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.
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 ...
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 ...
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 ...
>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 ...
>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...
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...
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
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...
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...
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...
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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