Upgrading Financials To Overweight; Downgrading Communications To Market Weight
We are upgrading Financials to overweight; Financial Sector ETFs (XLF, RYF), banks (KBE, KRE), and insurance stocks (KIE) are all breaking out to...
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New Issue Machinations – Looks Can Be Deceiving
Looks can be deceiving in newly issued securities. We look behind the headline numbers to assess AT1 performance potential.
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Banks – Credit Cost Delta
There is a major credit cost improvement across many banks globally during 2Q20. This is likely driven by improved credit modeling for defaults and...
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US Banks – Beware of Subprime, Again
We are especially concerned with subprime loans. Many people turn to subprime loans, as they have poor credit history, low FICO scores, limited...
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US Banks – The Purge
We have seen periods of high bad loans in the US, sometimes for consumer loans, other times for corporate loans. This time, it can be both at the...
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