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UK Banks: AT1 Conversion in Stress Test

Worth Watching: 30 Nov 2018, 6:51 AM ET - UK Banks: We have had a few questions around the conversion of Barclays' and Lloyds' AT1s into CET1 capital in the recent UK bank stress test (see UK Banks Clear Brexit Stress Test Hurdles). This is our understanding of why both banks were pres ..

UK Banks Clear Brexit Stress Test Hurdles

Sector Analysis: 28 Nov 2018, 4:06 PM ET - The market should welcome the Bank of England stress test results that show the major UK banks weathering the Brexit storm, with no need for any of them to strengthen capital.

Euro Financial Movers: Stress Relief

Euro Financial Movers: 04 Nov 2018, 10:23 PM ET - The 2018 Stress Test results show EU banks to be more resilient than in previous exercises, whilst 3Q18 earnings continued. After the 3Q18 reinsurers' results, we are starting to see the impact of the recent nat cat events.

HSBC Holdings: 3Q18 Positive Jaws

Worth Watching: 29 Oct 2018, 12:50 PM ET - HSBC Holdings (A2/A/AA-) reported strong 3Q18 results with pre-tax profit of $5.9 bn up by 28% YoY. Adjusted pre-tax profit stood at $6.2 bn (3Q17: $5.3 bn). Profitability was driven by strong revenue growth from the Retail Banking and Wealth M ..

Euro Financial Movers: Italy Tests Market's Nerves

Euro Financial Movers: 14 Oct 2018, 10:08 PM ET - Italy's budget dilemma continues to drive bank credit spreads in the absence of significant newsflow, with subordinated bonds taking the brunt of the pressure. In insurance, Aegon looks to issue an RT1.

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. 

Italian Banks: Updated Credit View

Sector Analysis: 02 Oct 2018, 10:50 AM ET - Given heightened domestic political risk, we expand on our Italian banks credit view published post Government budget approval last week. We downgrade Intesa to Market perform (from Outperform).

CreditSights 2018 London Global Financials Seminar

Announcement: 23 Sep 2018, 9:54 PM ET - Today we're kicking off our Global Financials Seminar series in London, from 1pm.

Euro Financial Movers: No Estonia Left Unturned

Euro Financial Movers: 23 Sep 2018, 9:52 PM ET - The results of Danske Bank’s money-laundering investigation led to the CEO’s resignation and the Danish FSA re-opening its own investigation. Italian bank Carige appointed a new board. Groupama and Phoenix issued bullet Tier 2 bonds.

Euro Banks CoCo Database: HSBC AT1s Added

Worth Watching: 21 Sep 2018, 11:52 AM ET - Euro Banks CoCo Database: We have updated our Euro Banks CoCo Database (see attached spreadsheet) to include this week's Additional Tier 1 (AT1) issues in SGD and GBP by HSBC Holdings (5.0% S$750 mn PNC5 and 5.875% £1 bn PNC8, high-trigger, con ..

CreditSights 2018 London Global Financials Seminar

Announcement: 18 Sep 2018, 9:31 PM ET - There’s less than one week to go before our Global Financials Seminar series kicks off in London on Monday 24th September from 1pm.

Register Now: 2018 Global Financials Seminars

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

Euro Financial Movers: Turkey Ticks On

Euro Financial Movers: 19 Aug 2018, 9:44 PM ET - As uncertainty about Turkey continued, European banks' spreads widened over the course of the week. We summed up 2Q18 performance for the Irish banks and the investment banks. Insurers have been busy buying, selling and restructuring.

Euro Financial Movers: Higher Turkey Stakes

Euro Financial Movers: 12 Aug 2018, 10:01 PM ET - As credit spreads widened for banks perceived to have Turkish exposure, we detailed the largest exposures for our relevant European banks. The 2Q18 earnings season ticked on, and we ceased coverage of Standard Life Aberdeen.

European Banks Take Turkish Bath

Sector Analysis: 10 Aug 2018, 8:59 AM ET - With market concerns over the direction of economic policy in Turkey and currency devaluation, and the ECB said to be concerned about European banks' exposure to the country, we look at how major European banks are involved. 

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. 

HSBC Holdings: Solid 1H18 Despite Cost Growth

Worth Watching: 06 Aug 2018, 6:32 AM ET - HSBC Holdings (A2/A/AA-) reported good 1H18 results, with a 5% increase in pre-tax profit (+2% on an adjusted basis), although the equity market was less than impressed by the perceived low revenue increase and high cost growth, as well as bein ..

Euro Banks RelVal: Mind The Gap

Sector Analysis: 19 Jul 2018, 9:19 AM ET - It has been a tough quarter to navigate in bank credit largely due to geopolitical risks. Even though secondary spreads have been trending wider, primary has been making hay while the sun shines but benefiting issuers more than investor

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.

DFAST 2018: European Banks Pass US Stress Test

Worth Watching: 22 Jun 2018, 5:48 AM ET - DFAST 2018 All eight European banks involved in the Federal Reserve's 2018 Dodd-Frank Act Stress Test (DFAST) have been given a clean bill of health. As expected, all 35 banks passed, albeit with, in general, lower stressed capital ratios than ..

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