Foto cedidaCarlos Ravachi, nuevo socio de Unicorn Strategic Partners
. Foto cedida
Unicorn Strategic Partners has announced in a press release the appointment of Carlos Ravachi as a partner. Based in Miami, he will lead the firm’s US Offshore wholesale business and the institutional market in Colombia.
Ravachi spent almost nine years at Robeco in Miami where he led the US Offshore wholesale business and Latin America institutional business in Perú and Colombia.
“We are very proud to expand our team with such talented members like Ravachi. The partners who started this project 4 years ago – Florencia Bunge, Head of Wholesale Latin America; Eduardo Ruiz Moreno, Head of Institutional Business in Latin America; and Mike Kearns, Head of US Offshore – believe that investing in talent is the key to success”, commented David Ayastuy, managing partner at Unicorn Strategic Partners.
Prior to landing in Miami in 2013, Ravachi worked in the financial industry in his native Colombia. Between 2002 and 2013 he worked for Banco Finandina, Colombian pension manager La Previsora, Citi, HSBC and Credicorp Capital, according to his LinkedIn profile.
After welcoming Ravachi, Ayastuy pointed out that their goal is to become one of the leading distributors in the financial industry. In this sense, “we have partnered with prestigious asset managers such as Vontobel and BNY Mellon Investment Management for the US Offshore market, Muzinich&Co and Vontobel for the LATAM wholesale space; and Union Bancaire Privée AM, Muzinich&Co and La Financiere de L’Echiquier for the LATAM institutional market.”
Unicorn SP has expanded its team during the past two years. In addition to Ravachi, the latest members to join the team include several well-known industry professionals; Matías Paulsen from Larrain Vial, Gonzalo Viana from Compass Group, Maggie Cabrera from HSBC, Andres Casais from BNY Mellon, Roberto Paut from AFP Cuprum, and Milagros Silva from Legg Mason.
Foto cedida. Axel P. Lehmann sustituye a Antonio Horta-Osório como presidente de Credit Suisse
Uncivic behavior during the hardest moments of the pandemic is not only taking its toll on politicians, but also on top executives of large companies. The clearest example has been the case of Antonio Horta-Osório, who has resigned from his position as chairman of Credit Suisse Group in view of his behavior during the COVID-19 quarantine.
According to Spanish news agency Europa Press, an investigation by the bank’s Board of Directors has shown that Horta-Osório violated the COVID-19 quarantine rule on more than one occasion. “I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally. I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time. I wish my colleagues at Credit Suisse every success for the future”, the executive said in a statement released by the company.
Consequently, Credit Suisse Group has appointed Axel P. Lehmann as the bank’s new Chairman effective immediately. The bank believes that under his leadership, the Board and the Executive Board will continue to execute Credit Suisse’s strategy, driving forward the transformation of the bank.
“We respect António’s decision and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years. Axel Lehmann as the new Chairman, with his extensive international and Swiss industry experience, is ideally suited to drive forward the strategic and cultural transformation of the bank. We wish Axel every success in his new role and António all the best for the future”, commented Severin Schwan, Vice-Chairman and Lead Independent Director of the Board of Credit Suisse.
Following his appointment, Lehmann has taken office as Chairman. The Board will also propose him for election as Chairman at the upcoming Annual General Meeting on April 29, 2022. Lehman thanked the Board for the trust it has placed in him and looks forward to working even more closely with the Board and the Executive Board.
“We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm. By executing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that Credit Suisse will demonstrate the renewed strength and business focus needed to generate sustainable value for all of our stakeholders”, he added.
Lastly, after his resignation, Horta-Osório highlighted that he has worked hard to return Credit Suisse to a successful course, and I claimed to be proud of what they have achieved together in his short time at the bank. “Credit Suisse’s strategic realignment will provide for a clear focus on strengthening, simplifying and investing for growth. I am convinced that Credit Suisse is well positioned today and on the right track for the future”, he concluded.
Pixabay CC0 Public DomainFoto: ArmbrustAnna. Foto:
Giovanni Onate has joined KKR to drive the firm’s growth in Latin America and US offshore.
The executive, who joined PIMCO last year as Senior Vice President tasked with leading business development efforts in Mexico, started in his new role on January 18, Funds Society has learned.
