HALISTER1: Turkish External Debt is Cheap, Only Overweight in EEMEA: BofA

Turkish External Debt is Cheap, Only Overweight in EEMEA: BofA

(Bloomberg) -- Recommends buying 22s vs 5y CDS, Bank of America analysts including Gabriele Foa write in an e-mailed note.
  • Say spreads are above their 6m average and dollar bonds are trading two notches below their rating; in “outright terms” 25s and 26s are best positioned within the curve
  • After the sell-off in rates, bonds maturing in July 20s “offer the best carry in the belly of the curve,” with 22bps over the next 3 months; Mar23s are also attractive in the long-end with 10bps of carry
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Gabriele Foa (Merrill Lynch & Co Inc)

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UUID: 7947283

HALISTER: L’Oreal Buys Cerave, Acnefree, Ambi From Valeant for $1.3b

L’Oreal Buys Cerave, Acnefree, Ambi From Valeant for $1.3b

(Bloomberg) -- The three brands have combined rev. of about $168m, L’Oreal says in a statement.
  • Purchase is subject to regulatory approval, price will be paid in cash
  • L’Oreal analyst recommendations: {OR FP ANR }
Link to Statement:Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
OR FP (L'Oreal SA)
VRX CN (Valeant Pharmaceuticals International Inc)

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UUID: 7947283

(2) *L'ORÉAL TO BUY CERAVE, ACNEFREE, AMBI FROM VALEANT FOR $1.3B

*L'ORÉAL TO BUY CERAVE, ACNEFREE, AMBI FROM VALEANT FOR $1.3B

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
VRX CN (Valeant Pharmaceuticals International Inc)
OR FP (L'Oreal SA)

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UUID: 7947283

HALISTER: China Dec. Retail Auto Sales Rise 17.1% on Year, PCA Says

China Dec. Retail Auto Sales Rise 17.1% on Year, PCA Says

(Bloomberg) -- Dec. retail auto sales rose to 2.76m units, Passenger Car Association says on website.
  • China’s retail auto sales in 2016 rose 15.9% on year to 23.9m units
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
F US (Ford Motor Co)
600006 CH (DongFeng Automobile Co Ltd)
489 HK (Dongfeng Motor Group Co Ltd)
GM US (General Motors Co)
UG FP (Peugeot SA)

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UUID: 7947283

(2) *CHINA DEC. RETAIL AUTO SALES RISE 17.1% ON YEAR: PCA

*CHINA DEC. RETAIL AUTO SALES RISE 17.1% ON YEAR: PCA

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
F US (Ford Motor Co)
600006 CH (DongFeng Automobile Co Ltd)
489 HK (Dongfeng Motor Group Co Ltd)
GM US (General Motors Co)
UG FP (Peugeot SA)

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UUID: 7947283

HALISTER1: Fund Which Made Money on Treasuries Says Rally Is About to End

Fund Which Made Money on Treasuries Says Rally Is About to End

(Bloomberg) -- Prudential Plc’s Asian asset management unit, which profited from the rebound in 30-year Treasuries last month, has taken its money off the table with the view the three-week rally in U.S. government debt is coming to an end.
  • Nicholas Ferres, who oversees multi-asset investments at Eastspring Investments in Singapore, unwound his holdings of 30-year bonds Friday and Monday, selling them at yields as low as 2.96%, after U.S. jobs and wage data
    • He bought those securities at levels above 3.10% last month when the Fed raised rates
  • “There is a risk that the Fed is behind the curve or has to tighten policy more aggressively than expected now. The odds are yields will move higher”: Ferres
  • Expects dollar to strengthen past parity against the euro and reach 130 yen if traders start factoring in quicker Fed hikes
    • Warns betting on dollar strength is a “crowded trade”
  • Prefers emerging-market currencies and equities which offer more attractive valuations and will benefit from improving global growth
    • Many developing-nation currencies are undervalued, while those of Brazil, Indonesia, Russia, Peru and Mexico have “positive carry” even after adjusting for inflation expectations
  • Story Link:NSN OJJRQN6TTDSD
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER1: INDIA RATINGS: Walker Chandiok Cut; Krishna Constructions Raised

INDIA RATINGS: Walker Chandiok Cut; Krishna Constructions Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Hindusthan Malleables
    • Cash credit cut to BB- from BB at ICRA
    • Cites high working capital intensity of operations due to increase in inventory holdings
  • Walker Chandiok
    • Working capital limits cut to A from A+ at ICRA
    • Cites greater reliance on working capital debt from bank, decline in profitability margins
UPGRADE
  • Krishna Constructions
    • Long-term bank facilities raised to BB from BB- at Crisil
    • Expects net cash accrual to continue to be adequate vis- a-vis maturing debt obligation
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283