TDAM Fixed Income Team on Canada's monetary policy shift and its impact on bond funds

Fitch Ratings: Large-Scale Privatization of Uzbek State Banks Still Unlikely 💼🇺🇿 According to a new Fitch Ratings report, major privatization of Uzbekistan’s state-owned banks is unlikely in the near future. “We do not expect large-scale bank privatization in the short term given the slow pace of business model transformation and the high share of policy-driven lending programs that weigh on performance,” — the report states. Still, Fitch noted that ongoing transformation efforts will improve corporate governance, profitability, and operational efficiency of state banks — making them more attractive to foreign investors over time. 🔹 Targeted Approach Uzbekistan has opted for a selective privatization strategy, focusing mainly on the sale of OJSCB Uzpromstroybank (SQB). The National Investment Fund of Uzbekistan plays a key role in the bank’s transformation and pre-sale preparation, expected to enhance privatization success in the medium term. 🔹 Recent Milestone In October 2025, SQB issued $300 million in international bonds — a first for Uzbekistan’s banking sector — strengthening its capital base. Fitch expects the bank’s privatization to take place in 2026, following the fund’s planned IPO. A successful sale of SQB’s controlling stake could set a precedent for other state banks, including Asakabank and Aloqabank. #Uzbekistan #FitchRatings #Privatization #Banking #Investment #Finance #Uzpromstroybank #SQB #EmergingMarkets #UzbekEconomy

Bank of Cyprus Holdings Public Limited Company (BOCH.L) - Hold: A stable quarter with promising growth potential. This report is prompted by the Q3 2025 earnings call, where Bank of Cyprus provided insights into its financial performance and strategic initiatives. The company has reaffirmed its commitment to shareholder returns while navigating a changing interest rate environment. Upcoming Catalysts: - Update on financial targets and strategy in Q1 2026 - Continued growth in loan portfolio - Potential for increased non-interest income from insurance business #Financials #Earnings #Investing #SellSyde #StockMarket 2025-11-Tu 19:14:21 https://lnkd.in/eZ7p8TzP

Bank of Cyprus Holdings Public Limited Company (BOCH.L) - Hold: A stable quarter with promising growth potential. This report is prompted by the Q3 2025 earnings call, where Bank of Cyprus provided insights into its financial performance and strategic initiatives. The company has reaffirmed its commitment to shareholder returns while navigating a changing interest rate environment. Upcoming Catalysts: - Update on financial targets and strategy in Q1 2026 - Continued growth in loan portfolio - Potential for increased non-interest income from insurance business #Financials #Earnings #Investing #SellSyde #StockMarket 2025-11-Tu 19:21:43 https://lnkd.in/eZ7p8TzP

Bank of Cyprus Holdings Public Limited Company (BOCH.L) - Hold: A stable quarter with promising growth potential. This report is prompted by the Q3 2025 earnings call, where Bank of Cyprus provided insights into its financial performance and strategic initiatives. The company has reaffirmed its commitment to shareholder returns while navigating a changing interest rate environment. Upcoming Catalysts: - Update on financial targets and strategy in Q1 2026 - Continued growth in loan portfolio - Potential for increased non-interest income from insurance business #Financials #Earnings #Investing #SellSyde #StockMarket 2025-11-Tu 19:13:15 https://lnkd.in/eZ7p8TzP

Bank of Cyprus Holdings Public Limited Company (BOCH.L) - Hold: A stable quarter with promising growth potential. This report is prompted by the Q3 2025 earnings call, where Bank of Cyprus provided insights into its financial performance and strategic initiatives. The company has reaffirmed its commitment to shareholder returns while navigating a changing interest rate environment. Upcoming Catalysts: - Update on financial targets and strategy in Q1 2026 - Continued growth in loan portfolio - Potential for increased non-interest income from insurance business #Financials #Earnings #Investing #SellSyde #StockMarket 2025-11-Tu 19:16:24 https://lnkd.in/eZ7p8TzP

Bank of Canada - A Market-Based Approach to Reverse Stress Testing the Financial System This paper investigates market scenarios that lead to extreme losses in international financial markets. The author proposes two systemic measures: (1) identifying the foreign event among those with equal probability leading to the worst outcome for the domestic financial system; and (2) classifying tail returns of financial institutions into four groups based on whether losses occur alongside domestic institutions only, foreign institutions only, both, or neither. Using 20 years of weekly equity returns from over 150 institutions across four developed financial systems, results highlight the central role of US and European institutions, with growing importance for Canada and non-bank financial intermediaries. 

Nigerian Banks and the Culture of Concealment: How Financial Results Are Being Cooked to Hide Losses BY BLAISE UDUNZE  In Nigeria’s banking industry, profit has become more a press release than a performance. Every results season, the same storyline plays out with record profits, rising assets, and promises of “strong fundamentals.” Yet, beneath the eye-catching headlines lies a quiet deception of a pattern of accounting charades aimed at […] https://lnkd.in/d8Ds-4Zm

Nigerian Banks and the Culture of Concealment: How Financial Results Are Being Cooked to Hide Losses BY BLAISE UDUNZE  In Nigeria’s banking industry, profit has become more a press release than a performance. Every results season, the same storyline plays out with record profits, rising assets, and promises of “strong fundamentals.” Yet, beneath the eye-catching headlines lies a quiet deception of a pattern of accounting charades aimed at […] Full Details: https://lnkd.in/dG4Pkdva

The West African Development Bank has issued a historic €1bn bond with a 15-year maturity on the international capital market. https://lnkd.in/dcR3Zyhk

The Reserve Bank of New Zealand (RBNZ) has confirmed that the country’s five biggest lenders remain financially strong and well-capitalized, even under extreme conditions such as global trade shocks, geopolitical tensions, and supply-chain disruptions. This finding highlights how disciplined risk management, sound capital buffers, and regulatory oversight can safeguard national banking systems — offering a model for financial markets navigating today’s unpredictable world. In an era of uncertainty, New Zealand’s banking stability stands as an example of how proactive planning and governance can protect economies and inspire investor confidence. 🔗 Read full story: https://lnkd.in/gnvJ-wu4 #RBNZ #FinanceNews #Banking #Resilience #BusinessXTimes #GlobalMarkets #RiskManagement #Economy