HALISTER1: Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 - DBRS Presale Report

Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32 - DBRS Presale Report

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

People
Mary Potthoff (Dbrs, Inc.)
Matthew Reid (Dbrs, Inc.)
Kevin Mammoser (DBRS Inc)

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

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UUID: 7947283

HALISTER1: Macau Cash Declaration Rule a ‘Non-Event,’ JPMorgan Says

Macau Cash Declaration Rule a ‘Non-Event,’ JPMorgan Says

(Bloomberg) -- Macau potentially adopting cash declaration rule is probably a move toward meeting international standards against money laundering, and probably not related to China’s capital controls, JPMorgan analyst DS Kim wrote in note earlier.
  • Believe this isn’t a regulatory tightening for gaming industry or Chinese capitol outflow into Macau; don’t see how this would “meaningfully” affect gaming demand
  • “Knee-jerk” reaction is buying opportunity; still bullish after recent rally with Wynn Macau, Galaxy top picks
DEUTSCHE BANK (Karen Tang)
  • Recent Chinese capital outflow rules appear to be “strong signals” from government, junket agents; VIP players may be more “careful”; Wynn Macau, Galaxy more at risk given higher VIP exposures; Sands China likely least impacted
  • Curbs may “dampen” near-term VIP recovery in Macau; curbs unlikely to directly hurt ability of junket operators to raise capital from rich Chinese or affect their daily operations
  • WYNN down as much as 4%, most intraday since Nov. 3; LVS down as much as 2.1%, most since Nov. 16
  • NOTE: Earlier, Macau May Require Declaration of Cash Holdings at Borders: TDM
    • Nov. 30, PBOC Said to Tighten Rules for Onshore Cos Lending Yuan Offshore; Nov. 30, China Said to Add Curbs on Yuan Outflows, Outbound Investment
    • Nov. 28, SAFE Said to Pause Outbound Deals With $50m+ Remaining FX Quota
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
LVS US (Las Vegas Sands Corp)
1128 HK (Wynn Macau Ltd)
27 HK (Galaxy Entertainment Group Ltd)
MGM US (MGM Resorts International)
880 HK (SJM Holdings Ltd)

People
Ds Kim (JPMorgan Chase Bank NA)
Karen Tang (Deutsche Bank AG)

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UUID: 7947283

HALISTER1: Negative-Yielding Sovereign Debt Total Falls to $9.3t: Fitch

Negative-Yielding Sovereign Debt Total Falls to $9.3t: Fitch

(Bloomberg) -- Negative-yielding sovereign debt total fell to $9.3t as of Nov. 28 from $10.4t Nov. 1 following U.S. election and global bond market selloff, Fitch analysts Jonathan Boise, Robert Grossman and Justin Patrie write in note.
  • Japan still has more negative-yielding debt outstanding than all of Europe, but amount has declined dramatically recently as JGB 10Y yield above zero for first time since March
  • Negative-yielding debt outstanding has decreased in every European country since Nov. 1
  • If falling trend continues, bond investors stand to benefit as pattern of falling investment income could be halted with rising bond yields
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Justin Patrie (Fitch Group Inc)
Robert Grossman (Fitch Group Inc)
Jonathan Boise (Fitch Ratings Ltd)

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UUID: 7947283