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    Paul Fenner-Leitao

    Managing Director and Head of Financials Credit Research at Societe Generale Corporate and Investment Banking - SG CIB

    Paul Fenner-Leitao is a Managing Director and Head of Financials Credit Research at Societe Generale Corporate and Investment Banking, specializing in fixed income research with a focus on European financial institutions. He has covered major listed and private banks, insurance firms, and financial groups, frequently providing market analysis on institutional names for investor calls and conference panels. Since joining Societe Generale in 2014, Fenner-Leitao has built a reputation for delivering incisive credit research valued by clients and recognized by peers, though specific public performance metrics or awards are not disclosed. He holds a senior research role with over ten years at SG CIB and is based in London, with prior regulatory and professional credentials aligned to senior credit research mandates.

    Paul Fenner-Leitao's questions to BARCLAYS (BCS) leadership

    Paul Fenner-Leitao's questions to BARCLAYS (BCS) leadership • Q2 2025

    Question

    Paul Fenner-Leitao from Societe Generale asked for clarification on a 2034 call date, future AT1 issuance plans, the mechanics behind the U.S. consumer bank's high cost of risk versus its NPLs, and what early warning signs of negative consumer behavior Barclays is monitoring.

    Answer

    Daniel Fairclough, Treasurer, clarified the 2034 call date relates to a legacy preference share, not new supply, and stated that AT1 issuance would be broadly balanced with calls for the year. Anna Cross, Group Finance Director, explained the U.S. cost of risk is elevated due to IFRS 9's forward-looking provisions, which assume a higher unemployment rate than currently observed. She added that Barclays monitors spending patterns and payment rates for consumer stress, both of which remain stable and reassuring.

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    Paul Fenner-Leitao's questions to BARCLAYS (BCS) leadership • Q2 2025

    Question

    Paul Fenner-Leitao from Societe Generale asked for clarification on a 2034 call date, future AT1 issuance plans, the mechanics behind the U.S. consumer bank's high cost of risk versus its NPLs, and what early warning signs of negative consumer behavior Barclays is monitoring.

    Answer

    Daniel Fairclough, Group Treasurer, clarified the 2034 call date relates to a legacy preference share, not new supply, and confirmed Barclays expects to be a broadly balanced AT1 issuer. Anna Cross, Group Finance Director, explained the U.S. cost of risk is elevated due to the procyclical nature of IFRS 9 and forward-looking economic models, not just current delinquencies. She added that they monitor spending patterns and payment rates for consumer stress, neither of which are currently showing negative trends.

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