Seeking Alpha


  • Feb. 22, 2012, 10:17 AM
    Morgan Stanley sees the chance of multiple earnings upgrades for EU banks as the wave of liqudity from ECB's LTRO is stoking action. January was likely the best month for credit trading in 2 years, MS says, and FICC (fixed income, commodity, and currency) revenue could double in Q1 from Q4.
    | Comment!
  • Feb. 21, 2012, 4:30 PM
    Wells Fargo (WFC) has agreed to buy an energy loan portfolio with a face value of $11B from BNP Paribas (BNOBF.PK). Only $4B of the loans have thus far been drawn by borrowers. The deal is part of a broader effort by BNP to reduce its balance sheet by ~10% by year's end. Many other European banks are also conducting asset sales.(previously)
    | Comment!
  • Feb. 17, 2012, 11:44 AM
    BNP Paribas (BNPQY.PK) provides a window into the ECB's LTRO, saying it took advantage of the cheap funding in December, but deposited most of the money right back with the ECB. A bit less scared now, the bank is looking at ways of more usefully deploying it. (earnings earlier)
    | Comment!
  • Feb. 15, 2012, 2:45 AM
    BNP Paribas (BNPQY.PK) Q4 net income -51% to €765M. Revenue -6.1% to €9.7B. Took a €567M impairment on its Greek sovereign debt, increased its provisions so that 75% of its exposure to Greek debt is now covered, and reduced sovereign debt outstanding by 29%. Declares a dividend of €1.2/share, down from €2.1/share in 2010.
    | Comment!
  • Jan. 30, 2012, 1:22 PM
    Euro bank stocks were hit hard once again, as a new round of Greek bailout fears triggered a strong selloff. UBS -3.4%. BCS -4.8%. CS -3.5%. STD -3.7%. CRARY.PK -7.4%. BNPQY.PK -7.1%. SCGLY.PK -7.4%.
    | Comment!
  • Jan. 19, 2012, 8:05 AM
    Morgan Stanley's non-comprehensive table of EU banks' participation in the ECB's LTRO last month shows Italian and Spanish lenders diving in with both feet, with many more than satisfying their 2012 funding needs. "It is clear that Italian and Spanish mid-caps have no other option than to rely upon the LTRO." Data from French lenders has not yet been obtained.
  • Jan. 18, 2012, 8:50 AM
    French banks made their funding more robust in 2011 by increasing deposits by €130B ($167B) as part of efforts to bring their funding back on balance sheet, Fitch says. The growth came partially at the expense of European money market funds, which lost €55B. Funding through deposits is treated more favourably under Basel III.
    | Comment!
  • Jan. 15, 2012, 4:11 AM
    In addition to the EFSF, the next target in S&P's sights could be beleagured French banks, which have suffered due to their eurozone debt exposure. Still, BNP Paribas (BNPQY.PK) could be spared - for now - as France's downgrade was only one notch, while some analysts played down the affect of further ratings cuts on banks.
    | 1 Comment
  • Jan. 11, 2012, 4:00 AM
    BNP Paribas (BNPQY.PK) becomes the latest bank to withdraw from lawsuits challenging the 2009 restructuring of MBIA (MBI). BofA (BAC) and UBS (UBS) are among the four remaining banks still moving ahead with legal claims against the bond insurer.
    | Comment!
  • Dec. 23, 2011, 9:42 AM
    S&P's Scott Bugie says the ECB's €489B liquidity infusion Wednesday was just that - liquidity, not solvency, and by itself will not prevent threatened ratings downgrades of the EU's banks. "It's kicking the can a long way down the road rather than just a little bit, but in the end it is still kicking the big old can down the road."
    | Comment!
  • Dec. 21, 2011, 8:00 AM
    Bloomberg reports BNP Paribas (BNPQY.PK) and Credit Agricole (CRARY.PK) are among French banks struggling to come up with €37B to meet coming debt payments in 2012 Q1. With typical funding markets dried up (or at punitive rates), the lenders are busy finding creative ways to mortgage existing assets and may be taking part in today's ECB lending operation.
    | Comment!
  • Dec. 15, 2011, 4:16 PM
    Fitch is downgrading the credit ratings of 8 major Western banks - BAC, BCS, CS, DB, GS, MS, Soc Gen (SCGLY.PK), and BNP Paribas (BNPQY.PK) - to A from either A+ or AA-. Fitch claims the move was motivated by its view that the banks' business models are "particularly sensitive" to economic and regulatory challenges. Shares of the affected names are largely unchanged AH.
  • Dec. 15, 2011, 1:07 PM
    The row between France and the U.K. over AAA ratings continues, with shadow MPC member Andrew Lilco pointing out French government finances have little to do with it. It's the mammoth assets (and corresponding liabilities) of the French banks which the government could end up having to stand behind that has markets worried. The question is not whether France should be as high as the U.K., but whether it's "justified as higher than Italy's." (David Stockman earlier)
    | Comment!
  • Dec. 15, 2011, 11:16 AM
    Numbers: BNP Paribas (BNPQY.PK) has $2.5T of assets against $80B of TCE - 31X leverage. The big 3 French banks have footings of $6T, nearly triple the size of France's GDP. "Stuffed with sovereign debt backed by no capital ... it's only a matter of time before (they) topple into the abyss ... and that includes German (banks) too," writes David Stockman.
    | Comment!
  • Dec. 13, 2011, 8:07 AM
    Under pressure to boost capital, Europe's banks are jettisoning their "family jewels." Banco Santander (STD) and ING, for instance, are unloading assets in fast-growing Latin America, while Deutsche Bank (DB) is considering the sale of its asset-management unit.
  • Dec. 9, 2011, 12:54 PM
    Goldman upgrades Europe's banks from underweight to neutral, believing the new funding arrangements by the ECB (and Fed) should help the lenders make it through the economic downturn. Of particular import is the ECB offering 3 year loans which should allow "banks to detach their funding cost from that of sovereigns."
    | Comment!
Visit Seeking Alpha's
BNPQY vs. ETF Alternatives
Company Description
BNP Paribas has a presence in 75 countries with more than 180,000 employees, including 140,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy... More
Sector: Financial
Country: France