Credit Suisse: Greensill's Capital Implications Outweigh Asset Management Corrective Action
Additional Pillar 2 capital requirements are not currently factored into valuations. CS bonds do not reflect the risks, complexity, and low...
332 Views
Bank Credit Weekly: One Size Does Not Fit All
Performance attributes varied amongst bank credit classes. Short duration in IG financials combined with high credit spreads in HY and more...
181 Views
Credit Suisse – Perfection Priced into Long-Dated AT1
Many analysts compare CS and UBS and conclude that they are largely the same. We disagree. Given its low capital buffer, higher leverage finance...
250 Views
Société Générale’s AT1: Better Fundamental and Relative Value than BNP
SocGen’s AT1 curve offer better value than BNP’s. SocGen reports a materially higher capital buffer and other fundamental differences are less than...
212 Views
Bank Credit Weekly: Melt-Up in Asset Prices or Melt-Down in Conviction?
Melt-up in asset prices or melt-down in conviction? Short callable AT1 bonds led the ongoing rally in bank credit. Tier 2 bonds suggest more of a...
185 Views