Strategy Conference Call

Outlook 2024: An out-of-consensus call series on major markets

| December 8, 2023

This document is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt research reports prepared for retail investors.

Please join Santander strategists for their out-of-consensus calls for 2024:

  • Bank strategies for risk and capital relief with Tom O’Hara
  • Securitized markets in 2024 with Stephen Stanley, Steve Abrahams, Brian Landy, Mary Beth Fisher and Caroline Chen
  • Investment grade credit in 2024 with Stephen Stanley, Steve Abrahams, Dan Bruzzo and Meredith Contente

Bank strategies for risk transfer and capital relief

Thursday, November 30, 2023, 3:00pm ET

Basel III endgame regulatory proposals could increase bank capital requirements by an estimated 5% to 19%, compounding stress on capital created by post-pandemic loan growth and unrealized losses on securities. Raising capital is expensive, especially given currently depressed stock prices. So banks are turning to alternative strategies to reduce risk-weighted assets. Join Tom O’Hara, head of bank strategy for Santander US Capital Markets, for a 30-minute call to discuss the appetite among private investors for bank loan risk as well as various strategies for balance sheet optimization.

View the presentation with audio here.
(Password: Santander23)

Slides available here (PDF)

Out-of-consensus calls for securitized markets in 2024

Tuesday, December 5, 2023 – 3:00pm EST

The economy faces potential surprises next year in growth, the Fed path and QT. Markets will need to navigate changing liquidity, volatility, term premium and investor mix. And each sector of securitized products—MBS, CMBS and CLOs—faces its own twists and turns. Join Stephen Stanley, Steve Abrahams, Brian Landy, Mary Beth Fisher and Caroline Chen for highlights of their out-of-consensus call for 2024.

View the presentation with audio here.
(Password: Outofconsensus23)

Slides available here (PDF).

Out-of-consensus calls for investment grade credit in 2024

Wednesday, December 6, 2023 – 3:00pm EST

Beyond surprises in the economy and markets, investment grade corporate debt investors should see unpriced opportunity in supply, M&A, the power of cash on a balance sheet, the performance of technology credits, the play in regional banks and consumers’ selective willingness to keep spending. Join Stephen Stanley, Steve Abrahams, Dan Bruzzo and Meredith Contente for highlights of their out-of-consensus call for 2024.

View the presentation with audio here.
(Password: Outofconsensus24)

Slides available here (PDF).

SCIB US Strategy Team
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This material is intended only for institutional investors and does not carry all of the independence and disclosure standards of retail debt research reports. In the preparation of this material, the author may have consulted or otherwise discussed the matters referenced herein with one or more of SCM’s trading desks, any of which may have accumulated or otherwise taken a position, long or short, in any of the financial instruments discussed in or related to this material. Further, SCM may act as a market maker or principal dealer and may have proprietary interests that differ or conflict with the recipient hereof, in connection with any financial instrument discussed in or related to this material.

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