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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS
Banks, real estate and credit quality. Taking a step back, what have we learnt this week from the financial system as indicators to wider corporate credit health:
- Nordics banks have generally produced good returns with continuing low credit costs and trajectories of non-performers that were unsurprisingly modest.
- Two big Spanish banks showing upgrades for equity watchers and, again, only modest impacts from credit and Deutsche Bank showing a mild credit deterioration but still with the confidence to upgrade equity payout.
- BNP and ING both disappointed, largely on revenues and capital levels, rather than asset quality
- Finally, Danske showing stabilisation of credit trends (equity +7% today) and good capital levels and Caixabank with similar credit metrics.
EUR financials (sub) bond index does sit meaningfully tighter from the Oct-23 wides and has tightened back all the performance given away in first two weeks of January. But, plot sub and senior on the same chart and there’s quite a divergence now evident.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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