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Galina Pozdnyakova

8 Documents
    
December 5, 2023

M&A outlook 2024: The recovery begins

Region:
International
Analyst:
Galina Pozdnyakova, Luke Templeman
Thematic Research
1
It has been a brutal two years for dealmaking. Following the M&A boom of 2021, the value and volume of deals remains well below historical averages in the US and Europe. Yet, we see 2024 as a year of recovery for M&A activity, and there are three key themes we believe will catalyse it: 1. Eager buyers and valuation dislocations, 2. The need for large firms to supplement declining organic profit growth, 3. Greater certainty in the financing backdrop. [more]
September 20, 2023

The History (and Future) of Recessions

Region:
International
Analyst:
Galina Pozdnyakova, Henry Allen, Jim Reid
Thematic Research
4
The word “recession” has been one of the most widely used in markets over the last 12 months. In their annual Long-Term Asset Return Study, Jim Reid, Henry Allen and Galina Pozdnyakova focus on understanding what history tells us about the frequency, depth and duration of recessions, along with what causes them using cycle data stretching back to 1700. The team also takes a look at their impact on asset prices, and the likely shape of them going forward. [more]
September 12, 2023

Assets that haven't moved yet

Region:
International
Analyst:
Galina Pozdnyakova, Luke Templeman, Olga Cotaga
Thematic Research
5
Intriguing Market Insights from Luke Templeman, Olga Cotaga and Galina Pozdnyakova. Despite being closer to a Fed pause, many rate-sensitive assets are yet to recover. Investors are cautious, perhaps due to last year's rapid drops. But if history is any indicator, any post-pause rally could be swift.
In years like 2023, the latter part of the year tends to be good for equities. Hedge funds, trailing the S&P 500, may make moves to catch up.
In Europe, interdependencies with China are worth noting. Despite recent challenges, we remain optimistic about Chinese markets, with potential catalysts like improved corporate earnings and stimulus on the horizon.
A key concern remains with the lag effects of rate rises impacting the high-yield debt market. [more]
September 14, 2022

Trading asset turnover

Region:
International
Analyst:
Galina Pozdnyakova, Luke Templeman
Corporate Bank Research
6
The two big drivers of corporate returns over the last decade have been upended in 2022. Specifically, corporates can no longer rely on higher debt or fatter profit margins as they have done post-financial crisis. Instead, to increase returns on equity, they might need to focus on generating more sales from existing assets - in other words, boost their asset turnover. [more]
June 20, 2022

M&A, Resilience amidst a slowdown

Region:
International
Analyst:
Galina Pozdnyakova, Luke Templeman, Olga Cotaga
Corporate Bank Research
8
With a tumultuous first half of 2022 almost over, we are making a contrarian call for the second half. Specifically, we believe that although M&A will slow compared with last year, it will be more resilient than the drop so far in 2022 would suggest. To support this, we have identified several post-covid themes that are motivating corporates and private capital to make acquisitions. [more]
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