HALISTER1: U.S. Treasury Places Sanctions on PacNet Individuals, Entities

U.S. Treasury Places Sanctions on PacNet Individuals, Entities

(Bloomberg) -- Office of Foreign Assets Control designates PacNet Group as “significant transnational criminal organization” involved in money laundering through wide range of mail fraud schemes targeting people in U.S and world, Treasury says in e-mailed statement.
  • “OFAC is also designating a global network of 12 individuals and 24 entities across 18 countries”
  • “Specifically, these individuals and entities are being targeted for materially assisting, sponsoring, or providing financial, material, or technological support for, or goods or services to or in support of, PacNet, or for being owned or controlled by other persons being designated as part of this action”
  • PacNet is an international payments processor and money services business, with operations in Canada, Ireland and U.K. and affiliates in 15 other countries: Treasury
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: Pimco Favors Credit, Peripheral EU Bonds; Selectively Long EM FX

Pimco Favors Credit, Peripheral EU Bonds; Selectively Long EM FX

(Bloomberg) -- Pimco favors U.S. credit and peripheral euro-area government bonds, while having low conviction in G-10 currencies, portfolio manager Nicola Mai says in phone interview.
  • Favors U.S. IG credit and it’s cautiously long on HY
  • Also likes U.S. non-agency mortgage and inflation-linked bonds
  • Firm is “selectively” long on some EM currencies, including BRL, MXN, RUB
    • Remains short CNY as a more gradual devaluation is probably coming
  • Says Fed, BOJ meetings don’t really change the portfolio positioning
    • BOJ recognized that its monetary policy is reaching an “exhaustion point” and there is a risk that JPY may strengthen from here
  • Fed’s message “mixed” and it was not “a game changer”
  • Pimco approached the meetings with neutral positioning on USD, JPY and doesn’t have high conviction in major currencies
  • Stance remains “neutral to underweight” on duration, globally; bunds not attractive, especially in long end
  • Likes BTPs, Bonos; while euro-zone politics remain a source of market risk over the medium term, sees “decent economic momentum” and ECB anchoring the system in near term
    • Still favors Spain over Italy given the latter’s mounting political uncertainty ahead of the Constitutional referendum due later this year; Spain has better fundamentals
  • The political events over the next 12 months may generate noise; still doesn’t see any of them leading to an election of a populist government in the near term
  • NOTE: Read more on credit as preferred asset class here: From Pimco to Janus, Credit Rewards Trounce Bubble Risk
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Nicola Mai (Pacific Investment Management Co LLC)

To de-activate this alert, click here

UUID: 7947283

HALISTER: CaixaBank Said to Plan EU1.4 Billion Stock Sale to Fund BPI Deal

CaixaBank Said to Plan EU1.4 Billion Stock Sale to Fund BPI Deal

(Bloomberg) -- Sale of shares equivalent to as much as 10% stake in the bank could be announced as early as Thursday, according to people familiar with the deliberations.
  • Timing of sale could still change depending on buyer appetite
  • Proceeds from sale to fund takeover of Portugal’s Banco BPI
NOTE: CaixaBank Raises BPI Takeover Bid as Offer Becomes Mandatory NSN ODVAK06K50XS
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
CABK SM (CaixaBank SA)

To de-activate this alert, click here

UUID: 7947283