MNI: Canada Apr-Sept Budget Deficit Widens On Spending

CANADA'S TRUDEAU: I CONTINUE TO HAVE GOOD TALKS WITH TRUMP

MNI BRIEF: Little Macro Difference On Rate Oprions- de Guindos

MNI BRIEF: PBOC Added Outright Repo For Ample Lqdty In Nov

MNI China Daily Summary: Friday, November 29

MNI BRIEF: China Extends U.S. Import Tariff Exemption List

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CANADA Q3 GDP ANNUALIZED +1.0% AS EXPECTED ON GOVT, CONSUMERS

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Sydbank: Positive Results But Spreads Already Performed Well

FINANCIALS

Sydbank 1Q24 results (SYDBDC; A3 pos) are ahead of consensus with good credit stats and some upgraded guidance language from mgmt. This is positive for peers (Danske, Jyske and Nykredit) but Sydbank spreads have already been the star performer amongst the Danes (-78bp YTD, €IG peers -39bp) and there’s perhaps insufficient here to drive further tightening.


  • Key credit stats: CET1 is 10bp ahead of expectations (at 17.4%) and loan losses were a nominal DKK8m (barely 1bp of loans) and mgmt is maintaining a DKK500m buffer provision. Non-performers are flat on Dec-23 (at 1.5% of loans). Solid across the board, we feel.
  • Revenues are 3% ahead of consensus (+13% y/y with NII +16%), costs and loan losses are inline meaning net income is 11% ahead of consensus. Net income is also 29.7% of the top end of FY24 guidance, already. Retail loan growth is roughly zero, corporate +4%.
  • Outlook: mgmt has upgraded its language about the Danish economy (to “moderate growth” from “low growth”) but has not chosen to upgrade FY24 net profit guidance, which is marginally below consensus (DKK2.5-2.9bn, cons: DKK2.92bn).
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

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.