Company Reports

C 3Q17: More Card Mailings, More NCOs, More Buybacks


Citi stock has been on fire in the group, but how far can buybacks rocket fuel it forward? Still needs to prove disciplined growth especially in its credit card rebirth. Buy Stock, Sell 10Y bonds on tight spreads. Citi Citi Citi Citi Citi Citi Citi

TD 3Q17: New Earnings Format & Tearsheet


TD has successfully diversified into US retail banking, online brokerage and auto finance. Still it has sizeable Canadian mortgage exposures like the rest of the Big 5. Find more value in equity than 3Y benchmark bond. TD TD TD TD

BMO 3Q17: New Earnings Format & Tearsheet


BMO has the weakest combination of overvalued debt and equity. Sell on both.

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

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