2 July, 2020
The results of the 2020 Comprehensive Capital Analysis and Review (CCAR) stress tests of the largest US banks have revealed that despite COVID-19 and the prospect of pandemic-led loan losses, the sector remains in good shape. In this investment note, our US bank portfolio management team takes a closer look.
On Thursday 25 June, the US Federal Reserve Board (the Fed) announced the results of the 2020 CCAR stress test of the country’s largest banks, which this year included additional analysis given the ongoing pandemic1. The supplementary analysis sought to assess how resilient banks are to the current downturn, as it differs from a more typical business–cycle-led-recession. All of the banks passed the stress test; however, the initial market reaction was negative, given investor caution about the recent increase in global coronavirus cases.
Although there will be a range of opinions, the outcome was largely in line with our expectations. Fed Vice Chairman for Supervision Randal Quarles observed that “the banking system has been a source of strength during the crisis and the results of our sensitivity analyses show that our banks can remain strong in the face of even the harshest shocks.”1 This is an important differentiator from the global financial crisis when the banking system was at the heart of the downturn. After the first round of Fed stress tests in 2009, the banks were collectively told to raise US$75 billion in additional capital.
As expected, the Fed kept its share buyback restrictions in place. The Street does not anticipate this will start again until 2021 when the economic recovery is expected to be more firmly established2. Prior to the Fed’s release of results, investors appeared to be more concerned about how the Fed would treat dividends, which were subsequently capped at second-quarter levels and below recent earnings. However, most of the banks should be able to maintain their current dividends under this framework. That said, it could be a limiting factor for a small group of banks. After the market close on Monday 29 June, we received clarity as individual banks announced their capital plans and the majority reaffirmed their dividends going forward, which has been positively received by the markets.
To reflect the current stress tests, an additional requirement this year is for the banks to resubmit and update their capital plans in the third quarter. We view this as appropriate, given the dynamic nature of the recovery.
We would note that the COVID-19 scenario analysis showed that the banks could suffer significant pandemic-driven loan losses. However, we believe that revenue, capital, and loan-loss reserves are sufficient to absorb these potential losses. Additionally, the stress tests scenarios were extremely severe relative to the current situation. For example, one parameter assumed that US unemployment would peak at 19.5% – meaningfully worse than today’s levels. Moreover, the Fed excluded the mitigating effects of government stimulus payments and expanded unemployment benefits that have provided significant support to the economy. Therefore, we think it is unlikely that loan losses will approach these worst-case scenarios.
What the stress-test process has shown is the strength of the banks’ balance sheets, even under extreme stress. Furthermore, valuations remain historically low on both a relative and absolute basis. As such, we believe that US banks offer long-term investors a compelling opportunity.
1 Press release of the Board of Governors of the Federal Reserve System, 26 June 2020.
2 Manulife Investment Management, June 2020,” The World Bank, October 2019.
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Bank of Japan tweaks its yield curve control policy: market implications
The Bank of Japan’s recent decision to fine-tune its yield curve control policy may have caught investors off guard; however, the bigger surprise could be that the adjustment was less hawkish than expected.
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Hyperlinks
We do not recommend or endorse and accept no responsibility for the content of any website not operated by Manulife Singapore which you may visit by following a link from this website. You acknowledge and agree that Manulife Singapore is not responsible for the availability of such third-party sites or resources, and do not endorse, approve, investigate or verify, and are not responsible or liable for any content, advertising, products, or other materials on or available from such sites or resources. You further agree that Manulife Singapore shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, products or services available on such external sites or resources. These links are provided as a convenience and solely for informational purposes. Manulife Singapore is not making any recommendation to invest in, purchase, or sell any securities or other products or services issued by the companies with the linked sites, nor has Manulife Singapore sought to verify or confirm the information contained in the linked sites. Accordingly, Manulife Singapore disclaims any responsibility for the linked sites.
No other website, without the prior written permission of Manulife Singapore, is authorized to link to any part of this website.
Investments
The contents on this website are for information only and without consideration given to the specific investment objective, financial situation and particular needs of any particular person and Manulife does not make any representation that the securities, investment products or services referred to, discussed on, or accessible through, this website are suitable for any particular investor. You should consider whether the security, investment product or service in question is suitable for you and may wish to seek professional advice before making a commitment to invest in any such security, investment product or to engage such service.
