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.

Lloyds reported pre-tax profits of £1.9bn ($2.6bn) in Q1 vs £100mn ($139mn) in the same period last year while revenues fell 7% YoY to £3.7bn ($5.1bn). Profits were boosted with a reduction in provisions with the bank reporting a net impairment credit of £323mn ($448mn), compared with a £1.4bn ($1.9bn) charge in 1Q2020. Net interest margins were at 2.49% and is expected to be over 2.45%. CET1 ratio was at 16.7% vs 16.2% at end-2020.

Lloyds USD 7.5% Perp was at 113.06, yielding 3.14%, flat on the day.

Santander reported net profits at €1.61bn ($1.9bn), ~5x higher than in 1Q2020 with revenues and net operating income growing 8% and 15% YoY. Similar to other banks, profits were bolstered as new impairments dropped 49% YoY to €2bn ($2.4bn) from a year ago. Non-performing loans (NPL) stood at 3.2% vs 3.25% in 1Q2020. CET1 ratio stood at 12.3% vs. 12.34% end-2020.

Santander dollar bonds were stable – its 7.5% Perp was at 110.63, yielding 3.46%

Deutsche Bank reported profits before taxes of €1.6bn ($1.9bn) in Q1, a jump of ~7.7x from its 1Q2020. Profits were helped by provisions for credit losses falling to €69mn ($83mn) vs €506mn ($611) last year. Revenues were 14% to higher at €7.2bn ($8.7bn) YoY benefitting due to IB revenues up 32% and Asset Management up 23% while Private Banking was flat. The bank’s CET1 ratio also improved 90bp YoY to 13.7%

DB’s dollar bonds were flat – its 7.5% Perp was at 109.45, yielding 4.84%.

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