Bond Market News

Barclays reported Q3 attributable profits of £1.45bn ($2.4bn) beating expectations of £931.25mn ($1.3bn), and up 2.4x from the same period last year. Revenue rose 5% YoY to £5.47bn ($7.6bn). Profits were helped by a significant release in new loan-loss provisions that fell to £120mn ($166mn) compared with £608mn ($840mn) during the same period last year. Fees from capital markets and M&A surged 59% to £971mn ($1.3bn), helping revenues. Pre-tax profits from its UK retail banking unit rose to £451mn ($623mn), up 2.3x YoY. CEO Jes Staley said, “We now have a position as one of the top six global investment banks and we’re going to keep that”. The bank’s CET1 ratio stood at 15.4%, above the target range of 13-14%, up 30bp QoQ.

Barclays’ dollar bonds were flat with its 8% Perps at 112.66, yielding 2.99%.

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