Seeking Alpha
 

Societe Generale ADR (SCGLY)

- OTCPK - Current
  • 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.
    | 2 Comments
  • Jan. 19, 2012, 7:54 AM
    Shares in Europe move to their highs of the session, led by the banks, which add to their surge following earnings reports from Bank of America and Morgan Stanley. Stoxx 50 +1.6%, led by Italy +2.1% and France +1.6%. SocGen (SCGLY.PK) +11% in Paris, DB +7.8% premarket.
    | Comment!
  • Jan. 17, 2012, 7:32 AM
    Formerly bearish on all things financial in Europe, CLSA's Chris Wood eyes rumors the ECB's LTRO on Feb. 29 could hit €1T (LTRO #1 was €489B) and reverses his view. He sees the euro continuing to sink, but EU financials wiping out the shorts in a "violent bear market rally."
    | 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
  • 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.
    | 5 Comments
  • 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, 4:47 PM
    Unicredit shareholders meet Thursday to approve a €7.5B rights issue that will be eyed closely by the entire banking industry. "If they fail, everyone else will fail," says an industry source. EU banks need to raise €115B in capital based on the latest EBA stress test, an amount that won't be reached by fancy accounting and selling assets. Unicredit has the 2nd highest capital needs. Banco Santander (STD) takes the #1 spot, needing €15B.
    | 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.
    | 2 Comments
  • 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!
  • Dec. 9, 2011, 4:18 AM
    Moody's downgrades the long-term ratings of French banks BNP Paribas (BNPQY.PK), Credit Agricole (CRARY.PK) and SocGen (SCGLY.PK), noting the impact of funding constraints and deteriorating macro fundamentals. (see also)
    | Comment!
  • Dec. 8, 2011, 12:47 PM
    A check on European bank shares in light of the ECB disappointment and stress test results showing the necessity for bigger capital raises than expected. Deutsche Bank (DB -6.5%), Commerzbank (CRZBY.PK -10.4%), RBS -7.4%, SocGen (SCGLY.PK -9.3%). European financial ETF: EUFN -4.4%.
    | Comment!
  • Dec. 8, 2011, 11:18 AM
    Results begin to leak out about the latest (likely irrelevant) EU bank stress tests. The EBA concludes the continent's banks need to raise €114.7B, €8B more than the October estimate. German lenders need €13.1B, Italians €15.4B. U.K banks (the collective) apparently are not in need of fresh capital.
    | 2 Comments
  • Dec. 7, 2011, 3:09 PM
    S&P also places several of the large bank groups across the eurozone on "CreditWatch Negatvie," including BNP Paribas (BNPQY.PK), Commerzbank (CRZBY.PK), Credit Agricole (CRARY.PK), Deutsche Bank (DB), SocGen (SCGLY.PK). (previous)
    | 2 Comments
Visit Seeking Alpha's
SCGLY vs. ETF Alternatives
Company Description
Societe Generale and its subsidiaries are engaged in banking and finance activities, which are divided into three divisions: Retail Banking & Specialized Financial Services, Corporate & Investment Banking, and Asset Management, Private Banking & Securities Services: Co.'s activities are managed... More
Sector: Financial
Country: France