01/30 2018/04/19
484206 US92334N1037 Veolia Environnement S.A. ADS 2018/05/03 2018/08/01
514000 DE0005140008 Deutsche Bank AG 2019/02/01 2019/05/14
53812 BE0003801181 Ageas N.V. 2018/09/20 2019/05/15
555750 DE0005557508 Deutsche Telekom AG 2018/06/22 2019/05/09
600690 CNE000000CG9 Qingdao Haier (A) 2018/12/13 2018/12/13
600797 CNE000000PH9 Insigma Technology Co. Ltd. A 2018/08/22 2018/08/22
703712 DE0007037129 RWE AG 2018/11/19 2018/11/19
856090 US9047847093 Unilever N.V. 2018/07/06 2018/09/11
873131 US0079241032 Aegon N.V. ADS 2018/02/15 2018/08/16
879530 US2515661054 Deutsche Telekom AG ADS 2018/04/27 2018/05/09
888164 US29274F1049 Enersis SA (ADR) 2018/01/30 2018/04/18
901340 CA64156L1013 Nevsun Resources Ltd. 2018/07/18 2018/09/03
903136 US8565522039 State Bank of India GDR 2018/06/25 2018/06/25
909855 US2687801033 E.ON SE 2018/11/14 2018/11/14
A0CA8L NL0000400653 Gemalto NV 2018/06/04 2018/06/04
A0G9C0 DE000A0G9C05 iNAV Market Access ABN AMRO RICI 2018/07/31 2019/05/02
A0HN5C DE000A0HN5C6 Deutsche Wohnen SE 2018/09/18 2019/05/14
A0M8WR DE000A0M8WR1 RR Analysis BOERSEBIUS MX Universal 2019/03/01 2019/03/01
A0MY4Z US05462W1099 Axis Bank Ltd. GDR 2018/06/25 2018/06/25
A116FD BE0974276082 Ontex Group NV 2018/05/22 2019/03/08
A116P8 NL0010801007 IMCD Group NV 2018/02/01 2019/05/08
A14M4D NL0010937066 Grandvision B.V. 2018/04/25 2019/04/26
A14V70 NL0011279492 Flow Traders 2018/01/29 2019/04/23
A14VSC US7595301083 RELX PLC 2018/01/29 2018/01/29
A1J1DR BE0974264930 AGEAS 2018/05/16 2018/08/10
A1J5RX DE000A1J5RX9 Telefonica Deutschland Holdings 2018/06/26 2018/09/25
A1W0FA BE0974268972 bpost SA 2018/06/21 2019/05/03
A1W3V1 IE00BC7GZW19 SPDR Barclays 0-3 Year Euro Corp Bond UCITS ETF 2019/05/17 2019/05/17
A1XFFA ES0105015012 Lar Espana Real Estate SOCIMI SA 2018/12/04 2019/05/15
A2AADD DE000A2AADD2 Innogy SE 2018/06/14 2019/05/13
A2ABHA BE0974288202 Xior Student Housing NV 2018/05/30 2019/05/01
A2AJ7T NL0011821392 Signify NV 2018/02/02 2019/04/26
A2AJXD NL0011872650 Basic Fit N.V. 2018/03/13 2018/04/23
A2AKN7 BE0003876936 Nyrstar 2018/09/21 2019/04/30
A2ASAC NL0012015705 Takeaway.com Holding N.V. 2018/07/27 2019/05/17
A2DQ57 NL0012294466 Koninklijke VolkerWessels 2018/03/14 2019/05/16
A2DR7Z BE0974314461 Balta Group 2018/03/01 2019/05/03
A2H5A3 BE0003884047 Umicore 2018/06/06 2019/05/02
A2JE9V ZAE000174124 Barclays Africa Group Ltd 2018/02/23 2018/04/26
A2JH5S FR0000124711 WFD Unibail-Rodamco 2018/07/23 2019/04/25
A2JLD1 NL0000339760 BE Semiconductor Industries N.V. 2018/07/26 2019/04/26
A2PB32 NL0000009132 Akzo Nobel N.V. 2018/01/10 2019/05/10
AALB NL0000852564 Aalberts NV 2018/05/30 2019/02/26
AATRL US00170F2092 AMG Capital Trust II Pfd. 2018/02/22 2018/05/03
ABG/H CA00170B1094 AMG Bioenergy Resources Holdin 2018/06/14 2018/06/14
ABI BE0974293251 Anheuser-Busch InBev 2018/10/02 2019/05/07
ABN NL0011540547 ABN AMRO Group NV 2018/05/16 2019/05/17
ABNRY US00373L1026 ABN Amro Group N.V 2018/01/16 2018/05/14
AC8 AU000000AC89 AUSCANN GROUP HOLDINGS 2018/05/17 2018/05/23
ACCEL NL0009767532 Accell Group N.V. 2018/07/13 2019/03/08
ACKAY US03937X1090 ARCELIK 2018/01/31 2018/04/27
ACKB BE0003764785 Ackermans & Van Haaren N.V. 2018/05/25 2019/03/15
ACOMO NL0000313286 Amsterdam Commodities N.V. 2019/02/15 2019/02/15
ADJ LU1250154413 ADO Properties SA 2018/09/18 2019/05/14
ADRNY US5004675014 Koninklijke Ahold Delhaize ADR 2018/02/20 2018/05/09
AEBZY US0325232017 Anadolu Efes Biracilik ve Malt Sanayi A.S. ADS 2018/05/09 2018/05/09
AED BE0003851681 Aedifica 2018/05/17 2019/04/18
AED16 BE0970154572 Aedifica NV 2018/01/30 2018/02/22
AEG. ARDEUT112398 Aegon N.V. 2018/06/20 2018/07/03
AF FR0000031122 Air France-KLM 2018/10/31 2019/05/03
AFLYY US0091191082 Air France-KLM ADS 2018/05/04 2018/05/07
AGESY US00844W2089 Ageas N.V. ADS 2018/02/09 2018/05/10
AGF BE0003755692 Agfa-Gevaert N.V. 2018/10/24 2019/05/14
AGN NL0000303709 Aegon N.V. 2018/01/12 2019/05/17
AH NL0011794037 Ahold Delhaize 2018/01/16 2018/08/08
