HALISTER: BofA Said to Drop Galp Sale Linked to Billionaire Dos Santos (1)

BofA Said to Drop Galp Sale Linked to Billionaire Dos Santos (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BAC US (Bank of America Corp)
GALP PL (Galp Energia SGPS SA)
AMORIM PL (Amorim - Fundo de Investimento Imobiliario Fechado)
3399249Z LY (Libyan Investment Authority)

People
Jose Dos Santos (Republic of Angola)
Isabel Dos Santos (Sonangol Holding-Sociedade Nacional De Combustiveis De Angola Ep)

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UUID: 7947283

HALISTER1: PGBs Offer ’Juicy’ Yields But Substantial Room to Sell Off: UBS

PGBs Offer ’Juicy’ Yields But Substantial Room to Sell Off: UBS

(Bloomberg) -- PGBs offer juicy yields but don’t have an attractive risk-reward profile given challenging fundamentals and credit rating risks skewed to the downside, analysts including Lefteris Farmakis and Nishay Patel write in note.
  • PGBs have substantial room to sell off were Portugal to lose market access, or in a situation of generalized risk aversion, but any gains are likely to be modest on an upside scenario
  • Recent statements by DBRS don’t suggest a high likelihood of an imminent downgrade but credit rating risks are arguably skewed to the downside
  • Not recommending outright negative stance as recent price action already reflects deteriorating fundamentals to a significant extent
  • In a separate note, Morgan Stanley analysts still expect investors to focus on idiosyncratic sovereign risks in the medium term; expect PGBs and BTPs to continue to underperform SPGBs
  • NOTE: PGBs may be set for a rebound as Portugal’s fiscal situation remains under control, future issuance is manageable as long as ECB keeps buying and the political landscape is unexpectedly stable, JPM analysts said last week
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Lefteris Farmakis (UBS Asset Management Japan Ltd)
Nishay Patel (UBS Global Asset Management Japan Ltd)

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UUID: 7947283

HALISTER1: Red & Black Auto Germany 4 UG (haftungsbeschränkt) - DBRS Presale Report

Red & Black Auto Germany 4 UG (haftungsbeschränkt) - DBRS Presale Report

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

People
Alexander Garrod (Dbrs Europe Ltd)

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

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UUID: 7947283

HALISTER1: *TRUMP 43%, CLINTON 41% IN 4-WAY NATIONAL RACE: BLOOMBERG POLL

*TRUMP 43%, CLINTON 41% IN 4-WAY NATIONAL RACE: BLOOMBERG POLL

Alert: HALISTER1
Source: BN (Bloomberg News)

People
Donald Trump (Trump Hotels & Casino Resorts Inc)
Hillary Clinton ((US)2016 Presidential Election)

Topics
Bloomberg Politics
Public Opinion Polls
Bloomberg News Polls

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UUID: 7947283

HALISTER1: *TRUMP, CLINTON AT 46% EACH IN HEAD-TO-HEAD RACE: BLOOMBERG POLL

*TRUMP, CLINTON AT 46% EACH IN HEAD-TO-HEAD RACE: BLOOMBERG POLL

Alert: HALISTER1
Source: BN (Bloomberg News)

People
Donald Trump (Trump Hotels & Casino Resorts Inc)
Hillary Clinton ((US)2016 Presidential Election)

Topics
Bloomberg Politics
Public Opinion Polls
Bloomberg News Polls

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UUID: 7947283

HALISTER1: BOJ Policy Shift Risks Lowering Global Liquidity, JPMorgan Says

BOJ Policy Shift Risks Lowering Global Liquidity, JPMorgan Says

(Bloomberg) -- B0J’s yield targeting risks less bond purchases in the future, which would reduce global liquidity and spur Japanese investors to buy less foreign assets, JPMorgan analysts including Nikolaos Panigirtzoglou write in note.
  • New policy could lead to slower pace of QE purchases in the future if BOJ thinks it can achieve its yield target with less bond buying
  • If the markets were to test B0J’s tolerance by pushing the 10Y JGB yield to well below its 0% target, it’s even possible BOJ would be forced to sell bonds
  • Less QE would imply lower liquidity in the global financial system and less support for asset prices
  • Though if the new BOJ program is deemed successful, it could be followed by other central banks such as the ECB, which is also facing capacity constraints with its own QE program
  • NOTE: Central bank taper risk has $168b manager trimming bonds
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Nikolaos Panigirtzoglou (JPMorgan Chase Bank NA)

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UUID: 7947283

HALISTER1: INSIDE INDIA: INR Drops; StanChart Recommends Buying 7-Yr Bonds

INSIDE INDIA: INR Drops; StanChart Recommends Buying 7-Yr Bonds

(Bloomberg) -- Rupee falls 0.1%, bonds rise; RBI Governor Patel downplayed inflation risk at recent meeting, Economic Times reports.
  • Decline in CPI means expectations for 25-bp repo rate cut in Oct. remain strong, likely supporting rates market near term, Standard Chartered says in note; recommends buying 7- yr bonds with 6.60% target; currently at 6.90%
    • Naming of monetary policy panel members has limited impact on USD/INR; rupee remains the only short-term overweight recommendation in Asia
    • Expects USD/INR to edge down to 66.25 by end-2016 on improved risk backdrop after Fed and BOJ
  • Moody’s says India’s high debt-GDP ratio is constraining rating
  • Rupee at 66.7188 per dollar
  • India’s monetary policy panel more hawkish than expected, Nomura says
  • BSE to auction 46.15b rupees of debt quota for foreigners today
  • Yield on 7.59% 2026 bond down 3 bps to 6.93%; yield on 6.97% 2026 note down 2 bps at 6.78%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
STAN LN (Standard Chartered PLC)

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UUID: 7947283