HALISTER1: Tilton’s Patriarch Partners Asks Judge to Block Collateral Sale

Tilton’s Patriarch Partners Asks Judge to Block Collateral Sale

(Bloomberg) -- Lynn Tilton’s Patriarch Partners asked a judge to block U.S. Bank, a bond trustee, from selling certain collateral tomorrow in an auction that it claims “blatantly” favors bond insurer MBIA Insurance Corp.
  • Patriarch and Tilton’s Octaluna LLC tell a judge they will be “irreparably injured” if the sale proceeds because MBIA will receive “well in excess” of the $149 million it’s owed
  • The sale involves 132 financial assets and 53 financial entities
  • The sale has been “restricted for no reason to a very narrow segment of potential investors” and will result in sale of assets below market value, the plaintiffs say
  • Lawsuit, filed in state court in New York, was removed to federal court
  • Case is Patriarch Partners XV v. U.S. Bank National Association, 16-cv-7128, U.S. District Court, Southern District of New York (Manhattan)
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
25492Z US (Patriarch Partners LLC)
MBI US (MBIA Inc)
USB US (US Bancorp)
1070L US (United States District Court for the Northern District of New York)

People
Lynn Tilton (Patriarch Partners LLC)

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UUID: 7947283

HALISTER1: House Panel Approves Bill Prohibiting Cash Payments to Iran

House Panel Approves Bill Prohibiting Cash Payments to Iran

Alert: HALISTER1
Source: APW (Associated Press)

Tickers
1025594D US (House Committee on Foreign Affairs)

People
Barack Obama (United States of America)
Edward Royce (United States House of Representatives)
Eliot Engel (United States House of Representatives)
Paul Ryan (United States of America)

Topics
Conflict Resolutions

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UUID: 7947283

HALISTER1: JPMorgan AM Prefers Corporate Debt Amid Bond, Stock Volatility

JPMorgan AM Prefers Corporate Debt Amid Bond, Stock Volatility

(Bloomberg) -- JPMorgan Asset Management is neutral on stocks and bonds, and prefers to invest in corporate debt, global market strategist Vincent Juvyns says in a phone interview.
  • Favors euro-area corporate bonds in medium term, especially high yield and IG; also sees upside potential in peripheral government bonds
  • Time to be selectively overweight on EM asset classes, especially in EMD corporates and local rates
  • Recent market selloff has been triggered by a lack of action at the ECB’s latest meeting
    • “Nothing big is happening”; market sentiment remains pretty much dependent on the central bank decisions
  • Monetary policy alone can’t stimulate growth and many central banks are probably drawing this conclusion
    • More fiscal easing will be needed to stimulate the economy; globally, there’s already a shift from monetary policy to fiscal policy
    • More focus on fiscal policies would stimulate growth and would ultimately prove positive for the euro-area economy
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Vincent Juvyns (JPMorgan Chase & Co)

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UUID: 7947283

HALISTER1: Spanish Senator Leaves PP, Keeps Seat Amid Graft Probe: La Razon

Spanish Senator Leaves PP, Keeps Seat Amid Graft Probe: La Razon

(Bloomberg) -- Senator Rita Barbera resigned as member of the country’s ruling PP after Supreme Court started investigating her for alleged money laundering, La Razon newspaper says, citing people familiar with the matter without naming them.
  • NOTE: Acting Prime Minister Rajoy’s PP under pressure to force officials to abandon public posts when under criminal investigation
  • NOTE: Remaining senator gives Barbera extra protection from prosecutors that regular Spaniards don’t have
  • Link to story
  • NOTE: Spain Supreme Court Opens Probe Into PP Senator Rita Barbera
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Popolare Bari NPLS 2016 S.r.l.- DBRS Rating Report

Popolare Bari NPLS 2016 S.r.l.- DBRS Rating Report

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

People
Alessio Pignataro (DBRS Inc)
Christian Aufsatz (DBRS Inc)
Clifford Stearns (APCO Worldwide Inc)
John McHugh (K&L Gates LLP)

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

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UUID: 7947283

HALISTER1: Brazil’s BCB May Suspend Swap Auctions Amid BRL Slide: Analysts

Brazil’s BCB May Suspend Swap Auctions Amid BRL Slide: Analysts

(Bloomberg) -- BCB may completely suspend FX reverse swaps auctions should BRL maintain the current trend of underperforming most EMFX with high volatility, analysts say.
  • Brazil’s central bank yesterday should have suspended the auctions instead of only cutting the volume, Vladimir Caramaschi, chief strategist at Credit Agricole Indosuez, says in a phone interview.
  • “BCB can’t add fuel to the fire. Should today’s move continue, it may suspend the auctions”
    • BRL is down today despite BCB having cut to 5,000 from 10,000 the amount of FX reverse swaps in today’s auction
  • Central bank may totally halt the swap auctions should the “bad mood” continue, Rabobank’s Mauricio Oreng yesterday said
    • BCB pattern is to “lean against the wind”
  • Decision of cutting the volume is correct as BCB doesn’t want to add pressure with BRL: Goldman Sachs’ Alberto Ramos
  • BRL drop reflects concerns about U.S. rates and local political uncertainties, CA’s Caramaschi says
    • “The expectations on Fed rates will be dissipated only after next Wednesday’s meeting”
    • BZ suffering more than peers now given “high beta” and also from prior gains that outpaced the EM
    • Correction may be limited as Fed is unlikely to significantly tighten, even in case of a hike next week
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Vladimir Caramaschi (Credit Agricole Brasil SA DTVM/Brazil)
Alberto Ramos (Goldman Sachs Group Inc/The)
Mauricio Oreng (Banco Rabobank International Brasil SA)

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UUID: 7947283