The commitment from Keystone National Group, a private credit leader that specializes in asset-backed lending with over $6 billion in deployed capital, underscores that sophisticated institutional investors view Project Matador's power infrastructure assets as premium, financeable assets critical to America's energy future. Proceeds from the financing will be used to fund the acquisition of utility-grade breakers, transformers, substations, and switchgears. AMARILLO, Texas, Feb. 19, 2026 /PRNewswire/ -- Fer ...

Mitsubishi UFJ Financial Group, Inc, (MUFG EMEA) has appointed Caroline Oehm as Managing Director (MD), Head of Insurance Coverage, Financial Institutions in EMEA.The move aligns with the firm’s commitment to expand its global coverage of the non-banking financial sector.Oehm will report to Matteo Ferrario, Managing Director, Head of Financial Institutions Group (FIG), Sponsored Coverage and Leveraged Finance, EMEA.In her new role, Oehm will lead and broaden the coverage of non-banking firms, focusing on in ...

Core Viewpoint - The report by Mitsubishi UFJ Bank strategist Lee Hardman indicates that the Canadian dollar and Mexican peso may weaken if U.S. President Trump threatens to withdraw from the USMCA agreement [1] Group 1 - Hardman notes that it is not surprising to see Trump use the threat of withdrawal as leverage to negotiate more favorable terms based on his past negotiation strategies [1] - Despite the risks posed to the Canadian dollar and Mexican peso in the coming months, market skepticism regarding the actual implementation of such threats is expected to limit the extent of currency depreciation [1]

Core Viewpoint - Japan's largest banks, Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Financial Group (SMFG), plan to increase their holdings of Japanese government bonds (JGBs) as rising interest rates offer higher returns, despite facing unrealized losses on existing bond portfolios [1][4]. Group 1: Bank Strategies and Holdings - MUFG reported unrealized losses of 200 billion yen ($1.3 billion) on its bond portfolio at the end of the year, up from 40 billion yen at the end of March, indicating a significant increase in losses due to rising yields [4]. - SMFG's unrealized losses on JGBs more than doubled to 98 billion yen over nine months to the end of December, reflecting a similar trend in bond valuation losses [5]. - Both banks have historically reduced their JGB holdings over the past decade due to the Bank of Japan's ultra-low interest rate policy, which resulted in low returns [1][4]. Group 2: Market Conditions and Future Outlook - A sharp increase in JGB yields since November, driven by government spending plans, initially impacted bond values, but recent debt auctions have shown resilient demand, with 30-year JGB yields falling 32 basis points since their peak of 3.88% on January 20 [2]. - MUFG's managing director indicated a cautious approach to rebuilding JGB positions, suggesting that long-term interest rates may be peaking [3]. - Analysts believe that substantial purchases of longer-duration bonds may be delayed due to potential further rate hikes by the Bank of Japan and concerns regarding Japan's large debt burden [7].

