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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 ..
Focused

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.
Focused

CFG: 3Q18 Beat, Acquisition Pushes Revenue Higher

Worth Watching: 22 Oct 2018, 10:21 PM ET - CFG (NR/BBB+) reported 3Q18 earnings of $443 mn ($0.91 per diluted share), beating the Street's consensus estimates by 2 cents. Earnings were up 4% sequentially on 4% higher revenues, driven by higher net and noninterest income. However, the ma ..
Focused

CFG: In the Market with NC5.5 Fixed-to-Float Prefs

IG Note: 22 Oct 2018, 11:33 AM ET - Citizens Financial is in the market with $300 mn of fixed-to-floating rate $1,000 par non-call 5.5 year perpetual preferred stock. Initial price talk (IPT) for the offering is at 6.375%, implying a back end rate of 3-month-Libor +320 bp. 

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.

Register Now: 2018 Global Financials Seminars

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

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.

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.
Focused

Citizens: 2Q18, Loan Growth Higher Than Peers'

Worth Watching: 23 Jul 2018, 10:43 PM ET - Citizens (NR/BBB+) reported 2Q18 earnings of $425 mn ($0.88 per share), beating Street consensus estimates by 3 cents. Earnings were up 10% sequentially on 3% higher revenues, driven by higher net and noninterest income. Results also benefited f ..

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

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

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

CFG: Acquiring Assets of Franklin American Mtge.

Worth Watching: 31 May 2018, 9:55 PM ET - CFG (NR/BBB+) announced that it is purchasing the assets of Franklin American Mortgage Company, a Tennessee-based national mortgage servicing and origination firm. Subject to customary closing terms and conditions and regulatory approval, the tran ..

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

Citizens: In the Market With NC5 Preferred

IG Note: 21 May 2018, 11:41 AM ET - Citizens is in the market with fixed-to-floating rate NC5 perpetual preferred stock. We view IPT as fair value, but would pass if pricing tightens. 
Focused

Citizens: 1Q18, Consumer Loan Expansion Continues

Worth Watching: 21 Apr 2018, 1:09 PM ET - Citizens (NR/BBB+) reported 1Q18 earnings of $381 mn ($0.78 per share), beating Street consensus by 3 cents. The previous quarter included a $317 mn after-tax benefit from one-time items mainly related to tax reform. Excluding these items earni ..
Focused

CFG: In the Market With Bank-Level Benchmark 5Ys

IG Note: 26 Mar 2018, 10:46 AM ET - Citizens Financial Group (CFG) is in the market with 5-year fixed and floating-rate tranches of senior unsecured notes from its lead bank entity, Citizens Bank NA.

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