Hints and tips:
...Our Outperform rating on LLOY (PT 40p) assumes there is not a rate cut. We recommend long LLOY, short RBS (SP, PT 110p) to clients specifically interested in hedging the negative interest rate risk....
...Based on these assumptions (relative to 2019 TBV), we note that BAER (7%) and SAN (6%) are most impacted and CBK/ING/RBS/ABN/LLOY (2%) are least impacted....
...Recommend long LLOY vs. HSBC in the very shrt term....
...What’s red and white and doesn’t redeem itself ’till December? A Banco Santander LT2 callable bond!...
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