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.
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
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...
Ahead of general elections on 8 May, there is consensus that a strong mandate would give the next Ramaphosa cabinet a helping hand in fighting graft and reviving the economy. Unless the ANC is in for a negative surprise, we believe that there is room for a modest near-term rally in SOAF credit which could be further underpinned by timely and credible reform announcements. However, the necessity for party unity and union support is a hurdle for reform implementation and clouds the medium-term outlook. All in all, current SOAF spread levels are fairly valued vs peers but we believe that the curr...
While EM sovereign spreads remain close to recent tights, recent dollar strength serves as a reminder of downside risks, weighing temporarily on spreads and inflows. There is no reason for panic but we could see some more of that as a reassessment of global economic conditions is underway and therefore prefer sovereigns with stronger or improving external balance sheets. While this implies a skew to low beta credit, there are also some lower rated sovereigns that suit that profile.
Following S&P's upgrade to BBB- on 22 March, we believe there is more good news in store for Croatia. Despite the stable outlook and against Moody's typical rating change pattern, a direct one notch upgrade to Ba1 (from Ba2) is our base scenario for Moody's review on Friday (26 April). While achieving “only” a positive outlook revision would still be good news for Croatia, developments over the past year allow for greater expectations. It is still a close call between the two.
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