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CIT Group

CIT is a financing and leasing company operating primarily in the North American middle market, with international equipment and transportation financing operations. CIT's operating segments are as follows: Commercial Banking (commercial finance, real estate finance, business capital, rail); Consumer and Community Banking (legacy consumer mortgages, consumer banking, wealth management, small business lending), and; Non-Strategic Portfolios (primarily international business platforms that CIT has exited or plans to). In 4Q16, CIT announced the sale of its commercial aircraft business to Avolon Holdings (closed in 2Q17) as the company moves toward ts goal of becoming more of a pure U.S. commercial bank. CIT closed the acquisition of 70-branch OneWest Bank in 3Q15, giving it a physical bank presence to complement the existing CIT Bank franchise. CIT became a bank holding company (BHC) in late 2008 and has been regulated by the Federal Reserve ever since. (07 Dec 2018)

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CIT: Outlook Revised to Positive by Fitch

Worth Watching: 20 Nov 2018, 9:02 PM ET - CIT (Ba1/BB+/BB+) had its outlook revised to positive from stable by Fitch, roughly one month after the company's ratings were upgraded one notch by Moody's. The positive outlook partially reflects that "CIT has made notable progress against its o ..

Discover: Moody's (Finally) Sees the Light

Worth Watching: 31 Oct 2018, 1:59 PM ET - Discover (Baa3/BBB-/BBB+) was upgraded one notch to Baa3 by Moody's (outlook stable), equalizing with S&P and Fitch, both of whom have maintained Discover at IG throughout its history while Moody's chopped to Ba1 at the height of the crisis (mid-2 ..
Focused

CIT 3Q18: Slower Prepayments Spur Loan Growth

Earnings Note: 23 Oct 2018, 3:38 PM ET - CIT reported in-line EPS due to buybacks; net earnings fell YoY as margins remain squeezed amid accelerating deposit betas and hyper competition in middle market lending. Loan growth was strong but remains highly susceptible to prepayments.
Focused

CIT: Moody's Upgrades to Ba1 with Positive Outlook

Worth Watching: 17 Oct 2018, 11:44 PM ET - CIT (Ba1/BB+/BB+) had its ratings upgraded one notch to Ba1 by Moody's, and the outlook remains positive. The ratings agency attributed the upgrade to a number of factors, including CIT's reduced use of wholesale funding (i.e. more deposits), impr ..

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. 
Focused

Specialty Finance: Barclays Conference Notes

Sector Analysis: 17 Sep 2018, 5:03 AM ET - We provide presentation write-ups for the slew of specialty finance companies represented at the Barclays 2018 Global Financial Services Conference this week; Ally, AmEx, CIT, Discover, iStar, and Navient.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
Focused

CIT: Issues $500 mn of 5Y Notes

Worth Watching: 14 Aug 2018, 9:51 PM ET - CIT (Ba2/BB+/BB+) issued $500 mn of 5Y senior unsecured notes to fund the redemption of its remaining 3.875% notes due February 2019 ($500 mn outstanding) via make-whole (+35 bp) at a price of $100.584. The notes priced at 4.75%, offering a spread ..

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.
Focused

CIT 2Q18: Prepayments Come Back with a Vengeance

Earnings Note: 24 Jul 2018, 1:35 PM ET - CIT reported solid enough 2Q18 results, but the competitive middle market lending environment remains a persistent headwind to balance sheet growth as prepayments surged during the quarter. Stay M/P with preference for ALLY.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.
Focused

CIT: Discloses Capital Plan Despite CCAR Release

Worth Watching: 28 Jun 2018, 11:51 PM ET - CIT (Ba2/BB+/BB+) disclosed a capital plan that calls for $750 mn in shareholder returns, hinting at a mix of buybacks and/or special dividends. The company reiterated its goal to bring the CET1 ratio down to 11.5% - 12% by year-end (14.1% at 1 ..
Focused

US Banks: 2018 DFAST Results - SCB Shocker Looming

Sector Analysis: 22 Jun 2018, 4:56 AM ET - Although all banks over $100 bn in assets received a clean bill of health in the 2018 DFAST, our main concern is that this year’s test could lead to a substantial increase in capital requirements under the proposed Stress Capital Buffer.
Focused

Specialty Finance: Conference Recap Notes

Sector Analysis: 14 Jun 2018, 5:41 AM ET - We recap recent presentations by several fincos at the Morgan Stanley Financials conference. The sense we got from card issuers (SYF, DFS) and auto lenders (ALLY) is that consumer credit performance should remain solid and stable in 2Q18.
Focused

CIT: Closes Sale of Financial Freedom & Loan Book

Worth Watching: 04 Jun 2018, 9:32 PM ET - CIT (Ba2/BB+/BB+) completed the sale of its Financial Freedom reverse mortgage servicing business and the related reverse mortgage portfolio to an undisclosed buyer, having previously disclosed its intention in late 2017 to sell the servicing busi ..

U.S. Consumer Credit: 1Q18 Trends and Takeaways

Sector Analysis: 24 May 2018, 4:25 AM ET - We delve into the Fed's consumer credit data, analyzing 1Q18 trends across asset classes. We also dig in to recently released data on age distributions and one thing is clear: consumer credit has gotten grayer.

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.
Focused

CIT: Tender Offer for $500 mn of Common Stock

Worth Watching: 25 Apr 2018, 10:00 PM ET - CIT (Ba2/BB+/BB+) announced a cash tender offer for up to $500 mn of common stock through a modified Dutch auction. The company will accept offers in the price range of $50 to $56 per share (closing price was $52.52 on April 25, 2018). At a minimu ..
Focused

CIT 1Q18: Slower Prepayments Help Growth Metrics

Earnings Note: 24 Apr 2018, 3:08 PM ET - CIT 1Q18 was marred by a single asset write-off that dragged headline earnings, but the rest of the portfolio is performing well. Loan growth was decent for the second consecutive quarter, but largely on slower prepayments. Stay M/P.

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