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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
Jyske Bank results due 27-Feb. Peer results have been good but there’s a lot of positive expectation baked into the curve, we feel.
- Results will continue to be distorted by the acquisition of Handelsbanken Denmark but underlying revenues grew mid-single digits in 3Q23 and the pre-close briefing indicated what looks like better growth and there’s been around a 10% uplift to revenue expectations since.
- Credit losses and non-performers are guided as being low and relatively stable; peer Danske saw credit write-back in 4Q23 and NPLs marginally lower.
- Jyske equity is up a c.7% YTD (4-5pp better than the SX7P) and its EUR curve has tightened by 6-16bp (g-spread) so there’s a lot of positive expectations baked into the credit, in our view. Relative to larger and similarly-rate Danske, the short end of Jyske’s curve is tighter.
Results expected at 0600 and conf call is 1010 London time at: link
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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