Company Reports

BNS 3Q17: New Earnings Format & Tearsheet


BNS posts good results, but seeing fall-off in LatAm growth. Sell Stock, Buy 5Y Bond.

CIBC 3Q17: New Earnings Format & Tearsheet


CIBC keeps humming in mortgage and consumer lending, but will it hit the wall as the vintages season? Sell Stock, Buy Debt. CIBC CIBC CIBC CIBC

RY 3Q17: New Earnings Format & Tearsheet


RY prints another good quarter, but market still concerned about housing values in bubbly Canada. Very low systemic risk and low credit/counterparty risk relieves some concerns. Buy Stock, Sell Bonds RY RY RY RY

10Q-Tips: Real GS - Level 3s in Equities/Converts/Loans


GS 10Q shows how it bailed out its 2Q17 results with well-time Level 3 private equity gains, mostly unrealized. Does GS have a natural hedge between FICC and Level 3s. We explore. GS GS GS GS

SocGen 2Q17: New Earnings Format & Tearsheet


SocGen enchanted with equities derivatives, structured notes, E.Europe/Russia/Africa lending. So, higher credit risk/volatility oriented as home French banking boring. Sell Stock, Buy Bonds. socgen socgen socgen socgen socgen

CS 2Q17: New Earnings Format & Tearsheet


CS got some wind in its sail, but how long & how far is the question. Still big Level 3 exposures. Sell stock, Buy bonds. CS CS CS CS CS

HSBC 2Q17: New Earnings Format & Tearsheet


HSBC heralded in a turnaround quarter as its global reshuffling actions start to pay off. Nice league table standings and AUM, NII & fee growth. Buy stock, Sell bonds. HSBC HSBC HSBC HSBC HSBC

Barclays 2Q17: New Earnings Format & Tearsheet


Barclays is trying to float higher in the global banking quick-sand porage as it trys to differentiate its global, regional & UK offerings across wholesale & consumer businesses. Still has the ESHLA anchor around its capital neck. Strong Sell stock, Sell debt. Barclays Barclays Barclays Barclays Barclays

BNP 2Q17: New Earnings Format & Tearsheet


BNP is the king of the Euro bank earners, but has a small market cap & low economic earnings stats. And then there is the huge systemic capital risk shortfall that leads the region. Why? Buy Stock & Bonds. BNP BNP BNP BNP BNP BNP

COF 10Q-Tips: Increases Credit Loss Guidance


COF 2Q17 10Q guides toward higher loss content in credit cards & the troubling auto loan book. Remain Sell on Stock & Bonds. COF COF COF COF COF 

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