April 25, 2024 14:48 GMT
Capital One Results Tonight: US Consumer Insight
FINANCIALS
Capital One (COF; Baa1 neg, BBB, A-) reports 1Q24 results after the US close tonight (2105 London time) – indications from Barclays today around US card delinquencies were mildly positive, as were the US bank reports earlier in the month, but further granularity on US consumer’s financial health will be interesting.
- COF only has one EUR bond (COF 1.65 06/12/29) so very minor for our index (which has tightening in line with our index) but its US cash bonds are streaming around 40bp tighter YTD (outperforming US financials, which are c.18bp tighter).
- COF announced (20-Feb) it is buying Discover for around USD35bn so an update on relevant clearances and processes could be spread-relevant for either party. We have no expectations of negatives here, as yet.
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