Company Reports

Regions: Simplify & Swaps, Still Slow-to-No Organic Growth


RF shows good rates hedging instincts which it uses to preserve its cheap core deposit value. Still, it needs to pick up economic earning yields which is difficult in its slow growth natural franchise. Still a Sell on Stock, Bonds fair value, Counterparty Risk is Medium. RF RF RF RF RF RF RF RF RF RF 

CFG Launch: Needs More Organic Growth, More Margin Pressured?


CFG has some good geography, but has lots of tough competitors. Its a patchwork of acquisitions and newer product sets. Margins may be more pressured with less oportunisitc hedging. And economic earnings are a laggard for last 5Y trend with little improvement in sight with rates falling. Sell the Stock, Bonds attractive, Medium counterparty risk.  

FITB: Earning Assets Challenged, Slower Start on Hedging Strategies?


FITB tried to convince the Barclays conference audience that it has control over its NIMs. We beg to differ and look for more slippage in 2020. Sell Stock and benchmark Bonds, Low counterparty risk. FITB FITB  FITB FITB FITB FITB FITB  FITB FITB FITB 

WFC @ Barclays: Rate Risk Pressures, Still No CEO Answers


WFC made another limp presentation as investors in the audience get frustrated with the lack of a CEO and more credible strategic plan. Rate risk is putting addtional pressure on revenues with no real offsets except expense savings. Still a Sell on Stock & benchmark bonds. Counterparty risk managers should continue to reduce exposures. WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC

MTB Launch: CRE & Rates Strategy


MTB has been a bank with steady and superior results over the years. We launch coverage and look at its hedging strategies as interest rates decline putting pressure on is floating rate CRE loan book yields. Initiate with a Buy on its Stock, a hold on its benchmark 4 year bonds. Counterparty/regulatory risk is Very Low. MTB MTB MTB MTB MTB

KEY @ Barclays: Swaps/Floors Up, Sentiment Strong, Laurel Road Online to Nationwide?


KEY has come a long way over the last few years as its economic earnings metrics are near the top of the regional bank pack. Its better expense management and use of rate swaps/floors to preserve the net interest margin have been key to its progress. We maintain a Buy on its Stock & benchmark Bonds. Counterparty/regulatory risk is Low. KEY KEY KEY KEY KEY KEY KEY KEY KEY KEY KEY KEY 

Barclays 2Q19: No-to-Low Growth in Sustainables


Barclays is ready to chug out revenues. But Brexit effects on the UK economic climate, spending/lending plus a global capital markets lull has delayed those ambitions. Back to cost cutting as a major business line. BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS BARCLAYS

CS 2Q19: Two Steps Forward, when is Backward?


Credit Suisse had a good quarter with solid net new assets growth in Asia-Pacific and the rest of the world. Fixed income trading in global markets lifted results while equities were sluggish.  Lower cost base helps deal with market volatilities. CS CS CS CS CS CS CS CS CS CS CS CS CS CS CS CS

BNP 2Q19: Level 3s Remix in Equity Derivatives


BNP had a good quarter on loan growth and better capital markets trading activity in Europe. Still, equity derivatives lurk and there has been a build in the riskiest Level 3s, With the biggest systemic capital shortfall in Europe and flattening economic earnings, we are still a Sell on Stock and Bonds. ​ BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP

DB 2Q19: Game/Set/Match Over at US Open of Banking


DB went through the radical transformation drill now softened up to strategic transformation. But in tennis parlence the banking Match is over as DB can never catch up to global competitors. Even if AT1 jr. debt holders are given a Let this time. DB DB DB DB DB DB DB DB DB DB DB DB DB DB

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