reports
- Suvi Platerink Kosonen
Bank on it/Credit Suisse reaches for SNB liquidity lifeline - RESEND t...
Credit Suisse will draw CHF50bn from the central bank liquidity facility to support its liquidity position. Credit Suisse offers support for its secondary OpCo debt with a tender offer focusing on the shorter end of the curve. The HoldCo curves are left to be driven by market forces. The usage of the liquidity facility sends a mixed signal. While it is comforting that the bank has access to liquidity it may need, it is also rather disturbing that it needs it. We remain cautious on the name.
- Suvi Platerink Kosonen
Bank on it/The hawks are circling
The US bank collapses brought bank failures back to investors' radar, but Europeans have issues of their own to worry about. The FT writes that Credit Suisse[de] has asked for a public show of support from Swiss authorities today, after the 30% drop in its share price. We do not know the nature of this show of support and would remain very cautious with the bank's loss-absorbing debt.
- Alyssa Gammoudy
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- 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-...
- Alyssa Gammoudy
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Suvi Platerink Kosonen
Bank on it/Credit Suisse: It is not over yet
The issues with the US hedge fund fully erased the benefits of the extremely strong underlying performance of Credit Suisse in 1Q21. The bank has raised CHF1.7bn in capital to shore up its finances to absorb the combined effects from volume growth, adverse FX and regulatory impacts. The problems are not yet over as Credit Suisse is set to book further, although more limited, charges in 2Q21, in addition to which legal risks remain considerable in our view.
- Suvi Platerink Kosonen
Bank on it/Credit Suisse warns that its earnings and capital took a su...
Credit Suisse is guiding for its earnings to drop to another loss in 1Q21 as the bank books a CHF4.4bn charge from the US hedge fund margin call failure. Capital metrics will have been hit since the year-end, with the CET1 ratio seen at at least 12%, down from 12.9% at year-end. This represents a downgrade from the guidance of at least 12.5% for 1H21. While the bank is able to absorb the impact with a combination of its existing buffers and strong earnings generation, its room to manoeuvre has b...
- Alyssa Gammoudy
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Suvi Platerink Kosonen
Bank on it/Credit Suisse flags potentially significant losses followin...
Credit Suisse stands to book a potentially significant loss from a client default on margin calls. This follows the potential impact from the demise of Greensill Capital earlier this quarter. Credit Suisse spreads have widened today on the news. In our view these events overshadow the bank's otherwise positive operating trends over 1Q21 and pose both financial and reputational risks.
- Alyssa Gammoudy
- Hendrik Wiersma
- Jeroen van den Broek
- Nadège Tillier
- Suvi Platerink Kosonen
- Timothy Rahill
- Suvi Platerink Kosonen
Bank on it/Barclays vs Credit Suisse: the soft and the softer
Both Barclays and Credit Suisse reported today sluggish earnings for 4Q20 as the strong performances in the CIB or the Investment Bank units were not enough to offset weakness elsewhere. Profitability metrics of both banks dipped. Barclays's capital metrics were supported by regulatory relief with its CET1 ratio of 15.1% ahead of Credit Suisse's (BIS) 12.9%, while leverage ratios were resilient at 5.3% vs 6.4%. In our view both banks' credit metrics lag peers as of 4Q20, despite the relatively s...
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Emmanuel Matot
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Philippe Ourpatian
- Stephane Houri
- Yan Derocles
IFX INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
TYRES NOKIAN RENKAAT OYJ
ISP INTESA SANPAOLO S.P.A.
SOLB SOLVAY SA
TW11 TENARIS S.A.
BA. BAE SYSTEMS PLC
FFP FFP
CPR DAVIDE CAMPARI-MILANO N.V.
VVDH VEOLIA ENVIRONNEMENT S.A. ADS
ITAU4. ITAU UNIBANCO HOLDING S.A. CEDEAR PREF
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
CSR. CREDIT SUISSE GROUP CEDEAR
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A14UTH EASYETF S-BOX BNP PARIBAS NEXT 11 EMERGING
IC1H INTERCONTINENTAL HOTELS GROUP PLC
- Antoine Boivin-Champeaux
- Baptiste Lebacq
- Benoit Valleaux
- Emmanuel Matot
- Fatma Agnès Hamdani
- Louis Boujard
- CFA
- Philippe Ourpatian
- Stephane Houri
- Yan Derocles
IFX INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
UG PEUGEOT SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
TYRES NOKIAN RENKAAT OYJ
ISP INTESA SANPAOLO S.P.A.
SOLB SOLVAY SA
TW11 TENARIS S.A.
BA. BAE SYSTEMS PLC
FFP FFP
CPR DAVIDE CAMPARI-MILANO N.V.