AHS. CA0209261019 Alta Natural Herbs & Supplements Ltd. 2018/06/05 2019/05/17
AKBNK TRAAKBNK91N6 Akbank T.A.S. 2018/06/08 2019/04/29
AKBTY US0097195012 Akbank T.A.S. ADS 2018/02/01 2018/04/26
ALBMP US0103924884 Alabama Power Co 2018/02/20 2018/02/21
ALDAR AEA002001013 Aldar Properties PJSC 2018/05/25 2018/05/25
AMG NL0000888691 AMG Advanced Metallurgical Group N.V. 2018/09/19 2019/05/03
AMGN US0311621009 Amgen Inc. 2018/03/08 2018/08/02
AMGN34 BRAMGNBDR004 AMGEN-BDR 2018/07/25 2018/09/06
AMI AU000000AMI1 Aurelia Metals 2018/05/16 2018/05/29
APAML LU0569974404 Aperam S.A. 2018/08/01 2019/05/08
APEMY US03754H1041 Aperam S.A. NY Reg Shs 2018/01/31 2018/05/10
ARCAD NL0006237562 Arcadis N.V. 2018/01/10 2019/05/10
ARCAY US03923E1073 ARCADIS N.V. 2018/02/15 2018/04/19
ARCLK TRAARCLK91H5 Arcelik A.S. 2019/01/31 2019/05/03
ARMT34 BRARMTBDR008 ArcelorMittal BDR 2018/05/29 2018/09/11
ASC BE0003856730 Ascencio 2018/01/30 2019/03/06
ASM NL0000334118 ASM International N.V. 2018/07/25 2019/04/25
ASMIY USN070451026 ASM International N.V. 2018/03/01 2018/04/20
ASML USN070592100 ASML Holding N.V. 2018/01/17 2018/09/03
ATS VN000000ATS6 Atesco Industrial Cartering 2018/04/11 2018/04/11
AVTX NL0012047823 Avantium NV 2018/01/15 2019/03/27
BAMNB NL0000337319 Koninklijke BAM Groep N.V. 2018/11/06 2019/05/13
BAR BE0003790079 Barco N.V. 2018/07/19 2019/05/10
BBED NL0000339703 Beter Bed Holding N.V. 2018/01/19 2019/04/18
BBVACOL COB13PA00019 BBVA Colombia 2018/09/21 2018/09/21
BCG VN000000BCG5 Bamboo Capital 2018/05/02 2018/05/03
BCNAY US06740E1010 BarcoNew N.V. 2018/02/08 2018/02/08
BCS. ARDEUT111770 Barclays PLC CEDEAR 2018/05/22 2018/11/02
BEFB BE0003678894 Befimmo S.C.A. 2018/01/30 2019/05/10
BEKB BE0974258874 Bekaert S.A. N.V. 2018/01/22 2018/09/10
BELG BE0003810273 Proximus 2018/07/02 2019/05/15
BGAOY US74428W1080 Proximus ADR 2018/03/02 2018/05/04
BIGBLOC INE412U01017 Bigbloc Construction 2018/05/09 2018/05/09
BINCK NL0000335578 BinckBank N.V. 2018/01/22 2019/04/23
BOB. INE028A01039 Bank of Baroda Ltd. 2018/06/25 2018/06/25
BOKA NL0000852580 Koninklijke Boskalis Westminster N.V. 2018/07/13 2019/04/11
BOTX US09852W1099 Bontex Inc 2018/01/31 2018/05/09
BP. ARDEUT110582 BP PLC (ADS) 2018/06/25 2019/02/15
BP.N US0556221044 BP PLC ADS 2018/05/02 2018/05/02
BPOSY US05578W1009 bpost NV 2018/02/05 2018/05/03
BRIO ARBRIO010194 Banco Santander Rio B 2019/02/12 2019/03/01
BRNL NL0010776944 Brunel International N.V. 2018/02/23 2018/08/14
BSANTANDER CLP1506A1070 Banco Santander-Chile 2018/09/21 2018/09/21
BSGR LU1789205884 B&S Group S.A. 2018/05/02 2019/04/04
CA FR0000120172 Carrefour S.A. 2018/07/02 2019/05/09
CABGY US1427952023 Carlsberg 2018/05/01 2018/05/01
CAN AU000000CAN2 Cann Group 2018/07/19 2019/05/16
CARL A DK0010181676 Carlsberg A/S 2018/08/16 2018/08/16
CARL B DK0010181759 Carlsberg A/S B 2018/10/25 2019/05/02
CCOLA TRECOLA00011 Coca-Cola Icecek Uretim AS 2018/08/31 2018/08/31
CFEB BE0003883031 Cie d'Entreprises CFE 2018/01/11 2019/04/11
CLB NL0000200384 Core Laboratories N.V. 2018/02/01 2019/01/31
CNBK INE476A01014 Canara Bank 2018/06/25 2018/06/25
CO FR0000125585 Casino Guichard-Perrachon et Cie. S.A. 2018/06/12 2019/04/26
COFB BE0003593044 Cofinimmo S.A. 2018/01/30 2019/05/01
COFP2 BE0003813301 Cofinimmo Pfd B 2018/05/25 2018/09/12
COL ES0139140174 Inmobiliaria Colonial S.A. 2018/07/27 2019/05/10
COLR BE0974256852 Colruyt 2018/01/18 2018/01/18
CRES IT0005136681 Coima Res 2018/02/22 2019/05/06
CRRFY US1444302046 Carrefour 2018/04/26 2018/04/26
CSM NL0010583399 Corbion NV 2018/06/04 2018/08/08
CSNVY US2183331022 Corbion N.V. 2018/02/15 2018/04/26
DANSKE DK0010274414 Danske Bank A/S 2018/07/20 2019/05/10
DECB BE0003789063 Deceuninck S.A. 2018/02/22 2019/05/10
DIEA BE0974259880 D'Ieteren N.V. S.A. 2018/05/30 2018/09/04
DSM NL0000009827 Royal DSM 2018/10/31 2019/05/07
DT. ARDEUT111838 Deutsche Telekom AG CEDEAR 2018/05/24 2018/09/14
DWS AU000000DWS3 DWS 2019/04/10 2019/04/26
DWS100 DE000DWS1007 DWS Group 2018/05/02 2018/05/02
