瑞信 - breaking news cs european credit morning comment 1606

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1、THISISNOTINDEPENDENTRESEARCHANDISINTENDEDFORINSTITUTIONALCLIENTSONLYEuropeanCreditMorningCommentEuropeanFinancials(IG&HY)andEuropeanIGCorporatesSectorStrategyPublished:16June2017,09:30Contacts:PieterFyfer(+442078834279);StéphaneSuchet(+442078834278);FranckBataille(+33170390111)

2、;ArjunMalhotra(+442078880886);JamesH.Reynell(+442078833791)Contents−InFocus−Financials−Corporates−UpcomingCSEvents−RatingChanges−FinancialCalendar−SectorSpreadMoves−Financials–Top/Bottomperformers−Corporates–Top/BottomperformersInFocusINFOCUSo2017PortugueseFinancialsConference—

3、21stSeptemberFINANCIALSoCO-OPERATIVEBANKPLC:Hedgefundsconsidering£50mpaymenttoPacePensionschemeoHSBCHOLDINGSPLC:GlobalBankingandMarkets–Investorupdate2017oROYALBANKOFSCOTLANDGROUPPLC:Moody’supgradesholdingcompanyratingswithstableoutlookoVENETOBANCASPA:ItalymaydiscussVENBAN€FRNL

4、T221June2017repaymentsuspensionoBANCOPOPULARESPANOLSA:BRRDmaybeamendedfollowingtheresolutionofthebankoSOCIETYOFLLOYD’S:RatingaffirmedatAS+,StableatS&PoVIVATNV:CommentfollowingthepriceactionCORPORATESoTESCOPLC:Q12017/18tradingupdateaheadofexpectationsoCENTRICAPLC:S&Paffirmsratin

5、gsat“BBB+”withoutlooknegativeoFCA:NewYorkregulatorsubpoenasFCAoveremissionscheatingdevicesoEUROPEANAUTOMAKERS:May2017ACEAautoregistrationsoCNHINDUSTRIALNV:S&Pupgradesratingsto“BBB-”withstableoutlookoANGLOAMERICANPLC:SouthAfricanminesministersaidtoSeek30%BEEOwnershipoVIVENDISA:C

6、onsidersbidforUbisoftoBHP:ElectsnewChairman;ElliotrenewscallfortransformationTHISISNOTINDEPENDENTRESEARCHANDISINTENDEDFORINSTITUTIONALCLIENTSONLYSource:HSBCOnoutlook,themangementsaidthatoTherewasfurtherscopetoimproveRoRWAto>2.5%.oTherewasgrowthopportunityinAsiaandAmericasandwel

7、lpositionedinEuropedespitering-fencingandBrexit.BrexitprovidedanopportunitytogrowmarketshareinEurope.Comments:UnlikelytohaveasignificantimpactontherelativecreditvaluationofHSBCHoldingsPlctodayRelativevaluecomment(s)/TradeIdea(s):Wereiteratethefollowingrecommendations,inallcases

8、relativetotherelevantcurrencyandcapitalstructurematche