Credit Market Analysis

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Credit Market Analysis > Latest Notes

Danske Bank AT1: Mispriced for extension risk? | Trade Ideas

Danske Bank - The money laundering saga continues  Danske Bank continues to be in the headlines with the ongoing money laundering scandal at its Estonian unit.   The bank’s shares have tumbled more than 50%+ in the last 12 months on uncertainty surrounding overall litigation and remedial costs. The bank’s 2018 annual results do indicate the strength of its underlyi [...]

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HSBC – Solid as a rock | Bank Capital Insights

Equity investors may be disappointed HSBC reported Q4 and FY 18 earnings report on Tuesday morning that missed consensus estimates.   Most of the weakness stemmed from a slowdown in the global banking and markets division. The bank’s stock was down about 4% post the earnings announcement reflecting the earnings miss and slightly negative outlook for 2019.   The stock p [...]

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Let it Rip | Bank Capital Insights

Risk-on week for EU banks Last week was a good one for European banks with risk rallying across the board – from equities to sub debt to single name CDS to credit indices.  We had a number of banks reporting earnings and investors liked what they heard - especially from the banks that have almost completed their restructuring – Commerzbank, Credit Suisse and Royal Bank of [...]

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To Fall or Not to Fall on the Non Call | Bank Capital Insights

Head Scratcher or Mis-priced Hope? Banco Santander (SANTAN) in the end decided not to call their EUR 6.25 Perp 19 AT1 for economic reasons.  This is the first AT1 not to be called and, to some extent, this has come as a surprise to most investors.  However, purely from an issuer perspective, it makes complete sense. Post the non-call, with a reset spread of 541 bps, this [...]

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Don’t Forget…Corporate Bonds expert Dr Suki Mann

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