HALISTER1: Brazil Reforms Help Curb U.S. Fed Hike Impact on BRL: Votorantim

Brazil Reforms Help Curb U.S. Fed Hike Impact on BRL: Votorantim

(Bloomberg) -- BRL’s outperformance after the Fed signaled tighter policy is partially due to investors’ perception that Temer government reforms keep advancing, Roberto Padovani, an economist at Banco Votorantim, says in a phone interview.
  • Reforms are an “anchor” for the positive sentiment
    • The evidence that BRL has already dropped excessively in the past year also helps to buoy the currency
    • Brazil 5-Y CDS stabilizing ~300 points also shows a perception that, despite recent political noises, there is no sign of a populist shift in Brazil
    • “The more the global risk increases, the more good domestic fundamentals are needed”
    • Even with reforms, a higher U.S. rate points to a stronger USD globally, making 3.40 a “good reference” for BRL in the near term
  • NOTE: BRL fell 33% in 2015, second-worst EM currency, capping the 5th year of losses in a row; as of Dec. 15, BRL is the 3rd-best performer among 24 main EM peers
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Roberto Padovani (Banco Votorantim SA)
Michel Temer (Federative Republic of Brazil)

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: CPI, Claims, Factory Surveys Due in 5 Minutes

U.S. ECO PREVIEW: CPI, Claims, Factory Surveys Due in 5 Minutes

(Bloomberg) -- Consumer price index seen rising 0.2% m/m in Nov. after increasing 0.4% in Oct. (forecast range 0% to +0.3%); measures prices paid for consumer goods and services.
  • “Swing factor for the inflation trend over the medium term will be the degree to which labor costs put greater pressure on service categories excluding rents”: Bloomberg Intelligence
  • Initial jobless claims seen at 255k in week ended Dec. 10 vs 258k prior wk (forecast range 245k to 270k); tallies number of people making first-time claims for unemployment benefits
  • Also today:
    • Philadelphia Fed Business Outlook seen at 9.1 in Dec. vs 7.6 in Nov (forecast range 5 to 15); gauge of manufacturing sentiment in Eastern Pennsylvania, Southern New Jersey, Delaware
    • Empire State Manufacturing Survey seen at 4 in Dec. vs 1.5 in Nov. (forecast range 0 to 8); measures sentiment among manufacturers in New York Fed district
    • Current account balance seen at -$111.6b in 3Q vs - $119.9b in 2Q (forecast range -$121.7b to -$108.2b); tracks trade in goods, services, income and current transfers
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Towd Point Mortgage Funding 2016-Granite 3 Plc - DBRS Rating Report

Towd Point Mortgage Funding 2016-Granite 3 Plc - DBRS Rating Report

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

People
Asim Zaman (Dbrs Europe Ltd)
Kali Sirugudi (DBRS Inc)
Keith Gorman (DBRS Inc)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research
Reports

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UUID: 7947283

HALISTER: Fox, Sky Agree to GBP10.75/Share Offer

Fox, Sky Agree to GBP10.75/Share Offer

(Bloomberg) -- 21st Century Fox, independent committee of Sky announce that they have reached agreement on the terms of a recommended pre-conditional cash offer for GBP10.75/share.
  • Fox currently anticipates that the acquisition will complete before the end of 2017
  • Sky will not pay any dividends in 2017
  • Cash consideration implies a value of approximately GBP11.7b
  • NOTE: Fox executives were earlier said to have not ruled out a higher price than GBP10.75/share should the bid not get the required support
  • NOTE: Fox holds 39.14% of Sky shares, according to Bloomberg data
Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
FOXA US (Twenty-First Century Fox Inc)
SKY LN (Sky PLC)

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UUID: 7947283