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Public Finance Watch
7 March 2024
330 KB
PDF
Portion of GX Economy Transition Bonds not issued as Climate Transition JGBs
Not all GX Economy Transition Bonds are issued as Climate Transition JGBs
Climate Transition JGBs have acquired third-party certification and are issued separately from other JGBs
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The Boeing Company (BA US)
7 March 2024
434 KB
PDF
Operating income turned positive
4Q23 Revenues increased 10% y/y to $22bn with growth across all business segments; Operating income turned positive due to improved performance at BCA and BGS
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Daiwa's View
7 March 2024
472 KB
PDF
Narrowing of Japanese and European swap spreads: Signaling end of yield uptrend?
Japanese and European swap spreads regressing toward prepandemic mean
May signal end of yield uptrend for Japan and Europe, which have weaker growth potential compared to US
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Daiwa's View
6 March 2024
352 KB
PDF
With release of ISM Services Index, yield uptrend seems to have played out
Employment index suggests actual conditions weak, despite steady demand in service sector
Uptrend in long-term yield has very likely stopped temporarily, without exceeding 4.5%
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Daiwa's View
26 February 2024
721 KB
PDF
Remarks by Fed officials after release of FOMC minutes, and implications for market
Disinflationary process has been bumpy, and rate cuts require patience, but January inflation data has not actually changed the outlook
If main direction of rate cuts were unchanged (despite slight delay in rate cuts), 10-year real yield of above 2% and 2-year yield of around 5% would appear attractive
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AT & T Inc.
21 February 2024
392 KB
PDF
Generating rich cash flows
4Q23 Revenues increased 2.2% y/y to $32bn; Adjusted EBITDA increased 3.2% y/y to $10.6bn driven by higher Mobility, Consumer Wireline and Mexico, partially offset by lower Business Wireline
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Daiwa's View
21 February 2024
922 KB
PDF
One- or two-tiered current account structure
Short-term money market functioning is key
Decision depends on whether BOJ views arbitrage transactions between private banks as big or small
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Daiwa's View
16 February 2024
720 KB
PDF
Very weak GDP growth rate in Japan
Weak GDP growth rate in Japan affecting likelihood of additional rate hike from 0.25% to 0.5%
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