US Banks and the SLR Situation: Overweight JPM Tier 1 Securities
JPM’s fortress foundation needs repair. It has the lowest SLR buffer, and its Tier 1 suffers from this. Leverage slimming and a deeper capital...
420 Views
Standard Chartered: Screening for AT1 Value, Post-Covid-19
We screen for value in StanLn’s AT1 curve, including the S$ bond, within a post-Covid-19 economic environment, and we determine StanLn’s capacity...
325 Views
HSBC’s New AT1: Not Worth Chasing
HSBC remains adrift and a strategic reset could have an outsized impact on longer dated notes. The newly issued AT1 is not worth chasing. We see...
404 Views
Bank Credit Strategy: Pre-Positioning for AT1 Price Accretion
Our top five picks for Additional Tier 1 (AT1) price accretion comprise bonds issued by TMB Bank PCL (TMB TB), Banco Santander Brasil SA (SANB11...
328 Views
Bank Credit Weekly: Asia Outperforms a More Measured US
Asia’s high yield market outperformed as US credit momentum remained more measured. A declining US dollar and investor reach for non-US yield aided...
274 Views