DWSK00 LU0599946893 Dws Concept Kaldemorgen-Lc 2018/07/11 2018/10/26
EBY. CA2909291080 Emerald Bay Energy Inc. 2018/10/24 2018/10/24
ECIFY US2850391036 Electricite de France SA 2018/06/07 2019/05/14
ECL. CL0001583070 Engie Energia Chile SA 2018/09/18 2018/09/18
ECMPA NL0000288876 EuroCommercial Ppty 2018/09/19 2019/05/10
ECONB BE0974313455 Econocom Group 2018/01/25 2018/09/07
EGIE3 BREGIEACNOR9 Engie Brasil 2018/07/16 2019/05/14
EGIEY US29286U1079 Engie Brasil SA 2018/03/08 2018/05/15
ELI BE0003822393 ELIA SYSTEM OPERATOR 2018/11/22 2019/05/17
ENAG99 DE000ENAG999 E.ON SE 2018/08/08 2018/08/10
ENEL IT0003128367 Enel 2018/06/06 2019/02/12
ENERSIS CLP371861061 Enel Americas S.A. 2018/06/05 2019/05/09
ENGIY US29286D1054 ENGIE SA 2018/05/01 2018/05/01
ENIC US29278D1054 Enel Chile S.A. ADS 2018/01/29 2018/04/09
EON. ARDEUT112109 E.ON AG 2018/08/28 2019/05/13
ESME5 ARESME010014 Bodegas Esmeralda A (5 votes) 2018/11/08 2019/03/04
EURN BE0003816338 Euronav 2018/01/25 2019/04/30
EVS BE0003820371 EVS Broadcast Equipment S.A. 2018/05/17 2019/05/09
EVSBY US2692711029 EVS Broadcast Equipment SA 2018/02/22 2018/02/22
EXM BE0003808251 Exmar N.V. 2018/05/15 2018/11/21
FBMC3 BRFBMCACNOR3 Companhia Industrial Fibam Ord 2018/06/05 2018/06/05
FDR FR0000064578 Covivio 2018/10/25 2019/04/25
FEET GB00BLSNND18 Fundsmith Emerging Equities Trust 2018/05/18 2018/08/01
FLUX BE0974265945 Fluxys Belgium 2018/04/04 2019/04/15
FNCN3 BRFNCNACNOR6 Finansinos 2018/07/19 2018/08/16
FNG BE0974332646 Fng NV 2018/09/18 2019/04/30
FRAN.. ARP125991090 BBVA Banco Frances S.A. 2018/10/30 2019/03/01
FUM1V FI0009007132 Fortum Oyj 2018/07/19 2019/02/01
FUR NL0000352565 Fugro N.V. 2018/02/22 2019/05/15
GARAN TRAGARAN91N1 Turkiye Garanti Bankasi A.S. 2019/02/04 2019/05/01
GBBL NPE053A00006 Garima Bikas Bank Ltd. 2018/03/08 2018/03/08
GBL INE003Q01012 Gujarat Bitumen 2018/03/16 2018/05/04
GBLB BE0003797140 Groupe Bruxelles Lambert 2018/11/01 2019/05/09
GEGYY US3687051090 GENEL ENERGY PLC 2018/02/15 2018/02/15
GENL JE00B55Q3P39 Genel Energy 2018/08/22 2018/10/23
GFC FR0010040865 Gecina 2018/06/15 2019/04/18
GFCDS FR0013270014 Gecina 2018/02/22 2018/05/04
GIMB BE0003699130 GIMV N.V. 2018/02/22 2019/02/21
GNLKQ US36870F1075 GeneLink Inc. 2018/03/23 2018/03/23
GSZ FR0010208488 Engie 2018/06/19 2019/01/25
HEIA NL0000009165 Heineken N.V. 2018/10/24 2019/04/24
HEIJM NL0009269109 Heijmans N.V. Cert, 2018/02/21 2018/08/16
HEINY US4230123014 Heineken N.V 2018/02/12 2018/04/18
HOMI BE0003760742 Home Invest Belgium 2018/01/30 2019/05/08
HON. ARDEUT110038 Honeywell International Inc. CEDEAR 2018/07/26 2018/10/23
HPVBF ES0105019006 HISPANIA ACTIVOS INMOBILIARIOS SAU 2018/03/01 2018/06/22
HSBA GB0005405286 HSBC Holdings PLC (UK Reg) 2018/01/19 2019/01/11
HSBC.. ARDEUT112257 HSBC Holdings PLC CEDEAR 2018/06/12 2018/06/12
HSBCpA US4042806046 HSBC Holdings PLC ADS (Rep 1/4 of a share of 6.20% Non-Cum $ Pref. shares Series A) 2018/02/20 2018/02/20
IBAB BE0003766806 Ion Beam Applications S.A. 2018/01/08 2019/05/10
IBDRY US4507371015 Iberdrola S.A. ADS 2018/02/21 2018/04/18
IBE ES0144580Y14 Iberdrola S.A. 2018/05/18 2019/02/27
IBN. ARDEUT114048 ICICI Bank CEDAR 2018/06/25 2018/06/25
IDBI INE008A01015 IDBI Bank 2018/06/25 2018/06/25
IFIC BD0103IFIC07 International Finance Investment & Commerce Bank Ltd 2018/11/12 2019/03/29
IMMO BE0003599108 Immobel SA 2018/03/14 2019/04/01
INNYY US45782L1026 Innogy SE 2018/03/14 2018/05/14
INTO BE0003746600 Intervest Offices & Warehouses 2019/04/10 2019/05/03
ISO AU000000ISO9 iShares S&P/ASX Small Ordinaries ETF 2018/08/02 2018/08/06
ISP IT0000072618 Intesa Sanpaolo 2018/09/27 2019/03/01
ITAU4. ARITAU110102 Itau Unibanco Holding S.A. Cedear Pref 2018/05/29 2018/05/29
KA NL0000362648 KAS Bank N.V. 2018/09/06 2019/02/26
KBC BE0003565737 KBC Bankverzekeringsholding N.V. 2018/11/02 2019/05/16
KBCA BE0003867844 KBC Ancora 2018/01/29 2019/04/10
KBCSY US48241F1049 KBC Groep NV 2018/01/31 2018/04/25