Onate will report directly to Monica Mandelli, who is in charge of Latin America for the group.
Prior to PIMCO, Onate led the Mexico institutional client business at BlackRock, where he worked for more than ten years.
M&G has announced in a press release the appointment of Andrés Uriarte as Senior Sales Manager “to better serve its clients based in Miami and continue to grow its footprint in the region”.
Reporting directly to Ander Lopez, Sales Director LatAM at M&G Investments, Uriarte will be based in Miami and will be responsible for M&G’s business development and enhancing client relationships, particularly with regard to financial advisors and financial institutions in the US offshore space.
With over 15 years of experience in the asset management sector, he joins from Schroders where, as an Offshore Sales Director, was responsible for managing business in the Southeast and Midwest regions. Prior to that, he worked for Citibank as a VP of Investments, collaborating alongside the group’s private bankers to provide guidance to their clients. Earlier in his career Andres also worked at Invex Inc. and Bank of America.
Andrés’s arrival follows the recent appointment of Marlene Suárez, who has joined the Miami team as Office Manager, further strengthening M&G’s team looking after Americas clients. Since the setup of the Miami office in 2018, the team has established strong relationships with some leading local market players in the offshore space, as well as with key third party marketers in Latin America.
“We are pleased to welcome Andrés Uriarte to our team in Miami. Thanks to his solid experience, he will be a key asset to better serve our clients in the region”, said Ignacio Rodríguez, Head of Distribution for the Americas, M&G Investments.
Allianz Global Investors has appointed Samantha Muratori as Bussiness Developer to strengthen its US offshore and Latin America sales team. She started last Tuesday, January 18.
As we have learned at Funds Society, Muratori will report to Alberto D’Avenia, head of US non-resident business (NRB) and LatAm Retail at AllianzGI, and will be based in New York. In her new role, she will be responsible for sales relationships with distribution partners, brokers, private bankers, and discretionary managers in the New York and Texas offshore markets.
Muratori joins from Axa Investment Managers where she was US offshore sales associate for over three years charged with raising assets among offshore financial advisors for the asset manager’s Ucits range. Prior to this, she worked at Citywire Americas as head of Latin America and US offshore audience development where she led offshore business efforts and managed relationships with the publication’s readership across the region.
Foto cedidaLarry Fink, CEO de BlackRock.. Larry Fink ve clave el “capitalismo de stakeholders” y la sostenibilidad para navegar en el nuevo entorno que deja la pandemia
Larry Fink, CEO of BlackRock, has published his annual letter to the CEOs of the companies around the world in which the firm invests on behalf of its clients. As every year, this missive seeks to encourage business leaders to manage companies with a long-term mindset that offers shareholders consistent returns over time.
Fink points out the importance of “stakeholder capitalism”, which, for him, is not about politics: “It is not a social or ideological agenda. It is not “woke.” It is capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers, and communities your company relies on to prosper. This is the power of capitalism”.
He believes in its ability to help individuals achieve better futures, to drive innovation, to build resilient economies, and to solve some of our most intractable challenges: “In today’s globally interconnected world, a company must create value for and be valued by its full range of stakeholders in order to deliver long-term value for its shareholders. It is through effective stakeholder capitalism that capital is efficiently allocated, companies achieve durable profitability, and value is created and sustained over the long term. Make no mistake, the fair pursuit of profit is still what animates markets; and long-term profitability is the measure by which markets will ultimately determine your company’s success”.
The CEO also highlights that the pandemic is “dramatically accelerating” how technology is reshaping life and business, has deepened the erosion of trust in traditional institutions and has exacerbated polarization in many Western societies. “This polarization presents a host of new challenges for CEOs. Political activists, or the media, may politicize things your company does. They may hijack your brand to advance their own agendas. In this environment, facts themselves are frequently in dispute, but businesses have an opportunity to lead. Employees are increasingly looking to their employer as the most trusted, competent, and ethical source of information – more so than government, the media, and NGOs”, he adds.
In this context, Fink arguments that “it’s never been more essential for CEOs to have a consistent voice, a clear purpose, a coherent strategy, and a long-term view”. That is why he encourages them to put their company’s purpose at the foundation of their relationships with stakeholders in order to achieve long-term success.
