Two Directors at Bank Of Nova Scotia sold after exercising options/bought 15,500 shares at between 78.980CAD and 79.050CAD. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by a...
Moody's Investors Service (Moody's) has today affirmed the ratings and assessments of The Bank of Nova Scotia (BNS, junior senior unsecured A2) and its rated affiliates, including its a3 Baseline Credit Assessment (BCA). The rating outlooks for the long-term deposit ratings, long-term deposit notes,...
On June 20, 2023, the Office of the Superintendent of Financial Institutions (OSFI) raised the Domestic Stability Buffer (DSB) to 3.5% from 3.0% of total risk-weighted assets for domestic systemically important banks (D-SIBs). Key highlights include: -- OSFI raised the DSB by 50 basis points (bps) to 3.5% in light of mounting vulnerabilities, increasing the minimum CET1 requirement to 11.5%. -- All of the D-SIBs already meet the new requirement, which is effective on November 1, 2023. -- We v...
The Big Six Canadian banks have faced a challenging operating environment and headwinds from persistent inflation, higher interest rates, heightened macroeconomic uncertainty, and U.S. regional banking sector turmoil. As a result, Q2 2023 sequential earnings were negatively affected by a surge in provisions for credit losses (PCL), along with lower revenues resulting from moderating loan growth, rising funding costs, and a continued challenging environment for capital markets and wealth manageme...
DBRS Morningstar published a commentary discussing the differences between the limited recourse capital notes (LRCNs) issued by Canadian banks and insurance companies and the AT1 notes issued by Credit Suisse. The commentary explains why Canadian LRCNs will not function in the same manner as the Credit Suisse AT1s in a default scenario and what the implications are for investors. Key highlights include the following: -- LRCNs issued by Canadian financial institutions differ from the AT1s issue...
The Big Six Canadian banks lost approximately $57 billion (or 9.2%) in market capitalization over the past two weeks. We do not view the two significant U.S. bank failures as representative of the Canadian banking sector. Moreover, we do not expect the failure of Silicon Valley Bank (SVB) at this stage to have a significant adverse impact on Canadian banks. Our rating coverage universe of Canadian banks generally has a lower exposure to fixed-income securities, diversified and stable funding, su...
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