Financial Performance - For the nine months ended December 31, 2025, ordinary income was 10,643,805 million yen, representing a 3.6% increase from the previous year[9]. - Profits attributable to owners of the parent for the same period were 1,813,508 million yen, up 3.7% year-over-year[9]. - Comprehensive income for the nine months ended December 31, 2025, was 2,188,784 million yen, a 30.0% increase compared to 1,684,256 million yen in the previous year[10]. - Net revenue for the nine months ended December 31, 2025, was ¥4,476,675 million, an increase from ¥4,114,850 million in the previous year, marking a growth of 8.80%[34]. - Operating profit for the nine months ended December 31, 2025, was ¥1,872,631 million, compared to ¥1,694,227 million for the same period in 2024, reflecting an increase of 10.52%[37]. - The company reported extraordinary gains of ¥47,102 million for the nine months ended December 31, 2025, compared to ¥11,692 million in the previous year, showing a significant increase[23]. - Gross profits for the nine months ended December 31, 2025, increased to ¥4,469,142 million, an increase of ¥347,756 million compared to ¥4,121,385 million for the same period in 2024[55]. - Net interest income for the same period was ¥2,193,334 million, reflecting an increase of ¥19,268 million from ¥2,174,066 million in the previous year[55]. - Gross profits for the nine months ended December 31, 2025, increased to ¥2,466,492 million, up by ¥338,994 million or 15.9% from ¥2,127,497 million in the previous year[56]. - Net income decreased to ¥1,011,201 million, down by ¥101,576 million or 9.1% from ¥1,112,778 million in the previous year[56]. Assets and Liabilities - Total assets as of December 31, 2025, were 418,107,863 million yen, an increase from 413,113,501 million yen as of March 31, 2025[11]. - Total liabilities and net assets as of March 31, 2025, were ¥413,113,501 million, slightly down from ¥418,107,863 million as of December 31, 2025[22]. - Total loans as of December 31, 2025, amounted to ¥147,945,560 million, with a non-performing loans ratio of 0.98%, down from 1.11% as of March 31, 2025[59]. - Total deposits for BK and TB Combined reached ¥219,251,820 million as of December 31, 2025, an increase from ¥215,970,679 million as of March 31, 2025[76]. - Total deposits for TB Non-consolidated increased to ¥14,863,707 million as of December 31, 2025, from ¥13,257,880 million as of March 31, 2025[78]. Shareholder Information - The company has set an earnings target of 2,100.0 billion yen for profits attributable to owners of the parent for the fiscal year ending March 31, 2026[13]. - The total number of outstanding shares as of December 31, 2025, was 11,867,710,920 shares, down from 12,067,710,920 shares as of March 31, 2025[15]. - The company plans to pay a year-end dividend of 39.00 yen per share, bringing the total forecasted dividend for the fiscal year ending March 31, 2026, to 74.00 yen[12]. Credit and Risk Management - The provision for general allowance for credit losses decreased to ¥44,568 million from ¥72,070 million, a reduction of ¥27,501 million[55]. - Total credit costs for the period amounted to ¥219,794 million, down from ¥251,003 million, showing a decrease of ¥31,208 million[55]. - The recorded allowance for credit losses as of December 31, 2025, included adjustments of ¥15,499 million due to uncertain business environments, particularly related to the Russia-Ukraine situation[45]. - Significant assumptions regarding credit losses are subject to high uncertainty, particularly concerning the economic environment and geopolitical situations[47]. Market and Investment Performance - The net unrealized gains on available-for-sale securities improved to ¥543,094 million for the nine months ended December 31, 2025, from a loss of ¥502,465 million in the previous year[24]. - The net gains on equity securities were reported at ¥183,322 million, a significant decrease of ¥304,854 million from ¥488,176 million in the previous year[55]. - Net operating profits before credit costs for trust accounts and provision for general allowance for credit losses were ¥1,905,917 million, up by ¥191,230 million from ¥1,714,687 million[55]. Operational Metrics - Average interest rate on loans and bills discounted for BK Non-consolidated rose to 1.11% for the nine months ended December 31, 2025, up from 0.83% for the same period in 2024[74]. - Average interest rate spread for BK and TB Combined improved to 0.92% for the nine months ended December 31, 2025, compared to 0.78% for the same period in 2024[73]. - Non-performing loans ratio for BK Non-consolidated decreased to 0.57% as of December 31, 2025, from 0.72% as of March 31, 2025[61].

Financial Highlights under Japanese GAAP for 3rd Quarter of the Fiscal Year Ending March 31, 2026 February 4, 2026 Mitsubishi UFJ Financial Group Key Message | FX rate | End | Dec | End | Dec | | --- | --- | --- | --- | --- | | | 2024 | | 2025 | | | USD/JPY | 158.18 | | 156.56 | | 1,813.5 +171.0 (210.0) (10.0) 1,725.6 +137.0 1,748.9 業務純益 株関 与信費用 持的・その他 Breakdown of Changes in NOP Breakdown of Changes in Net Income 1,694.2 1,872.6 R&D +18.4 CWM +69.0 JCIB +2.7 AM/IS +15.8 GCIB +42.1 GM +164.9 GCB (26.7) Othe ...

三菱日联George Goncalves、Agron Nicaj和Tarun Chandanala等人组成的团队在报告中写道，除周三反对 维持利率不变的美联储理事沃勒和米兰外，"联邦公开市场委员会(FOMC)似乎并不急于降息"，他们预 测第二季度将降息50个基点，第三季度降息25个基点。 【三菱日联下调对美联储今年降息次数的预测，料首次将在4月】三菱日联策略师将对美联储今年降息 次数的预测从四次下调至三次，并预计第一次降息将在4月进行。 ...

