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While the Fed has bought a lot more debt on an absolute basis than other central banks - the others hold a much higher percentage of total issuance. Another crisis and/or a year of bond buying and central banks like the RBA will eventually run out of bonds to buy...

Barclays are acquiring a $3.8 billion portfolio of Gap retail credit cards from Synchrony financial in a bid to up its stake in the US consumer business. The deal is expected to close in Q2 2022 and follows an agreement between Gap and Barclays in April, whereby the two firms would issue co-branded credit cards to Gap customers in 2022. This tactic isn't new for Barclays - over recent years the British bank has partnered with the likes of American Airlines and JetBlue on branding to gain traction in the US, where Barclay's branding can't currently compete with the likes of JPMorgan. @LexSokolin

This move was led by stocks in the Banks and Capital Markets, which were up +7.27% and +5.78%, respectively. The Banks industry is up by +8.68% over the last 1 Month, with 69.28% of the underlying stocks seeing gains. Among large and mega cap stocks in this industry, the top performers were Huntington Bancshares Inc and Bank of America Corp, which were up +11.15% and +10.77%, respectively. Source: Bank of America

An Indian bank is planning to tap the offshore market for its debut sustainable perpetual bond amid growing demand for both riskier bank debt and sustainable investments. Axis Bank has hired banks to arrange investor meetings ahead of a potential Basel-compliant additional Tier I note sale, the proceeds of which are earmarked for green and social projects, a person familiar with the matter said this morning. The planned transaction follows a recent deal by a local peer, which sold the first offshore perpetual bond by an Indian bank since September 2016. It follows an impending rule change next year that forces Indian onshore mutual funds to cut their exposure to rupee hybrids. Source: Bloomberg

As rising food and gasoline prices push inflation above target, Paraguay became the latest Latin American country to raise its benchmark interest rate for the first time in more than five years on Monday. After holding the benchmark rate at 0.75% since July 2020, policymakers increased it by a quarter of a percentage point to 1%. Source: Bloomberg