FINANCIAL INSTITUTIONSSECTOR IN-DEPTH 11 MAY 2015TABLE OF CONTENTSUS financial institutions 1Non-US financial institutions 3Market-implied ratings tables for global banking regions and companies 6 Monthly Bank Risk Report: key credit metrics: CDS, bonds7Appendix : Moodys Capital Markets Research recent publications on the finance sector22ANALYST CONTACTSAllerton G. Smith 212-553-4058 Sr Dir-Sr Research Analyst 250 Greenwich Street allerton.smith@moodys.comLisa Hintz 212-533-7151Assc Dir-Sr Research Analyst 250 Greenwich Street lisa.hintz@moodys.comABOUT CAPITAL MARKETS RESEARCHAnalyses from Moodys Capital Markets Research, Inc. (CMR) focus on explaining signals from the credit and equity markets. The publications address whether market signals, in the opinion of the groups analysts, accurately reflect the risks and investment opportunities associated with issuers and sectors. CMR research thus complements the fundamentally-oriented research offered by Moodys Investors Service (MIS), the rating agency.CMR is part of Moodys Analytics, which is one of the two operating businesses of Moodys Corporation. Moodys Analytics (including CMR) is legally and organizationally separated from Moodys Investors Service and operates on an arms length basis from the ratings business. CMR does not provide investment advisory services or products.View the CMR FAQ Contact the CMR team Follow us on TwitterMoodys Analytics markets and distributes all Moodys Capital Markets Research, Inc. materials. Moodys Capital Markets Research, Inc. is a subsidiary of Moodys Corporation. Moodys Analytics does not provide investment advisory services or products. For further detail, please see the last page.Bank Risk ReportGlobally, Bank Market Signals Reflect Operating Environments US Financial Institutions: US Bank Market Signals Are Extremely Steady By Allerton (Tony) SmithIn April the market signals for US banks were the most stable since the financial crisis began in 2007. The CDS-implied ratings for the 12 banks whose metrics we cover in this publication are unchanged from their levels one month ago. The bond-implied ratings for 24 of the 34 US banks for which we publish such ratings were also identical to their levels at the end of March, with just four lower and six higher.The average CDS-implied rating for US banks stands at A3, equal to the average Moodys senior debt rating for the group also unchanged. Just two of the group have positive CDS-implied ratings gaps, Capital One Financial Corp. and Capital One Bank, while six have negative CDS-implied ratings gaps.The average bond-implied rating for the 34 banks in this publication remains at A3, as it was one month ago. This also matches the average Moodys senior debt rating for the group, A3, where it resided at the end of each of the last three months and on April 30 a year ago.These market-implied ratings are likely to remain stable, given the banks positive fundamentals and t...