Investment Rating - The report does not explicitly provide an investment rating for the banking industry in Japan and Europe, but it discusses various strategies and performance metrics that indicate the resilience and adaptability of banks in low-interest environments [2]. Core Insights - The banking sectors in Japan and Europe have developed diverse survival paths in a prolonged low-interest rate environment, emphasizing the need for business structure transformation, global asset allocation, and improved risk management [2]. - Japanese banks have shifted from traditional interest income reliance to diversified income sources, with urban banks focusing on internationalization and comprehensive operations, while regional banks concentrate on local market depth and business diversification [4][31]. - European banks, particularly in Switzerland and France, have transitioned towards non-interest income streams, reducing their dependence on net interest margins, while Southern European banks are still recovering from past crises and face ongoing profitability challenges [38][44]. Summary by Sections Japan Section - The Japanese banking industry consists of 108 institutions, including 5 major urban banks and 61 regional banks, with total assets amounting to 151.35 trillion yen [4]. - Japan has experienced a long-term low-interest rate environment since the 1990s, leading to a continuous narrowing of interest margins, which has pressured bank profitability [6][7]. - Urban banks like Mitsubishi UFJ have adopted internationalization and diversified business structures, with overseas interest income contributing over 80% of their total interest income by 2024 [15][17]. - Regional banks like Chiba Bank have focused on local market engagement and diversified income sources, successfully reducing their non-performing loan ratios and improving profitability metrics [23][26]. Europe Section - European banks have faced a prolonged low-interest rate environment, with varying strategies across countries, including a shift towards wealth management and investment banking in Switzerland and France [38][44]. - Spanish and Italian banks, while recovering from past crises, still rely heavily on interest income, with over 58% of their revenue coming from net interest income as of 2024 [45]. - The Netherlands has maintained a relatively high net interest margin due to its concentrated banking market and superior risk management practices, while Germany's banking sector struggles with low profitability and increasing non-performing loans [46][48]. Implications for China - The report suggests that Chinese banks should learn from the experiences of Japan and Europe, focusing on differentiated strategies based on their resource endowments, with large banks pursuing internationalization and smaller banks enhancing local market strategies [50]. - Emphasizing risk management and exploring new growth areas such as green finance and digital economy opportunities are crucial for the sustainable development of the Chinese banking sector [51].

Market Overview - Asian equities experienced a decline due to resurfacing tariff concerns, particularly after President Trump threatened to raise levies on South Korean goods, with the Kospi Index falling by 0.9% [1] - The yen maintained its gains, trading around 154 per dollar, amid speculation of potential US-Japan intervention [2][5] - Tariff concerns have intensified as Trump warned of 100% levies on Canada, adding uncertainty in a crucial week for investors with major technology earnings reports approaching [3] Technology Sector - The technology sector is under scrutiny, with a focus on whether major tech companies can sustain the recent AI-driven rally. Companies representing about one-third of the S&P 500's market capitalization are set to report earnings this week [4] Corporate Developments - Morgan Stanley is enhancing its collaboration with Mitsubishi UFJ Financial Group to increase market share in Japan [9] - Zijin Mining Group's subsidiary has agreed to acquire Allied Gold Corp. for C$5.5 billion (approximately $4 billion), marking a significant expansion for the Chinese company [9] - A proposal by China's Sinochem Group to address regulatory risks for Pirelli & C. SpA was rejected by its largest Italian investor, widening the split between the two major stakeholders [9]

Core Viewpoint - Mitsubishi UFJ Financial Group's (MUFG) trust banking arm plans to significantly increase its alternative assets under management to approximately 1.6 trillion yen ($10 billion) within the next four years [1] Group 1: Company Strategy - The trust banking division of MUFG aims to double its alternative assets under management in its own funds [1] - The target of 1.6 trillion yen ($10 billion) reflects a strategic focus on expanding its investment capabilities in alternative assets [1] Group 2: Financial Goals - The planned increase in assets under management represents a substantial growth initiative for MUFG's trust banking operations [1] - Achieving this goal will position MUFG as a more competitive player in the alternative investment market [1]