HALISTER: Monte Paschi Leads Italian Banks Lower After Referendum Defeat

Monte Paschi Leads Italian Banks Lower After Referendum Defeat

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BMPS IM (Banca Monte dei Paschi di Siena SpA)
UCG IM (UniCredit SpA)

People
Matteo Renzi (Republic of Italy)
Azzurra Guelfi (Citigroup Inc)
Christoph Rieger (Commerzbank AG)

Topics
Subordinated Debt

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UUID: 7947283

HALISTER1: *H.K. SFC WARNS RISKS ON EXCEL DEV.'S HIGH HOLDING CONCETRATION

*H.K. SFC WARNS RISKS ON EXCEL DEV.'S HIGH HOLDING CONCETRATION

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
1372 HK (Excel Development Holdings Ltd)
1076802Z LN (Excel Development Ltd)

People
Masaaki Iwamoto (Nikko Asset Management Co Ltd)
Megumi Todori (North Pacific Bank Ltd)
Paul Seet (Jump Trading LLC)

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UUID: 7947283

HALISTER1: EU CREDIT DAILY: Italian Weakness; Credit Suisse Job Cuts

EU CREDIT DAILY: Italian Weakness; Credit Suisse Job Cuts

(Bloomberg) -- The referendum vote against Italian Prime Minister Renzi’s constitutional reforms could have the greater impact on risk markets early this week, in spite of pro-European Van der Bellen’s victory in Austria Sunday, Bloomberg strategist Simon Ballard writes.
  • The specter of renewed political crisis and EUR currency weakness could damp credit market performance over coming days and into year-end
  • Italian banks likely biggest casualties of Renzi defeat and resignation; uncertainty may shroud EU5b recapitalization of Monte Paschi di Siena, spreads likely to come under pressure
  • EUR credit markets set to open with defensive bias Monday; Asian risk assets softer overnight with equities lower and credit spreads wider
    • Financial sector spreads under pressure; iTraxx Subordinated financials currently +5bps
  • Bloomberg Barclays Eur-Agg Corporate index closed Friday at 127bps (+1bp); Bloomberg Barclays Eur HY index closed at 418bps (-1bps)
  • CDX IG closed Friday at 72.85 (-0.8bp); iTraxx Asia Ex Japan IG is currently +0.4bps at 125.79 and iTraxx Australia quoted +0.3bps at 109.33
NEWS
  • Corporate News
  • Nissan China Nov. Vehicle Sales Rise 10.7% on Year
  • Telstra hires Tesla director as new COO
  • Purplebricks 1H Revenue Grows 159%; Confident Outlook for Future
  • Financial News
  • Amundi Said to Be in Lead to Buy UniCredit’s Pioneer Unit
  • Credit Suisse to Cut as Many as 1,300 Swiss Jobs, SamS Reports
  • BNP Chairman Sees Big Changes to City of London After Brexit
  • Rating News
  • Moody’s Says Key Resignation Has No Implications for NZ Ratings
  • Losing Its Coveted AAA Rating May Be Just What Australia Needs
  • Japan Life Insurance Industry on Negative Outlook at Moody’s
  • Fitch Outlook for Chinese Banking Sector Is Negative in 2017
  • Other News
  • Renzi Quits as Italy Referendum Defeat Deepens Europe’s Turmoil
  • Renzi’s Italian Fate Also Overshadows Draghi’s Path Ahead for QE
ANALYST VIEWS
  • There is a non-trivial probability that we give the rest of 2016’s spread performance back in the next couple of weeks - despite the ECB’s heavy lifting of corporate bonds from its corporate QE programme, where last week’s purchases will be known later today. It does feel like the current path of least resistance is lower and wider, respectively: creditmarketdaily.com
NEW ISSUES
  • Catalent EU380m 8NC3 Senior Notes 4.75%
  • Cofinimmo EU55m 8Y Green, Social Bond MS +150
  • Socfin EU80m 5Y 4% Coupon
  • Thomas Cook EU750m 6/2022 NC2.5 6.25%
  • European IG credit pipeline here and HY credit pipeline here
  • 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)

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UUID: 7947283

HALISTER1: BI Europe Financial Policy Tracker Key Events: Brexit, Tobin Tax

BI Europe Financial Policy Tracker Key Events: Brexit, Tobin Tax

Alert: HALISTER1
Source: BI (Bloomberg Intelligence)

Tickers
BNP FP (BNP Paribas SA)
BBVA SM (Banco Bilbao Vizcaya Argentaria SA)
SAN SM (Banco Santander SA)
DBK GR (Deutsche Bank AG)
ISP IM (Intesa Sanpaolo SpA)

Topics
BI Analysis

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UUID: 7947283

HALISTER1: INDIA RATINGS: MIRC Electronics Cut; Greenwood High Trust Raised

INDIA RATINGS: MIRC Electronics Cut; Greenwood High Trust 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
  • MIRC Electronics
    • Long-term bank facilities cut to BB from BBB at CARE
    • Cites weaker financial performance of company in FY16 due to decline in sales, longer working capital cycle and high inventory levels
UPGRADES
  • Greenwood High Trust
    • LT rating raised to A from A- at Crisil
    • Cites expectation of steady growth in revenue with an increase in scale of operations and sustenance of operating margin
  • Karnataka State Financial Corp
    • Non-convertible bond program raised to AA-(SO) from A+ at ICRA
    • Cites improvement in credit profile of Karnataka govt, which had guaranteed the bond
  • Pokarna Engineered Stone
    • LT rating raised to BB+ from BB- at Crisil
    • Cites improvement in business risk profile, driven by a sustained increase in scale of operations and profitability margins
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0373246D IN (Arjun Chemicals Pvt Ltd)
9536970Z IN (M Arunachalam Projects & Infrastructure Co Pvt Ltd)
0808706D IN (Prithvi Ferro Alloys Pvt Ltd)
9264057Z IN (Subburaaj Cotton Mill Pvt Ltd)
VT IN (Vindhya Telelinks Ltd)

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UUID: 7947283