Halister News

(Bloomberg) -- Danske and Intesa offer ~10% yields, Bankia, Erste and Nordea are value plays as investors should favor lenders with non-EU exposure that can offset negative rates by generating fees and have earnings in dollars, Credit Suisse says in note.

• Also likes banks with the capital to absorb SREP ratio changes
• Notes Basel Committee subgroup of Governors and Heads of Supervision (GHOS) is meeting Sept. 11 to discuss regulation
• Sees GHOS taking a step back, giving comments on some proposed rules that will be positive, delay some until 2017
• Santander, UniCredit, BBVA may rise if GHOS eases off as that should benefit banks that don’t yet meet “go to” CET1 levels or where dividend is in focus
• NOTE: Banks are best QTD performers in SXXP, worst YTD