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PBB; Mgmt Indicates >6 Months Liquidity, Still Looks Challenged

FINANCIALS

PBB (PBB GY) on funding and refinancing. Company has confirmed it’s got c.6months of liquidity – but even running some simple numbers, maths is against the business.


  • Company’s return on assets is a little over 30bp (and RoE in mid-single digits) on an asset base of around EUR53bn.
  • Refi events in 2024 are around EUR3.4bn and the only ’24 bond which is showing a price today (PBBGR 0 1/8 09/05/24) is showing an OAS up >500bp YTD.
  • Assuming this spread persists (and investors are willing to refi), the FY24 refis alone would drop the group RoA into negative territory (-0.04%), which asks some very tough questions immediately.
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