“Employees need to understand and connect with your purpose; when they do, they can be your staunchest advocates. Customers want to see and hear what you stand for as they increasingly look to do business with companies that share their values. And shareholders need to understand the guiding principle driving your vision and mission. They will be more likely to support you in difficult moments if they have a clear understanding of your strategy and what is behind it”, he says.
A new world of work
In the CEO’s view, no relationship has been changed more by the pandemic than the one between employers and employees: “As companies rebuild themselves coming out of the pandemic, CEOs face a profoundly different paradigm than we are used to. Companies expected workers to come to the office five days a week. Mental health was rarely discussed in the workplace. And wages for those on low and middle incomes barely grew”.
That’s why companies not adjusting to this new reality and responding to their workers do so at their own peril. “In addition to upending our relationship with where we physically work, the pandemic also shone a light on issues like racial equity, childcare, and mental health – and revealed the gap between generational expectations at work. These themes are now center stage for CEOs, who must be thoughtful about how they use their voice and connect on social issues important to their employees. Those who show humility and stay grounded in their purpose are more likely to build the kind of bond that endures the span of someone’s career”, Fink adds.
Besides, his letter shows that new sources of capital are fueling market disruption as over the past four decades, there has been an explosion in the availability of capital. “Young, innovative companies have never had easier access to capital. Never has there been more money available for new ideas to become reality. This is fueling a dynamic landscape of innovation. It means that virtually every sector has an abundance of disruptive startups trying to topple market leaders”, he says.
In his view, CEOs of established companies need to understand this changing landscape and the diversity of available capital if they want to stay competitive in the face of smaller, more nimble businesses. That’s why BlackRock wants to see the companies they invest in for their clients evolve and grow so that they generate attractive returns for decades to come. “We too must be nimble and ensure our clients’ assets are invested, consistent with their goals, in the most dynamic companies – whether startups or established players – with the best chances at succeeding over time”, he insists.
Sustainability and ESG
Regarding sustainability, Fink highlights that they focus on it not because they’re environmentalists, but because they are “capitalists and fiduciaries” to their clients. “That requires understanding how companies are adjusting their businesses for the massive changes the economy is undergoing. As part of that focus, we are asking companies to set short-, medium-, and long-term targets for greenhouse gas reductions. These targets, and the quality of plans to meet them, are critical to the longterm economic interests of your shareholders. It’s also why we ask you to issue reports consistent with the Task Force on Climate-related Financial Disclosures (TCFD): because we believe these are essential tools for understanding a company’s ability to adapt for the future”, he reveals.
In his opinion, divesting from entire sectors – or simply passing carbon-intensive assets from public markets to private markets – will not get the world to net zero. “Foresighted companies across a wide range of carbon-intensive sectors are transforming their businesses, and their actions are a critical part of decarbonization. We believe the companies leading the transition present a vital investment opportunity for our clients and driving capital towards these phoenixes will be essential to achieving a net zero world”, he says.
In this sense, he thinks that governments need to provide clear pathways and a consistent taxonomy for sustainability policy, regulation, and disclosure across markets. They must also support communities affected by the transition, help catalyze capital for the emerging markets, and invest in the innovation and technology that will be essential to decarbonizing the global economy. “When we harness the power of both the public and private sectors, we can achieve truly incredible things. This is what we must do to get to net zero”, the letter says.
Lastly, Fink points out that just as other stakeholders are adjusting their relationships with companies, many people are rethinking their relationships with companies as shareholders. “We see a growing interest among shareholders – including among our own clients – in the corporate governance of public companies”, he concludes.
Pixabay CC0 Public Domain. BNP Paribas AM refuerza su plataforma de activos privados con la integración de BNP Paribas Capital Partners
BNP Paribas Asset Management has finalized the integration of BNP Paribas Capital Partners, its specialized alternative multi-management platform including private asset fund solutions, as well as funds of hedge funds and UCITS-compliant hedge funds. The firm thus strengthens its private asset strategy by combining the resources of BNP Paribas Capital Partners, FundQuest Advisor and the multi-asset teams into a single division.
In a press release, the asset manager explains that this decision is in line with its strategy of accelerating the development of its private asset investment strategies. Following the signing of the acquisition of Dynamic Credit Group in September 2020, the integration of BNP CP further strengthens its Private Debt & Real Assets investment division, bringing its assets under management to more than 20 billion euros (22.77 billion dollars).
