Industry Reports

Pandemic Hits Parade Part II: Higher Losses, But More Buybacks

12/22/2020

CCAR II gets banks back into the stock buyback game even with higher losses. But some may be delayed due to their regulatory consent orders like WFC and Citi. Credit cards hit big banks more. CRE hits regionals more. More a driver of stock prices than the rest of the capital structure, although perpetual preferreds should rally more. 


Big Banks @ GS: Hoping Reserves are Fine as Vaccines Roll Out

12/11/2020

Big banks rounded out the annual GS Financials conference, and all are looking ahead to happy days as the vaccines roll-out in 2021. BAC sees more consumer spending, Citi getting ready for new CEO and consent order implementation, and JPMorgan looks for asset management expansion deals. 


U.S. Regionals @ GS: To Buy or Not to Buy, That is the Question? Selling Ainít Too Good Either!

12/08/2020

U.S. regional banks look forward to vaccines, but hate the sight of low rates. Foraging for fee income is the way to survive with some better positioned than others. 


Risk Mgt Chat: The End of LIBOR: SOFR & Compounding Calculations

12/01/2020

Recent risk management panel focuses on the operational risks and more complex SOFR compounding calculations as LIBOR transitions away in 2021.  


Risk Mgt Chat: LIBOR Lunacy: Whoís on First, Whatís on Second, I Donít Know is on for 2021!?!

09/29/2020

LIBOR deliberations &discussions have been as coherent as a pub imbibed dissertation on alternative views as to the start of the universe. In other words, another Federal Reserve bobbling of the goals and aspirations for a more equitable benchmark rate market. And wasn't that supposed to be the improvement after the LIBOR scandals. Yikes again. Thanks Fed!


Viola Risk on Equity Derivatives: Hot Driver in Big Tech Stock/Options Rally & Meltdown

09/08/2020

Equity markets and related options for single stocks and indices have been rocked by the Big Tech stock/options squeeze undertaken by Softbank. There will be big negative impacts to providers of equity derivative protection as the big banks and brokers in the US and Europe get snagged in the Softbank stock snafu. ​


Webinar: New Constructs & Viola Risk Advisors: Why the Tech Carnage Can Continue!

09/08/2020

A new generation of investors are learning the equity valuation lessons the hard way as unrealistic and way too high equity valuations are coming crashing down in the Big Tech stock/options world. And there is spillover effects to Big Banks equity/debt & counterparty/regulatory risk as these banks provided the volatility chum that the Japanese Whale craved. Please join us for this excellent capital structure webcast jointly presented by New Constructs (our equity valuation specialist) and Viola Risk Advisors. 


Multi-Asset Strategies: Global Hospitality Industry: The Great Reopening & 7 Key Challenges

07/30/2020

Peter Plaut is our Viola Risk Advisors collaborator covering Global Multi-Asset Strategies across investment grade corporate bonds, high yield & distressed bonds, real estate development projects, litigation finance, toll roads and other illiquid private placements. His debut article discusses the hoped for recovery in the global hospitality industry.


The Pandemic Hits Parade: DJ Fed Spins Severity Scenarios

06/28/2020

The virus has stressed the financial system with systemic risk never seen before. Most bigger banks can survive with capital structure intact. COF, GS should have major difficulties maintaining common stock dividend. Perpetual preferreds are a better investment play. Expect major survivor mergers with Citi, Walmart, Amazon, PNC, USB as the stronger hands.


US Regionals: Coping with Covid-19, Excess Risk Spots

03/31/2020

US regional banks will suffer from the decline in lending and transaction activity and the rise in loan losses despite government/central bank stimulus. Capital One most at risk with large card book. Citizens Financial and Regions in the large bank sector with runaway other consumer loan growth at risk.​ 


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