Core Viewpoint - Groupama has issued EUR 600 million in fixed-rate Restricted Tier1 perpetual notes to optimize its capital structure, taking advantage of favorable market conditions, with strong investor interest leading to oversubscription by more than four times [1]. Groupama's New Issue Details - Issuer: Groupama Assurances Mutuelles [2] - Rating of the notes: BBB by Fitch Ratings [2] - Issue amount: EUR 600 million [2] - Pricing date: 7 January 2026 [2] - Settlement date: 14 January 2026 [2] - Coupon: 5.750 percent [2] - ISIN: FR0014014IQ4 [2] - Joint bookrunners include J.P. Morgan, Citigroup, Crédit Agricole CIB, Morgan Stanley, Natixis, and Société Générale CIB [2] - The new notes will be traded on Euronext Paris [2] Additional Information - The prospectus for the new notes will be available on Groupama's website and the website of the Autorité des marchés financiers [3]

Report Industry Investment Rating - Not provided Core Viewpoints - The market effectively absorbed new bond supplies, with strong demand for 5-year duration bonds, while lower-yielding front-end papers faced selling pressure [2]. - Asian IG credits tightened by 1 - 3bps this morning, driven by flows into 5-year duration issues and FRNs with spreads over 90 [4]. Summary by Relevant Catalogs Trading Desk Comments - The new CASHLD 6.25 Perp rose 0.9pt from RO at 99.965; the new FRESHK 29 tightened 10bps from RO at T+178; existing FRESHK 26 - 28s tightened 5bps; EIBKOR 29 - 36s opened 1 - 2bps tighter but retraced and closed flat to 1bp wider; RESONA 31, SWIPRO 31, MITHCC 31s, CLFCAP 31 and BAYFIM 29 tightened 3 - 6bps; new NAB 29 - 31s and STANLN 30 - 37s traded 1 - 2bps inside ROs; EBIUH 31 rose 0.4pt while EBIUH 29 closed around RO; KSA 56s had profit - taking selling and KSA 36s closed 0.1pt higher [2]. - In the secondary market, there was demand for higher - spread FRNs of EU/Chinese/Japanese banks; Japanese/Yankee insurance subs, AT1s, and HYSAN Perps rose 0.3pt; NWDEVL/VDNWDL complex moved 0.2pt lower to 0.7pt higher; EHICARs were down 0.2 - 0.6pt; Macau gaming complex moved 0.1pt lower to 0.2pt higher; VNKRLE 27 - 29 dropped 2.6 - 2.8pts; FUTLN 28/FTLNHD 26 - 27 were unchanged to 0.1pt lower; VLLPM 27 - 29 rose 1.3 - 1.9pts; INDYIJ 29s rose 0.3pt; MEDCIJ 26 - 30s were unchanged to 0.2pt lower [3]. - PMBROV 30/NUFAU 30/EHICAR 26 were 0.7 - 0.9pt lower; LNGFOR 28 27 - 28 were 0.6 - 0.8pt higher; SJMHOLs were unchanged and other Macau gaming bonds were unchanged to 0.1pt lower; TOPTBs/PTTGCs were unchanged to 0.1pt higher [4]. Last Trading Day's Top Movers - Top Performers: CFAMCI 4.95 11/07/47 rose 2.4, VLLPM 7 1/4 07/20/27 rose 1.9, VLLPM 9 3/8 07/29/29 rose 1.3, CHGDNU 4.8 09/11/48 rose 1.1, NWDEVL 5 7/8 06/16/27 rose 0.7 [5]. - Top Underperformers: VNKRLE 3.975 11/09/27 dropped 2.8, VNKRLE 3 1/2 11/12/29 dropped 2.6, FZSZJJ 7 12/27/27 dropped 1.3, EHICAR 12 09/26/27 dropped 0.6, GWFOOD 3.258 10/29/30 dropped 0.5 [5]. Macro News Recap - On Wednesday, S&P was down 0.34%, Dow was down 0.94%, and Nasdaq was up 0.16%. US Dec'25 ADP Nonfarm Employment change was +41k (lower than expected +49k), ISM Non - Manufacturing PMI was 54.5 (higher than forecast 52.2), and Crude Oil Inventories were -3.932mn (lower than expected -1.2mn). UST yield was lower, with 2/5/10/30 year yields at 3.47%/3.70%/4.15%/4.82% [7]. Desk Analyst Comments SJMHOL - The FV of the new SJMHOL 31 is expected to be low - mid 6% vs IPT of 6.875%. The net proceeds will fund a tender offer for USD500mn SJMHOL 4.5 01/27/26 at par and for general corporate purposes. The new bond is puttable at par under certain conditions and has a Change of Control put at 101%. Holders of SJMHOL 26 subscribing to the new bond may get priority acceptance and preferential allocation. The tender offer expires on 12 Jan'26 at 4pm London Time [8]. - As of Sep'25, SJM had HKD3.4bn cash and short - term deposits and HKD2.7bn undrawn facilities. Its LTM adj. property EBITDA was HKD3.7bn. Budgeted capex was HKD2bn in 2025, HKD1.5 - 1.8bn in 2026, and below HKD1bn in 2027. Moody's/Fitch changed the outlook to negative and affirmed Ba3/BB - rating. Eight of nine satellite casinos ceased operation by 2025, and SJM acquired L'Arc Hotel for HKD1.75bn in Dec'25. The firm is neutral on SJMHOLs and prefers MPELs/STCITYs [9]. TOPTB - The FV of the new PerpNC5.25 is expected to be low 6% vs IPT at 6.625%. The coupon resets in Apr'31, steps up by 25bps in Apr'36, and another 75bps in Apr'51. Coupon payment is cumulative and can be deferred, with restrictions on shareholder distributions [13]. - Proceeds will fund a tender offer for up to USD550mn of 5 USD bonds. An early tender premium of 5pts is provided for tenders on or before 20 Jan'26 5pm EST [14]. - Thai Oil is a leading integrated refining and petrochemical company in Thailand, with a refining capacity of about 275k barrels per day (c22% of total in Thailand). PTT and PTT Oil and Retail are its main customers and PTT is the main feedstock supplier [15]. Offshore Asia New Issues Priced - Riyad Bank issued USD1000mn 10NC5 bonds with a 5.805% coupon at T+210, rated -/BBB -/BBB [20]. Pipeline - Korea Housing Finance Corporation plans to issue 3yr/5yr bonds, sized in USD, with coupons of SOFR+77/CT5+63, rated Aa2/AA - [21]. - SJM International Limited plans to issue 5NC2 bonds in USD with a 6.875% coupon, rated B1/-/BB [21]. - Thaioil Treasury Center Company Ltd plans to issue PerpNC5.25 bonds in USD with a 6.625% coupon, rated Ba2/BB -/- [21]. Onshore Primary Issuances - Yesterday, 79 credit bonds were issued with an amount of RMB64bn. Month - to - date, 258 credit bonds were issued for a total of RMB205bn, a 23.9% yoy decrease [26]. - Dalian Wanda Commercial sold Changde Wanda Property; Emperor International shareholders approved a HKD1.16bn sale of a Hong Kong commercial building to OCBC; Minmetals Land will repurchase USD251.174mn of MINMET 4.95 07/22/26; New World Development expects to redeem 2026 - 2027 bonds with internal cash after selling a project for HKD1.16bn; China Vanke will hold a noteholders' meeting on 21 Jan'26 for RMB3.7bn 22WankeMTN005 notes to vote on maturity extension [26].

