European Bank Screens 4Q20 – Our Picks in the Rotation to Value
The rotation to value benefits European banks, and there is further to go. 4Q20 results show resilient balance sheets; we focus on HSBC, Unicredit,...
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Italian Banks M&A Scenarios: The Italian Job in 2021
Italian banks M&A is gathering and we take a largely contrarian stance on stocks; pairs trade long Unicredit, short Intesa; positive on BPER,...
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Credit Agricole SA Opts for CreVal M&A, Banco BPM (BAMI IM) Side-Lined
CredAg was rumoured to be a potential bidder for Banco BPM, but management has opted for the smaller CreVal as its Italian consolidation choice; we...
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Bankia - CaixaBank: Merger in Progress, Spread Attractive
I recommend keeping an eye on the spread. It closed today (27 October) at a gross 1.66%, an interesting level for a deal that will certainly close...
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Bank Credit Weekly: FOMC Meeting May Determine Near-Term Risk Sentiment
Weakening oil prices, a flattening US$ yield curve and rising Eurodollar futures together point to a decline in economic demand prospects combined...
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