Berlin Hyp builds on its August primary track record with social covered. Erste Group Bank extends callable preferred senior curve. New BNP Paribas T2 bond to only partly fill the gap in the T2 bucket. Jyske Bank reports stable capital, new preferred senior in the pipeline
Berlin Hyp builds on its August primary track record with social covered. Erste Group Bank extends callable preferred senior curve. New BNP Paribas T2 bond to only partly fill the gap in the T2 bucket. Jyske Bank reports stable capital, new preferred senior in the pipeline
On 27 June 2023, Moody's Investors Service (Moody's) assigned a Aa3 instrument rating with a stable outlook to €10 million of senior unsecured notes (ISIN: FR001400IWO7) issued by BNP Paribas (BNPP or the issuer). The notes constitute direct, unconditional, unsecured and senior obligations of the ...
We maintain a bullish view on our entire CEE banking universe though this time the line-up shows more variety in terms of expected returns. In our view, the tightening cycle rippling across the region is far from over, and the hikes still to come will trigger more revisions to analysts’ forecasts around mid-2022. The tightening has yet to be fully reflected in bank valuations and earnings expectations, but the adjustments this time are not likely to be as rapid as the 2021 rally, when the marke...
The general evaluation of BNP PARIBAS BANK POLSKA (PL), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 7, 2022, the closin...
Euro-denominated French bank bond supply is running behind last year, but we expect little action from French issuers before year-end. Lower supply YTD is attributed to high central bank funding and strong loss absorption capacity. After 3Q21, large French banks were almost done with their full year funding programmes.
We continue to overweight the Polish banking sector and we see the current valuations as a springboard for further price rises. In our opinion, the prospects of Polish lenders have not been this good in a long time, and the only thing that can get in their way are unfavourable decisions regarding Swiss franc loans. We estimate the cap-weighted average growth potential of the sector at 16.2%, which could seem surprisingly high given that the WIG-Banks index has gained 78% in the last 12 months. ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
With just weeks to go before the Court of Justice of the European Union and the Supreme Court of Poland give landmark decisions on franc loan contracts, we want to make a case for taking an overweight position in the Polish banking sector. After reviewing past cases, we are cautiously optimistic that both tribunals will sanction the annulment of contracts, but at the same time they will not prohibit the lenders from seeking restitution. To avoid getting sued, there is data to show that 70% of fr...
We maintain a bullish view on the Polish bank sector in anticipation of greater balancing at the end of 2020 and through 2021 towards more cyclical plays. Banks worldwide are poised for robust earnings recovery in the months to come, accompanied by renewed shareholder distributions and M&A activity. The momentum for Polish lenders may not be as rapid as for their CEE peers, but at the current levels many domestic financials are trading at very attractive multiples, with the sector’s initial 2020...
Headlines Conferences calendar … 2 Large-cap companies news … 3 PGNiG: US$ 1.5 billion of compensation from Gazprom returned to PGNiG Dino: Agreement with Krot Invest prolonged for a next 5 years period PKN Orlen: 2Q20 publication date changed Lotos: PLN 1.0 per share dividend from FY19 profits accepted by AGM JSW: No dividend from FY19 profits accepted by AGM Pekao: New head of PR PKO BP: Insurance premium expected to grow by 1.5 billion in 5 year business plan Alior: Restructuring pr...
Headlines Large-cap companies news … 2 PKN Orlen: 2Q20 results preview Azoty: No dividend from FY19 profits accepted by AGM Pekao: Departing CRO on outlook Pekao: Introduction of BGK subsidies to the offering Alior: Supervisory board reshuffles the management board Banks: ZBP on Pengab Banks: Pricing adjustment at banks Small- and mid-cap companies news … 6 11 bit studios: Analyst meeting takeaways; P8 may debut later than previously assumed KÄ™ty: Insider selling – CEO sold 2,720 KÄ™...
Headlines Conferences calendar … 2 Large-cap companies news … 3 ING BSK: CEO on outlook Santander : AGM voted on no payouts Banks: Number of courts proceeding in FX mortgage borrowers on the rise Banks: AGM at Pesa to vote on continuation of activity Banks: CEOs on outlook Banks: Getin Bank lands the top post in a PB competition Small- and mid-cap companies news … 5 GTC: Management board changes BNP PL: New supervisory board candidate CI Games: Sniper Ghost Warrior Contracts 2 premie...
Headlines Conferences calendar … 2 Large-cap companies news … 3 PGNiG: 1Q20 results revealed; Results in line with the preliminary figures published earlier, total hedging gains amounted to PLN 1.025 billion (not PLN 819 million), stronger than expected cash flows ING BSK: Impact of further interest rate cuts mBank: Insiders acquiring shares in an incentive program Alior: Share sale agreement closed Alior: Press on Ruch restructuring Lotos: Supervisory board accepts PDH project Cyfrowy ...
Headlines Large-cap companies news PKN Orlen: Maximum retail fuel price drops to be introduced? JSW: Negotiations on salary increases halted PKO BP: CEO on the role of the bank in the current turmoil mBank: 6 month credit vacation offered for customers Millennium: Insider buying Banks: Approach to help with negative effects of pandemic at domestic banks Banks: Systemic risk buffer to be scrapped Small- and mid-cap companies news J.W. Construction: 4Q19 results released Forte: Coronavi...
Headlines Large-cap companies news Dino: 4Q19 results released – profit lines in line with the expectations, strong OCF, yoy gross profit margin dilution Eurocash: 4Q19 results released – EBITDA excl. IFRS 16 slightly ahead of expectations, weaker yoy OCF Cyfrowy Polsat: Management outlook Lotos: Coker unit fully utilized currently? Lotos: Capex guidance PKN Orlen: Production of disinfection fluids PKO BP: Bank on individual recommendation for 50% profit retention PZU: Change at CEO and...
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