Core Insights - The pension financial products have evolved into a significant component of the third pillar of retirement planning, with a projected scale exceeding 100 billion yuan by the end of 2025, reaching 106.3 billion yuan [1][2] - The average annualized return for pension financial products in 2025 is expected to be 3.94%, with 10 products exceeding 5%, indicating a robust performance compared to traditional financial products [1][2] - The industry is shifting focus from scale expansion to enhancing capabilities, facing challenges such as maintaining yield resilience in a declining interest rate environment and overcoming product homogenization [1][6] Market Performance - By the end of 2025, over half of the pension financial products are expected to achieve annualized returns above 4%, with two products exceeding 6% [2] - The largest product, "Zhaoyin Wealth Management's Zhaorui Yiyang 3," has a scale of 101.35 billion yuan, making it the only product exceeding 10 billion yuan [3] - A total of 51 products are available in the market, with 7 products having scales over 5 billion yuan, collectively accounting for nearly half of the total market size [2][3] Product Characteristics - The majority of products are "fixed income plus" types, primarily based on bonds and other fixed-income assets, with a focus on risk management [3] - Most products have a five-year closed period to encourage long-term investment and mitigate short-term market fluctuations [3] - The first batch of pilot products will end their five-year closed period by the end of 2026, serving as a critical test for the industry [4] Future Challenges - The industry faces the dual challenge of generating sustainable returns in a low-interest-rate environment and addressing product homogenization [6] - Strategies for overcoming these challenges include expanding alternative asset allocations and optimizing investment strategies to enhance returns [6][7] - The future development of the pension financial market will require a shift from competition based on individual products to an ecosystem approach that leverages unique resources and capabilities [7]

Group 1 - Apple announced that JPMorgan Chase will replace Goldman Sachs as the issuer of the Apple Card, with the transition expected to take up to 24 months [1] - The Apple Card will continue to utilize the Mastercard network for payments, and there will be no immediate changes for consumers, including those applying for new cards [1] - JPMorgan expects to acquire over $20 billion in card balances from this deal, while Goldman Sachs is offloading this amount at a $1 billion discount [2] Group 2 - Goldman Sachs anticipates a $2.2 billion provision for credit losses related to the forward purchase commitment for the fourth quarter of 2025 [2] - The partnership between Apple and Goldman Sachs has been under scrutiny for several years, with reports indicating JPMorgan was likely to become Apple's new partner [3] - The Apple Card, launched in 2019, offers features such as no late fees or penalty interest rates, and cashback rewards of up to 3% on purchases from Apple and select partners [3]