The closing of this transaction will also allow BNP AM to expand its scope to new market segments within private debt, benefiting from BNP CP’s successful development in recent years in specialized debt and impact private equity fund solutions. The fund of hedge funds business will join the already well established Multi Asset, Quantitative & Solutions business led byDenis Panel. This will extend the coverage of its multi asset and FundQuest Advisor teams to liquid alternative funds.
“BNP Paribas Capital Partners’ private asset fund investment activities, focused on impact private equity and specialized debt, are very complementary to the direct investment strategies developed within PDRA since 2017. With the addition of this multi-management expertise, and the recent acquisition of Dutch mortgage specialist Dynamic Credit Group, our private investment platform offers investors an unrivaled breadth and significant scale of private investment solutions with assets under management totaling more than EUR 20 billion”, commented David Bouchoucha, Head of PDRA.
Meanwhile, Denis Panel, Head of MAQS, highlighted that the combination of resources coming from BNP Paribas Capital Partners, together with FundQuest Advisor and their multi asset teams “shows BNP Paribas Asset Management’s strong commitment to supporting and developing its absolute return fund of funds business.“
China’s roar has changed entering the year of the tiger. China will now emphasize quality over speed, not GDP growth at all costs.
2020 feels more like a decade ago than a year ago. The strong results provided by Chinese equities and bonds, the strong appreciation of the Renminbi, and the belief that a more balanced policy under President-elect Biden would occur; fueled their optimism going into 2021.
While KraneShares expected monetary and policy tightening going into 2021, they underestimated the intensity and reach of the tightening cycle.
Rapid developments were harder to predict, especially during a year of regulatory reconfiguration for one of China’s most lucrative sectors. Chinese internet companies were the targets of a broad regulatory campaign in China addressing anticompetitive behavior, cybersecurity risks, consumer data protection, and the financial risks posed by previously unregulated fintech companies. Even though 2021 was a challenging year for China, it was just a single year in the context of a much bigger opportunity.
2022 is an important year politically for China. China’s behemoth economy indeed suffers from imbalances with internal and external regulatory risks that could cost investors, especially in the short term. KraneShares believes the government is committed to dealing with these imbalances through reform and regulations. President Xi is expected to secure a third term during the Chinese Communist Party Congress (CCPC) assembly in the fall of 2022 and KraneShares is of the opinion that the government will seek to strike a positive tone in politics and business as the country continues its transition to high-quality growth. The US-China relations may see a moderate improvement in 2022 after their, albeit limited, progress over the past year. In absence of willingness to seek catastrophic confrontation, KraneShares believes the impact of US-China relations on markets will be neutral in 2022. The political importance of 2022 is also why they think China adopted a rapid-fire approach concerning internet regulations in 2021.
China’s policy darlings, which include health care, clean technology, 5G, and semiconductors, will continue to see support based on the most recent statement from the latest Central Economic Work Conference, which sets the government’s economic and financial policy framework each year. The takeaways from the Central Economic Work Conference, which was attended by senior political leaders in China, emphasized the stability, speed, and quality of growth in 2022. The conference acknowledged that China’s economy faces three pressures: demand contraction, supply shock, and expected weakness. The panel recommended that policy support, whether fiscal or monetary, be frontloaded in 2022. The recommendation explains the reserve requirement ratio (RRR) and loan prime rate (LPR) cuts in December, which KraneShares assumes will set the tone for a looser monetary policy in 2022.
In 2022, the country will continue to advance on many fronts, including climate, electric vehicles, health care, the internet, cloud, high-end manufacturing, and more. However, China’s leading industries, especially the internet sector, are undergoing an important shift from simply capturing ever more consumer spending to a focus on material innovations and the localization of import-reliant supply chains.
Consumer sentiment, the property sector, and China’s zero covid policy are some of the risks facing China in 2022. The sporadic lockdowns in various Chinese cities and ports due to COVID-19 outbreaks hurt consumption and the feeling of security. Furthermore, real estate regulations aimed at setting a new normal in the property market hurt consumers’ sentiment. The recent earnings season in China confirmed consumers’ fatigue and household savings rates have surged since 2020.
