HSBC – A Mitigated Disaster
The global behemoth reported losses in N America, in Europe and almost all income gone from MENA. The bank reports mark downs, impairments, from...
280 Views
Banks – Bad Loan Delta
During 2020 there will be dramatically higher bad loans for global banks. This is despite less strict NPL recognition, interest payment holidays,...
371 Views
HSBC’s Health Warning and Simultaneous Debt Issue: Hedge It with CDS?
HSBC simultaneously issued what was effectively a “health warning” and holding company debt last week. Issued at a spread of T+375bps, the price...
289 Views
Reserve Bank of India – Zero Forethought
* Instead of Applause, Throw Tomatoes: The call for a 21-day nationwide lockdown to contain the corona virus, has caused a massive liquidity drain...
260 Views
Asian Bank Relative Value - Notes from Last Weeks' Global Bank Debt Issuance
Despite distress in the global financial markets, there is still money being put to work by asset managers. New issue credit spreads are alluring...
262 Views