Company Reports

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

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 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

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 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 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 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 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 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 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