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Focused

Transcript: EM Trades for IG Managers

Transcript: 12 Dec 2018, 10:10 PM ET - This is the modified transcript of the EM Trades for IG Managers panel at the CreditSights IG & Crossover conference on December 4, 2018.
Focused

Brazilian Banks: 3Q18 Review, Volatility Fades

Sector Analysis: 15 Nov 2018, 8:40 PM ET - We summarize key takeaways from Brazilian banks' 3Q18 results. The uncertainty and volatility leading up to the election had limited impact on commercial banks, but pressured BTG Pactual's revenues. 

Latam in Focus: Mexico Flies, Brazilian Honeymoon

Emerging Markets Spotlight: 15 Nov 2018, 6:04 AM ET - Latin American credit has rebounded in recent months, led by Argentina and Brazil. Mexico in contrast has been hit as investors have become worried about AMLO’s policy priorities. We prefer Brazil to Mexico in the current environment.
Focused

BTG Pactual: 3Q18 Solid but Risk-off Impacts S&T

Earnings Note: 07 Nov 2018, 12:00 AM ET - BTG Pactual reported solid 3Q18 results despite the impact of the risk-off market environment in Brazil.  Revenue was quite slow in sales & trading but this was largely offset by strong corporate lending and asset/wealth management results.

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.
Focused

Brazilian Banks: 2Q18 Review, They're Used to This

Sector Analysis: 23 Aug 2018, 12:03 AM ET - We summarize key takeaways from Brazilian banks' 2Q18 results.  Despite a number of negative headlines in Brazil and emerging markets generally during 2Q18, profitability and asset quality remain largely in an improving trend.
Focused

BTG Pactual: 2Q18, Momentum Despite EM Volatility

Earnings Note: 09 Aug 2018, 9:49 PM ET - BTG Pactual's 2Q18 results were weighed down by market conditions, but showed increasing diversification. A number of headwinds in Brazilian markets held back sales and trading, but BTG continues to build momentum in other segments.

June 2018 Company Coverage Initiated

Company Coverage Initiated: 01 Jul 2018, 9:52 PM ET - Our monthly report provides executive summaries for the fourteen companies on which we launched coverage in North America, Asia and Europe during the month of June.
Focused

BTG Pactual: Key Man Risk & Return; Initiate O/P

Company Spotlight: 18 Jun 2018, 5:29 AM ET - We initiate coverage on BTG Pactual, a Brazil-based investment bank, with an Outperform recommendation. The 5.5% notes due in 2023 yield 7.7%, which we view as an attractive entry point considering BTG's improved financial profile. 

Brazilian Banks: 1Q18 Review, Consumer-led Growth

Sector Analysis: 17 May 2018, 5:47 AM ET - In this note we summarize key takeaways from Brazilian banks' 1Q18 results. The sector is returning to loan growth, led by retail borrowers, after years of contraction. Credit provisions were down significantly.

Brazilian Banks: Company Meetings & Sector Update

Sector Analysis: 16 Apr 2018, 9:56 AM ET - We recently met in Sao Paulo with the large Brazilian banks as well as bank regulators. Banks are returning to balance sheet growth in 2018 after several years of contraction, as the economy stabilizes. 

Brazilian Banks 3Q17 Review: Rising Capital Tide

Sector Analysis: 14 Nov 2017, 9:55 PM ET - Results were mostly positive for the Brazilian banks in 3Q17 as credit profiles are generally still improving.  Key themes across results for Banco do Brasil, Itau, and Bradesco were higher capital levels, lower provisions, and lower NII. 

Brazilian Banks: 2Q17 Review, Resilient Brazilians

Sector Analysis: 16 Aug 2017, 10:07 AM ET -  Brazilian banks' 2Q17 indicated that credit quality continues to stabilize despite the weak operating environment. The banks in our coverage universe largely revised FY17 profitability and loan growth guidance downwards.  

Brazilian Banks 1Q17: NII Pressure, Credit Stable

Sector Analysis: 15 May 2017, 6:08 AM ET - Brazilian banks' 1Q17 indicated that credit quality continues to stabilize despite the weak operating environment. Net interest income is under pressure from the banks' loan repositioning and declining rates. 

Itau, Bradesco, & Banco do Brasil: Coverage Launch

Sector Analysis: 11 Jul 2016, 10:26 PM ET - In this note we launch coverage of three large Brazilian banks: Banco do Brasil, Itau Unibanco, and Banco Bradesco. We initiate with an Underperform for Banco do Brasil, Outperform for Itau Unibanco, and Market Perform for Bradesco. 

Brazilian Banks: 1Q16 Review & Recent Developments

Sector Analysis: 09 Jun 2016, 6:00 AM ET - We review the Brazilian banks' 1Q16 performance amidst several economic and political headwinds. The banks remain solidly profitable due to increasing loan yields, despite a significant uptick in loan loss provisions.  

Brazilian Banks: Lending and Asset Quality Update

Sector Analysis: 17 Nov 2015, 10:02 PM ET - In this report we update loan trends and asset quality conditions of the Brazilian bank sector, in light of the worsening economic backdrop.  Banks have been de-risking portfolios and increasing allowances. 

Brazilian Banks: Break Out or Break Down?

Sector Analysis: 06 May 2012, 10:14 PM ET - Banco Bradesco and Itau Unibanco face near-term challenges from rising delinquencies and recent actions to reduce interest rates. We discuss Moody's negative reviews and relative value opportunities.

Spanish banks: Risks in Venezuela

Worth Watching: 11 Jan 2007, 12:40 AM ET - Spanish banks BBVA and Santander are moderately exposed to Venezuela via subsidiaries in the country: BBVA's Banco Provincial and Santander's Banco de Venezuela. So we have checked the Spanish parents' latest exposure numbers in the aftermath of P ..

Latin American Banks: Golden BRICs South of the Border?

Sector Analysis: 28 Nov 2006, 8:01 PM ET - Global retail bank players are interested in collecting golden BRICs around the world as we survey the prospects south of the U.S. border. There's a wide gamut of global bank player exposure, as well as local banks willingness to sell.

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