HALISTER1: Ex-BSI Banker Yak Found Guilty in Singapore 1MDB-Linked Case (1)

Ex-BSI Banker Yak Found Guilty in Singapore 1MDB-Linked Case (1)

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
0206021D MK (1Malaysia Development Bhd)

People
Jynwel Capital Limited (Jynwel Capital Ltd)
Lee Teck Leng (XMH Holdings Ltd)
Low Taek Jho (Jynwel Capital Ltd)
Najib Abdul Razak (Federation of Malaysia)
Yak Yew (BSI Bank Ltd)

Topics
Criminal Practice & Procedure
Evidence

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UUID: 7947283

HALISTER1: EU CREDIT DAILY: Consolidation; Rosneft Falls, Allianz Rises

EU CREDIT DAILY: Consolidation; Rosneft Falls, Allianz Rises

(Bloomberg) -- Trump stimulus hopes continue to offer degree of support to credit market sentiment, but risk appetite may see some consolidation Friday after a volatile week amid continued selloff in government bonds, Bloomberg strategist Simon Ballard writes.
  • Bond rout may be weakening yield advantage of EM space, but not yet having meaningful negative impact on IG/HY returns profile; may eventually favor shorter duration HY index vs IG
    • EUR HY index total return -0.37% mtd (+7.68% ytd); EUR IG index -0.55% mtd (4.66% ytd)
  • Market volumes likely muted Friday, with U.S. Treasuries market closed for Armistice/Veterans’ Day
  • Bloomberg Barclays Eur-Agg Corporate index closed Thursday at 112bps (-1bps); Bloomberg Barclays Eur HY index closed at 387bps (-8bps)
  • CDX IG closed Thursday -0.86bps at 74.78; iTraxx Asia Ex Japan IG is currently +1.0bps at 119.90 and iTraxx Australia quoted +5.7bps at 109.17
NEWS
  • Corporate News
  • Rosneft Third-Quarter Profit Falls Even as Oil Output Grows
  • Codere 3Q Ebitda EU61.6m Vs EU67.8m Year Earlier
  • Aegean Airlines 9-Month Net Income EU51.2m From EU81.9m Yr- Ago
  • Financial News
  • Allianz Profit Rises 36%; Pimco Has First Inflows Since 2013
  • Samsung Life 3Q Net 485.7b Won; Est. 459.1b Won
  • State Bank of India Profit Matches Ests.; Bad Loan Ratio Widens
  • UnipolSai 9-Mo. Net Income Attributable EU409m; COR 96%
  • UBI 3Q Net Income Beats Estimate; Fully-Loaded CET1 11.28%
  • Jyske Bank Says Retail Clients May See Negative Rates in 2017
  • Resona Holdings 1H Net Income Up 13% Y/y; Beats Estimate
  • UniCredit Gets Four Bids for Asset Manager Pioneer: Messaggero
  • Rating News
  • S&PGR Raises USG Corp. Ratings To ’BB+’; Outlook Stable
  • S&PGR Raises BlueScope Steel Ratings To ’BB+’; Outlook Stable
  • Fitch Rates Adani Ports’ Proposed USD Notes ’BBB-(EXP)’
  • Other News
  • Wall Street Bonus Rules Seen as Urgent Ahead of Trump Takeover
  • Carry Trades Collapse as Emerging-Market Yield Advantage Shrinks
ANALYST VIEWS
  • Eurozone is stuck in a rut and higher yields are going to be extremely unhelpful...Current fear (of) higher yields might materialise as being the U.S.’s bond dynamic while Eurozone government bond markets find a new level away from zero: creditmarketdaily.com
NEW ISSUES
  • Bunge EU200m 1.85% 6/2023 Tap MS +110
  • Gazprom EU1b 7Y 3.125%
  • KfW GBP250m 1.625% 6/2020 Green Bond Tap UKT +30
  • Nederlandse Gasunie EU300m 3Y MS +5.9, 0% Yield
  • NRW Bank EU500m 10Y Green Bond MS -17
  • Sampo EU750m 9/2023 MS +68
  • European IG credit pipeline here and HY credit pipeline here
  • Issuers exposed to S-T rollover and interest-rate reset risk 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)

Tickers
ROSN RM (Rosneft PJSC)

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UUID: 7947283

HALISTER1: JAPAN RATES WEEKLY: Yields Rise as Trump Win Boosts U.S. Rates

JAPAN RATES WEEKLY: Yields Rise as Trump Win Boosts U.S. Rates

(Bloomberg) -- Japan govt bonds drop this week following higher U.S. Treasury yields on speculation that president-elect Trump’s economic policies will spur faster inflation.
  • Click here for weekly change in yield curve and here for market snapshot
  • U.S. 10-year yield climbs to 10-month high on Thursday, helping to boost Japan’s equivalent rate to most since Sept. 21
  • A BOJ board member said more easing depends on price momentum, according to a summary of opinions expressed at a meeting that ended on Nov. 1; summary was released on Nov. 10
    • Many BOJ members say new framework will enhance sustainability of easing, according to minutes from the Sept. 20-21 policy meeting released on Monday
  • MOF likely to reduce bond issuance next fiscal year, according to Bloomberg survey of primary dealers
  • Govt to sell 5- and 20-year securities next week
  • BOJ can sit back and be grateful for Trump’s victory: analysts
  • WHAT THEY SAY
  • MassMutual Life Insurance (Satoshi Shimamura, head of rates and markets at investment strategy department)
    • Increase in U.S. Treasury yields seems overdone, probably spurring some correction downward which would support JGB prices
    • There’s risk any improper language from Trump, which has been none since he was elected, would lead to lower U.S. yields
    • Expects Japan’s 10-year yield to trade between -0.10% and -0.01% next week
  • Bank of America Merrill Lynch (Shuichi Ohsaki, chief Japan rates strategist)
    • Demand for 20-year notes that offer positive yields and carry roll-down has been increasing
    • Seems reasonable to see upward pressure on yields due to speculation of fiscal expansion in the U.S. after Trump wins election with Congress controlled by Republican; surprise vote results spurred unwinding of flattening position in the U.S.
    • However, size of fiscal expansion remains unclear and upward trend in yields may stabilize after such position adjustment
    • Sees Japan’s 10-year rate in range of -0.07% and 0% next week
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Satoshi Shimamura (Massachusetts Mutual Life Insurance Co)
Shuichi Ohsaki (Merrill Lynch Japan Securities Co Ltd)

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UUID: 7947283