Growth targets for 2022 will be more challenging to attain this year compared to last, especially as the favorable base effect recedes. Slowing GDP growth is to be expected, given the level of development that China has already achieved. KraneShares believes China will do whatever it takes to maintain the sentimental 5% level of GDP growth and we know skeptics will sound the alarm on the GDP level dipping below 5% for the first time, even though achieving 5% growth in a 16.8 trillion-dollar economy is like adding an economy the size of Germany every 3 to 4 years.
China’s roar may change its tone in 2022, but KraneShares thinks it will remain as loud as ever. As Joe Tsai, Alibaba’s co-founder and Executive Chairman put it during Alibaba’s investors day: “China is not going away.” The event’s tone was geared towards innovation and the future, without legacy industries hindering their progress. It represented what China is all about: innovation and progress.
KraneShares has always been constructive on China, especially in the long term. They encourage investors not to view China as a trade but rather as a long-term investment and encourage diversification across multiple industries to help reduce risks.
To find KraneShares’ in-depth outlook as well as investment opportunities for 2022 and beyond, please visit this link:
Pixabay CC0 Public DomainLíderes del futuro en Asia. Asia
Backing a sector winner is a logical strategy but identifying its heirs is a more challenging alpha generator.Detailed analysis of stock return profiles shows that companies improving their return on equity (RoE) to amongst the top quartile tend to outperform in the long term.
Selecting these businesses involves identifying certain characteristics, but even if they are found, the maturity of the sector in which the company operates is an important factor.
In more maturing ‘new economy’ areas, such as e-commerce in China, it may make more sense to identify the players that are taking market share from the incumbent.
But in more emerging industries, such as electric vehicle components, often it proves more fruitful to back the industry leader because of the inherent uncertainty during the early stages of fast-moving, burgeoning sectors.
Incumbent errors
Leaders in more established sectors can be hampered by several pitfalls, such as losing their focus, and engaging in so-called ‘di-worse-ification’ – whereby they try, often unsuccessfully, to enter adjacent or new sectors.
Even though dominant players often benefit from a first-mover advantage in their infancy, as their sector ages, it becomes more segregated, with new niches emerging, providing opportunities for new rivals to pick off these areas as their own. An example of this is the current China ecommerce incumbent whose dominant market share has been significantly eroded in the past few years due to emerging competitors.
This is why we focus especially hard on particular attributes to help us identify the next upcoming winners within our concentrated 40-50 stock Asia Future Leaders fund, which over three years has delivered nearly three times its benchmark, the MSCI AC Asia ex-Japan index. The fund has been awarded with a 5 star rating by Morningstar.
Innovation focus
The core of our strategy relies on three pillars: quality management, scalability and innovation, with the latter a clear differentiator to traditional investment frameworks.
We harness the deep experience of our Future Leaders panel, which benefits from the experience of a range of prominent professors, including French business school INSEAD’s Nathan Furr, a pre-eminent voice on innovation, to help us identify tangible traits that are often indicators of inventive companies.
Combining the panel’s insight with our proprietary research allows us to pinpoint innovative companies at an earlier stage in their life.
As these companies grow older, we continually assess their competitive edge, which is re-evaluated frequently to see if aspects such as its forward-looking corporate culture and ability to enter new markets remains.
Analyzing the extent to which companies prioritize R&D, and incentivize innovation, are two key metrics we study.
Key characteristics
A common denominator of an innovative company is a decentralized organization that gives middle management meaningful responsibility and rewards them for their success.
One such Chinese materials company compensates its R&D team with 15% of the profits of successful new products and 30% of increased revenue from process improvements.
Another important element is how the R&D side of a business is driven. Firms that rely solely on senior management for their inspiration can often begin to struggle, whereas ones that actively engage with their customers for feedback to influence their R&D are much more likely to prosper.
And beyond this, the ability to gather, process and react to data will drive the winning firms of the future.
Accelerating away
It’s this skill in harnessing data, through the likes of machine learning and artificial intelligence, that has influenced some of our holdings. One such stock is a Chinese electric battery (EV) maker, which harnesses AI and machine learning to apply the latest technology to its production process. The company is a leader in an emerging industry, and its focus and success in R&D is a key attraction for us.