The contents on this website is not and should not be construed as being an offer to sell or a solicitation of an offer to buy any security or investment product that may be referred to, discussed on, or accessible through this website. Nor does this website constitute an offering or recommendation by Manulife of any security, investment product, investment management service, or advisory service. Manulife does not provide and should not be construed as providing investment advice, tax advice, or legal advice through this website, and you agree that this website will not be used by you for such purposes. You acknowledge that any requests that may be made by you for information on any security, investment product or service are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service.
Any forecasts or opinions set out on this website are Manulife's own as at the date of the relevant document and may change without notice and should not be regarded as a guarantee or indication of future or likely performance of the subject matter in question. Whilst Manulife believes that the information provided on this website is correct at the date of production, no warranty or representation is given to this effect and Manulife expressly disclaims liability for errors or omissions in such information. No reliance may be placed for any purpose on the information and opinions provided on this website or the accuracy or completeness thereof and no responsibility can be accepted by Manulife to anyone for any action taken on the basis of such information or opinions.
An offer of units in any fund referenced in this website may only be made in or accompanied by a prospectus and/or relevant offering document(s) in respect of such offer. The information and materials set out in this website is not to be taken as a substitute for the prospectus and/or offering document(s) of the relevant fund, as applicable, and you are advised to read the relevant documents (which are available and may be obtained from Manulife Singapore or any of its authorised distributors]) before applying for units in any fund.
Investments in any fund are not deposits in, guaranteed or insured by Manulife. The value of units in any fund and the income accruing to the units, if any, may fall or rise. Past performance is not necessarily indicative of future performance. You should be aware that investment in any fund involves financial risk and you may not get back the principal amount invested. Depending on your currency of reference, factors including but not limited to currency fluctuations may adversely affect the value of your investments and the income accruing there from.
On this website:
Use of Email
The security of electronic mail sent through the Internet is not guaranteed. Do not send sensitive or confidential information to us via electronic mail. Delivery, and timely delivery, of electronic mail is also not guaranteed. Manulife therefore recommends that you do not send time-sensitive or action-oriented messages to us via electronic mail. Manulife may not, and is not obliged to, process your requests, orders, or instructions until Manulife can confirm your instructions or obtain appropriate written documentation where it deems necessary.
Manulife shall not be under any obligation whatsoever, express or implied, to reply to unsolicited correspondence, communications or email or to acknowledge receipt of the same.
Privacy and Data Protection
Your privacy is very important to Manulife. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.
You agree that all information and/or particulars sent or submitted by you through the website is non-confidential and non-proprietary unless otherwise expressly indicated by you. You acknowledge that Manulife, its directors, officers, employees, contractors and agents shall not be subject to any confidentiality obligations in respect of any such information and/or particulars and you agree that Manulife, its directors, officers, employees, contractors and agents may, and you hereby authorise each of them to, use and to disclose such information to any person (including without limitation any third party service provider) in connection with Manulife's internal business purposes.
Without prejudice to the generality of the foregoing, you consent to the processing by Manulife of the personal data submitted by you through the website and/or created in the course of the business relationship with Manulife, and to the transmission of such personal data to other companies within the Manulife (by the internet or otherwise) for purposes connected with marketing and customer administration. If you do not wish your information to be used in this way, you should advise Manulife in writing.
If you have any questions on our data protection policies and practices, please write to us at our corporate address:
The Data Protection Officer
Manulife Investment Management (Singapore) Pte. Ltd.
8 Cross Street
#16-01 Manulife Tower
Singapore 048424
Disclaimers
Manulife does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Manulife disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including without limitation the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.
Manulife and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:
Manulife does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Manulife, you, or any third party.
In no event will Manulife or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Manulife or any other party has been advised of the possibility of such damages.
Records
You acknowledge and agree that Manulife Singapore's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by Manulife Singapore or by any relevant person authorised by Manulife Singapore relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.
Governing Law
These Terms shall be subject to, governed by, and construed in accordance with the laws of Singapore, and you hereby submit to the non-exclusive jurisdiction of the Singapore Courts.
