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It reviews drivers such as valuation dynamics, bond-market conditions, and cross-currency pressures affecting the US dollar. The special features examine cross-border commercial real estate investment in Asia-Pacific, green bonds and firm-level rating questions, buybacks and leverage-related risk, and cross-border linkages between banks and non-bank financial institutions, including vulnerabilities from the Covid-19 shock.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/bis-quarterly-review-september-2020-international-banking-and-financial-market-developments/503272/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/bis-quarterly-review-september-2020-international-banking-and-financial-market-developments/503272.png","ImageObject",300,407,{"name":92,"@type":93},"Well Done","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-22","2026-10-03",true,{"@type":102,"interactionType":103,"userInteractionCount":52},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What market themes does the BIS Quarterly Review highlight for September 2020?","Question",{"text":112,"@type":113},"It highlights market performance despite subdued recovery, stretched valuations after the pandemic, lower bond yields supported by policy, and headwinds building against the US dollar.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What does the review include under “Special features”?",{"text":117,"@type":113},"It includes analyses on cross-border commercial real estate investment in Asia-Pacific, green bonds and carbon emissions with a firm-level rating system case, buybacks and leverage-related risk, and cross-border links between banks and non-bank financial institutions.",{"name":119,"@type":110,"acceptedAnswer":120},"Which topics related to Covid-19 are directly addressed?",{"text":121,"@type":113},"The contents reference Covid-19 impacts through boxes on banks and equity prices, coverage of developments during Covid-19 in the CRE feature, and vulnerabilities from the Covid-19 shock in the bank-to-NBFI links feature.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},503272,1791439564,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":52,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":139,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":89},5909892210082,"https://ap-avatar.wpscdn.com/avatar/56001069da27c9f41e8?x-image-process=image/resize,m_fixed,w_180,h_180&k=1789614185077863061","BIS Quarterly Review  \nInternational banking and financial  \nBIS  \nmarket developments  \nSeptember 2020  \nBIS Quarterly Review  \nMonetary and Economic Department  \nEditorial Committee:  \nClaudio Borio Stijn Claessens Benoît Mojon Hyun Song Shin Nikola Tarashev  \nGeneral queries concerning this commentary should be addressed to Nikola Tarashev (tel +41 61 280 9213, e-mail: [nikola.tarashev@bis.org](nikola.tarashev@bis.org)), queries concerning specific parts to the authors, whose details appear at the head of each section, and queries concerning the statistics to Patrick McGuire (tel +41 61 280 8921, e-mail: [patrick.mcguire@bis.org](patrick.mcguire@bis.org)).  \nThis publication is available on the BIS website ([http://www.bis.org/publ/qtrpdf/r_qt2009.htm](http://www.bis.org/publ/qtrpdf/r_qt2009.htm)).  \n© Bank for International Settlements 2020. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated.  \nISSN 1683-0121 (print)  \nISSN 1683-013X (online)  \nBIS Quarterly Review  \nSeptember 2020  \nInternational banking and financial market developments  \nMarkets rise despite subdued economic recovery ............................................................... 1  \nStretched valuations in the aftermath of the pandemic ........................................... 2  \nLower bond yields on supportive policies....................................................................... 6  \nHeadwinds build up against the US dollar...................................................................... 8  \nBox A: Banks through Covid-19 ......................................................................................... 11  \nBox B: The short and long end of equity prices during the pandemic............................................................................................................. 13  \nSpecial features  \nCross-border commercial real estate investment in Asia-Pacific ................................ 15  \nAmanda Liu, Ilhyock Shim and Vladyslav Sushko Definition of CRE and classification of investors ...................................................... 16  \nAsia-Pacific CRE markets and cross-border investment ........................................ 18  \nBox A: Asia-Pacific regional REIT markets and their role in cross-border investment .............................................................................................. 21  \nBox B: Foreign currency funding of real investors in Asia-Pacific commercial real estate ............................................................................... 22  \nDrivers of cross-border investment ............................................................................... 23  \nDevelopments during Covid-19 ...................................................................................... 25  \nConclusions ............................................................................................................................. 27  \nGreen bonds and carbon emissions: exploring the case for a rating system at the firm level ................................................................................................... 31  \nTorsten Ehlers, Benoit Mojon and Frank Packer Green bond issuers and carbon intensities.................................................................. 33  \nBox A: Carbon emissions data and firm disclosure................................................... 36  \nDesirable properties of a firm-level green rating system....................................... 39  \nA stylised example of a carbon intensity-based rating system............................ 41  \nBox B: Rating uplifts to provide extra incentives for Paris-aligned emission reductions ................................................................................. 44  \nConclusions ............................................................................................................................. 45  \nBIS Quarterly Review, September 2020 iii  \nMind ","cbCaiovqhprlb5bv","https://ap.wps.com/l/cbCaiovqhprlb5bv","pdf",1393188,119,"English","# Markets rise despite subdued economic recovery\n# Stretched valuations in the aftermath of the pandemic\n# Lower bond yields on supportive policies\n# Headwinds build up against the US dollar\n# Box A: Banks through Covid-19\n# Box B: The short and long end of equity prices during the pandemic\n# Special features\n## Cross-border commercial real estate investment in Asia-Pacific\n## Green bonds and carbon emissions: exploring the case for a rating system at the firm level\n## Mind the buybacks, beware of the leverage\n## Cross-border links between banks and non-bank financial institutions\n# BIS statistics: charts","[{\"question\":\"What market themes does the BIS Quarterly Review highlight for September 2020?\",\"answer\":\"It highlights market performance despite subdued recovery, stretched valuations after the pandemic, lower bond yields supported by policy, and headwinds building against the US dollar.\"},{\"question\":\"What does the review include under “Special features”?\",\"answer\":\"It includes analyses on cross-border commercial real estate investment in Asia-Pacific, green bonds and carbon emissions with a firm-level rating system case, buybacks and leverage-related risk, and cross-border links between banks and non-bank financial institutions.\"},{\"question\":\"Which topics related to Covid-19 are directly addressed?\",\"answer\":\"The contents reference Covid-19 impacts through boxes on banks and equity prices, coverage of developments during Covid-19 in the CRE feature, and vulnerabilities from the Covid-19 shock in the bank-to-NBFI links feature.\"}]","BIS Quarterly Review - September 2020 - International banking and financial market developments | PDF",1791052774]