Global Equity Strategy: Constructive Pullback; Overweight Value
As long as the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EM (EEM-US) indexes are above their respective intermediate-term support levels we...
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Bank Credit Weekly: One Size Does Not Fit All
Performance attributes varied amongst bank credit classes. Short duration in IG financials combined with high credit spreads in HY and more...
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Credit Suisse – Perfection Priced into Long-Dated AT1
Many analysts compare CS and UBS and conclude that they are largely the same. We disagree. Given its low capital buffer, higher leverage finance...
349 Views
Société Générale’s AT1: Better Fundamental and Relative Value than BNP
SocGen’s AT1 curve offer better value than BNP’s. SocGen reports a materially higher capital buffer and other fundamental differences are less than...
345 Views
Bank Credit Weekly: Melt-Up in Asset Prices or Melt-Down in Conviction?
Melt-up in asset prices or melt-down in conviction? Short callable AT1 bonds led the ongoing rally in bank credit. Tier 2 bonds suggest more of a...
321 Views