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Bank of America

Bank of America ranks as the 2nd largest U.S. bank by market capitalization ($309 bn as of September 4, 2018) and 2nd by total assets ($2.3 tn) as of 2Q18. Bank of America ranks 2nd in terms of U.S. deposits with approximately $1.31 tn in deposits as of 2Q18 and 4,434 branches as of 2017 (SNL) with a coast-to-coast branch presence. Bank of America's major business lines include U.S. retail banking, credit cards, global corporate & investment banking, and global wealth & investment management. (11 Oct 2018)

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Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

US Banks: A Glance at Impact of Mid-term Elections

Sector Analysis: 15 Nov 2018, 5:14 AM ET - We explore the impact of mid-term elections in the US on banks. The rollback from legislation is likely to end (ex-bipartisan initiatives). Regulators still have leeway to alter requirements/details, and we see more hearings on the horizon.

U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
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BAC: 3Q18, Credit Costs Lower, but IB Fees Slower

Earnings Note: 15 Oct 2018, 4:35 PM ET - Bank of America posted record pre-tax earnings in 3Q18, and beat consensus estimates. Results benefited from strong asset quality and expense discipline, but loan growth and investment banking fees disappointed. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
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US Financials: Turkish Delights (Exposures)

Sector Analysis: 13 Aug 2018, 4:14 AM ET - Given ongoing turmoil associated with Turkey, we outline exposure to that country for US financials. In short, direct exposure tends to be immaterial. Turkey is not a major market for US banks, while insurers have modest exposure, if any.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

HK/SG Conference 2018: US Banks

Transcript: 06 Aug 2018, 9:39 AM ET - We recently presented on US Banks as part of the Hong  Kong and Singapore conference series. 
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Bank of America: More Preferred Replace & Redeems

Worth Watching: 27 Jul 2018, 5:01 AM ET - Bank of America (A3/A-) issued notices of redemption for all $653 mn of its outstanding 6.375% Series 3 preferred stock, as well as all $190 mn of its outstanding 6.204% Series D preferred stock. We identified both the Series D and Series 3 pref ..

Ambac: Preliminary Results, BAC Trial Scheduled

Worth Watching: 26 Jul 2018, 2:50 PM ET - Ambac released preliminary second quarter results, with quite a wide range of outcomes, in connection with the insurer's exchange offer for its Auction Market Preferred Shares (AMPS). The insurer expects to report net earnings ranging from a lo ..

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
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Bank of America: In the Market With New Benchmarks

IG Note: 18 Jul 2018, 10:24 AM ET - Bank of America is in the market with a HoldCo-level benchmark 6-year non-call 5 and 11-year non-call 10 notes offering. We would be buyers of both fixed-to-floating tranches and view any new issue concession as an added incentive.

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