US Banks, US Money Center and Regional Bank Credit Paper Upgraded to Overweight at JPMorgan

April 19, 2021 6:23 AM EDT
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Analyst Kabir Caprihan comments "Going into 2021, we had a Neutral recommendation on the US money centers, which have underperformed the overall HG index YTD, as other sectors have pulled the index tighter. To start 2021, money center spreads were trading at 96bp at the 10Y part of the curve, ~12bp inside the index reading of 108bp. As of writing, 10Y money center spreads have widened to 105bp, while the overall index is 7bp tighter at 101bp. With money centers now trading outside of the index for the first time since early 2019, we believe an Overweight recommendation is appropriate. Prior to the onset of COVID-19 in early 2020, 10Y US money center spreads were trading ~20 – 25bp inside of the JULI index."

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