Bank Brunch/New Intesa Sanpaolo AT1, covered bond performance, Santand...

Intesa Sanpaolo's new AT1 extends the curve to 2032 and increases the likelihood of a call for the low reset 3.75 in our view. Only modest further tightening potential in covered bonds. Santander UK and UBS (Switzerland) jump on FRN covered bandwagon. Bank bond performance

Bank Brunch/New Intesa Sanpaolo AT1, covered bond performance, Santand...

Intesa Sanpaolo's new AT1 extends the curve to 2032 and increases the likelihood of a call for the low reset 3.75 in our view. Only modest further tightening potential in covered bonds. Santander UK and UBS (Switzerland) jump on FRN covered bandwagon. Bank bond performance

5G in India: continued soft data for April

Intesa Sanpaolo S.p.A.: 1 director

A director at Intesa Sanpaolo S.p.A. sold 322,362 shares at 3.554EUR and the significance rating of the trade was 100/100. 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 all the company's directors over the last two years...

Unicredit : Q1 2024 confirms the group’s strategy and guidance

>Neutral rating reiterated – target price raised to € 38 (vs € 36) - UniCredit once again beat expectations in Q1 2024, with net income of € 2.56bn before AT1/CASHES (i.e. +20% vs consensus). The beat was driven by good revenue momentum (including in NII), confirmation of good cost control and a cost of risk that was much better contained than expected. The group moreover confirmed its comfortable level of solvency with a CET1 FL ratio of 16.2% at end-March 2024, tha...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/05/2024

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Unicredit : Un T1 2024 validant la stratégie et les guidances du group...

>Opinion Neutre réitérée – OC porté à 38 € (vs 36 €) - La publication d’Unicredit a de nouveau dépassé les attentes au T1 2024, avec un RN s’établissant à 2.56 Md€ avant AT1/Cashes, soit +20% vs cons) –l’upbeat est drivé, encore une fois, par une meilleure dynamique sur les revenus (y compris sur les NII), la confirmation d’une bonne maîtrise des coûts et un coût du risque de nouveau bien plus contenu qu’escompté. Le groupe confirme, par ailleurs, son niveau conforta...

Telefonaktiebolaget L M Ericsson: 1 director

A director at Telefonaktiebolaget L M Ericsson bought 62,100 shares at 57.256SEK and the significance rating of the trade was 87/100. 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 all the company's directors over the las...

NSI NV: 1 director

A director at NSI NV bought 1,000 shares at 18.100EUR and the significance rating of the trade was 52/100. 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 all the company's directors over the last two years clearly showing...

Credit Morning 05/07/2024

Monte has published a solid Q1 2024 results, above expectationsClariane has received a put option agreement for its HAD/SSIAD activities in FranceZalando: FY targets confirmed following a better-than-expected Q1, plans to buy back up to € 100m of convertible bonds due 2025Banco Sabadell rejects BBVA’s proposal>...

Morning Crédit 07/05/2024

Monte publie un T1 2024 solide, au-dessus des attentesZalando : objectifs confirmés à l’issue d’un T1 supérieur aux attentes, envisage des rachats d’obligations convertibles 2025 pour 100 m EUR maximumClariane a reçu une offre pour la cession de ses activités HAD/SSIAD en FranceBanco Sabadell rejette la proposition de fusion de BBVA>...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2024

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Benelux Morning Notes

Adecco: 1Q24 in line; stable trends into 2Q24. Arcadis: Interesting contract in Ontario. NSI: Further comments on the First Sponsor move. Philips: Healthineers reports 2Q24 update. Solvay: Solid 1Q24 EBITDA beat, FY consensus looks rather cautious now

Remy Cointreau : Meeting between Emmanuel Macron and Xi Jinping: const...

>Outperform rating maintained with unchanged target price of € 125 - We are maintaining our Outperform rating, with an unchanged target price of € 125. The valuation remains attractive at 24x for NTM P/E, in absolute and relative terms, for a stock with high-quality fundamentals and which should return to growth in FY 2024-25e.The French business daily Les Echos yesterday published an article concerning Xi Jinping’s pledge to Emmanuel Macron to spare the French c...

Rémy Cointreau : Rencontre entre Emmanuel Macron et Xi Jinping : échan...

>Surperformance maintenue avec un OC inchangé à 125 € - Nous maintenons notre opinion Surperformance avec un OC inchangé à 125 €. La valorisation du titre reste attrayante à 24x de PE NTM, en absolu comme en relatif, pour un titre aux fondamentaux de qualité et qui devrait renouer avec la croissance courant FY 24/25e.Le journal Les Echos a publié hier un article intitulé « Xi Jinping promet à Emmanuel Macron d'épargner le cognac français » après une entrevue entr...

Credit Morning 05/06/2024

Eutelsat is considering options for its ground networkAtos has received four financial restructuring proposals>...

Morning Crédit 06/05/2024

Eutelsat étudie des options pour son réseau de stations terrestresAtos a reçu quatre propositions de restructuration financière>...

Intesa Sanpaolo : Q1 2024 provides a little more validation of the gro...

>Outperform rating confirmed – target price lifted to € 4.2 (vs € 4.0) - Q1 2024 results underpin our Outperform recommendation, with a reassuring trend on the key operating points (NII momentum, control of costs and moderate CoR), and ultimately on capital/shareholder returns. The group reiterated its guidance on 2024 (net profit > € 8bn in 2024 and 2025 vs € 7.7bn in 2023) notably thanks to its highly diversified business model (revenues linked to long-term savings)...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/06/2024

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