Company Reports

CIBC 4Q17: Trying to Rebuild Street Cred


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


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


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


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


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?


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


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?


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


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. 

SAN 3Q17: Skating Through a Sketchy Spain


SAN hurdles the Popular deal and takes on Catalonia without a hitch. Diversified across old Spanish empire gives it some resiliency. Still, Stock Sell  as economic margin weakens, But Bond Buy on relative value. santander santander santander santander santander

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