HALISTER1: EM Exposed to Swing in Treasuries; Brazil Bonds Favored: Nomura

EM Exposed to Swing in Treasuries; Brazil Bonds Favored: Nomura

(Bloomberg) -- Emerging markets are “clearly vulnerable” to a reversal of UST weakness after last week’s spread tightening, Nomura analyst Siobhan Morden writes in note.
  • Expects commodity credits and high-yielders to outperform, although they lack positive credit momentum
  • Brazil still “everyone’s favorite credit” given large economy, positive fiscal reform momentum and proactive central bank
  • Favors Argentina’s new 5Y given defensive characteristics and spread premium
  • Says PDVSA ’20 is “favorite bond” in Venezuela
  • Uruguay is cheapest IG credit with least U.S. policy risk
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Siobhan Morden (Nomura Holdings Inc)

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UUID: 7947283

HALISTER1: Fairfax Financial Holdings - DBRS Rating Report

Fairfax Financial Holdings - DBRS Rating Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

Tickers
FFH CN (Fairfax Financial Holdings Ltd)

People
V Watsa (Fairfax Financial Holdings Ltd)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research

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UUID: 7947283

HALISTER1: Industrial Alliance Insurance and Financial Services Inc. - Rating Report

Industrial Alliance Insurance and Financial Services Inc. - Rating Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

Tickers
IAG CN (Industrial Alliance Insurance & Financial Services Inc)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research
Issuer Focused Research

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UUID: 7947283

HALISTER: McDonald's 4Q EPS Beats Est.

McDonald's 4Q EPS Beats Est.

(Bloomberg) -- McDonald's 4Q EPS $1.44, est. $1.41 (range $1.36-$1.47)
  • 4Q rev. $6.03b, est. $6.00b (range $5.81b-$6.22b)
  • 4Q U.S. comp. sales -1.30%, est. -1.40% (Consensus Metrix, average of 28)
    • 4Q comp. sales +2.7%, est. +1.4%
    • 4Q International lead market comp. sales +2.8%, est. +2.6%
    • 4Q High-growth market comp. sales +4.70%, est. +2.50%
    • 4Q Foundational and Corp. comp. sales +11.1%, est. +4.90%
NOTE:
  • 14 buys, 20 holds, 2 sells before today
  • Call 11am (NY time), 844-353-1873 pw McDonalds
Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
MCD US (McDonald's Corp)

People
Stephen Easterbrook (McDonald's Corp)

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UUID: 7947283