July 13, 2026 01:34 PM GMT Global CLOs | North America CLO Tracker July 2026 – Our Take on New NAIC Life RBC Framework | M Downloaded by zouguanzhong@cramc.hk | Not for redistribution without written consent of Morgan Stanley | | | --- | --- | --- | | | | Idea | | July 13, 2026 01:34 PM GMT | | | | Global CLOs North America | Morgan Stanley & Co. LLC | | | | Joyce Jiang Strategist | | | CLO Tracker July 2026 – Our | Joyce.Jiang@morganstanley.com Gabriel Reyes Esclasans | +1 212 761-0165 | | | Strategist | | ...

July 13, 2026 12:44 PM GMT Exhibit 1: LAZ Monthly Net Flows ($B) (0.2) (16) (14) (12) (10) (8) (6) (4) (2) 0 2 4 6 LAZ Monthly Net Flows ($B) Exhibit 2: LAZ Monthly Net Flows as % of BoP AUM, Annualized (0.8%) (90%) (80%) (70%) (60%) (50%) (40%) (30%) (20%) (10%) – 10% 20% 30% Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec ...

July 13, 2026 11:58 AM GMT On July 8, Fukuyama Transporting published June LTL business data. Daily volumes were +3.2% YoY, and unit prices were +0.9% (operating days were +4.6%). Our first impression is neutral. 1) YoY growth in daily volumes slowed considerably from +8.7% in April and +10.5% in May, but was broadly in line with our estimate. We view this as Middle East-related special demand that had benefitted the two LTL firms (Fukuyama Transporting and Seino HD) beginning to peak out. 2) Sales in the L ...

July 13, 2026 11:30 AM GMT RESEARCH DATA European ABS Chartbook Highlights of the week • The seasonal summer lull is yet to set in as the European securitised market continues to churn out deals. Last week added €6bln to the already robust new issue volume of the year. Four new issue CLOs priced including Carlyle and Diameter's first 2026 deals. So far, we count 54 managers of the 75 issuing a new issue CLO this year. Blackstone and Redding Ridge have already tapped the new issue market four times this year ...

July 13, 2026 01:09 PM GMT Advanced Petrochemicals | Europe Off The 2Q26 Call Bottom-line: slightly positive. Management was constructive on the Q3 production / sales recovery and the shift toward premium co-polymers, but Q&A focused on whether logistics capacity and end-demand can absorb higher output. Plants can run at nameplate capacity and Q3 spreads should be stable q/q, but sell-through may be limited to 80–90% and trucking shortages could push freight costs above guidance. # Q2 Performance. Propane p ...

July 13, 2026 11:06 AM GMT Podcast | Across LatAm | Latin America M Idea How AI Will Power LatAm; Opportunities & Risks We connect our Bull Market LatAm thesis to AI to our global themes with Stephen Byrd, Head of Global Thematics. Today LatAm supplies energy, minerals and hardware, but the next stage will bring data centers to LatAm too. This affects both the power market, and the geopolitical soft power in LatAm. Play Audio Related Research: Latin America Equity Strategy: LatAm Bull Market Limbo: Looking ...

July 13, 2026 11:00 AM GMT Global CLOs | North America NAIC Life RBC Approaching the Finish Line The revised Life RBC framework strengthens insurers' preference for senior CLO tranches while reducing the capital efficiency of BBB and lower-rated debt. We expect the resulting shift in demand to reinforce a steeper CLO credit curve. Key Takeaways pressure on BBBs and below Source: NAIC, Morgan Stanley Research; Note: the calculation assumes 400% RBC ratio and 10% return on capital Morgan Stanley does and seek ...

July 13, 2026 10:55 AM GMT S. Korea Financials | Asia Pacific 2Q26 Preview: Meeting Expectations Korean banks' share prices have been on an up and down ride since March, but since July they have seen a strong push, hitting new highs. Broadening out has been a factor with the story for banks having multiple positive elements. Key Takeaways Remain constructive on Korean banks: We continue to hold an Attractive view on Korean financials, mainly due to our constructive view on the banks. From a strategy perspec ...

July 13, 2026 10:55 AM GMT Cosmos Pharmaceutical (3349) | Japan M Update F5/26 Results: OP +18% YoY; Results/Plan In Line with Market Expectations Reaction to earnings Key Takeaways Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Results: F5/26 4Q GPM was 20.7% (-0.2ppt YoY, +0.6ppt vs. three years ago), broadly in line with historical trends. Key takeaways from the management m ...

July 13, 2026 10:45 AM GMT Multi-Industry | North America CoTD: A Look Upstream Chart of the Day (CoTD) highlights charts that tie into latest investor conversations, are timely for the macro + company events, or just ones that we find interesting. Exhibit 1: Delta Electronic Monthly Sales: As a leading Asian component provider, Delta sits upstream vs our US OEMs in the supply chain and thus is a useful leading indicator. Sales have accelerated exiting Q2 due to outsized Data Center + Automation exposure. B ...