FCF
Credit Monitor

FCF regularly engages in comprehensive research on the public European bond market based on publicly available data. The findings are published quarterly in the

FCF CREDIT MONITOR

FCF Credit Monitor Q4 2020 - Homepage - Slide 1
FCF Credit Monitor Q4 2020 - Homepage - Slide 2
FCF Credit Monitor Q4 2020 - Homepage - Slide 3
FCF Credit Monitor Q4 2020 - Homepage - Slide 4
FCF Credit Monitor Q4 2020 - Homepage - Slide 5
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The FCF Credit Monitor includes the following sectors:

Comprehensive Sector Coverage:
  • Consumer Discretionary
  • Consumer Staples
  • Energy
  • Healthcare
  • Information Technology
  • Materials
  • Telecommunications
  • Utilities
The report provides valuable sector and competitive intelligence and entails:
  • Yield curves across all rating classes by sector and maturity
  • Yield across all sectors by rating class and maturity
  • Historical 3-year yield development across all industries and rating classes by maturity
  • Detailled sector analysis including:
    • Yield curves by rating class and maturity
    • Historical 3-year yield developments across all maturities by rating classes
Key findings of the FCF Credit Monitor (Q4 2020):
  • The analysis of the average bond yields by sector across all rating classes shows the significant industry differences. While the utilities sector shows the lowest yields (1Y: ~ 1.00%, 10Y: ~ 2.00%), the energy sector shows the highest yields across all rating classes (1Y: 2.75%, 10Y: 3.70%)
  • The yield curve analysis by rating class across all sectors shows that investment grade rating classes (AAA-BBB) on average have negative yields for bond maturities of up to 2 years (BBB) and even 7 years (AAA). Across all sectors, Spreads between yield curves within the investment grade category are relatively small, while spreads between yield curves within the non-investment grade category (starting at BB) are wider. Bonds which are issued by a CCC-rated corporate show a high, inverse yield curve (1Y: 11.30%, 10Y: 10.26%)
  • Economical and political events have significant influences on the bond market. In the near past, the covid-19 pandemic caused average yields across all sectors and rating classes to jump dramatically above 7.00%. Since then, global government programs and the development of a vaccine let yields decrease below pre-covid-19 levels
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SMALLCAP / MIDCAP RESEARCH SERIES

The FCF SmallCap / MidCap research reports are periodically updated and cover eight specific sectors as well as certain general capital market developments. Based on the data of publicly listed European corporates, the respective sector and market are individually analyzed. Our systematic analyses include information to, amongst others:

Sector Research

Research on the automotive supplier sector based on available data from European automotive suppliers.
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Automotive Supplier Market Study
Research on the chemicals sector based on available data from European chemical companies.
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European Chemicals Market Study
Research on the forestry, paper and packaging sector based on available data from European forestry, paper and packaging companies.
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Forestry, Paper and Packaging Market Study
Research on the industrial machinery sector based on available data from European industrial machinery companies.
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Industrial Machinery Market Study
Research on the logistics and transport sector based on publicly available data from European logistics and transportation providers.
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Logistics & Transportation Market Study
Research on the infrastructure & construction sector based on available data from European infrastructure & construction companies.
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European Infrastructure & Construction Market Study
Research on the pharma sector based on available data from European pharma companies.
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European Pharmaceutical Market Study
Research on the TMT sector based on available data from European TMT companies.
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TMT Market Study
Research on the metals & materials sector based on available data from European metals & materials producers.
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Metals & Materials Market Study
Research on the automotive supplier sector based on available data from European automotive suppliers.
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Automotive Supplier Market Study
Research on the chemicals sector based on available data from European chemical companies.
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European Chemicals Market Study
Research on the forestry, paper and packaging sector based on available data from European forestry, paper and packaging companies.
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Forestry, Paper & Packaging Market Study

Research on the industrial machinery sector based on available data from European industrial machinery companies.
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Industrial Machinery Market Study
Research on the logistics and transport sector based on publicly available data from European logistics and transportation providers.
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Logistics & Transportation Market Study
Research on the infrastructure & construction sector based on available data from European infrastructure & construction companies.
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European Infrastructure & Construction Market Study
Research on the pharma sector based on available data from European pharma companies.
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European Pharmaceutical Market Study
Research on the TMT sector based on available data from European TMT companies.
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TMT Market Study
Research on the metals & materials sector based on available data from European metals & materials producers.
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Metals & Materials Market Study

Automotive Supplier Market Study
Research on the automotive supplier sector based on available data from European automotive suppliers.

European Chemicals Market Study
Research on the chemicals sector based on available data from European chemical companies.

Forestry Paper and Packaging Market Study Cover GenericForestry, Paper and Packaging Market Study Research on the forestry, paper and packaging sector based on available data from European forestry, paper and packaging companies.

Industrial Machinery Market Study
Research on the industrial machinery sector based on available data from European industrial machinery companies.

Metals and Materials Market Study CoverMetals & Materials Market Study
Research on the metals & materials sector based on available data from European metals & materials producers.

Logistics & Transportation Market Study
Research on the logistics and transport sector based on publicly available data from European logistics and transportation providers.

European Infrastructure & Construction Market Study
Research on the logistics and transport sector based on publicly available data from European logistics and transportation providers.

Pharmaceutical Market Study CoverEuropean Pharmaceutical Market Study
Research on the pharma sector based on available data from European pharma companies.

Pharmaceutical Market Study CoverTMT Market Study
Research on the TMT sector based on available data from European TMT companies.

Market Research

The FCF market research covers e.g. fundamental analysis of interest rate and margin development in the German corporate lending / debt market, development of the rating and credit standing of banks addressing the German MidCap corporate lending market, etc.
Analysis of the historic and current spreads of credit default swaps for banks most active in the German corporate lending market.
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Bank Monitor
Providing relevant valuation metrics (e.g. ratios, multiples), general information and performance data of European IPOs that have been issued within the last six months.
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IPO Market Monitor
The FCF Valuation Monitor is a comprehensive quarterly valuation analysis (e.g. ratios and multiples) for the German small / midcap market segment of selected industry sectors.
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Valuation Monitor
Comprehensive analysis of the interest rate environment and loan market for corporates in Germany.
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Credit Monitor
Analysis of the historic and current spreads of credit default swaps for banks most active in the German corporate lending market.
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Bank Monitor
Providing relevant valuation metrics (e.g. ratios, multiples), general information and performance data of European IPOs that have been issued within the last six months.
Click Here
IPO Market Monitor
The FCF Valuation Monitor is a comprehensive quarterly valuation analysis (e.g. ratios and multiples) for the German small / midcap market segment of selected industry sectors.
Click Here
Valuation Monitor
Comprehensive analysis of the interest rate environment and loan market for corporates in Germany.
Click here
Credit Monitor

Bank Monitor
Analysis of the historic and current spreads of credit default swaps for banks most active in the German corporate lending market.

IPO Market Monitor
Providing relevant valuation metrics (e.g. ratios, multiples), general information and performance data of European IPOs that have been issued within the last six months.

Valuation Monitor
The FCF Valuation Monitor is a comprehensive quarterly valuation analysis (e.g. ratios and multiples) for the German small / midcap market segment of selected industry sectors.

Credit Monitor
Comprehensive analysis of the interest rate environment and loan market for corporates in Germany.

NEWS & PRESS

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