A Market For NPL Resolution

Jens Bastian via Macropolis |  When the largest Greek banks (in terms of assets) published their second quarter results a fortnight ago, much investor attention was focused on the formation and breakdown of non-performing exposure (NPE) on their respective balance sheets. This focus is the result of regulatory authorities and investors wanting to know if the four systemic banks have started to reverse the multi-year trend of continuously rising “red loans” in their portfolios.



Negative Rates Here, Increased Demand Over There

UBS | The recent fixed income sell -off has seen the proportion of developed market sovereign bonds trading in negative yielding territory drop to 34%. This compares to 40% at the end of June. Still, 34% is more than twice the level observed at the end of 2015.

Read More

Técnicas Reunidas' refinery in Saudi Arabia

Técnicas Reunidas: New Order Unappreciated

EXANE BNP Paribas | Despite the recent good performance (+24% over 3 M), we find the share price does not reflect the full potential of the company. Indeed, order intake is set to accelerate in H2, EBIT margin at 4% looks more like a floor, and consensus underestimates earnings potential in our view. At the current price, valuation ex-backlog is the lowest in relative terms since the IPO, and almost at its lowest in absolute terms. We reiterate our Outperform rating with a new TP at EUR40.


Read More