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NatWest: Positive For Building Societies

FINANCIALS

NatWest (A3, BBB+, A) 1Q24 results have pushed the equity price up this morning and its spreads are c.1bp tighter (slightly more than €IG banks’ average). There’s likely a small earnings upgrade here and the lack of negatives on asset quality should underpin spreads but this issuer has already outperformed peers, YTD.


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NatWest (A3, BBB+, A) 1Q24 results have pushed the equity price up this morning and its spreads are c.1bp tighter (slightly more than €IG banks’ average). There’s likely a small earnings upgrade here and the lack of negatives on asset quality should underpin spreads but this issuer has already outperformed peers, YTD.


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