reports
- Suvi Platerink Kosonen
Bank on it/Moody's took action on bank ratings mainly due to revised m...
Moody's announced today it took action on ratings of several European banks across products. Most changes were driven by methodology changes. Changes included some negative OpCo senior/preferred senior changes, and an upgrade of Rabobank. In bail-in senior (HC and NPS) ratings were upgraded among others for Danske Bank, Nordea, OP Corporate Bank, ABN AMRO and NIBC, while Handelsbanken was placed on review for upgrade. Many subs were upgraded. Only Credit Suisse saw a downgrade driven by company-...
- 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)
- Alyssa Gammoudy
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Suvi Platerink Kosonen
UK banks: The return of the releases
UK banks HSBC, Lloyds Banking Group, NatWest Group and Standard Chartered have reported their 1Q21 numbers, while Barclays is set to report tomorrow. The general message so far regarding loan quality has been rather reassuring, with three of these banks improving guidance for cost of risk in 2021.
- Gerald Muriuki
Genghis Weekly Strategy - 6th April 2020
In this week's edition of the Weekly Strategy Report, we give a recap of the equities and fixed income markets' performance over the past week and our trading ideas for the coming week. Our Momentum, Income and Value equities portfolios continue to outperform the benchmark NSE 20 index. Performance of the Momentum and Income portfolios was ahead of all the benchmark indices including the Nairobi All Share Index (NASI). Genghis Trading Ideas for the week… Equities We maintain our BUY recommenda...
- Patrick Mumu
2019 Banking Sector Report
Executive Summary We recommend a HOLD on the banking sector. We note that the challenging business environment, occasioned by regulatory constraints, coupled with weakened asset quality, serve as impediments to growth. There still exists uncertainty with the interest rate cap ceiling. Our top pick in the sector is KCB Group with a Target Price of KES 62.52 and potential upside of 39.6% from the current market price. The bank is currently trading at the sector average of 1.2x P/B, despite having...
- Patrick Mumu
Standard Chartered Bank of Kenya FY18 Earnings Note
Standard Chartered Bank of Kenya Plc (NSE: SCBK) announced a 17.1% y/y growth in FY18 EPS to KES 23.09, supported by a 4.5% y/y growth in Net Interest Income (NII) and a 4.9% y/y growth in Non-Interest Revenue (NIR). The bank continues its risk-off approach with the customer loan book contracting 6.1% y/y while government and other securities fell 8.4% y/y. The risk-off strategy enabled the bank to maintain a very liquid balance sheet, at a sector leading liquidity level of 66.1%. A major challe...
- Gerald Muriuki
Standard Chartered Bank of Kenya Plc (NSE: SCBK) 3Q18 Earnings Note
Standard Chartered Bank of Kenya Plc (NSE: SCBK) announced a 33.9% y/y growth in 3Q18 Profit after Tax. PAT growth was supported by a 5.9% y/y growth in Net Interest Income (NII) and a 9.7% y/y growth in Non-Interest Revenue (NIR). The bank continues its risk-off approach with the customer loan book contracting 2.8% y/y while government securities fell 6.1% y/y. The risk-off strategy enabled the bank to maintain a very liquid balance sheet, at a sector leading liquidity level of 69.4%. A major c...
- Gerald Muriuki
- Patrick Mumu
Kenya Banking Sector Report 1H18 – Weakened but Resilient
EXECUTIVE SUMMARY In this report, we assess the recent developments in the Banking sector, the direction going forward and provide a valuation update on the trading counters in our coverage. Valuation Update We update our coverage of the banking sector to capture performance under a new reporting environment (IFRS 9), given the release of 1H18 results and provide an update on emerging sector issues since our last coverage. We maintain our HOLD recommendation on the banking sector. We note th...
- Gerald Muriuki
Standard Chartered Bank Kenya Plc (NSE: SCBK) 1H18 Earnings Note
Standard Chartered Bank of Kenya (NSE: SCBK) announced a 30.3% y/y growth in 1H18 Profit After Tax. PAT growth was supported by a 7.5% y/y growth in Net Interest Income (NII) and a 12.2% y/y growth in Non Interest Revenue (NIR). The bank continues its risk-off approach with the customer loan book contracting 1.1% y/y while government securities rose 9.5% y/y. The risk off strategy enabled the bank to maintain a very liquid balance sheet, at a sector leading liquidity level of 71.3%. A major chal...
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.