HALISTER1: U.S. Rates Rally Is Base Case for Tomorrow, RBS Says

U.S. Rates Rally Is Base Case for Tomorrow, RBS Says

(Bloomberg) -- Investors should buy UST 7Y “on a knee-jerk bearish move” in reaction to either BOJ or FOMC outcomes, taking 50% risk at 1.50%, adding 50% at 1.65%, strategists led by John Briggs say in note.
  • Call is based on expectation that BOJ “will disappoint overly heightened market expectations for a ‘reverse- twist,’” and instead cut depo rate 10bp-20bp, expand QE and extend deadline for meeting 2% inflation target
    • Kuroda won’t commit his credibility to idea that higher long-END rates advance progress toward inflation target
  • FOMC will leave December in play via dot plot, with “little risk to the U.S. bond market,” as market-implied odds for hike this year are ~55%
  • Following the decisions, investors “will look to deploy cash” at higher yields than they could a few weeks ago, while markets will shift focus to upcoming month that is “heavy with political risks”
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
John Briggs (RBS Securities Inc)

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UUID: 7947283

HALISTER: Exxon Investigated by SEC on Accounting Practices, DJ Says

Exxon Investigated by SEC on Accounting Practices, DJ Says

(Bloomberg) -- Exxon being investigated by SEC on climate change and accounting practices, DJ reports.
  • SEC investigating how XOM valued assets in price crash
  • Follows WSJ report on Sept. 16 that said NY AG examining XOM accounting practices, citing people familiar
  • XOM briefly drops to session low, shares down as much as 1%
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
XOM US (Exxon Mobil Corp)

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UUID: 7947283

HALISTER1: Brazil Reforms Optimism Bolsters BRL; DI Drops on CPI: Analysts

Brazil Reforms Optimism Bolsters BRL; DI Drops on CPI: Analysts

(Bloomberg) -- President Temer’s pledge to spend his political capital to boost reforms helps ease concerns on still slow pace of measures approval, buoying BRL, while DI rates fall on fresh signs of inflation easing, analysts say.
  • “Temer’s biggest asset, which also makes him different from Rousseff, is his political ability,” says Jason Vieira, chief economist at Infinity Asset Management; “He’s showing we’re on the right track”
    • Temer likely to approve bill capping public spending this year; pension regime reform to pass in Congress in 2017
    • Swap rates drop reflect survey by some private banks showing that inflation recently has slowed; also bellow- est. Sao Paulo CPI released earlier today helped to improve sentiment, Vieira says
  • NOTE: BRL rises for third day outperforming peers after Temer tells Bloomberg he will push ahead with unpopular measures to revive a trouble economy
  • “The Temer interview helps, even though it didn’t bring much news. It is important to reinforce commitment with reforms,” Italo Lombardi, senior economist for Latam at Standard Chartered Bank says in a phone interview
    • Lombardi says BRL may strengthen up to 3.00/USD in 2017 with reforms optimism helping to ease inflation further and opening room for BCB to cut Selic to 10.25%, from current 14.25%
  • The most remarkable news is that he’s committed to focus on the economic adjustment, instead of the elections, Carlos Kawall, economist at Banco Safra says
  • NOTE: Michel Temer Vows to Spend Political Capital on Reforming Brazil
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jason Vieira (Infinity Asset Management Administracao de Recursos)
Carlos Kawall Leal Ferreira (Banco J Safra)
Italo Lombardi (Standard Chartered PLC)
Michel Temer (Federative Republic of Brazil)

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UUID: 7947283

HALISTER1: AltaLink, L.P. - DBRS Rating Report

AltaLink, L.P. - DBRS Rating Report

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

Tickers
BRK/A US (Berkshire Hathaway Inc)

People
Tom Li (DBRS Inc)
James Jung (DBRS Ltd)
Jay Gu (DBRS Ltd)

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

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UUID: 7947283

HALISTER1: Golden Credit Card Trust Series 2016-5 - Finalized Presale Report

Golden Credit Card Trust Series 2016-5 - Finalized Presale Report

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

Tickers
RY CN (Royal Bank of Canada)

People
Fanfei Gong (DBRS Ltd)
Geetika Gupta (DBRS Ltd)
Jamie Feehely (DBRS Ltd)
Paul Bretzlaff (DBRS Ltd)

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

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UUID: 7947283