reports
Moody's announces completion of a periodic review of ratings of Banco ...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Banco Santander Rio S.A. Global Credit Research- 21 Jan 2022. New York, January 21, 2022-- Moody's Investors Service has completed a periodic review of the ratings of Banco Santander Rio S.A. and other ratings that are associated with the same analytical unit.
- Julie Cichon
- Suvi Platerink Kosonen
European banks/Supply shifts to senior from subordinated
We look at the progress in unsecured bond supply of the largest banks in 11 European countries, covering 28 bond issuers. We estimate that these banks have, on a year-to-date basis, completed on average 52% of their 2021 (unsecured) funding programmes. We consider banks in Belgium, Spain and France to be especially well positioned in terms of issuance progress as compared with expected total funding for the year. Banks in Austria, Denmark and the Netherlands may be more active in 2H21.
CBK COMMERZBANK AG
DANSKE DANSKE BANK A/S
ABN ABN AMRO BANK NV DEPOSITARY RECEIPTS
RBI RAIFFEISEN BANK INTERNATIONAL AG
ISP INTESA SANPAOLO S.P.A.
BRIO BANCO SANTANDER RIO B
SGBJ SOCIETE GENERALE DE BANQUE-JORDANIE
SCBK STANDARD CHARTERED BANK KENYA LTD
CABK CAIXABANK SA
NWG NATWEST GROUP PLC
BG BAWAG GROUP AG
BCS. BARCLAYS PLC CEDEAR
HSBC.. HSBC HOLDINGS PLC CEDEAR
NDA DK NORDEA BANK ABP
LYG. LLOYDS BANKING GROUP PLC CEDEAR
ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG ERSTE NTX INDEX
BBV. BANCO BILBAO VIZCAYA ARGENTARIA S.A. CEDEAR
688598 KBC (A)
- Suvi Platerink Kosonen
Bank on it/BBVA earnings saved by lower credit costs
BBVA this morning reported substantial earnings growth for 1Q21, but as the improvement was driven by lower credit costs, its profitability metrics on a pre-provision basis actually weakened YoY. In our view BBVA currently ranks behind Banco Santander in terms of profitability and (slightly) loan quality metrics. Having said that, due to the expected sale of the US operation the pro forma capital position looks stronger than that of Santander. BBVA trades through Santander in NPS despite its one...
- Suvi Platerink Kosonen
Bank on it/Value in Santander NPS vs BBVA
Banco Santander reported a material improvement in its earnings in 1Q21. Pre-provision profitability improved and its provisions halved YoY. The bank kept its capital position stable QoQ. We consider that Santander exhibits strong profitability metrics, but with relatively limited headroom to its capital requirements. Banco Santander's NPS is quoted with 13bp pickup in the 5y area vs one notch lower rated BBVA, while the issuers trade aligned in PS. While we consider BBVA spreads to be supported...
Moody's announces completion of a periodic review of ratings of Banco ...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Banco Santander Rio S.A. Global Credit Research- 17 Feb 2021. New York, February 17, 2021-- Moody's Investors Service has completed a periodic review of the ratings of Banco Santander Rio S.A. and other ratings that are associated with the same analytical unit.
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
Moody's affirms Argentinean banks' ratings; outlook remains negative
Rating Action: Moody's affirms Argentinean banks' ratings; outlook remains negative. Global Credit Research- 16 Sep 2020. New York, September 16, 2020-- Moody's Investors Service has today affirmed the baseline credit assessments, adjusted BCAs, deposit ratings and counterparty risk assessments of Banco de Galicia y Buenos Aires S.A.U., Banco Hipotecario S.A., Banco Macro S.A. and Banco Santander Río S.A..
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
Coffee, Croissants & Credit/Fund flows, CaixaBank, Bankia, Telefónica...
Strategy: Slower flows in the Euro IG space. Financials: CaixaBank and Bankia confirm merger talks. TMT: Telefónica cancels sale of El Salvador on anti-trust concerns. Utilities: EDP: € bonds fairly priced as Covid-19 impacts 1H20 profitability but credit ratios prove robust
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Suvi Platerink Kosonen
Spanish bank majors/Differing views on 2H20 impairments
Spanish bank earnings continued to suffer from high credit impairments as the banks prepare for the Covid-19 effects. So far the credit quality has remained relatively steady despite the weaker outlook. BBVA has perhaps been more aggressive in its provisioning, meaning that in 2H20 its credit costs are likely to somewhat recover. Santander may have further elevated loan loss quarters in the pipeline for 2H20. Both banks improved their capital metrics and the headroom towards their MDA restrictio...
- Suvi Platerink Kosonen
Spanish bank majors/Covid-19 to test the limited capital buffers
Spanish bank earnings dived in 1Q20 as Banco Santander and BBVA took large provisions to prepare for Covid-19 effects. Both Santander and BBVA have strong pre-provision profitability, and their earnings are supported by diversification benefits. BBVA's pre-provision profit developed more strongly, but it took a larger impairment provision for Covid-19. BBVA has a larger corporate book, but its loan loss guidance provides confidence on future provision developments. Santander earnings development...
- Suvi Platerink Kosonen
Banco Santander/NPS vulnerable to supply, value in T2
Banco Santander reported solid earnings for 4Q19, as the higher revenues offset the higher operating expenses. The bank improved its risk-based capital metrics, but its buffer to requirements remains at the lower end of the range for its peers. We consider the non-preferred trading levels tight and vulnerable to further new issuance, and would rather look for value in the bank's subordinated paper.
Moody´s rates Banco Santander Rio S.A. expected bond issuance
Rating Action: Moody´s rates Banco Santander Rio S.A. expected bond issuance. Global Credit Research- 13 Jan 2020. Buenos Aires City, January 13, 2020-- Moody´s Latin America Agente de Calificación de Riesgo S.A., has today assigned a Caa1 global local currency senior debt rating and a Baa3.ar national scale local currency senior debt rating to Banco Santander Rio S.A.' s 24th issuance of up to ARS 5.000 million, maturing in six months.
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