MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI: UK DEC GFK CONSUMER CONFIDENCE INDEX -17

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

FINANCIALS: UCAJLN: Nothing Here To Push Spreads Even Tighter

FINANCIALS

Unicaja Banco (UCAJLN: BBB- pos) results are a miss but credit stats aren’t too concerning. The overriding factor is the bid premium we feel is built into spreads (post BBVA-SAB announcement). Spreads have been major outperformers YTD (-94bp vs. €IG banks -33bp) but this has stabilised over the last month and these results certainly do not give latitude for that tighteningto go further, in our view.

  • Credit stats: loan loss provisions came in at 23bp, around double the market’s expectation but broadly in line with 1Q24 and still small absolute numbers. NPLs are 10bp better than Mar-24 (at 2.9%) which is better than consensus had. CET1 fully loaded is also 20bp better than consensus (at 15.1%). So, actually not as bad as first glance, we feel.
  • Revenues are broadly in line, with a small NII beat but there is a 4% cost overrun in here. Along with that (small) loan loss miss has driven the 5% pre-tax miss.
  • FY24 RoTE guidance is improved to “above 10%” (from 9%) and consensus only have c.9% embedded in it currently. 

Conf call is 0800 (London time) at: https://streamstudio.world-television.com/CCUIv3/registration.aspx?ticket=983-1391-40077&target=en-default-&status=preview&browser=ns-0-1-0-0-0

BulletCredit Bullets
BulletCredit Bullets

To read the full story

Close

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.