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Citigroup

Citigroup ranks as the 4th largest bank in the United States by market capitalization ($179 bn at September 4, 2018), and the 3rd largest by total assets ($1.9 tn) at 2Q18. Citi is 4th in terms of U.S. deposits with approximately $997 bn as of 2Q18 and 712 branches in 2017. Citi's major business lines include U.S. consumer (mortgages and credit cards) and retail banking, global consumer, global corporate & investment banking, and global payments. (11 Oct 2018)

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Focused

US Banks: Libor Risk in Preferred Stock

Sector Analysis: 13 Dec 2018, 6:02 AM ET - The scheduled decommissioning of Libor would impact $108 bn of variable-rate preferred stock in our US bank coverage. The most common impact would be to convert floaters into fixed-rate prefs, but our main concern is Citi prefs.

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.

Synchrony & Walmart: Bad Blood Boiling Over?

IG Note: 02 Nov 2018, 3:04 PM ET - Walmart sued Synchrony, alleging breach of contract in a heavily redacted filing as the two sides tussle over what to do with the legacy loan book ahead of Capital One taking over as issuer. 

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.
Focused

Citi 3Q18 Fixed Income: View on L + 637 bp TruPS

Earnings Note: 26 Oct 2018, 4:36 AM ET - Funding-related dynamics again garnered the most attention in Citi's 3Q18 fixed income call. We update our view on Citi Capital Trust XIII, which pays Libor + 637 bp and appeal to foreign investors due to tax treatment. 
Focused

Citigroup & JPM: 3Q18 Beat With Different Drivers

Earnings Note: 12 Oct 2018, 3:33 PM ET - Citi & JPMorgan reported solid 3Q results that increased YoY and beat estimates. JPMorgan's record 3Q results largely reflected improved net interest income. Citi benefited from higher FICC revenues and more moderate NII growth. 

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. 
Focused

Citigroup: Redeeming Series C Preferreds

Worth Watching: 20 Sep 2018, 11:37 PM ET - Citigroup (Baa1/BBB+) is redeeming all $575 mn of its 5.80% fixed-for-life Series C preferred stock. We note that as of 2Q18, the company had 163 bp of Additional Tier 1 (AT1) Capital as a percentage of Risk-Weighted Assets (RWAs). The Series ..

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.

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.
Focused

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.

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. 
Focused

Citi 2Q18 Fixed Income: Funding in Focus

Earnings Note: 27 Jul 2018, 4:49 AM ET - Citi held its 2Q18 fixed income investor review. The call focuses on key fixed income investor concerns, such as funding, capital and credit quality. Reflecting the interest rate environment, funding dynamics garnered the most airtime.

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