Similarly, another stock we own is a leading China EV manufacturer that has managed the recent supply chain shocks better than peers, in large part due to their superior vertical integration, producing their own batteries and power transistors – two key components of an electric vehicle.
These two companies play into a broader theme of China winning the EV race, especially given its market is already four times larger than the US, there are eight times as many charging points in China than America, and much of the world’s lithium is in China.
This makes us optimistic for these companies as we enter 2022; however, there are other sectors and other countries that we’re bullish on.
Emerging opportunities
The prospects for real GDP growth in the likes of India, Indonesia and Vietnam appear stronger for 2022. In India, we see the potential for huge opportunities, with the pipeline of IPOs doubling in the past year. The pace of innovation in India is remarkable, and it now has the third most unicorns – a private company valued over $1billion USD – in the world.
The pandemic has forced many people in southeast Asia towards e-commerce and other digital services, most first-time users, which means that the opportunity for companies to access a new, larger audience is potentially huge.
EFG Asset Management (EFGAM) is an international provider of actively managed investment products and services to financial intermediaries and institutional investors around the world.
EFGAM’s New Capital funds and strategies offer a focused range of actively managed, specialist strategies across equity, fixed income, alternative and multi-asset within both developed and emerging markets. The strategies are available in a variety of structures including AIFs, CITs, SMAs and UCITS, and are available through vehicles domiciled in Ireland, Luxembourg, Switzerland, Hong Kong and the United States.
Overall Morningstar rating as of 12/31/2021 rated against 730 (O Inc) Asia ex Japan funds on a risk-adjusted basis’.
EFGAM manages approximately USD 32.9 billion (as of December 2021) on behalf of clients.
For professional investors / trade press only. Not to be used with or distributed to retail clients.
Past performance is not indicative of future results. The opinions herein are those EFGAM as of the date of this article and are subject to change at any time due to market or economic conditions.
In 2021, there were 37 issuances of private equity funds or feeder funds on the stock market (BMV and BIVA), of which 30 were for global private equity investments (CERPIs) and 7 for local investments (CKDs). Of the 30 new CERPIs, more than half are subseries that allow the manager to have a series per SIEFORE and thus satisfy the investment objective at the term of each of the generational SIEFOREs.
The issuance of CKDs and CERPIs observed in 2021 were almost double those that arose the previous year in both cases, however, the number of new CKDs issuances fell compared to what was observed between 2015 and 2018 (14-20 vs. 7 in 2021).
Two years ago (in December 2019), the number of SIEFOREs increased from 5 to 10 SIEFOREs, which allowed for the migration to Generational Funds or Target Date Funds (SIEFOREs based on retirement age).
Over time, some CERPI issuers have chosen to offer exclusive CERPIs for AFORE and/or SIEFORE, which allows their strategy to be differentiated. The size of assets under management and costs have also been differentiators, amongst others.
In the case of the CERPIs that were placed in 2021, the dominant sector was that of fund of funds, while in the case of the CKDs, it was the real estate sector, as can be seen in the following table.
The amounts committed might seem high in several cases since they are part of the strategy of having vehicles for the current and future resources that the AFOREs will allocate. Here one must consider that the AFOREs double their assets practically every five years.
Throughout 2021, 10 CKDs and CERPIs began their initial process of listing on the stock exchange. Their main takeaways are:
They want to issue 5 CKDs and 5 CERPIs.
7 started the procedure in BIVA and 3 in BMV
Among the 5 CERPIs, 3 are funds of funds; one in the energy sector and the other one in real estate. There is only one new manager.
Among the 5 CKDs are 3 real estate and 2 in private debt. There are 3 potential new issuers.
In the issuance of new private equity vehicles and feeders, from 2019 there are 8 issuers that started their placement process and from 2020 there are 5 that are pending. Historical experience tells us that of these 13 laggards, only some could be issued, being more difficult for those from 2019 (three years ago) than for those of 2020 and 2021 (one or two years ago).
At the beginning of the year Lock Capital Solutions (feeder) issued LOCKXPI (#21) with a first capital call of US $2.7 million and commitments up to US $840 million.
Although the trend in recent years favors the issuance of CERPIs, the issuance of CKDs continues to be selective, although not quite what was seen with the 2015-2018 boom.
