Info sacada de la publicación del 6 de mayo de Merryl Lynch: FIG Focus. Ratings, rankings and news for Europe’s financial institutions
Lloyds TSB – remaining OW-70%
Merrill Lynch view/recommendation
We remain Overweight-70% on Lloyds across the capital structure.
Rating actions
No rating action expected.
Key takeaways
Lloyds TSB released an interim management statement this morning.
According to the Group it is ‘on track for good performance’ in 1H08.
All divisions are expected to report double-digit rises in PBT, excluding the
impact of current market dislocation.
The impact of current market dislocation on its Wholesale and International
Banking business was GBP387mn in Q108.
The residual value of ABS CDO positions was GBP125mn, net of GBP406mn in
CDS protection bought from a triple-A monoline. Lloyds TSB took GBP58mn in
writedowns on this protection. LLOYDS also disclosed GBP35mn in residual SIV
capital note investments and GBP200mn of indirect subprime/ABS CDO
exposure in its trading portfolio.
Lloyds TSB Bank Aaa (Moody's) AA (S&P) AA+ (Fitch)
Ahora mismo doy la orden de comprar para varias cuentas.
