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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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2025

2024

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  • Banco Santander S.A. - Issuer Profile

    Banco Santander S.A. - Issuer Profile

    30 May 2025 485 KB PDF
    • Banco Santander S.A is one of the largest banking groups in Europe with a broad international footprint in Europe, LATAM and North America.
  • Euro wrap-up

    Euro wrap-up

    30 May 2025 441 KB PDF
    • Despite a downside surprise to German retail sales and moderation in services inflation to a 13-month low, Bunds ended the day little changed while euro area bank lending remained resilitent at the start of Q2.
    • Shorter-dated Gilts made losses on a quiet day for UK economic releases.
  • SSA Handbook

    SSA Handbook

    29 May 2025 2MB PDF
    • This handbook offers an overview of 20 SSA issuers with strong ESG issuance track records, combining credit fundamentals, funding strategies and sustainable finance credentials
    • SSA credit metrics remain robust, with 90% rated ‘AA’ or higher and combined balance sheets totalling €3.6tr in 2024. Several institutions target >50% of annual issuance towards socially relevant sectors, tied to the overarching pursuit of the UN SDGs
    • Social bond formats remain a key channel to address policy objectives, with several entities regularly issuing benchmark-sized transactions to support affordable housing, employment, healthcare, and SME finance
    • SSAs are well positioned to adapt to evolving regulatory shifts that may challenge established funding models, while structural reforms at the MDB level and hybrid issuance formats are set to unlock new lending capacity

     

  • Euro wrap-up

    Euro wrap-up

    29 May 2025 273 KB PDF
    • Despite an improvement in Italian business and consumer confidence and pickup in Spanish retail sales, Bunds followed USTs higher.
    • Gilts also made gains on a quiet day for UK economic news.
  • US Data Review

    US Data Review

    29 May 2025 212 KB PDF
    • Revised Q1 GDP: headline nudged higher; internals somewhat softer
  • Euro wrap-up

    Euro wrap-up

    28 May 2025 306 KB PDF
    • While the German claimant count rose the most in six years and job vacancies continued to fall, Bunds made losses as an ECB survey measure of consumer inflation expectations rose to a 14-month high.
    • Gilts followed USTs lower on a quiet day for UK economic news.
  • Euro wrap-up

    Euro wrap-up

    27 May 2025 356 KB PDF
    • Euro area government bonds largely made modest losses at the short end but gains at the longer end of the curve after flash French inflation data for May surprised significantly to the downside.
    • Shorter-dated Gilts made bigger losses after a survey of retail businesses suggested that food price inflation rose the most in 12 months in May.
  • US Data Review

    US Data Review

    27 May 2025 236 KB PDF
    • Durable goods: decline in aircraft orders weighs on headline; April shipments data point to soft start for Q2 cap-ex
    • Consumer confidence: rebound led by an advance in expectations