KENDR NL0000852531 Kendrion NV 2018/02/20 2019/05/07
KIN BE0974274061 Kinepolis Group 2018/02/28 2018/08/23
KKPNY US7806412059 Royal KPN N.V. ADS 2018/01/31 2018/04/27
KNBL NPE069A00002 Kankai Bikas Bank Ltd. 2018/03/29 2018/03/29
KPN NL0000009082 Royal KPN N.V. 2018/05/31 2019/05/15
LANS NL0000302636 Van Lanschot Kempen NV 2018/06/07 2019/04/24
LEAS BE0003770840 Leasinvest Real Estate 2018/01/30 2019/02/21
LEG111 DE000LEG1110 LEG Immobilien AG 2018/09/18 2019/05/14
LOTB BE0003604155 Lotus Bakeries N.V. 2019/02/06 2019/02/25
LVMUY US5024413065 LVMH MOET HENNESSY 2018/04/10 2018/04/10
MC FR0000121014 LVMH Moet Hennessy Louis Vuitton SE 2018/10/10 2019/04/11
MCD. ARDEUT110269 McDonald's Corp. CEDEAR 2018/08/01 2018/08/03
MCDC34 BRMCDCBDR000 McDonald's Corp. BDR 2019/04/29 2019/05/03
MELE BE0165385973 Melexis N.V. 2018/02/07 2019/04/23
MERLIN ES0105025003 Merlin Properties Socimi SA 2018/02/28 2019/05/14
MOB BE0003735496 Orange Belgium 2018/02/06 2019/04/30
MONT BE0003853703 Montea C.V.A. 2018/08/21 2019/04/10
MTL LU0323134006 ArcelorMittal 2018/10/04 2019/05/09
NDA DK FI4000297767 Nordea Bank Abp 2019/04/30 2019/05/03
NDA DKK SE0000427361 Nordea Bank Abp 2018/07/20 2018/12/21
NGG US6362744095 National Grid Plc 2018/05/02 2018/05/02
NGG. ARDEUT112620 National Grid PLC CEDEAR 2018/05/17 2019/05/17
NIBC NL0012756316 NIBC HOLDING N.V. 2018/04/06 2019/04/03
NIUWF NL0000292324 NSI NV 2018/09/19 2019/04/17
NNGRY US6293341037 NN Group NV 2018/02/15 2018/04/23
NYRSY US67077R2067 Nyrstar NV 2018/02/22 2018/05/03
OCBI US68417L1070 Orange County Bancorp 2018/02/21 2018/04/26
ORAN. ARDEUT111861 Orange 2018/07/05 2018/07/05
ORDI NL0000440584 Ordina N.V. 2018/02/15 2019/04/25
OREG EGS48011C018 Orange Egypt For Telecommunications 2018/07/16 2018/07/26
PEN AU000000PEN6 Peninsula Energy 2018/10/26 2018/10/26
PHIA NL0000009538 Koninklijke Philips 2018/10/22 2019/04/29
PK7D US4042804066 HSBC Holdings (ADR) 2018/04/26 2018/05/04
PNL NL0009739416 PostNL 2018/01/18 2018/09/13
PNLYY US73753A1034 TNT N.V. ADS 2018/02/05 2018/05/15
PSTNY US73753A2024 PostNL N.V. 2018/02/26 2018/02/27
PUMA ZM0000000185 Puma Energy Zambia PLC 2018/04/24 2018/04/24
QFG BE0003730448 Quest for Growth 2018/01/26 2019/01/25
RAND NL0000379121 Randstad NV 2018/06/11 2019/05/15
RANJY US75279Q1085 Randstad NV 2018/02/05 2018/04/24
RBI AT0000606306 Raiffeisen Bank International 2018/08/22 2018/08/22
RBS.GB US74927PAA75 RBS Capital Trust II 2018/02/23 2018/04/18
RBS3832060 USU7533YAA11 RBS Capital Trust B 2018/04/27 2018/04/27
RBWNY US78012M1036 Koninklijke Boskalis Westminster NV 2018/03/21 2018/04/24
RCUS BE0003874915 Fagron 2018/01/11 2019/05/13
RDSB GB00B03MM408 Royal Dutch Shell B 2018/01/12 2019/05/02
RDSMY US7802491081 Koninklijke DSM N.V. ADS 2018/05/08 2018/05/08
RDTX ID1000067200 Roda Vivatex 2019/01/25 2019/01/25
REC BE0003656676 Recticel S.A. 2018/01/18 2019/05/10
REN NL0006144495 Relx NV 2018/10/25 2019/04/03
RENX US75955B1026 Reed Elsevier N.V. ADS 2018/02/15 2018/04/05
RET BE0003720340 Retail Estates 2018/01/30 2019/04/02
REUS LU0562665777 RBS Market Access Euro Stoxx50 Monthly Double Short Index ETF 2018/07/17 2019/02/15
RFFRY US75865A1034 Refresco Group N.V. 2018/01/23 2018/01/23
RI FR0000120693 Pernod Ricard S.A. 2018/08/29 2019/04/18
RIFS USY097891193 RELIANCE INFRASTRUCTURE LD GDR 2018/04/04 2018/04/05
RS US7595091023 Reliance Steel & Aluminum Co. 2018/02/26 2018/03/23
RWEOY US74975E3036 RWE AG ADS 2018/03/13 2018/04/30
SAN ES0113900J37 Banco Santander 2019/04/16 2019/04/17
SANB11 BRSANBCDAM13 Banco Santander Brasil 2019/04/30 2019/04/30
SBBLJ NPE094A00000 Sahayogi Bikas Bank Ltd 2018/04/25 2018/04/25
SBFFY US78404D1090 SBM Offshore N.V 2018/02/05 2018/05/10
SBMO NL0000360618 SBM Offshore 2018/01/18 2019/05/16
SBNK INE667A01018 Syndicate Bank Ltd. 2018/06/25 2018/06/25
SCZ ZM0000000094 Standard Chartered Bank Zambia Plc 2018/02/27 2018/05/02
SEV FR0010613471 Suez 2018/07/26 2019/04/26
SGLN ZAE000243572 Sibanye Gold Limited 2018/03/22 2018/05/09