VVDH VEOLIA ENVIRONNEMENT S.A. ADS
ITAU4. ITAU UNIBANCO HOLDING S.A. CEDEAR PREF
SIC SWISSCANTO (CH) REAL ESTATE FUND IFCA
DCX. DAIMLER AG CEDEAR
NSAN NISSAN MOTOR CO. LTD. CEDEAR
CSR. CREDIT SUISSE GROUP CEDEAR
D4G DOWNING FOUR VCT GENERALIST ORD 0.1P
A14UTH EASYETF S-BOX BNP PARIBAS NEXT 11 EMERGING
IC1H INTERCONTINENTAL HOTELS GROUP PLC
Credit Suisse : Good Q2 2018 results comfortably factored into our for...
>Accelerated shrinkage of run-off assets: real piece of good news - Credit Suisse already reached its 2018 target for shrinking the SRU at end-June: 1/ RWA excluding operating risk = CHFÂ 10bn at end-Q2 vs CHFÂ 11bn targeted for end-2018. 2/Â Leveraged assets = CHFÂ 39bn vs target of CHFÂ 40bn at end-2018.The disposal losses as a ratio to the RWA came to just 0.6% vs the 2.0% forecast by Credit Suisse. Despite its lead, Credit Suisse is sticking with its estimate for ...
Credit Suisse : Bons résultats T2 18 largement intégrés dans nos pr...
>Dégonflement accéléré des actifs en run-off : vraie bonne nouvelle - Credit Suisse a atteint ses objectifs 2018 de dégonflement du SRU dès fin juin : 1/ RWA hors risque opérationnel = 10 MdCHF à fin T2 vs 11 MdCHF visés pour fin 2018 ; 2/ actifs en Levier = 39 MdCHF vs objectif de 40 MdCHF pour fin 2018.Les pertes de cession rapportées aux RWA sont de seulement 0.6% contre 2.0% prévus par CS. Malgré son avance, CS maintient son estimation de perte 2018 avant imp...
- Antoine Boivin-Champeaux
- Bruno Cavalier
- Delphine Brault
- Emmanuel Matot
- Fatma Agnès Hamdani
- Jerôme Bodin
- Johanna Jourdain
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Oussema Denguir
- Salma Bouraoui
- Stephane Houri
- Yan Derocles
STMICROELECTRONICS N.V. ADS
DBK DEUTSCHE BANK AG
EO FAURECIA SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
POM PLASTIC OMNIUM SE
VIV VIVENDI SE
SHA SCHAEFFLER AG
AOF ATOSS SOFTWARE AG
WLN WORLDLINE SA
ROTH ROTHSCHILD & CO. SCA
WPP WPP AUNZ
PHG. KONINKLIJKE PHILIPS
AZN... ASTRAZENECA PLC
CSR. CREDIT SUISSE GROUP CEDEAR
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
- Antoine Boivin-Champeaux
- Bruno Cavalier
- Delphine Brault
- Emmanuel Matot
- Fatma Agnès Hamdani
- Jerôme Bodin
- Johanna Jourdain
- Matthias Desmarais
- Michael Foundoukidis
- Nicolas David
- Oussema Denguir
- Salma Bouraoui
- Stephane Houri
- Yan Derocles
STMICROELECTRONICS N.V. ADS
DBK DEUTSCHE BANK AG
EO FAURECIA SA
HO THALES SA
RMS HERMES INTERNATIONAL SCA
RCO REMY COINTREAU SA
POM PLASTIC OMNIUM SE
VIV VIVENDI SE
SHA SCHAEFFLER AG
AOF ATOSS SOFTWARE AG
WLN WORLDLINE SA
ROTH ROTHSCHILD & CO. SCA
WPP WPP AUNZ
PHG. KONINKLIJKE PHILIPS
AZN... ASTRAZENECA PLC
CSR. CREDIT SUISSE GROUP CEDEAR
000028 CHINA NATIONAL ACCORD MEDICINES CORPORATION LTD CLASS A
ODDO : The US CIBs make headway in Equity…at the expense of the Euro...
>Better-than-expected US CIB performance - The 2018Q2 results confirm the already positive trends in 2018Q1:The rise in revenues amounts to almost 10% over a year vs. 8% in Q1. All businesses are up except DCM (-2.6%). These trends look above management guidance, way more cautious than a few weeks ago.The level of revenues achieved in 2018Q2 is 13% over the average for revenues in Q2s from 2010 to 2017. In our view, this suggests ongoing market share gains ...
ODDO : Les CIB US progressent en Equity…au détriment des européenn...
>Performance des CIB US meilleures qu’attendu - Les résultats T2 2018 confirment les tendances positives déjà relevées au T1 2018 :La progression des revenus atteint presque 10% sur un an vs 8% en Q1. Tous les métiers sont en progression sauf DCM (-2.6%). Ces tendances paraissent supérieures aux indications des managements, nettement plus prudentes il y a quelques semaines.Le niveau des revenus atteint au T2 2018 est supérieur de 13% à la moyenne des revenus...
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