reports
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Bank bond (under)performance, Italian ECB funding, BPER AT...
Relative performance resilience of 7-10yr covered bonds is unlikely to persist as yields trend higher and supply moves further out the curve. Italian banks increased their central bank funding in November. BPER Banca looks to support its MDA with a new AT1. BBVA brings a new 10yr senior preferred. Bank bond performance overview
- Suvi Platerink Kosonen
Spanish banks/Emerging markets improve profitability metrics
Spanish bank spreads have widened this year with a slight retracement over the last three months. We see better performance potential in Banco Santander's preferred paper over BBVA. Santander and BBVA NPS bonds look tight in the 3-4yr part of the curve but offer some pick-up versus French peers longer out the curve. In Tier 2 space we prefer Santander 25s over the longer dated Spanish paper.
- Ahmed Ben Salem
- Anis Zgaya
- Benoit Valleaux
- Bruno Cavalier
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Pierre Tegner
- Sven Edelfelt
- Yan Derocles
SGO COMPAGNIE DE SAINT-GOBAIN SA
PROX PROXIMUS SA DE DROIT PUBLIC
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
ILD ILIAD
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
ISP INTESA SANPAOLO S.P.A.
BBVACOL BBVA COLOMBIA
HEIO HEINEKEN HOLDING N.V.
AMS AMADEUS IT GROUP SA CLASS A
BPOST BPOST SA
CABK CAIXABANK SA
ECL. ENGIE ENERGIA CHILE SA
PHG. KONINKLIJKE PHILIPS
UCG UNICREDIT S.P.A.
VINCIT VINCIT GROUP OYJ
LHBL LAFARGEHOLCIM BANGLADESH
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A2DT0B EUROFINS CEREP
BBVA : Favourable Q2 2018 numbers but risks intact
>So far so good… but risk intact in two key markets - Q2 2018 release higher than expected (net earnings € 1.3bn vs € 1.2bn for consensus, +18% y-o-y / pre-tax underlying earnings € 2.2bn vs € 2.0bn for the consensus, +12% y-o-y), driven by a favourable top line and a lower-than-expected cost of risk.Revenues were in line with forecast, coming to € 6.0bn, underpinned by the recurring component (NII = € 4.4bn, +2% vs consensus and -3% y-o-y / commissions = € 1.3bn...
- Ahmed Ben Salem
- Anis Zgaya
- Benoit Valleaux
- Bruno Cavalier
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Pierre Tegner
- Sven Edelfelt
- Yan Derocles
SGO COMPAGNIE DE SAINT-GOBAIN SA
PROX PROXIMUS SA DE DROIT PUBLIC
NK IMERYS SA
BN DANONE SA
RNO RENAULT SA
ILD ILIAD
WEB WAREHOUSES ESTATES BELGIUM S.C.A.
ISP INTESA SANPAOLO S.P.A.
BBVACOL BBVA COLOMBIA
HEIO HEINEKEN HOLDING N.V.
AMS AMADEUS IT GROUP SA CLASS A
BPOST BPOST SA
CABK CAIXABANK SA
ECL. ENGIE ENERGIA CHILE SA
PHG. KONINKLIJKE PHILIPS
UCG UNICREDIT S.P.A.
VINCIT VINCIT GROUP OYJ
LHBL LAFARGEHOLCIM BANGLADESH
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A2DT0B EUROFINS CEREP
BBVA : Bons chiffres au T2 2018 mais risques intacts
>So far so good… mais un risque intact sur 2 marchés clé - Publication T2 2018 supérieure aux attentes (BN 1.3 Md€ vs cons 1.2 Md€, +18% yoy / RCAI 2.2 Md€ vs cons 2.0 Md€, +12% yoy), drivée par une bonne tenue de la top line et, par un coût du risque plus bas qu’attendu.Revenus en ligne avec les attentes à 6.0 Md€, soutenus par la partie récurrente (NII = 4.4 Md€, +2% vs cons & -3% yoy / commissions = 1.3 Md€, +4% vs cons & +2% yoy).Coûts opérationnels en l...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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