SIP9 BE0970155587 Sipef 2018/02/15 2018/02/15
SK FR0000121709 SEB S.A., 2018/07/20 2018/07/20
SLIGR NL0000817179 Sligro Food Group N.V. 2018/01/25 2019/05/16
SNMRY US78460A1060 Snam S.p.A. 2018/04/20 2018/04/20
SOBS US83441Q1058 Solvay Bank Solvay N Y 2018/05/03 2018/05/03
SOLB BE0003470755 Solvay S.A. 2018/07/31 2019/05/10
SOLVY US8344373035 SOLVAY S A 2018/02/28 2018/02/28
SSPC US84832P1021 SpendSmart Networks Inc 2018/02/14 2018/04/12
STAN GB0004082847 Standard Chartered PLC 2018/05/23 2018/09/21
SWED A SE0000242455 Swedbank AB Series A 2018/07/20 2019/05/03
SZCD US8646902010 Suez Cement 2018/03/01 2018/04/11
TEAM BE0003852697 Team International Marketing N.V. 2018/08/03 2018/08/03
TEF ES0178430E18 Telefonica S.A. 2018/12/13 2019/03/18
TEF... US8793822086 Telefonica S.A. (ADS) 2018/02/22 2018/04/26
TEFO ARDEUT110574 Telefonica S.A. (ADS) 2018/10/23 2019/05/10
TEL NO0010063308 Telenor ASA 2018/07/17 2019/01/28
TESB BE0003555639 Tessenderlo Group NV 2018/03/14 2019/03/14
TI. ARDEUT112059 Telecom Italia S.p.A. CEDEAR 2018/05/17 2019/03/22
TI.. US87927Y1029 Telecom Italia S.p.A. ADS 2018/03/12 2018/05/07
TI/A US87927Y2019 Telecom Italia S.p.A. ADS 2018/02/23 2018/04/05
TKC US9001112047 Turkcell Iletisim Hizmetleri A.S. ADS 2018/04/25 2018/04/25
TKGBY US9001487019 Turkiye Garanti Bankasi (ADS) 2018/02/01 2018/02/01
TLGHY US8794821079 Telenet Group Holding N.V. ADS 2018/02/13 2018/05/03
TLSN SE0000667925 Telia Co AB 2018/07/20 2019/03/21
TMOAY US8901381009 Tomtom NV 2018/02/06 2018/04/17
TNET BE0003826436 Telenet Group Holding NV 2018/10/30 2019/05/02
TOM2 NL0000387058 TomTom B.V. 2018/01/10 2019/05/16
TRKNY US90011Q1004 Turk Telekomunikasyon AS 2018/02/12 2018/05/09
TSCO GB0008847096 Tesco PLC 2018/10/03 2019/04/10
TSGYO TRETSGY00016 TSKB Gayrimenkul Yatirim ORT 2018/05/16 2018/05/16
TSP.N US87936R1068 Telecomunicacoes de Sao Paulo S/A ADS 2018/02/07 2018/03/09
TTKOM TRETTLK00013 Turk Telekomunikasyon AS 2018/07/25 2018/07/25
TVI TH0311010Z01 Thaivivat Insurance PCL 2018/02/28 2018/02/28
TWEKA NL0000852523 TKH GROUP N.V 2018/05/02 2019/03/07
UCB BE0003739530 UCB S.A. 2019/04/03 2019/04/03
UCBJY US9034801012 UCB SA 2018/02/22 2018/04/05
UCD_u CA31864H1029 First Asset Advantaged Morningstar U.S.Consumer Defensive Index Fund 2018/07/02 2018/07/02
UMI BE0974320526 Umicore S.A. 2018/05/30 2018/07/31
UMICY US90420M1045 Umicore 2018/04/27 2018/04/27
UN. ARDEUT112091 Unilever N.V. CEDEAR Ord 2018/05/31 2018/05/31
UNA NL0000009355 Unilever N.V. CVA 2018/10/05 2019/05/13
UNBK INE692A01016 Union Bank of India 2018/06/25 2018/06/25
UNLC CI0000000287 Unilever Cote D`Ivore 2018/02/01 2018/04/19
UNRDY US9045871020 Unibail-Rodamco S.A. ADS 2018/02/01 2018/04/24
VALL SC9624EAEE92 Valdepusa Limited 2018/01/30 2018/05/04
VALZ CA01435Q2045 Aldershot Resources Ltd. 2019/05/08 2019/05/08
VASTB BE0003754687 Vastned Retail Belgium NV 2018/02/15 2018/08/02
VASTN NL0000288918 Vastned Retail N.V. 2018/01/15 2019/05/08
VBG CA92206H1010 GBL EX-US BD ETF 2018/08/01 2018/08/01
VGP BE0003878957 VGP N.V. 2018/10/05 2019/05/10
VIH TH3394010R12 Srivichai Vejvivat (NVDR) 2018/02/23 2018/03/15
VIH-F TH3394010013 Srivichai Vejvivat (Fgn) 2018/07/04 2018/07/04
VIVT4 BRVIVTACNPR7 Telefonica Brasil S.A. Pref 2018/10/08 2018/10/08
VOPKY US50048T1051 Koninklijke Vopak 2018/02/13 2018/04/18
WDIS US98137C1036 Wordsmith Media Inc. 2018/04/05 2018/04/05
WDP BE0003763779 Warehouses de Pauw 2018/01/09 2019/04/24
WEHB BE0003724383 Wereldhave Belgium C.V.A. S.C.A. 2018/02/01 2018/07/24
WES NL0000395317 Wessanen 2018/02/07 2019/04/11
WHA NL0000289213 Wereldhave N.V. 2018/01/30 2019/04/26
WKL NL0000395903 Wolters Kluwer N.V. Cert. 2018/01/11 2019/05/08
WTKWY US9778742059 Wolters Kluwer N.V. ADS 2018/02/21 2018/02/21
XIOR3 BE0970156593 Xior Student Housing NV 2018/01/30 2018/05/04
XIP AU000000XIP6 Xenith IP Group 2018/12/05 2018/12/05
YESB INE528G01027 Yes Bank 2018/06/25 2018/06/25
YKBNK TRAYKBNK91N6 Yapi ve Kredi Bankasi A.S. 2019/02/05 2019/05/08

