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Suvi Platerink Kosonen
  • Suvi Platerink Kosonen

Bank on it/Where to hide from property woes?

Commercial real estate remains one of the key risk areas for European banks in our view. We take a look at where to hide from potential further CRE worries in the banking sector and see that for many of the names with more limited CRE exposures this is already reflected in relatively tighter spread levels.

Benoit Valleaux ... (+3)
  • Benoit Valleaux
  • Steven Gould
  • Thomas Zlowodzki

ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024

Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Benoit Valleaux
  • Steven Gould
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2024

Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Benoit Valleaux
  • Steven Gould
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2024

Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

ODDO : Sector multiples do not reflect the improved resilience of the ...

>What are the main lessons from Q4/FY 2023 earnings? - Q4 earnings release have confirmed our view on the sector detailed early December. We expected net interest income to be this year relatively flattish in Italy and Spain, to decrease on some names in the Benelux (ING) and to increase for French banks, which is consistent with 2024 outlook given by banks. We therefore did not play a country rotation in favour of North European banks vs South European banks, and we ...

Carole Braudeau
  • Carole Braudeau

Credit Morning 02/16/2024

AT1 –Danske, BBVA and ING announced AT1 calls - a clean sweep for the asset class so far this year Eutelsat: positive organic growth in Q2 2023/24 and reduction of capex forecasts Orano : Strong 2023 results>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 16/02/2024

AT1 – Annonces des calls de Danske, BBVA et ING – un sans-faute pour la classe d’actifs YTD Eutelsat : croissance organique positive au T2 2023/24 et réduction des prévisions de capexOrano : très bons résultats 2023>...

Roland Pfaender ... (+5)
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA
  • Steven Gould

Deutsche Bank : Normalisation of IB revenues should drive profitabilit...

>Q4 2023 results were a mixed bag and below consensus expectations - Deutsche Bank reported a mixed set of Q4 2023 results which came in below market expectations. Adjusted pre-tax profit was € 891m vs € 1,242m for the consensus. While the Corporate Bank activity were in line with forecasts, IB, PB and AM contributed pre-tax profit levels below the consensus. Besides one-off cost items, a higher cost of risk (41bp of average loans driven by the macro environment and a...

Carole Braudeau
  • Carole Braudeau

Credit Morning 02/01/2024

BNP - Strong 2023 annual results, but a disappointing Q4>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 01/02/2024

BNP - résultats annuels 2023 solides, mais un T4 décevant>...

MarketLine Department
  • MarketLine Department

UniCredit S.p.A - Mergers & Acquisitions (M&A), Partnerships & Allianc...

Summary Marketline's UniCredit S.p.A Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by UniCredit S.p.A - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments rep...

Marine Leleux ... (+3)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/DB upgrade, TLTRO-III repayments, Austrian & German covere...

S&P upgrades Deutsche Bank's credit ratings across the board. Banks to repay early €62bn of TLTRO-III drawings in December. Austrian and German covered bonds not among this month's weaker performers despite Signa related CRE concerns. EU reaches provisional agreement on Energy Performance of Building Directive. Bank bond performance overview

Carole Braudeau
  • Carole Braudeau

Credit Morning 11/24/2023

Vodafone: talks with Fastweb and Iliad regarding a potential tie up of Italian operations (Bloomberg)Isabel Marant: Q3 still difficult and 25% drop in S/S 24 season orders.>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 24/11/2023

Isabel Marant : T3 toujours difficile et chute de 25% des commandes de la saison S/S 24Vodafone : discussions avec Fastweb et Iliad à propos d’un possible rapprochement des activités italiennes (Bloomberg)>...

 PRESS RELEASE

EQS-News: Deutsche Bank AG Announces Tender Offer Results for Trust Pr...

EQS-News: Deutsche Bank AG / Key word(s): Bond/Tender Offer Deutsche Bank AG Announces Tender Offer Results for Trust Preferred Securities issued by Deutsche Postbank Funding Trust I and issued by Deutsche Postbank Funding Trust III 23.11.2023 / 10:43 CET/CEST The issuer is solely responsible for the content of this announcement. NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY S...

 PRESS RELEASE

EQS-News: Deutsche Bank announces acceptance amount of public tender o...

EQS-News: Deutsche Bank AG / Key word(s): Bond/Tender Offer Deutsche Bank announces acceptance amount of public tender offer for Deutsche Postbank Funding Trust I & III securities 23.11.2023 / 10:12 CET/CEST The issuer is solely responsible for the content of this announcement. NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA...

 PRESS RELEASE

EQS-News: Deutsche Bank gibt Annahmebetrag für öffentliches Anleihe-Rü...

EQS-News: Deutsche Bank AG / Schlagwort(e): Anleihe/Öffentliche Ausschreibung Deutsche Bank gibt Annahmebetrag für öffentliches Anleihe-Rückkaufangebot für die Deutsche Postbank Funding Trust I & III Anleihen bekannt 23.11.2023 / 10:12 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. NICHT ZUR VERTEILUNG AN PERSONEN, DIE SICH IN DEN VEREINIGTEN STAATEN, IHREN TERRITORIEN UND BESITZEN (EINSCHLIESSLICH PUERTO RICO, DER U.S. JUNGFERNINSELN, GUAM, AMERIKANISCH-SAMOA, WAKE ISLAND UND DER NÖRDLICHEN MARIANENINSELN), IRGENDEINEM BUNDESSTAAT D...

Marine Leleux ... (+3)
  • Marine Leleux
  • Maureen Schuller
  • Suvi Platerink Kosonen

Bank Brunch/Deutsche 4Q, UBS calls its HC senior, 22 senior calls in 2...

Deutsche Bank gives reassuring comments on its 4Q performance. UBS calls its HoldCo senior deal, only US banks extended € senior deals this year, altogether 22 € senior bonds callable in 2024. Deutsche Bank Espanola Unipersonal brings to the market a 3yr €0.5bn covered bond

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