European Morning Credit: Today in European Credit

Research evidence excerpt

European Morning Credit: Today in European Credit

uarter FTEs Full-Time Employees EBITDA Earnings before interests, tax, depreciation and amortisation

ROE Return on Equity FVOCI Fair Value through Other Comprehensive Income EPR European Pressurised Reactor (utilities)

RV Relative Value FVTPL Fair Value Through Profit and Loss EPS Earnings per share

S&P Standard & Poor’s G-SIBs Global Systematically Important Banks ETS Emission Trading Scheme (utilities)

UW Underweight HQLA High Quality Liquid Assets FCF Free Cash flow

YoY Year on Year HTC Held to Collect FFO Funds from operations

IRB Internal Ratings Based FOCF Free Operating Cash Flow

LCR Liquidity Coverage Ratio GHG Greenhouse Gas (utilities)

LGD Loss Given Default GW Giga Watt (utilities)

LLPs/LICs Loan Loss Provisions/Loan Impairment Charges JV Joint Venture

Insurance LLRs Loan Loss Reserves Kb/d thousands of barrels per day (energy)

APE Annual Premium Equivalent LRE Leverage Ratio Exposure LBO Leveraged Buyout

DAC Deferred Acquisition Costs LTD Loan to Deposit LNG Liquefied Natural Gas

DIR Deferred Income Reserve LTV Loan to Value LTV Loan-to-Value

EV Embedded Value MDA Maximum Distributable Amount Mbtu thousands of British Thermal Units (energy)

IBNR Incurred but not yet reported M-MDA MREL Maximum Distributable Amount MW Mega Watt (utilities)

IGD Insurance Groups Directive MPE Multiple Point of Entry MWh Mega Watt hour

MCEV Market Consistent Embedded Value MREL Minimum Requirement for Own Funds and Eligible Liabilities NGEU Next Generation EU Fund (utilities)

NBP New Business Profit NII Net Interest Income Ofgem Office of Gas and Electricity Markets (utilities, UK)

PVFP Present Value of Future Profits NIM Net Interest Margin PE Private Equity