William Perraudin

Director of @RiskControlLtd. Adjunct Professor @imperialcollege London. Interested in all aspects of risk, valuation and financial regulation

[European Investment Fund @EIF_EU]

#News: An increase to €7.4 billion of the @EIF_EU’s share #capital was approved today by our shareholders. This adds substantial capacity to our support of the European #SME financing market incl. guarantees & equity activity. 📑 Press release: https://t.co/e4UscU6h6L

[William Perraudin @wperraudin]

Here is our new Covid-19 Credit Market Dashboard.

Data is updated daily and access is free.

For more information and to register, please see: https://t.co/TPn3pYbGuB

#COVID19 #coronavirus #Dashboard #riskmanagement

[William Perraudin @wperraudin]

We answer the question: What happened to Sovereign Credit Quality in July?
https://t.co/ciYz8TF2tw

#PDs #ratings

[William Perraudin @wperraudin]

Strong issuers brave the market turmoil https://t.co/y3KzKsN4nw

[William Perraudin @wperraudin]

See which industrial sectors gain and which lose in the Covid-19 crisis.

https://t.co/nG5OUMUT1a

#COVID19 #Industry #PDs

[William Perraudin @wperraudin]

Average notch changes positive for: Africa, Europe, Middle East and South & Latin America.

See @RiskControlLtd's analysis: https://t.co/hFt2B5Hk8s

[William Perraudin @wperraudin]

Ratings for China have deteriorated in the past month.

For more: https://t.co/hFt2B5Hk8s

#COVID19 #Ratings #CreditDefaultSwaps #

[William Perraudin @wperraudin]

Overall sovereign ratings up in the past month. See the updated Risk Control note:
https://t.co/hFt2B5Hk8s

[William Perraudin @wperraudin]

Check out our note updating the analysis of the #SovereignRatings and #PDs implied by #CDS spreads.

https://t.co/hFt2B5Hk8s

[Paul Romer @paulmromer]

Revealing international comparisons by @amspence98 and Chen Long about mobility over the course of the pandemic

https://t.co/FqFcWDpzgM

[William Perraudin @wperraudin]

But regulators have encouraged banks to be conservative in marking down their ratings and in any case most internal ratings are driven by slow moving accounting variables. This provides little insight in a fast-moving crisis.

[European Central Bank @ecb]

Schnabel: Internal models are a well-accepted tool in banking supervision. To mitigate incentive problems, supervisors carefully check these models. The acceptance of internal ratings is a temporary measure to relieve the strains from the COVID-19 pandemic. #AskECB

[William Perraudin @wperraudin]

Innovative risk transfer from IADB to Sweden. https://t.co/WgWu1winCl Such deals could drive big increase in development bank lending capacity if they catch on.

[William Perraudin @wperraudin]

Perhaps challenging for an EU SME to be snapped up by one of these funds...

[Steve Slater @IFRsteves]

Europe NPLs set to jump in next couple of years - maybe by €340bn, adding to €529bn already. But banks better equipped to cope due to legal/process changes + with big US buyers like Cerberus, Blackstone, CarVal still on prowl. £ https://t.co/vuKCIDypyv

[William Perraudin @wperraudin]

New EBA data gives optimistic view of health of EU banks https://t.co/YqWvq7UgU7 The problem is that most banks have very slow moving internal ratings that do not yet reflect #covid19 effects. Updates in ratings as in https://t.co/4to78Pe4G1 is only way to get accurate view

[William Perraudin @wperraudin]

UK lock-down rigorous in many respects but construction industry allowed to continue full blast. Has that weakened the impact of closing the rest of the economy?

[Robert Peston @Peston]

What is the government doing to protect us from second wave and second lockdown? https://t.co/88drcr2IMt

[William Perraudin @wperraudin]

Interesting. Against the flow of much else in US government

[Andrew Ackerman @amacker]

The frontline muni-bond regulator, the MSRB, is taking steps to bolster the independence of its board from the industry it regulates.
https://t.co/pWw59wLf8K

[William Perraudin @wperraudin]

Tenor matters more than holder. If debt is long-dated, it does not much matter in a crisis who holds it. If one is willing to default (not to be recommended!), it is easier for a country to default on foreign debt than domestic.

[Gabriel Sterne @GabrielSterne]

When funding issues come to the fore, its not just your level of debt but who holds it that matters. Our measure of risk-weighted debt based on this chart is relatively favourable for Egypt, Brazil, India, less so for Hungary, Slovenia, Ukraine.

[William Perraudin @wperraudin]

Take look at our new study on real-time sovereign ratings in the Covid-19 crisis https://t.co/NjS66SHL5u

[New York Fed @NewYorkFed]

The current #pandemic triggered unusually fast outflows of dollars from emerging market economies. Read about the global effects: https://t.co/0yPiqZ5XLF

[William Perraudin @wperraudin]

A bold move given the imminent wave of defaults