Company Reports

BNP's Equity Derivatives/Structured Notes nightmares just beginning as Trumpian Tweets will rock the geopolitics and VIX volatility for the foreseeable future. Even if they close up structuring shop, where do they get those juicy earnings? Big equity problem that will continue to hit debt. Counterparty & Regulatory Risk is High and near Very High. BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP BNP

We present our first co-authored Green Bond article on Citi's inaugural issuance last week. Looks like a Buy in Eurodollar land. We discuss the emergence of the market and Citi's participation.

MS received a major torpedo revenues hit, as millennial traders learn there is risk with returns. Still all is good with the franchise and it should reboot to compete well in global financial sweepstakes. Buy on capital structure, Counterparty/Reg risk Medium. MS MS MS MS MS MS MS MS MS MS 

BAC showed a strong rebound in 2018 across consumer, wealth mgt, and commercial lending. Capital markets looking to rebound with more risk-on profile. We are a Buy on Capital Structure. Counterparty/Regulatory risk Low. BAC BAC BAC BAC BAC BAC BAC BAC BAC BAC

Citi's systemic risk rocketed higher with the market volatility. Still we see value in its capital stack. Is a GS bearhug merger in sights? We explore. CITI CITI CITI CITI CITI CITI CITI CITI CITI CITI

GS posted a big beat as FICC sagged and the high margin business thrived. New CEO made his Gettysburg-like address to revamp and revive more sustainable growth. Buy on capital structure. Counterparty/Reg risk is Medium. GS GS GS GS GS GS GS GS GS GS

JPM had a record 2018, but still there were doubters. Economic earnings were still the dominating factor for the year and quarter and a slight market vol event does not change the fundamental strength leadership. Buy on Capital Stack. Counterparty/Reg risk low. JPM JPM JPM JPM JPM JPM JPM JPM JPM JPM

WFC continues to wrestle with the sales-practices ghosts trying to restore respectability. Still a ways to go. Yet, we are a Buy on the Capital Structure. Counterparty/Regulatory risk Low. WFC WFC WFC WFC WFC WFC WFC WFC WFC WFC 

BK presented at the Goldman Sachs Financials Conference as the CEO & CFO spoke to the need for more organic unit growth and digitalization to drive future profitability and fend off old and new competitors. We are Neutral on the Stock and find benchmark Bonds fairly priced. Regulatory/Counterparty risks low.  BK BK BK BK BK BK BK BK BK 

DB had another DB quarter with no revenue momentum, but cleaner with no real one-off items. Still a Sell on the cap structure. Very High counterparty and regulatory risk.. DB DB DB DB DB DB DB DB DB DB