Analysts

  • Albert Ploegh, CEFA

    N/A
  • Prakash Sakpal

    N/A
  • Marc Zwartsenburg, CEFA

    N/A
  • Roelof-Jan van den Akker

    N/A
  • Martin van Vliet

    N/A
  • Maureen Schuller

    N/A
  • Egor Fedorov

    N/A
  • Chris Turner

    N/A
  • Warren Lau

    N/A
  • Dimitry Fleming

    N/A
  • Anna Palmer

    N/A
  • Peter Krpata

    N/A
  • Joey Cuyegkeng

    N/A
  • Carsten Brzeski

    N/A
  • Jeroen van den Broek

    N/A
  • Mark Cliffe

    N/A
  • Job Veenendaal

    N/A
  • Ciprian Dascalu

    N/A
  • James Knightley

    N/A
  • Marina Zavgorodnyaya

    N/A
  • Quentin Gilletta de Saint Joseph

    N/A
  • Benjamin Schroeder

    N/A
  • Geoffrey Minne

    N/A
  • Hamza Khan

    N/A
  • Jakub Seidler

    N/A
  • Gustavo Rangel

    N/A
  • Adele Kleinhans

    N/A
  • Ajay Supeda

    N/A
  • Tijs Hollestelle

    N/A
  • Raiz Riyal

    N/A
  • Bruce Mckenzie

    N/A
  • ING Helpdesk

    N/A
  • Giel-Jan Triest

    N/A
  • Padhraic Garvey

    N/A
  • Hendrik Wiersma

    N/A
  • Marina Le Blanc

    N/A
  • Nadège Tillier

    N/A
  • Suvi Platerink Kosonen

    N/A
  • Petr Krpata

    N/A
  • Viraj Patel

    N/A
  • Warren Patterson

    N/A
  • Peter Virovacz

    N/A
  • Iris Pang

    N/A
  • Muhammet Mercan

    N/A
  • Peter Vanden Houte

    N/A
  • Rob Carnell

    N/A
  • Jakub Rybacki

    N/A
  • Karol Pogorzelski

    N/A
  • Piotr Poplawski

    N/A
  • Rafal Benecki

    N/A
  • Julien Manceaux

    N/A
  • James Smith

    N/A
  • Jonas Goltermann

    N/A
  • Rosine van Velzen

    N/A
  • Reginald Watson, CFA

    N/A
  • Matthias Maenhaut

    N/A
  • Oliver Nugent

    N/A
  • Inga Fechner

    N/A
  • Dmitry Polevoy

    N/A
  • Quirijn Mulder

    N/A
  • Stijn Demeester

    N/A
  • Timme Spakman

    N/A
  • Nick Smallwood

    N/A
  • Jaap Kuin

    N/A
  • Pieter Runneboom

    N/A
  • Steven Trypsteen

    N/A
  • Bert Colijn

    N/A
  • Paolo Pizzoli

    N/A
  • Petr Krpata, CFA

    N/A
  • Philippe Ledent

    N/A
  • Valentin Tataru

    N/A
  • Joanna Konings

    N/A
  • Padhraic Garvey, CFA

    N/A
  • Raoul Leering

    N/A
  • Research Department

    N/A
  • Charlotte de Montpellier

    N/A
  • Chuck Horvath

    N/A
  • Fiona Campbell

    N/A
  • Marcel Klok

    N/A
  • Trieu Pham

    N/A
  • David Vagman, CFA

    N/A
  • Teunis Brosens

    N/A
  • Carlo Cocuzzo

    N/A
  • Jason Ball, CFA

    N/A
  • Maurice van Sante

    N/A
  • Fleur Doidge

    N/A
  • Jessica Exton

    N/A
  • Ian Bright

    N/A
  • Marc Hesselink, CFA

    N/A
  • Nicky Mapa

    N/A
  • Philippe Maillot

    N/A
  • Maria Ferreira Sequeda

    N/A
  • Dmitry Dolgin

    N/A
  • Gerben Hieminga

    N/A
  • Sarka Plecakova

    N/A
  • Marieke Blom

    N/A
  • Tom Miller

    N/A
  • Udith Sikand

    N/A
  • Maxime Stranart

    N/A
  • Rico Luman

    N/A
  • Thijs Geijer

    N/A
  • Anaam Raza

    N/A
ING
Prakash Sakpal

Indian voters' verdict on Modi arrives

After more than a month of voting in India, hopefully, the long-standing political uncertainty ends after the election results come through on 23 May. We think markets are pricing Modi's return to power, but given the anti-incumbent sentiment seen in last year's state-level elections in Modi stronghold states, the potential for surprise remains

ING
Suvi Platerink Kosonen

ABN AMRO/Green Fatigue?/STABLE

ABN AMRO suffered from revenue headwinds and the bank's cost measures were not enough to offset this pressure. Net Income declined by 20% YoY in 1Q19. The bank's credit costs somewhat improved over the quarter. ABN AMRO has a solid capital position. That said, RWA dynamics are likely to keep pressure on its capital and MREL ratios this year. ABN AMRO has indicated that it plans to issue non-preferred senior this year. Meeting this year's MREL target would imply an issuance need of c.€800m. ABN AMRO has already issued four green bonds. We see value in the green ABNANV0.875 4/25 that has underpe...

ING
Timme Spakman

No new tariffs, for now…

The US has delayed a decision to label automobile imports a national security threat, but the tariff threat remains on the table

ING
Nadège Tillier

National Grid/Challenges await, now fairly priced/STABLE (previously Preferred)

National Grid's preliminary 2018-19 results beat estimates despite much lower operating and net income that was impacted by exceptional cost items. Credit ratios also show deterioration, despite still being within agencies' requirements to maintain current credit ratings. 2018-19 operating profit fell to £2,870m, from £3,493m a year ago. The company booked £624m in exceptional costs, including £204m for restructuring programmes, £283m for the Massachusetts Gas labour dispute and £137m for the final settlement of LIPA MSA transition. Without these extra charges, the company would have reported ...

ING
Roelof-Jan van den Akker

Daily FX Technical

EUR/USD. Today's violation of the short-term support line around 1.1180 is weakening the picture within the consolidation pattern. This is suggesting an increasing risk of continuing the downtrend below the crucial horizontal support around 1.1115. Please keep in mind that we should see a downward acceleration below this crucial support level. The April 2017 gap at 1.0738-1.0821 will be the first reference point with the lower end of the falling trend channel offering support around 1.0790. Our short-term bearish targets are unchanged at 1.1050, 1.0975 and 1.0755. All in all, our rating rema...

