HALISTER1: Blackrock Sees Best Value in Colombia Fixed Income in Latam

Blackrock Sees Best Value in Colombia Fixed Income in Latam

(Bloomberg) -- Recommends Mexico sovereign bonds, Brazil carry trade, Axel Christensen, chief strategist for Latam at Blackrock, says in interview in Buenos Aires.
  • Also recommends middle of curve of local Colombia fixed income
  • Peru stocks are best bet for Latam stocks
  • Argentina-Brazil spreads to continue tightening as Argentina gets bigger weighting in indices, demand mounts
  • Argentina economy to grow 0-2% in 2017
  • Fed may raise rate 1 or 2 times before end of yr to as high as 0.75%
  • ARS to weaken w/Fed raising rates
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Axel Christensen (BlackRock Inc)

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UUID: 7947283

HALISTER1: TD Recommends Long Position in UST 10Y Targeting 1.55%

TD Recommends Long Position in UST 10Y Targeting 1.55%

(Bloomberg) -- Rise in U.S. rates over last few weeks is mostly a function of higher global yields, especially gilts and JGBs, and is unlikely to be sustained because BOJ won’t step away from easing any time soon, TD strategists Priya Misra and Cheng Chen say in note.
  • They recommend long position in UST 10Y at 1.73% targeting 1.55%, stop at 1.85%
  • Leadership from JGBs is corroborated by:
    • UST curve steepening (should not have occurred if better U.S. data were the driver)
    • Real rates, not inflation expectations, account for most of the increase
    • High global bond correlations
    • Time-zone analysis showing most of the post-Brexit increase in U.S. rates has occurred outside of U.S. trading hours
  • Trade should benefit from cheapness of U.S. rates vs global rates, assuming that JGB yields stabilize, and “growing acceptance at the Fed of a lower terminal rate and a gradual pace”
  • Risks to trade include “any move by the BOJ that moves long-end JGB yields higher” and surprise Fed rate increase next week
    • “However, under both these scenarios we expect risky assets to underperform, which should provide a ceiling” on 10Y yield
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Priya Misra (TD Securities USA LLC)

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UUID: 7947283

HALISTER1: World Financial Network Credit Card Master Note Trust Series 2016-B - Presale Report

World Financial Network Credit Card Master Note Trust Series 2016-B - Presale Report

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

People
Chris O'Connell (DBRS Inc)
Maxim Berger (DBRS Inc)

Topics
Fixed Income Research
Fixed Rate Notes Research
Reports
Credit Analysis Research
Credit Research

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UUID: 7947283