HSBC – Opposite Direction To Many Peers
Significantly higher credit costs, far higher operating costs and sharply lower profit in the quarter. Not similar to many peer banks.
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Bank Credit Weekly: Duration Admiration
We moved from melt-up to full risk-on duration admiration. Almost all bank bonds tightened globally. Given the rate of change, there are mispriced...
250 Views
HSBC Holdings Plc –American Result Intimates Group Miss
HSBC HOLDINGS PLC: HSBCNA reported troubling results in 4Q20 - declining 195% linked quarter, as operating costs exceed recurring revenues. This...
431 Views
Banks – Reinstating Dividends
We have seen strong economic recovery. The beginning of lower credit costs is here, which should continue. Next to follow should be higher...
192 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...
174 Views