ING
Warren Patterson

The Commodities Feed: OPEC+ set to meet

Your daily roundup of commodities news and ING views

ING
Warren Patterson

The Commodities Feed: WTI/Brent spread pressure

Your daily roundup of commodities news and ING views

ING
Warren Patterson

The Commodities Feed: Middle East tension

Your daily roundup of commodities news and ING views

ING
Warren Patterson

The Commodities Feed: Further spread strength

Your daily roundup of commodities news and ING views

ING
Warren Patterson

The Commodities Feed: Saudi-US oil flows fall

Your daily roundup of commodities news and ING views

ING
Ciprian Dascalu

BriefING Romania/PSD meeting in the spotlight

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marina Le Blanc
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/FCA's profit could double by 2020

FCA's (FCAIM) Sergio Marchionne indicated that the company's profit could double within 5 years. This will be driven by exploiting the further potential of the Jeep brand, according to the company's CEO in an interview with Bloomberg. Marchionne indicated that the Jeep brand could reach a market share of 20% of the global SUV market, equalling c.5m deliveries per year. FCA's guidance for this year includes an adjusted net profit of more than €3.0bn, an adjusted EBIT in excess of €7.0bn, net revenues of €115-120bn, with net industrial debt below €2.5bn. This guidance was reiterated. With Marchi...

ING
Joey Cuyegkeng

FM Manila View and Cues/Trade deficit larger than OFW remittances

• PHP: Underperformance last week on record trade deficit in November • FXTN: Enhanced government's cash position as liquidity returns • ROPs (& INDONs): Global ROP $2bn issue soon; Fundamentals remain steady

ING
Benjamin Schroeder ...
  • Martin van Vliet
  • Padhraic Garvey

Rates Strategy Spark - Week ahead: Time for a step back

Market view • The ECB has indicated it could shift it forward guidance sooner and US CPI surprised to the upside. With 10yr Bunds yields climbing to 0.60% and 10yr USTs to close to 2.60%, markets are contemplating whether this is the beginning of a larger bear market. While our base case indeed envisages moderately higher yields later this year, this week could offer some respite with less issuance, little data and the lingering risk of a US government shutdown. • Interestingly, spreads have proven more than just resilient. Peripheral spreads tightened by up to 20bp (PGBs) last week and semi-...

ING
Carsten Brzeski ...
  • Chris Turner
  • Ciprian Dascalu
  • Jakub Rybacki
  • James Knightley
  • Muhammet Mercan
  • Prakash Sakpal

Global Economic Calendar - The ING view on key data and events next week

ING
Roelof-Jan van den Akker

Daily FX Technical

EUR/USD. Today's violation of the short-term support line around 1.1180 is weakening the picture within the consolidation pattern. This is suggesting an increasing risk of continuing the downtrend below the crucial horizontal support around 1.1115. Please keep in mind that we should see a downward acceleration below this crucial support level. The April 2017 gap at 1.0738-1.0821 will be the first reference point with the lower end of the falling trend channel offering support around 1.0790. Our short-term bearish targets are unchanged at 1.1050, 1.0975 and 1.0755. All in all, our rating rema...

ING
Chris Turner ...
  • Petr Krpata, CFA

Daily FX Strategy/It ain't looking pretty

Chief Investment Officers must be considering more defensive strategies right now. It has not been a bad year for asset market performance, with the MSCI World equity index up 13% and some common bond indices up 2-3%. But now faced with: a) an escalating US-China trade war taking on some unedifying nationalist tones, b) oil rising on supply concerns as Iran is backed into a corner in the Middle East and c) a late cycle US economy, investors will be focused more on preserving capital. This dark mood is playing out in the FX space, where any rallies in commodity currencies quickly fizzle and USD...

ING
Roelof-Jan van den Akker

Daily FX Technical

EUR/USD. Prices declined after testing the MA-50 line at 1.1250 in the past few days. However, prices are still above the short-term support line around 1.1175. This means that it is still too early to expect the start of the next sell-off in the long-term downtrend. That said, a further recovery above the flattening MA-50 line at 1.1246 remains a possibility for a test of the upper end of the falling trend channel coming in around 1.1320. Our long-term view remains bearish and a close below the short-term support line around 1.1175 is necessary to expect the coming sharp sell-off below the ...

ING
Chris Turner ...
  • Petr Krpata, CFA

Daily FX Strategy/MXN: It's fun to stay in the USMCA

Some reports have emerged over the last 24hrs that the Trump administration is floating new proposals to get its NAFTA-replacement USMCA deal ratified in Congress. Little progress has been seen since all three leaders signed it off at the G20 in Argentina last November. Positive news on the deal would likely help CAD and MXN, both of whom have been on the receiving end of steel and aluminium tariffs. Today also sees a Banxico meeting. Despite a desperately disappointing 1Q19 GDP figure and what is seen as merely a temporary spike in inflation, our Gustavo Rangel believes Banxico will stay neut...

ING
Roelof-Jan van den Akker

Daily FX Technical

EUR/USD. Prices are consolidating below the declining MA-50 line at 1.1246, but it is too early to conclude that prices have topped and the next decline is imminent. This should be confirmed by a break below the short-term support line around 1.1190. This break would at least suggest a test of the next crucial horizontal support around 1.1115. Until then, we cannot rule out a close above the MA-50 line in making new short-term highs within the long-term downtrend. Next strong resistance comes in at the upper end of the falling trend channel around 1.1320. There are still short-term bearish ta...

ING
Research Department

Benelux Morning Notes

AEGON: Divestment of stake in partnership with Sony Life in Japan. D'Ieteren: Profit growth guidance to >25% from >10%. Elia: Fully in-line trading update without further numbers. Takeaway.com: Amazon investment in Deliveroo should have limited impact on TKWY

ING
Roelof-Jan van den Akker

Technical Analysis/Recent breakout in the Bund above 166.70 is suggesting further gains

The weekly close above the horizontal resistance barrier at 159.80 suggests a resumption of the long-term uptrend. Next resistance at the upper end of the 3 year rising trend channel around the 170.65 area with the long-term rising trend channel showing resistance around 177.60 at the upper end of this channel. This is in line with our long-term bullish target for the coming months at 167.70.

