Credit Rating Update - Fitch Ratings 将赞比亚的信用评级上调至 B-，展望稳定 [1] - 赞比亚摆脱了五年来的债务违约标签 [1] Bond Market Reaction - 赞比亚美元债券收益率小幅下降 [1]

Core Viewpoint - The article focuses on analyzing CLO CEFs (Collateralized Loan Obligation Closed-End Funds) and aims to provide a credit rating perspective similar to that of Moody's for a company that primarily invests in CLO equity securities, specifically highlighting the work of Arbitrage Trader led by Denislav Iliev [1]. Group 1 - Arbitrage Trader, led by Denislav Iliev, has over 15 years of day trading experience and manages a team of 40 analysts [1]. - The team specializes in identifying mispriced investments in fixed-income and closed-end funds using straightforward financial logic [1]. - The investment group, Trade With Beta, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, hedging strategies, and an actively managed portfolio [1].

Core Insights - The article focuses on analyzing CLO CEFs and aims to provide a credit rating for a company that primarily invests in CLO equity securities, specifically highlighting Arbitrage Trader led by Denislav Iliev [1] Group 1: Company Overview - Arbitrage Trader, also known as Denislav Iliev, has over 15 years of day trading experience and leads a team of 40 analysts [1] - The company specializes in identifying mispriced investments in fixed-income and closed-end funds using straightforward financial logic [1] Group 2: Investment Strategy - The investment group Trade With Beta, led by Denislav, offers features such as frequent picks for mispriced preferred stocks and baby bonds, weekly reviews of over 1200 equities, IPO previews, and hedging strategies [1] - The service includes an actively managed portfolio and a chat room for discussions among sophisticated traders and investors [1]

Credit Rating - S&P Global Ratings下调塞内加尔信用评级至垃圾级，今年已是第三次下调 [1] Market Reaction - 塞内加尔美元债券下跌 [1]

South African benchmark bond yields fell to the lowest on record after S&P Global Ratings raised the country’s credit rating for the first time in nearly two decades https://t.co/MxFIzcdlTt ...

Market Trends & Economic Indicators - Investors await the Federal Reserve's interest rate cuts, with jobs report due Thursday [1][23] - The USD gained, up 01% [2] - Bitcoin at one point erased the gains of 2025, then up 18% [2][25] - S&P futures are up 4/10 of 1% [24] Company Performance & Investment - Oracle's credit spreads are climbing, stock is down 25% due to AI investment concerns [3][25] - NVIDIA earnings are a key event this week [3][51] - Samsung is hiking chip prices, giving a leg up for TSMC [3] - Saudi Arabia's PIF holdings in U.S-listed stocks decreased to $194 billion, the lowest in almost one year [21] - Abu Dhabi Investment Authority is considering reducing its stake in a Qatari telco company, aiming to raise $500 million or $600 million [22] Geopolitical & Policy Impacts - China issued a travel advisory to Japan following comments on Taiwan, impacting department stores with double-digit declines due to reliance on the Chinese market for 30% of revenue [4][26] - MBS is heading to Washington for discussions on nuclear tech and expanding the Abraham Accords [23][28] - South Africa's credit rating has improved for the first time since 2005, but remains two steps below investment grade [38][39]

S&P lowered Senegal’s credit rating further into junk territory, the third consecutive time this year, as the West African nation continues negotiations with the IMF over a new funding program https://t.co/bLJOVwY0mU ...

Core Insights - The article introduces Gladstone Land Corporation (LAND) and its preferred stocks, aiming to assess them and provide a credit rating using Moody's methodology [1]. Group 1: Company Overview - Gladstone Land Corporation is the focus of the analysis, with an emphasis on its preferred stocks [1]. Group 2: Investment Strategy - The article highlights the approach of identifying mispriced investments in fixed-income and closed-end funds, led by Denislav Iliev, who has over 15 years of day trading experience [2]. - The investment group Trade With Beta offers features such as frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [2].

Core Viewpoint - KBRA has assigned various ratings to Northrim BanCorp, Inc. and its subsidiary, Northrim Bank, reflecting the company's strong earnings power and stable outlook [1][2]. Ratings Summary - Northrim BanCorp, Inc. received a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 [1]. - Northrim Bank was assigned deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2, with a stable outlook for all long-term ratings [1]. Earnings and Financial Performance - The company's strong earnings power is supported by a low-cost deposit franchise and a higher-yielding commercial loan portfolio, contributing to an above-average net interest margin (NIM) [2]. - Northrim reported a core return on assets (ROA) of 1.7% through the first nine months of 2025, benefiting from organic loan growth and a shift towards higher-yielding loans [2]. - The acquisition of Sallyport Commercial Finance, LLC in the fourth quarter of 2024 has bolstered noninterest income contributions [2]. Capital and Asset Quality - Capital levels have decreased due to strong organic loan growth and share repurchases, with the common equity tier 1 (CET1) ratio falling to 9.4% as of the second quarter of 2025 [2]. - A pre-tax gain of $14.2 million from the sale of a minority interest in Pacific Wealth Advisors contributed 20 basis points to CET1, improving it to 10.3% by the third quarter of 2025 [2]. - The company has maintained minimal net charge-offs (NCOs), averaging just 1 basis point over the past five years, indicating strong asset quality [2]. Market Position and Funding - Northrim has increased its deposit market share in Alaska to 18% as of the second quarter of 2025, up from 10% in 2017, benefiting from a less competitive environment with only seven banks in the region [2]. - The cost of funds for Northrim is lower than similarly rated peers, recorded at 1.47% for the third quarter of 2025 [2].

Core Viewpoint - KBRA has assigned various ratings to Northrim BanCorp, Inc. and its subsidiary, Northrim Bank, reflecting the company's strong earnings power and stable outlook [1][2]. Ratings Summary - Northrim BanCorp, Inc. received a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 [1]. - Northrim Bank was assigned deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 [1]. Earnings and Financial Performance - The company's strong earnings power is supported by a low-cost deposit franchise and a higher-yielding commercial loan portfolio, contributing to an above-average net interest margin (NIM) [2]. - Northrim reported a core return on assets (ROA) of 1.7% through the first nine months of 2025, benefiting from organic loan growth and a shift towards higher-yielding loans [2]. - The acquisition of Sallyport Commercial Finance, LLC in the fourth quarter of 2024 has bolstered noninterest income contributions [2]. Capital and Asset Quality - Capital levels have decreased due to strong organic loan growth and share repurchases, with the common equity tier 1 (CET1) ratio falling to 9.4% as of the second quarter of 2025 [2]. - A pre-tax gain of $14.2 million from the sale of a minority interest in Pacific Wealth Advisors contributed 20 basis points to CET1, improving it to 10.3% by the third quarter of 2025 [2]. - The company has maintained minimal net charge-offs (NCOs), averaging just 1 basis point over the past five years, indicating strong asset quality [2]. Market Position and Funding - Northrim has increased its deposit market share in Alaska to 18% as of the second quarter of 2025, up from 10% in 2017, benefiting from a less competitive environment [2]. - The cost of funds for Northrim is lower than similarly rated peers, recorded at 1.47% for the third quarter of 2025 [2].