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Deep dive into the "Greenium" in Telco ESG Bonds
Some telcos could see a lower cost of debt by issuing an ESG-compatible bond with a "greenium" (a lower yield to maturity), as the operator is doing something of social/sustainable value. Most European telcos have clear ESG commitments, with the EU and UK markets targeting all corporates to reduce emissions by 100% and 78% by 2035.
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Is The U.S. Leading The Way Toward A Greener Natural Gas Supply?
These greener supply chain initiatives include enhanced methane mitigation and monitoring, certified gas and related trading activities, carbon capture on LNG facilities, and offsetting. While these developments are all in early stages, with best practices still evolving, they underscore strong industry engagement and market drivers, all intending to set a premium on "green".
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Is Food Inflation an 80s Redux?
Packaged Foods companies generated outsized EPS growth from 1979 to 1982 during an economic recession. Using data from FactSet and the Bureau of Labor Statistics, our analysts reviewed these companies’ historical performance and some thoughts on their relevance to the current time. According to FactSet, packaged foods companies’ EPS grew 43% from 1979 to 1982, while the S&P 500’s earnings fell 17%. The strong performance may be attributable to the rapid flow-through of pricing and, like the current climate, relatively steady volume as consumers prioritized grocery spending in their budgets to feed their families.
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Trends and Challenges in Traveling Nurse Staffing
Our travel nursing expert indicated that bill rates are currently trending down from their peaks. The expectation moving forward is that the average hourly bill rate for an ICU nurse (Staffing Industry Analysis compiled industry data) dropped to $130 this past May/June from the peak of $185 seen during the Omicron surge in January.
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US Chips Act Prioritizes Incentives to Semiconductor Manufacturing
The new legislation includes US$39bn for semis manufacturing incentives, with US$2bn specifically for mature nodes and up to US$3bn per project. The act also adds US$11bn for R&D funding, including a National Semi Technology Center, and US$4.2bn for industry development for telecom, defense, and workforce training. It also provides a 25% investment tax credit for semis fab construction, fab equipment, and semi-cap investment. The non-partisan US Congressional Budget Office (CBO) estimates an additional US$25bn/US$22bn for grants/tax credits through 2026.
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Reviewing Strategic Themes for Asia Pacific
Slower growth could expose additional problems in the Asian economies. With the fall in APAC forward P/E multiple already comparable to that in prior downturns, investor focus is now turning to EPS cuts.
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Did Chinese Cross-Border Biotech Licensing Deals Slow in the First Half of This Year?
China's drug industry is seeing R&D transition to a best-in-class strategy by leveraging its engineering capabilities. The number of out-licensing deals from Chinese companies could continue at pace and grow the number of out-licensed assets to more than 30 per year, with in-licensed investments at ~50 per year.
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Will Foreign Institutional Investor Portfolio Flows Continue to Track Global Equities' Performance?
Rolling 12-month flows as a percentage of market capitalization had reached levels only better than the global financial crisis. Somewhat expectedly, flows to several markets turned positive in the past week. While sentiment switches to "bad news is good news," a lag between expectation and appearance of poor economic data may mean the rebound lasts long enough to test investor patience. Could this be the start of a multiyear inflexion?
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China's Dairy Sector Growth Keeping Profits Healthy
Owing to improved supply-demand dynamics and easing cost pressure after a record-high level, China's domestic raw milk price could decrease moderately after its increase in 2020/21. The current slowdown in total dairy demand in 2020/21 is likely due to supply chain disruption and the loss in certain consumption occasions amid the pandemic.
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Qatar 22 World Cup may be a disappointment for the brands
As match schedules revolve around Arabian Standard Time this year, we believe viewership figures should be lower vs. prior World Cup tournaments, particularly in Europe and the Americas, which account for more than half of 2018 global viewership. In 2022, there will be a higher proportion of matches scheduled during working hours at 52% for European viewers (vs. 38%/29% in 2018/2014, respectively) and 75% for the Americas.
