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FINANCIALS: EUR Bank Issuer Reporting: Four Pre-Tax Beats

FINANCIALS

Another busy reporting morning – a few highlights:

  • HSBC (HSBC: A3/A-/A+) results look good with revenue and loan loss beats and upgraded guidance. Supportive.
  • BBVA (BBVASM: Baa2 develop/BBB+/BBB+) results show a rather mixed set of credit figures but a big revenue and pre-tax beat. Spreads likely capped by SABSM bid.
  • Caixabank (CABKSM: Baa2/BBB pos/BBB+ pos) results headlines also appear positive, which rather makes Unicaja’s miss yesterday rather a Spanish outlier. Spread positive.
  • Mizuho Financial (MIZUHO: A1/A-) 1Q24 (3M to Jun-24) headlines appear positive with good credit releases but BoJ rate move likely more important.

Mastercard, BCP, AIG and MetLife to come later this afternoon.

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