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5 rue du Colisée
75008 PARIS
France
United Kingdom

AXM ALTERNATIVE INVESTMENTS LTD

3rd Floor 11 Albemarle Street
W1S 4HH London
United Kingdom
Switzerland
2 rue Jean Petitot
1204 Genève
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Italy
Via Delio Tessa, 1
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Keep calm and keep your carry on

Banks’ fundamentals are the strongest in a decade: high capital ratios, rising profitability and attractive spreads, especially AT1s.

In this note, we discuss the following themes: 

▪ Fundamentals: should we be afraid of falling rates? Or are rising rates the threat? 

▪ Regulations: are there any new regulatory discussions we should be aware of? 

▪ We are in 2024 now, what is happening on Legacy bonds? 

▪ Should we expect upgrades or downgrades? 

▪ Valuations and relative value ▪ What are the possible curve balls?