HALISTER1: U.S. ECO PREVIEW: Personal Income/Spending Due in 5 Minutes

U.S. ECO PREVIEW: Personal Income/Spending Due in 5 Minutes

(Bloomberg) -- Personal income seen rising 0.4% in Sept. after increasing 0.2% in Aug. (forecast range +0.2% to +0.5%); tracks wages and salaries, investment and rental income, transfer payments.
  • Personal spending seen rising 0.4% in Sept. after showing no change in Aug. (forecast range +0.1% to +0.6%); tracks spending on goods and services, is used to calculate GDP
    • Prior report showed spending on durable goods, which includes autos, declined 1.3% in Aug. adjusting for inflation; first decline since May
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Euro HY Bonds Could Beat IG If Rates Selloff Extended: Analysis

Euro HY Bonds Could Beat IG If Rates Selloff Extended: Analysis

(Bloomberg) -- European corporate-bond investors may increasingly favor shorter duration should the rates selloff be prolonged, helping high-yield debt outperform investment-grade counterparts, Bloomberg strategist Simon Ballard writes.
  • HY bonds currently have a shorter duration profile vs IG
    • Bloomberg Barclays Euro High Yield index has modified duration of 3.52 years, vs 5.42 years for Bloomberg Barclays Euro-Aggregate Corporate bond index
    • Bloomberg Barclays Euro High Yield index year-to-date total return is 8.12%; that beats 5.01% for the Bloomberg Barclays Euro-Aggregate Corporate bond index
  • This month’s rates selloff was the biggest in more than year; 10Y bund yields jumped 27bps, the most since June 2015
  • Any marked deterioration in macro conditions or credit fundamentals may trigger a defensive investor bias, causing a asset allocation shift up in quality
    • A renewed rally in rates would likely reinvigorate the hunt for yield, underpinning spreads across the quality curve
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: CenturyLink to Buy Level 3; Deal Valued at About $34b With Debt

CenturyLink to Buy Level 3; Deal Valued at About $34b With Debt

(Bloomberg) -- Under terms of deal, Level 3 shareholders will receive $26.50/share in cash and fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own
  • Implies purchase price of $66.50/LVLT share, premium of ~42% based on LVLT’s unaffected closing share price of $46.92 on Oct. 26, last trading day prior to market speculation about a potential transaction
Link to Statement:Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
CTL US (CenturyLink Inc)
LVLT US (Level 3 Communications Inc)

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UUID: 7947283

(2) *CENTURYLINK TO BUY LEVEL 3 FOR ABOUT $34B INCLUDING DEBT

*CENTURYLINK TO BUY LEVEL 3 FOR ABOUT $34B INCLUDING DEBT

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

Tickers
CTL US (CenturyLink Inc)
LVLT US (Level 3 Communications Inc)

People
Glen Post (CenturyLink Inc)
Jeffrey Storey (Level 3 Communications Inc)
Sunit Patel (Level 3 Communications Inc)

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UUID: 7947283

HALISTER: GE to Combine Oil and Gas Business With Baker Hughes

GE to Combine Oil and Gas Business With Baker Hughes

(Bloomberg) -- GE to own 62.5%, Baker Hughes holders to own 37.5% of “new” Baker Hughes.
  • GE will contribute $7.4b to fund $17.50-share special dividend to existing BHI holders
  • NOTE: Oct. 30, GE Nears $30 Billion Energy Deal With Baker Hughes, WSJ Reports
Statement: NSN OFWP40MEQTXI
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BHI US (Baker Hughes Inc)
GE US (General Electric Co)

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UUID: 7947283