Default risk of US bank corporate exposures edges up

The default probabilities of big US banks’ corporate loan portfolios have been trending upwards in the past year, regulatory disclosures show.

The median weighted-average probability-of-default (PD) for corporate exposures across the eight US global systemically important banks (G-Sibs) was 1.22% as of end-June, up nine basis points year-on-year.

Wells Fargo and JP Morgan saw their average corporate PDs edge up by 9bp and 8bp to 1.14% and 1.29%, respectively. Morgan Stanley and BNY Mellon’s

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