ING
Research Department

Benelux Morning Notes

Euronext: On track to reach FY19 cost guidance. KBC: Underlying results in line (solid), CET1 underlying a touch light. NN Group: Decent results but less strong than headlines suggest. SBM Offshore: Moving forward, preferably fast. Sligro: Ambitious goals for the Belgian operations. TomTom: Capital repayment sheds light on attractive FCF yield. VolkerWessels: Solid first quarter

ING
Roelof-Jan van den Akker

Technical Analysis/Solid breakout above 160.70 confirms uptrend Bund future

The weekly close above the horizontal resistance barrier at 159.80 suggests a resumption of the long-term uptrend. Next resistance at the upper end of the 3 year rising trend channel around the 170.65 area with the long-term rising trend channel showing resistance around 177.60 at the upper end of this channel. This is in line with our long-term bullish target for the coming months at 167.70.

ING
Research Department

Benelux Morning Notes

ABN AMRO: Good message on capital, results deserve a closer look. Ageas: SII a touch light, Asia offset the somewhat weak results in Belgium. Fugro: Seabed, return of profitability on the horizon? Proximus: Cuts business mobile plans' pricing. Staffing sector: Dutch period 4 figs: vol -6%, rev -3% (was -5%, rev -2%); trend softens

ING
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

ING
Roelof-Jan van den Akker

Technical Trend Monitor

Buxl future. The daily continuous chart shows a pull-back after a decline from its recent high around 194.00. This is just a decline within a longer-term uptrend after a recent bullish breakout. That said, the uptrend is likely to be continued after this weakness. This should be in line with a short-term bullish target at 205.95 with the upper end of the long-term rising trend channel in the weekly chart coming in around 209.65. Prices are currently testing the former upper end of the 24 month rising trend channel around 189.20 with next solid support coming in between the horizontal line an...

ING
Roelof-Jan van den Akker

Technical Trend Monitor

Buxl future. The daily continuous chart shows a pull-back within the uptrend from the recent new high at 194.02. The short-term downside potential is limited as prices will meet plenty of support between the underlying trend line and the horizontal line, both around 186.60, with the rising MA-50 line coming in at 185.68. The short-term bearish targets at 188.00 and 186.10 are confirming the current weakness. We recommend buying on weakness towards the solid support area 186.60-185.70 in the uptrend.

ING
Roelof-Jan van den Akker

Technical Trend Monitor

BTP future. There is no clear short-term trend with prices consolidating at higher levels. This is confirmed by the deteriorating picture in the daily momentum chart. However, we consider this pause within the uptrend as building momentum for the next rally. This is in line with our short-term bullish targets at 130.80, 131.60 and 132.80. The daily continuous chart shows a test of the lower end of the rising trend channel around 128.90 today with next solid support coming in between the horizontal line around 127.85 with the rising MA-50 line coming in around 127.30. A rise above the recent ...

ING
Roelof-Jan van den Akker

Technical Trend Monitor

Buxl future Prices are moving within uncharted territory after the recent breakout in the daily chart above the upper end of the steep rising trend channel around 191.00 in the beginning of this week. We are using the weekly continuous chart to analyse what the possibility on the upside would be within the long-term uptrend. The weekly close above the strong horizontal resistance around 182.10 at the end of January triggered a fresh new Buy signal, showing a continuation of the long-term uptrend. The upper end of the long-term rising trend channel suggests that there is upside potential left ...

ING
Roelof-Jan van den Akker

Technical Trend Monitor

BTP future. The daily continuous chart shows a consolidation within the long-term rising trend in combination with a deteriorating daily momentum chart. We consider this as building momentum within the current consolidation for the next rally within the uptrend. However, the daily chart shows strong horizontal resistance coming in between 130.75 and 131.70 with our short-term bullish targets unchanged at 131.60 and 132.80. The short-term downside potential within this consolidation pattern is limited with solid support coming in between the lower end of the rising trend channel around 128....

ING
Prakash Sakpal

Indian voters' verdict on Modi arrives

After more than a month of voting in India, hopefully, the long-standing political uncertainty ends after the election results come through on 23 May. We think markets are pricing Modi's return to power, but given the anti-incumbent sentiment seen in last year's state-level elections in Modi stronghold states, the potential for surprise remains

ING
Suvi Platerink Kosonen

ABN AMRO/Green Fatigue?/STABLE

ABN AMRO suffered from revenue headwinds and the bank's cost measures were not enough to offset this pressure. Net Income declined by 20% YoY in 1Q19. The bank's credit costs somewhat improved over the quarter. ABN AMRO has a solid capital position. That said, RWA dynamics are likely to keep pressure on its capital and MREL ratios this year. ABN AMRO has indicated that it plans to issue non-preferred senior this year. Meeting this year's MREL target would imply an issuance need of c.€800m. ABN AMRO has already issued four green bonds. We see value in the green ABNANV0.875 4/25 that has underpe...

ING
Timme Spakman

No new tariffs, for now…

The US has delayed a decision to label automobile imports a national security threat, but the tariff threat remains on the table

ING
Nadège Tillier

National Grid/Challenges await, now fairly priced/STABLE (previously Preferred)

National Grid's preliminary 2018-19 results beat estimates despite much lower operating and net income that was impacted by exceptional cost items. Credit ratios also show deterioration, despite still being within agencies' requirements to maintain current credit ratings. 2018-19 operating profit fell to £2,870m, from £3,493m a year ago. The company booked £624m in exceptional costs, including £204m for restructuring programmes, £283m for the Massachusetts Gas labour dispute and £137m for the final settlement of LIPA MSA transition. Without these extra charges, the company would have reported ...

ING
Maureen Schuller

What's up in Covered Bonds/LBBW expands green portfolio with UK loans

LBBW published its updated green bond framework earlier this week. Besides allocations to eligible green commercial buildings (retail and offices in Germany, the US and the UK as per the 2019 criteria), the updated framework allows for proceed allocations to German residential buildings that meet the EnEV 2009 standards. Renewable energy projects (wind and solar) also remain eligible.

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