The DESK’s Risk & Return is the single channel for issuers and investors to access data, research, legal advice and credit rating information to support issuance and investment in debt via the primary market.
INSIGHTS & ANALYSIS
Insights & Analysis: UBS tracks rising quality in US high yield
In an analysis of US credit fundamentals for high yield (HY) debt, investment banking giant, UBS, via its HOLT valuation service acquired from Credit Suisse in 2024, has assessed whether US credit fundamentals are...
ORIGINATION
Origination: BMO issues US$1 billion in 60-year notes
The Bank of Montreal (BMO) has issued US$1 billion in additional tier 1 limited recourse capital notes (LCRN).
The series six LCRNs have a 6.875% annual interest rate, which will be paid on a quarterly...
INVESTOR DEMAND
Investor Demand: Apollo outlines four scenarios for investors
Torsten Sløk, Apollo Global Management’s chief economist, has outlined four key scenarios that investors need to consider potential outcomes of the current trade war and inflationary situation.
“Goldilocks is a straightforward economic scenario,” he writes....
RULES & RATINGS
Rules & Ratings: Big Beautiful Bill highlights US credit cracks
Fitch Ratings has adjusted a quarter of its US sector outlooks for 2025 to ‘deteriorating’.
The agency cited slowing growth, increasing uncertainty and the expectation of higher-for-longer interest rates for the remainder of the year.
Trump’s...
THE BOOK
The Book: Stellantis issues US$1.9bn debt, faces US$2.7bn loss
Auto manufacturer Stellantis has reported a US$2.7 billion loss in the first half of 2025, results that chief financial officer Doug Ostermann described in an earnings call as “far below our potential”.
The firm issued...
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