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《大行報告》瑞銀料矽谷銀行事件令英歐收緊銀行流動性監管 料匯控調整屬獲利回吐
阿思達克 03-14 14:38
瑞銀發表研究報告指,美聯儲宣布銀行定期融資計劃,以國債、機構債務、MBS和其他證券為抵押品提供一年期貸款,按面值計算,成本為隔夜拆息加10個基點。該行認為,這應該會大大減少被迫虧本出售證券的需要。儘管銀行存在大量流動性過剩,但該行預計,歐洲央行和英國央行將面臨與美聯儲貸款相似的壓力,料事件後英歐將收緊銀行流動性監管。該行續稱,投資者亦會看好大銀行多於小銀行,及偏好以零售為中心的銀行而言,而非商業為中心的銀行,存款競爭加劇亦會導致2024至25年的淨息差降低,以及限制了銀行業務的重新評級潛力。 對於匯控(00005.HK)以1英鎊收購SVB UK,該交易並不包括SVB UK母公司的任何資產和負債。在這筆交易之後,英國央行和財政部確認「所有存入」該行的存款均是安全可靠。該行預測,匯控2023和24年的分配收益率分別為7.8%和17%,該股自周三以來下跌9%,是屬於獲利回吐,而不是其前景有所改變。
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