Advanced Theory & Practice of Bonds

IBF Recognized Under FTS
1-2 December 2021

Two-day immersive course on bonds designed for private bankers and advisors. 90% funding* available to eligible company-sponsored candidates.

JPMorgan kicked-off the US financials Q1 earnings season reporting revenues of $32.3bn, up 14% vs. the same period last year. Net income came in at $14.3bn, up 5x YoY predominantly driven by credit reserve releases of $5.2bn compared to credit reserve builds of $6.8bn in the prior year. Its FICC trading revenue was up 15% at $5.8bn while its Markets & Securities Services revenue was at $10.1bn, up 37%. Investment Banking revenues were at $2.9bn driven by higher fees, up 57%. The bank’s CET1 ratio stood at 13.1%, unchanged from end-2020. CE Jamie Dimon said that loan demand remained challenged while deposits were up 32% and investments were up 44%.

JPMC’s bonds were stable with its 4% Perps at 101, yielding 3.97%.

Goldman Sachs reported record Q1 revenues and net profits. Revenues were at $17.7bn, topping expectations of $12.6bn while net profits came at $6.84bn. Investment Banking generated record quarterly net revenues of $3.77bn. Global Markets generated quarterly net revenues of $7.58bn, 47% higher than Q1 2020, and its highest quarterly net revenues since 2010. FICC revenues were at $3.89bn. The bank’s CET1 ratio was at 14.3% vs. 14.7% at end-2020.

GS’s bonds were flat with its 5% Perp at 100.75, yielding 4.49%.

Wells Fargo reported strong results with revenues of $18bn and net income of $4.7bn, up 2% and over7x YoY respectively. The earnings were helped by a net benefit from a release of loan loss reserves of $1.05bn in the quarter. The bank said that non-performing assets decreased 8%. The bank’s CET1 ratio was at 11.8% vs. 11.6% at end-2020.

Wells’ bonds were almost unchanged with its 5.9% Perp at 107.7, yielding 3.31%.

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