Report
Rabobank : No alarms, no surprises; Stable credit opinion maintained and recommandations broadly affirmed
We maintain our Stable credit opinion on Rabobank, a solid and predictable credit in our view. The slowdown in global and Dutch economic conditions has started to impact Rabobank’s 1H19 earnings with loan impairment charges (LICs) returning to levels closer to their ‘through-the-cycle’ average. Under current assumptions, we do not expect LICs to soar but earnings (hence internal capital generation) will decline from the 2017 and 2018 levels when LICs were exceptionally low. Asset...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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