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    Daiwa Europe’s market-leading research on the Japanese economy.

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2022

2021

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  • European Banks - Credit Update

    European Banks - Credit Update

    26 April 2021 971 KB PDF
    • 1Q21 Archegos losses overshadow otherwise robust underlying performance at Credit Suisse.
    • EU Taxonomy starts defining sustainable finance market with immediate benefit for covered bonds.
    • One of the quietest weeks of the years for primary SSA and FIG issuance volumes, while spreads in the secondary market firmed up in EUR and USD alike.
  • US Data Review

    US Data Review

    26 April 2021 148 KB PDF
    • Durable goods orders: constrained by aircraft bookings; moderately favorable elsewhere.
  • Euro Wrap-up

    Euro Wrap-up

    26 April 2021 313 KB PDF
    • Bunds were little changed while reports suggested that the German government is set to revise up its 2021 GDP forecast and the ifo survey suggested that business conditions continue to improve.
    • Gilts followed USTs slightly lower on a quiet day for economic data from the UK.
  • US Data Review

    US Data Review

    23 April 2021 152 KB PDF
    • New home sales: sharp gain from an upwardly revised level.
  • Euro Wrap-up

    Euro Wrap-up

    23 April 2021 540 KB PDF
    • Bunds were little changed even as the euro area flash April PMIs beat expectations to signal a further pickup in economic activity.
    • Gilts were also little changed despite stronger-than-expected UK flash PMIs and retail sales data.
  • US Data Review

    US Data Review

    22 April 2021 153 KB PDF
    • Existing home sales: easing in March; part fundamental, part weather.
  • Euro Wrap-up

    Euro Wrap-up

    22 April 2021 347 KB PDF
    • While euro area consumer confidence improved to a fourteen-month high, Bunds were little changed as the ECB left policy unchanged and gave few clues as to the likely pace of PEPP purchases this quarter or beyond.
    • Gilts were also little changed despite a strong survey of UK manufacturers.
  • European Banks - Quarterly ESG Update

    European Banks - Quarterly ESG Update

    21 April 2021 1128 KB PDF
    • European issuers play key role in global ESG bond surge, likely to surpass EUR850bn in 2021.
    • Regulatory progress in Europe will set standards for transparency and define what is ‘sustainable’.
    • The EU will provide a substantial boost to green bond supply following its social bond programmes.
    • Transition finance remains niche for now but could see wider adoption to support net zero goals.
    • ‘Greeniums’ at issue appear to be carried over and maintained in secondary market spreads.