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KeyCorp

KeyCorp is based in Cleveland, Ohio, ranks as the 16th largest bank in the U.S. by total assets, and has a market capitalization of $22.3 bn as of September 5, 2018. At 2Q18, KeyCorp had total assets of $138 bn and total equity of $15 bn. KeyCorp ranks 16th in terms of U.S. deposits with approximately $105 bn in deposits as of 2Q18 and 1,188 branches as of 2017 (SNL). KeyCorp has significant deposit market shares in Ohio, New York, Washington, Oregon, Maine, Indiana, Colorado, Utah, and Florida. KeyCorp's national businesses include commercial real estate finance, middle market investment banking, and leasing. (15 Oct 2018)

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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 ..

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

KeyCorp: Issuing 7Y Senior from HoldCo

IG Note: 22 Oct 2018, 10:10 AM ET - KeyCorp is in the market with a $500 mn will-not-grow offering of 7-year fixed rate senior notes from the HoldCo. We would buy the issuance at T+105 bp, compared to IPT of T+120 bp. 
Focused

BB&T & KeyCorp: 3Q18, Deposit Betas Increase

Earnings Note: 18 Oct 2018, 11:27 PM ET - BB&T and KeyCorp reported 3Q18 results consistent with sector-wide themes of slow loan growth and rising funding costs. BB&T's results were more positive than KeyCorp's from the standpoint of rate impacts, loan growth, and cred

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

KeyCorp: Pass on the New Fixed-Rate Preferred Deal

IG Note: 23 Jul 2018, 11:57 AM ET - KeyCorp is in the market with an estimated $200 mn fixed-rate $25 par 5-year non-call perpetual preferred stock offering. IPT is at 5.75%. We would pass on this offering in favor of fixed-to-floating prfs in a rising rate environment.
Focused

BBT, FITB, & KEY: 2Q18, M&A Appetite Back

Earnings Note: 19 Jul 2018, 9:46 PM ET - BB&T, Fifth Third, and KeyCorp reported 2Q18 results. KeyCorp's results were the strongest relative to estimates while Fifth Third and BB&T were held back by sluggish loan growth and fee income.

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.

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.

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

BK, C, KEY: New Deals After Earnings

IG Note: 23 Apr 2018, 10:43 AM ET - BNY Mellon, Citigroup, and KeyCorp are in the market with senior debt. Key and BoNY are in the market with 10-Year benchmarks, and BK's deal also includes a benchmark 5-Year. Citi is in the market with 2-Year notes from its OpCo.
Focused

BB&T & KeyCorp 1Q18: Higher Capital Returns Coming

Earnings Note: 19 Apr 2018, 11:33 PM ET - BB&T and KeyCorp both reported solid 1Q18 results that met or beat consensus estimates. Both companies guided for higher capital returns in the upcoming 2018 CCAR process. 
Focused

KeyCorp: In the Market with Bank-Level 5Y

IG Note: 28 Feb 2018, 11:00 AM ET - KeyCorp is in the market with 5-year fixed-rate senior unsecured notes from its lead bank entity, KeyBank, NA. We view large-bank paper such as BAC's new issue as better value. 

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