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And BA/ML's Shyam Rajan also.......>

US TSYS/RESEARCH: And BA/ML's Shyam Rajan also said that on pensions/markets
that "one of the biggest beneficiaries of buoyant equity markets and the rate
hiking cycle so far has been the pension industry. According to Milliman, the
funded ratio of the top 100 defined benefit (DB) pension plans now stands at
83.5%, up from 76.7% in June 2016. In fact, funded ratios have rarely seen
better levels since end-2013 when markets saw a 30% rise in equities combined
with a 100bp increase in yields."
- He adds that "this macro backdrop has been better than we expected immediately
after the Brexit vote. That, however, does not change the end result, but only
the means: companies have been able to address their pension issues in a
generally positive, as opposed to a panicked, environment.