Italian Banks: Dodging The "Low Grade" M&A Bullets, at Least for Now
Banca Carige and Banca Popolare di Bari stand out as the Italian bank bailouts at the end of 2019 This highlights, in our view, that increasingly...
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Market Impact of Oil Shock
Middle East tensions continue to ratchet up, and Brent crude oil prices have risen over USD 70/bbl this weekend against a 2019 average of USD...
581 Views
Galliano's Latin Notes 2019 Recommendations in Review, and Initial Thoughts for 2020
Our post mortem of 2019 recommendations shows that we have had some successes; good bull calls were Gentera SAB De CV (GENTERA* MM EQUITY) in...
788 Views
Italian Banks and Target2 November Flows - More than ECB Deposit Rate Arbitrage
The November data for Target2 flows are encouraging, following on from October when the flow was helped by the Italian banks' arbitrage of their...
452 Views
Italian Banks - Its Not Prince Spaghetti Day
Capital forbearance, share buybacks, and M&A activity while fun to talk about are not realistic scenarios for the Italian banks. Deutsche and...
492 Views