EU FINANCIALS: Generali: Q2 25 Results
Aug-06 11:54
(ASSGEN; Baa1pos/NR/Apos)
Small credit positive. Good across the board in Q2 and H1. Life was slightly behind expectations, probably on a slightly disappointing investment result, but P&C performed really well. SII stable.
- Revenue €24.0bn vs est. €24.4bn (-9.6% QoQ / 1.0% YoY)
- Contractual Service Margin €32.5bn vs est. €30.9bn (2.9% QoQ / 1.8% YoY)
- Operating Result €2.0bn vs est. €1.9bn (-4.1% QoQ / 8.7% YoY)
- Adjusted Results
- Net Income €1,033mn vs est. €995mn (-14.2% QoQ / 14.0% YoY)
- Operating Result €1,983mn vs est. €1,929mn (-4.1% QoQ / 8.7% YoY)
- Life €1,025mn vs est. €1,042mn (3.3% QoQ / 4.0% YoY)
- Property & Casualty €1,017mn vs est. €973mn (-1.2% QoQ / 18.1% YoY)
- A&WM Consolidated Operating Income €288mn vs est. €293mn (5.9% QoQ / -5.0% YoY)
- Solvency Ratio (%) 212.0% vs est. 214.1%
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EUR: EURGBP Targets the immediate support.
Jul-07 11:45
- The EUR is mostly mixed against G10s, the Stokkie is still the best performer following the rise in Inflation for Sweden.
- The Kiwi sits at the other end, down 0.56% but off its worst earlier levels, after EURNZD rallied to its highest level since mid April heading into the European session.
- EURGBP targets the next immediate support at 0.8606, this was last Thursday's low.
- A clear break through the figure would challenge 0.8550/0.8503 20- and 50-day EMA values, but given that the main focus is on Tariffs this Week, some of the momentum could be somewhat more contained.
PIPELINE: Early Corporate Bond Roundup: IADB, Shinhan, Nissan Motors on Tap
Jul-07 11:44
- Date $MM Issuer (Priced *, Launch #)
- 07/07 $Benchmark IADB 10Y
- 07/07 $Benchmark Nissan Motor 5Y 7.25%a, 7Y 7.75%a, 10Y 8%a
- 07/07 $Benchmark Shinhan Financial 5Y +63
- 07/07 $Benchmark NTT Finance Corp multi tranche investor calls: 2Y, 3Y fix/SOFR, 5Y fix/SOFR, 7Y, 10Y, 12Y -- in addition to EUR issuance 2Y, -4Y, 8Y and 12Y
EURIBOR OPTIONS: Call Spread buyer
Jul-07 11:40
ERU5 98.25/98.37cs, bought for 0.75 and 1 in 4k.
