HALISTER1: U.S. Structured Finance Newsletter - September 27, 2016

U.S. Structured Finance Newsletter - September 27, 2016

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

People
Charles Weilamann (DBRS Inc)
Chris Donofrio (Dbrs Inc)
Chris O'Connell (DBRS Inc)
Christopher D'Onofrio (DBRS Inc)
Claire Mezzanotte (DBRS Inc)

Topics
Fixed Income Research
Industry & Sector Research
Credit Analysis Research
Credit Research
Investment Research

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UUID: 7947283

HALISTER1: Otkritie Sees More Russia Firms Offering Eurobonds With Buybacks

Otkritie Sees More Russia Firms Offering Eurobonds With Buybacks

(Bloomberg) -- Expects more Russian companies to sell new Eurobonds combined with buybacks of short-dated notes, as it allows issuers to borrow at lower rates, according to Otkritie Capital analyst Stanislav Bozhenko.
  • Recommends monitoring bonds due in 2017-2018
  • Lukoil, Severstal, PhosAgro may tap mkt soon
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
LKOH RM (Lukoil PJSC)
PHOR RM (PhosAgro PJSC)
CHMF RM (Severstal PJSC)

People
Stanislav Bozhenko (Otkritie Holding OAO)

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UUID: 7947283

HALISTER1: SC Germany Consumer 2016-1 UG (haftungsbeschränkt) - Finalized Presale Report

SC Germany Consumer 2016-1 UG (haftungsbeschränkt) - Finalized Presale Report

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

People
Kevin Chiang (DBRS Ltd)

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

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UUID: 7947283

HALISTER1: CU Bancorp Unit Issued Consent Order by FDIC, State of Calif.

CU Bancorp Unit Issued Consent Order by FDIC, State of Calif.

(Bloomberg) -- CU Bancorp says order relates to weaknesses in Bank Secrecy Act and Anti-Money Laundering compliance; sees order leading to additional compliance expenses.
  • Under terms of Consent Order, bank to increase board supervision of BSA compliance program, notify regulatory agencies prior to appointment of new BSA officer, formulate a written action plan
  • CUNB unit California United Bank didn’t admit/deny charges of unsafe/unsound practices
  • Consent Order does not require bank to pay any civil money penalty or require additional capital
Filing
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CUNB US (CU Bancorp)

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: S&P/Corelogic CS Home Prices Due in 5 Minutes

U.S. ECO PREVIEW: S&P/Corelogic CS Home Prices Due in 5 Minutes

(Bloomberg) -- S&P Corelogic Case-Shiller Composite 20-City Home Price Index seen rising 5.1% y/y in July after increasing 5.13% in June (forecast range +4.79% to +5.3%).
  • M/m index seen unchanged in July after falling 0.07% in June (forecast range -0.15% to +0.3%)
    • NOTE: Index based on three-month avg; covers Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York City, San Diego, San Francisco, Washington, D.C., Atlanta, Charlotte, Cleveland, Dallas, Detroit, Minneapolis, Phoenix, Portland, Seattle, Tampa
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Brazil May Attract More Flows With Potential BCB Cut: Mirae

Brazil May Attract More Flows With Potential BCB Cut: Mirae

(Bloomberg) -- BCB inflation report shows bigger chance of a cut in October and may lure more investments, Pablo Spyer, director at Mirae, says in a phone interview.
  • Inflow for fixed income already seen may increase as investors are likely to enter before a deeper drop in rates
    • Main topic of BCB 3Q inflation report is that the bank sees CPI converging for its targets, Spyer says
    • BCB may start the Selic rate cut cycle with -25bps in October; should BCB prefer to start the easing in November, it could cut the rate by 50bps
  • NOTE: DI rates drop and market prices in 31bps cut in October meeting vs 28bps projected yesterday
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Pablo Spyer (Mirae Asset Global Investments)

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UUID: 7947283