HALISTER: UniCredit Sells Pekao Stake for $2.6 Billion to Lift Capital (2)

UniCredit Sells Pekao Stake for $2.6 Billion to Lift Capital (2)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
PEO PW (Bank Pekao SA)
UCG IM (UniCredit SpA)
PZU PW (Powszechny Zaklad Ubezpieczen SA)

People
Jean Pierre Mustier (UniCredit SpA)
Matteo Renzi (Republic of Italy)

Topics
Holding Decreases

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UUID: 7947283

HALISTER1: EU CREDIT OPEN: Holding Breath Before ECB; Italy Outlook Cut

EU CREDIT OPEN: Holding Breath Before ECB; Italy Outlook Cut

(Bloomberg) -- With Asian equity and credit markets rallying again overnight, such is the depth of optimism the ECB will extend quantitative easing today that anything less may risk triggering broad investor disappointment, Bloomberg strategist Simon Ballard writes.
  • Italian credit remains under some pressure, especially in banks as Italy sovereign rating outlook cut to negative by Moody’s and MPS asks ECB for EU5b capital increase deadline extension
  • No new issues on the European primary slate yet; trading activity expected to remain low before ECB
  • European IG credit pipeline here, leveraged finance pipeline here
  • Bloomberg Barclays Eur-Agg Corporate index closed Wednesday at 124bps (-2bps); Bloomberg Barclays Eur HY index closed at 398bps (-6bps)
  • CDX IG closed Wednesday at 68.74 (-1.4bps); iTraxx Asia Ex Japan IG is currently -7.0bps at 114.18 and iTraxx Australia quoted -2.0bps at 102.50
NEWS
  • Corporate News
  • Samsung Said to Plan All-Screen Design in New Galaxy S8 Phones
  • DS Smith 1H Adj. Operating Profit GBP226m
  • TUI FY Rev. Misses Estimate, Sees Adj. Ebita Growth at Least 10%
  • Sports Direct 1H Revenue Rises, Says Headwinds to Continue
  • Ocado 4Q Retail Gross Sales In Line With Estimates
  • Nissan Focuses on Costs, Tech as Regulations Out of Its Control
  • Financial News
  • UniCredit Sells Pekao Stake for $2.6 Billion to Lift Capital
  • Australian Banks Well Placed to Counter Headwinds, Moody’s Says
  • Deutsche Bank Records Alleged to Show Banks Rigged Silver Prices
  • Rating News
  • Italy Credit Rating Outlook to Negative From Stable by Moody’s
  • Fitch: Asset-Quality Risks Weigh on APAC Bank Outlooks
  • Other News
  • Draghi’s Stimulus Message Set to Be Scanned for Ultimate QE Plan
  • Italy’s Bank Crisis Isn’t Renzi’s Problem Anymore
  • China Nov. Retail Auto Sales Rise 19.8% on Year, PCA Says
  • HSBC Unfazed as Best Emerging Bonds Hit by India Rate Shock
ANALYST VIEWS
  • There are not sufficient grounds for optimism on the (European) economy, the inflation picture or, specifically, Southern Europe to allow the ECB to take the foot off the gas: RBC Europe
  • We may have rallied across the board in Wednesday’s session, but after the weakness and volatility of late, the markets remain nervous and expectant. Low rates for longer is their mantra, hence the rally in equities and in government bonds. The Monte dei Paschi potential bailout was a side issue: creditmarketdaily.com
  • NOTE: Simon Ballard is a credit strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)
2103Z IM (Republic of Italy)

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UUID: 7947283

HALISTER: Deutsche Bank May Have Rigged Index in Paschi Deal, Audit Shows

Deutsche Bank May Have Rigged Index in Paschi Deal, Audit Shows

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
DBK GR (Deutsche Bank AG)
BMPS IM (Banca Monte dei Paschi di Siena SpA)

People
Anshu Jain (Social Finance Inc)
Charlie Olivier (Deutsche Bank AG)
Craig McCann (Securities Litigation & Consulting Group)
Ivor Dunbar (Project Trust)
Michael Dempster (Centre For Financial Research)

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UUID: 7947283

(2) *PZU, PFR AGREE TO BUY 32.8% STAKE IN PEKAO FROM UNICREDIT

*PZU, PFR AGREE TO BUY 32.8% STAKE IN PEKAO FROM UNICREDIT

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

Tickers
PEO PW (Bank Pekao SA)
PZU PW (Powszechny Zaklad Ubezpieczen SA)
UCG IM (UniCredit SpA)

Topics
Holding Increases

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UUID: 7947283

(2) *CHINA NOV. RETAIL AUTO SALES RISE 19.8% ON YEAR: PCA

*CHINA NOV. RETAIL AUTO SALES RISE 19.8% 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: Indian Long Bonds, Swaps to Adjust More on RBI Rhetoric: Citi

Indian Long Bonds, Swaps to Adjust More on RBI Rhetoric: Citi

(Bloomberg) -- RBI’s hawkish rhetoric relative to market expectations will likely prevent Indian rates from pricing in a rate cut anytime soon, Citi analysts including Gaurav Garg write in note dated Wednesday.
  • Heavy positioning in OIS receivers and long bonds is likely to adjust further; long-tenor bonds may also be hit by issuance of cash management bills that are eligible for statutory liquidity ratio
  • Medium-term fundamentals remain supportive of fixed income but wouldn’t build outright receiver/long duration position just yet
  • INR may get negatively impacted via disappointment of equities at unchanged rates and broad USD strength; moreover, RBI may not be averse to orderly weakening of INR
  • NOTE: Yield on 10-year govt bond up 3bps to 6.44%, adding to 21bps rise on Wednesday after RBI’s surprise decision to hold rates
  • USD/INR down 0.3% to 67.4525
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Gaurav Garg (Citigroup Inc)

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UUID: 7947283