Core Insights - The domestic GDP growth for FY26 is expected to exceed the current estimate by the National Statistical Office (NSO) once the new base year is released, according to a report by the State Bank of India (SBI) [1] GDP Growth Estimates - The NSO's first advance estimate projects GDP growth at 7.4% for FY26, up from 6.5% in FY25, with Gross Value Added (GVA) growth at 7.3% and nominal GDP growth at 8% [2] - SBI anticipates GDP growth for FY26 could be around 7.5%, particularly with the base year revision to 2022-23 [2] Future Revisions - The second advance estimates, which will include additional data and revisions, are set to be released on February 27, 2026, and are expected to reflect changes following the base revision [3] - Historically, the difference between GDP growth estimates from the Reserve Bank of India and the NSO has been around 20-30 basis points, making the 7.4% estimate for FY26 reasonable [3] Per Capita National Income - The growth momentum is projected to positively impact per capita national income, which is expected to increase by ₹16,025 annually, reaching ₹2,47,487 in FY26 [3] Sectoral Growth Projections - Agriculture and allied activities are projected to grow by 3.1% in FY26, down from 4.6% in the previous year [4] - The services sector is expected to be the main growth driver, with an estimated growth of 9.1% in FY26, compared to 7.2% last year [4] - The industry sector is projected to grow by 6.0% in FY26, slightly higher than the 5.9% growth recorded last year, supported by robust manufacturing growth of 7.0% [5] - Mining is expected to decelerate by 0.7% in FY26, contrasting with a growth of 2.7% in FY25 [5]

固收-近期资金面跟踪更新 20260107 摘要 2025 年资金面呈现前紧后松格局，一季度偏紧，二三四季度相对宽松。 一季度末 MLF 净投放转正释放暖意，5 月央行双降应对外部扰动，6 月 资金利率趋稳，7-11 月整体宽松，DR001 加权利率在 1.31 附近波动。 数据口径调整将大行、政策行及股份行合并为大型银行，城商行、农商 行等合并为中小型银行，影响现券交易和大行融出资金体量的观察，但 新指标体系仍具参考意义。 农商行业务在收益率修复时倾向于兑现浮盈，过去几年久期逐渐拉长， 但受监管限制和自身久期上限影响，未来将更关注收益兑现而非继续拉 长久期，降准降息预期可能引发业务调整。 2025 年下半年，央行通过逆回购、买断式逆回购等操作管理流动性， 应对增值税改革、北交所打新、税期走款等因素的影响，保持资金面总 体稳定。 2026 年初流动性预期相对乐观，春节时间点偏后，季节性错位影响使 得 1 月份情况稍好，央行若保持支持，大概率不会出现 2025 年一季度 那种明显收紧情况。 Q&A 近期资金面的整体情况如何？ 近期资金面相对宽松，春节在 2 月中旬，因此 1 月份的发债量不大，银行吸存 款情况较 ...

Jan 7 (Reuters) - World Liberty Financial, a crypto venture backed by the family of President Donald Trump, ​said on Wednesday that its subsidiary has filed ‌an application with U.S. banking regulators to establish a national trust bank ‌focused on stablecoin operations. Several major cryptocurrency firms recently secured preliminary approval from federal banking authorities to establish national trust banks, marking a significant step in integrating digital assets into ⁠the regulated banking ‌system. W ...

WILMINGTON, Del.--(BUSINESS WIRE)--Today, Apple and Chase announced that Chase will become the new issuer of Apple Card, with an expected transition in approximately 24 months. Apple Card users can continue to enjoy the award-winning experience of Apple Card, which includes up to 3 percent unlimited Daily Cash back on every purchase, easy-to-navigate spending tools, Apple Card Family,1 access to a high-yield Savings account,2 and more. Mastercard will remain the payment network for Apple Card,. ...

A huge jump in HELOC rates to start the new year. The $30,000 home equity line of soared 59 basis points to 8.22%, as a major lender ended promotions, according to Bankrate’s national survey of lenders. Meanwhile, the benchmark five-year $30,000 home equity loan dropped two basis points to 7.97%. Before tapping into home equity, borrowers should carefully consider whether it’s the right financial tool for their situation, says Carl Holubowich, certified financial planner and principal at the Washington, D ...

And with Americans now holding a record share of their wealth in equities, economists are warning of a possible downshift in returns ahead.His remark echoes a growing unease among market watchers: valuations across multiple asset classes have swelled after years of easy money and resilient investor appetite. Federal Reserve chair Jerome Powell recently cautioned that stock prices “are fairly highly valued (4).”“Asset prices are kind of high,” Dimon added. “In the back of my mind, that cuts across almost eve ...