HALISTER1: CR VOLTERRA 2 SPV S.r.l. - DBRS Rating Report

CR VOLTERRA 2 SPV S.r.l. - DBRS Rating Report

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

People
Keith Gorman (DBRS Inc)
Davide Nesa (DBRS Inc)
Lloyd Morrish-Thomas (DBRS Inc)

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

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UUID: 7947283

HALISTER1: Janus Says September Fed Rate Hike Still in Play After Payrolls

Janus Says September Fed Rate Hike Still in Play After Payrolls

(Bloomberg) -- Pace of job creation is still where Fed wants it to be, Janus Capital Group portfolio manager Ryan Myerberg says in interview.
  • Still, December looks more likely than September
  • U.S. elections in November is a risk event
    • Any Trump victory may disappoint markets, triggering tightening of U.S. financial conditions and making any Fed December rate hike difficult
  • Favors tactical positions in FX, particularly in most crowded trades such as GBP/USD
  • Bearish medium-term picture for sterling still in play as U.K. data expected to show weakness going forward in terms of slowing investments, hirings and downward pressure on real incomes
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Ryan Myerberg (Janus Capital Group Inc)

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UUID: 7947283

HALISTER1: Weaker Aug. NFP to Keep Fed on Hold in Sept.: Renaissance

Weaker Aug. NFP to Keep Fed on Hold in Sept.: Renaissance

(Bloomberg) -- Even with weaker NFP in Aug., “relentless” positive trend in employment growth should push Fed to raise rates later this yr, Renaissance Macro Research economist Neil Dutta writes in note.
  • “The bar for a September rate hike is high; however, the bar to not raise this year is also high”
  • Aug. jobs report “not a game-changer,” will likely keep Fed on sidelines this mo.
  • Expect 2H to strengthen, labor mkt to tighten, jobless rate to resume decline and one rate increase in Dec.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Neil Dutta (Renaissance MacRo Research LLC)

Topics
BGOV Finance

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: Factory Orders Due in 5 Minutes

U.S. ECO PREVIEW: Factory Orders Due in 5 Minutes

(Bloomberg) -- Factory orders seen rising 2% in July after declining 1.5% in June (forecast range -0.2% to +3%); includes durable and non-durable goods
  • Preliminary data on July durable goods orders showed 4.4% gain, most since Oct. 2015
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: DBRS Comments on Central Italian Earthquake; Limited Risk to Italian RMBS and SME Transactions

DBRS Comments on Central Italian Earthquake; Limited Risk to Italian RMBS and SME Transactions

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

People
Alfonso Candelas (DBRS Inc)
Gordon Kerr (Dbrs Europe Ltd)

Topics
Fixed Income Research
Credit Analysis Research
Credit Research
Investment Research

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: Employment, Trade Reports Due in 5 Minutes

U.S. ECO PREVIEW: Employment, Trade Reports Due in 5 Minutes

(Bloomberg) -- Nonfarm payrolls seen at +180k in Aug. vs +255k in July (forecast range +92k to +255k); July increase was second-largest gain of 2016.
  • In June and July combined, payrolls +547k, strongest back- to-back gain since last yr
    • “As long as hiring gains stay at 150k a month or better, which is feasible, Fed officials will focus in the interim on signs indicating the economy has reached full employment, such as accelerating wage inflation": Bloomberg Intelligence
  • Average hourly earnings est. +0.2% m/m in Aug. vs +0.3% in July (forecast range -0.1% to +0.3%)
  • Unemployment rate seen at 4.8% in Aug. vs 4.9% in July (forecast range 4.6% to 5%); tracks number of unemployed as percentage of labor force; below 5% three consecutive mos., 1st time since 2007
    • ‘‘With trend employment growth still running at more than double our 85k estimate of the breakeven rate, we expect the labor market to reach full employment by early 2017 and to surpass it thereafter’’: Goldman Sachs
  • Also today, international trade balance in goods and services seen at -$41.4b in July vs June’s -$44.5b (forecast range -$38.7b to -$46b)
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Topics
First Word Agriculture

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UUID: 7947283

HALISTER1: EU BONDWRAP: At Least EU750m to Price From Schneider Electric

EU BONDWRAP: At Least EU750m to Price From Schneider Electric

(Bloomberg) -- At least EU750m will price in Europe’s syndicated primary market as a lone deal from Schneider Electric closes out the busiest week in over a month.
  • Schneider’s deal will lift weekly non-financial high-grade issuance to at least EU6.2b, the most since EU8.94b priced in the week ended May 20, Bloomberg data show
  • Texas-based Celanese is poised to follow in the footsteps of U.S. corporates GM Financial and Coca-Cola with a planned EUR issue
Weekly issuance
  • Corporates: At least EU8.91b
  • FIG: EU8.14b
  • SSA: EU4.72b
Corporate
  • Schneider Electric (A3/A-) selling expected minimum EU750m 8Y at MS +27, inside IPT +40 area
Also, DBJ plans USD or EUR benchmark 3Y-7Y sustainability bond
  • Banks’ AT1s are ’attractive alternative’ to stock: DB
  • Go-Ahead gets bridge loan ahead of GBP200m bond maturity
  • France plans to first green sovereign bond from 2017
  • Covered bond sales may pick up as pipeline builds
  • Europe debt tenders: Heta, KPN, R&R Ice Cream, Slovenia
  • New issue review: Bureau Veritas tightens, Bank AT1s widen
  • iTraxx 5Y levels
    • Europe -0.04 at 68.82
    • X-over +0.12 at 313.00
    • Senior Fin -1.04 at 88.53
  • European Govt bond markets
    • Germany 10Y yield unchanged at -0.06%; Bund future -1 tick at 167.37
    • Italy/Germany 10Y spread -0.94bps to 122.95
    • Spain/Germany 10Y spread -0.10bps to 112.13
  • Some information from people familiar with the matter, who aren’t authorized to speak publicly and asked not to be identified
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SU FP (Schneider Electric SE)
CE US (Celanese Corp)
DBJZ JP (Development Bank of Japan Inc)

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UUID: 7947283