The cumulative number of fallen angels (ie firms downgraded from investment status) recorded globally year to date in 2003 still matches the pace set in 2002, even though the par value affected by these downgrades has diminished visibly, said a report by Standard & Poor’s. This year’s fallen angel count of 33 is close to the tally of 34 in the corresponding period of 2002, but the par value affected by these downgrades dropped to US$47.8 billion this year, 35 per cent lower than in the year-ago period. The number of fallen angels-issuers downgraded to speculative (‘BB+’ and below) from investment grade (‘BBB-‘ and above)-has increased each year since 1996, peaking in 2002 amidst widespread credit deterioration combined with anxiety about corporate scandal and accounting impropriety. ‘The incidence of fallen angel activity is likely to decelerate this year, based on expectations that the trough in this credit cycle has already occurred,’ said Diane Vazza, head of Standard & Poor’s Global Fixed Income Research. ‘In fact, the number of global entities that could potentially become fallen angels has dropped to 48 compared with 56 in our May report.’
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more