JPM (Aa2/AA-/AA) - Q4 Results
A good quarter from JPM, keeping earnings stable despite lower rates and keeping a lid on expenses.
Valuation: JPM mostly have Snr Non-Preferred in EUR and GBP. The appear to trade slightly expensive in GBP. In EUR they appear marginally cheap (c.5bps) although a little reverse Yankee premium often persists. Among the US names it trades a little inside the other curves - which should be expected given the rating - excluding GS which trades tight.
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Type | 8-week BTF | 13-week BTF | 28-week BTF | 50-week BTF |
Maturity | Feb 12, 2025 | Mar 19, 2025 | Jul 2, 2025 | Dec 3, 2025 |
Amount | E799mln | E3.095bln | E1.485bln | E1.197bln |
Target | E0.4-0.8bln | E2.7-3.1bln | E1.1-1.5bln | E0.8-1.2bln |
Previous | E590mln | E398mln | E1.994bln | E1.697bln |
Avg yield | 2.755% | 2.770% | 2.575% | 2.372% |
Previous | 3.480% | 2.796% | 2.724% | 2.357% |
Bid-to-cover | 2.97x | 2.53x | 2.68x | 3.73x |
Previous | 2.25x | 2.9x | 2.82x | 3.03x |
Previous date | Aug 19, 2024 | Dec 09, 2024 | Nov 18, 2024 | Dec 09, 2024 |
U.S. assets have outperformed over the past few hours, with U.S. e-mini futures ticking higher despite weakness in global peers, Tsys bid and the BBDXY moving back towards Friday highs.