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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
Second and Third Tier Banks Are Most Exposed Relative to Their Total Assets
As of 31 December 2017
Banks shown are a sample set of TLTRO II borrowers and not a comprehensive listing of all Italian banks.
Historical and current analyses are for informational purposes only.
Source: Individual banks’ reporting
But Foreign Investors Are Reluctant to Buy
As of 30 June 2018
Historical and current analyses are for informational purposes only.
Source: Haver Analytics (Italian National Accounts)
AT1 Spread Has Widened 85% Since the Tights of 2018, and Is Now Close to the Historical Average
As of 15 November 2018
Historical and current analyses are for informational purposes only.
Source: Bloomberg Barclays
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
AllianceBernstein Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom.
Steve Hussey is a Senior Vice President and Head of Developed-Market Global Banks Research, covering banks in the US, Canada, Europe, Japan and Australia. Prior to joining the firm in 2000, Hussey spent six years at credit rating agency Fitch IBCA, where he was a director, responsible for the Spanish and Latin American banking sectors. He holds a BSc in business economics and accounting, and an MSc in international banking and finance from the University of Southampton (UK). Location: London
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