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Investec Results 23-May; Spreads Have Rallied Hard

FINANCIALS

Investec (INVES: A1BBB+) reports results on 23-May which have a good tailwind behind them but spreads have rallied hard already.


  • The recent rally in ZAR, along with precious metals prices have underpinned South African economics. The political situation there also appears more stable plus the business’s trading statement (20-Mar) was solid with some hints at upgrades with these figures.
  • INVES spreads are 141bp tigher YTD, and 3bp in the last month (€IG banks -48bp and -18bp, respectively) whereas the equity is barely moved YTD (broadly tracking the FTSE All-Share).
  • The bank issued an AT1 (22-Feb) which has also tightened over 100bp since issue.

Results are due at 0700 (London time) with conf call at 0900 at https://www.investec.com/en_gb/welcome-to-investec/about-us/investor-relations.html

Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

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