Company Reports

TD 4Q17: Specious Strength, US Cards & Autos Weaker

11/30/2017

TD looks good on the surface, but are credit concerns mounting in autol loans and cards? As a reference,we review our recent conference comments on rising losses in US auto loans and cards. TD TD TD TD TD TD TD


CIBC 4Q17: Trying to Rebuild Street Cred

11/30/2017

CIBC posted a good quarter with loan and AUM fee growth. Still there is the lurking suspicion that mortgages, cards won't hold up with their recent good performance. Remains most systemic Canadian bank. CIBC CIBC CIBC CIBC CIBC CIBC


RY 4Q17: Canada Strong, Capital Markets Dry

11/29/2017

RY record annual results shows the strength of the North America strategy and frothy Canadian conditions on the consumer side. Stock Buy, Bonds Sell on tight spreads. RY RY RY RY RY RY RY RBC RBC RBC RBC RBC RBC RBC


BNS 4Q17: Blazing Away in Canada & South of the Border

11/28/2017

BNS shows good growth, but we remained concerned about bubbly conditions in housing and rising credit card activity. Latin America acquisitions increase risk exposures south of the border. Sell Stock, Buy Bonds. BNS BNS BNS BNS BNS BNS


HSBC 3Q17: Hulking Euro, With HK Wealth

11/07/2017

HSBC continues to mint the money in the China/HK orbit. Allows the repositioning across other regions and retail banking and wealth mgt. Buy Stock, 30Y and AT1s. HSBC HSBC HSBC HSBC HSBC HSBC


SocGen 3Q17: Volatility Visage

11/06/2017

SocGen's stock takes it on the chin as the volatility wave receded in traditional and derivatives markets. Retail banking in France going nowhere and consumer finance in E. Europe on hyper-growth. Very High systemic risk. Sell Stock, most of debt stack. socgen socgen socgen socgen socgen socgen


CS 3Q17: C-ontinued S-wells of Uplift, Sustainable?

11/06/2017

CS saw another swell of revenues, PTI and asset inflows uptick. It claims step-function rise, we see incrementals that may not be sustainable. Sell Stock, Sell most debt stack. CS CS CS CS CS CS


BNP 3Q17: B-anking on N-ew P-rofitability

11/02/2017

BNP is the dominant diversified bank in Europe, but still presents latent credit risk in its European consumer finance/auto leasing business and its mysterious equity derivatives biz. Stock falls post earnings, but still not focused on real issues and #1 rank in European systemic risk. Sell across cap. structure. BNP BNP BNP BNP BNP BNP


SYF 10Q-Tips: Synchrony Asynch To Subprime Borrower Behavior?

10/31/2017

SYF showed the normalization effect in the card business. We break down the difference in trends between big card prime/superprime players and the specialty finance subprime ones. SYF SYF SYF SYF SYF


UBS 3Q17: U-nleashed B-etter S-ustainability

10/29/2017

UBS had a good quarter as its global wealth mgt. strategy performs well. Still, it is a competitive landscape with most of the global asset gatherers engaged. Buy Stock, Sell 10Y Bond on spread tighteness. 


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