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MasterCard International

MA is a global payments technology company and the #2 network based on volumes, at roughly half that of V. MA provides the network infrastructure for debit, credit, prepaid, and commercial card transactions, including facilitation of card authorization, clearing, and settlement of payment transactions. MA derives revenue primarily from charging fees for transaction processing and other payment-related products. MA is not a bank and does not issue cards or extend credit. For context, MA purchase volume was ~$3.81 tn in 2017, compared to ~$7.56 tn for Visa, ~$1.09 tn for American Express, and ~$335.9 bn for Discover. In 2Q16, MA agreed to acquire a controlling interest in VocaLink, paying ~$920 mn for 92.4% of the company's stock in an all-cash transaction. The acquisition received regulatory approval and closed in May 2017. (07 Dec 2018)

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Visa/MasterCard: Upgraded One Notch by S&P

Worth Watching: 20 Nov 2018, 9:03 PM ET - Visa/MasterCard were both upgraded one notch by S&P with stable outlooks. Visa was upgraded to AA- from A+ while MasterCard was upgraded to A+ from A. S&P noted that its upgrades were driven by its expectation for each company to "extend its track ..
Focused

MasterCard: Good 3Q18, Soft Risks but Hard Strength

Worth Watching: 31 Oct 2018, 5:21 PM ET - MasterCard (A2/A) reported 3Q18 adj. EPS of $1.78, handily beating consensus estimates as the top line came in modestly ahead of expectations. On a core basis, (ex. acquisitions and the new revenue recognition accounting rules), MA reported 14% co ..

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

V/MA: Reach $6.2 bn Settlement over Swipe Fees

Worth Watching: 18 Sep 2018, 6:19 PM ET - V/MA agreed to pay $6.2 bn to settle the long-standing lawsuit brought by a number of merchants alleging anti-trust behavior related to swipe fees. To briefly recap, the original suits were filed in 2005 and although a settlement was initially rea ..

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.

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

MA: Strong 2Q18 But Monitoring Global Macro

Worth Watching: 26 Jul 2018, 11:24 PM ET - MA (A2/A) reported 2Q18 adj. EPS of $1.66, handily exceeding consensus although the revenue beat was more moderate. Headline results benefitted from the new revenue recognition rules and inclusion of acquisitions, but even excluding these impac ..

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.

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

V/MA: Up Legal Reserves as Swipe Settlement Nears

Worth Watching: 28 Jun 2018, 11:51 PM ET - V/MA are reportedly close to a (new) swipe fee settlement with merchants after the previous $5.7 bn deal was struck down by a federal appeals court last June. Media reports are sizing the payout, which also includes a number of card issuing ba ..

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.

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

MasterCard: 1Q18 Core Revenue Growth Hits 20%

Worth Watching: 02 May 2018, 2:59 PM ET - MasterCard (A2/A) reported 1Q18 adj. EPS of $1.50, handily beating consensus as revenues of $3.6 bn topped estimates by ~10%. Some of the relative revenue beat is attributable to one offs—accounting change on revenue recognition, M&A—but even o ..
Focused

MasterCard: Prices $1 bn Two-Part Offering

Worth Watching: 21 Feb 2018, 8:38 PM ET - MasterCard (A2/A) issued $1 bn of notes in a two-part offering, placing $500 mn of 10Y notes and $500 mn of 30Y notes. The 10Y notes priced at $99.766 to yield 62 bp over Treasuries, coming in ~18-23 bp from IPT and pricing at the tight end of gui ..

U.S. Consumer Credit: 4Q17 Trends and Takeaways

Sector Analysis: 21 Feb 2018, 3:36 PM ET - Consumer credit growth decelerated a bit in 4Q17 but remained among the strongest of the cycle as balances set new all-time highs in each quarter of 2017. We delve into the Fed's consumer credit data, analyzing trends across asset classes.
Focused

IG Note: MasterCard Coming with 10Y and 30Y Paper

IG Note: 21 Feb 2018, 10:04 AM ET - MasterCard's first USD issuance in over a year, issuing benchmark 10Y and 30Y for GCP, is a good opportunity to get exposure in the small-ish tech name. 10Y looks more attractive on a curve basis, but stay M/P on the overall credit.
Focused

V/MA Earnings: No Change, No Complaints

Earnings Note: 02 Feb 2018, 11:16 AM ET - V and MA reported strong results for calendar 4Q17, with little change to either operating story but nothing to complain about with strong top-line growth, high margins, and strong volume increases.

U.S. Consumer Credit: 3Q17 Trends and Takeaways

Sector Analysis: 13 Dec 2017, 11:12 PM ET - Consumer credit grew at its fastest rate since the crisis in 3Q17, and balances have now set a new record in each quarter this year. We delve into the Fed's consumer credit data and analyze trends across the various asset classes.

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