So far, 1Q24 results have contained few major surprises – we have two IBs left to report (BoA and MS today) then a range of the smaller regional banks which should give further insight into the US CRE market, a key driver for some European issuers, such as PBB and Aareal.

• The major investment banks (IB) have reported mixed IB revenues with secondary lines very muted but with a wide dispersion (GS best, Citi and JPM weaker). Primary is making a DCM-led comeback with will still weak M&A advisory numbers. This plays more to the strengths of Deutsche, Barclays and BNP, as against Morgan Stanley, for example.
• Overall revenue and credit performances have been broadly in line so far (M&T Bank did show some credit deterioration, unhelpful for PBB, Aareal).
• Timetable of events for today (all times are London, ** seen as potential market movers):
  • 1130 BNY Mellon results
  • 1145 ** Bank of America, PNC Financial results
  • 1230 ** Morgan Stanley results
  • 1330 ** BoA conf call
  • 1400 Northern Trust conf call (results are simply “pre-market”)
  • 1430 ** MS conf call
  • 1500 PNC conf call
  • 1600 BNY Mellon conf call