HALISTER1: DBRS: National Bank Reported Lower Q4 2016 Income

DBRS: National Bank Reported Lower Q4 2016 Income

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

Tickers
NA CN (National Bank of Canada)

People
Maria-Gabriella Khoury (DBRS Inc)
Peter Stavropoulos (DBRS Ltd)

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

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UUID: 7947283

HALISTER: JPMorgan, BofA Chiefs Forecast Fourth-Quarter Trading Gains

JPMorgan, BofA Chiefs Forecast Fourth-Quarter Trading Gains

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
JPM US (JPMorgan Chase & Co)
BAC US (Bank of America Corp)

People
Brian Moynihan (Bank of America Corp)
James Dimon (JPMorgan Chase & Co)
Stephen Schwarzman (Blackstone Group LP/The)
Steven Mnuchin (Dune Capital Management LP)

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UUID: 7947283

HALISTER: *GAVEA SAID IN TALKS TO SELL AZUL AIRLINE STAKE TO CO-OWNERS

*GAVEA SAID IN TALKS TO SELL AZUL AIRLINE STAKE TO CO-OWNERS

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
2870534Z BZ (Azul Linhas Aereas Brasileiras SA)
UAL US (United Continental Holdings Inc)
HNJGHZ CH (Hainan Jiaoguan Holding Co Ltd)
386461Z US (Highbridge Capital Management LLC)

Topics
Holding Decreases

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UUID: 7947283

HALISTER1: Canadian Credit Card Trust II - DBRS Rating Report

Canadian Credit Card Trust II - DBRS Rating Report

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

Tickers
NA CN (National Bank of Canada)

People
Fanfei Gong (DBRS Ltd)
Geetika Gupta (DBRS Ltd)
Jamie Feehely (DBRS Ltd)

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

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UUID: 7947283

HALISTER1: Hold Off on China Dim Sum Bonds as Yuan Depreciation Looms: CA

Hold Off on China Dim Sum Bonds as Yuan Depreciation Looms: CA

(Bloomberg) -- Wait until the next auction to enter at a better buying point as CNH set to depreciate further amid rising U.S. rates, Trump policy proposals, Europe uncertainty and slower domestic growth, Credit Agricole strategist Dariusz Kowalczyk writes in note.
  • USD/CNH to weaken to 6.90 by end-2016, 7.0 by mid-2017, 7.1 by end-2017; continued depreciation should keep boosting offshore CGB dim sum yields, making next auction a more attractive time to buy from yield standpoint
  • Currently high carry cost for dim sum CGBs boosted from higher CNH money market rates
  • Investors likely to be more concerned about CNH weakness than yield pickup, which should drive down bid-cover ratio in upcoming auction
  • Rising correlation between CGB yields and other G-5 (SDR basket) yields, while still relatively low, is a “worrying trend” if continued as it would reduce diversification advantage
  • Central banks shifting interest from dim sum to onshore market as well as a “shrinking” dim sum market also make next auction a better time to enter
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Dariusz Kowalczyk (Credit Agricole SA)

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UUID: 7947283