BBVA: More Pain to Come?
We carried out a sum-of-parts analysis of Banco Bilbao Vizcaya Argentari (BBVA SM) in March and felt that the bank was undervalued. Metrics seemed...
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BBVA: A De-Risking/Growth Mix
Our thesis is that Banco Bilbao Vizcaya Argentari (BBVA SM) is undervalued on a sum of parts valuation. This is based on attributing a 20% value...
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Week Ahead in Global Macro: Last Yellen FOMC, US Treasury Funding, Eurozone GDP/CPI, US Jobs
Executive summary: Our guide to this week’s global macro risk events and trading opportunities. This week in trade ideas, we turn long EUR-USD...
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HSBC Holdings Plc – Likely Getting a Big Hickey From President Trump
* Despite bottom-line improvement on a go-forward basis, deferred tax asset (DTA) write-downs are likely at major global financial companies -...
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Catalonia Crisis – Heightened Post-Election Risks
* Rajoy’s Terrible Gamble: Spain’s Prime Minister (PM) Rajoy’s gamble for a unified vote when he called for new elections and seized control of...
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