(2) *LENDING CLUB NAMES BLACKROCK'S DUNNE AS CHIEF CAPITAL OFFICER

*LENDING CLUB NAMES BLACKROCK'S DUNNE AS CHIEF CAPITAL OFFICER

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
BLK US (BlackRock Inc)
LC US (LendingClub Corp)

People
James Samford (LendingClub Corp)
Patrick Dunne (iShares Inc)
Scott Sanborn (LendingClub Corp)

Topics
Management Changes
Who's News - People

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UUID: 7947283

HALISTER1: EGB Index Extension Supportive for Long-End France: Citi

EGB Index Extension Supportive for Long-End France: Citi

(Bloomberg) -- Effective duration of European Govt Bond Index expected to extend by 0.10yrs at the end of July, which is greater than the 5-year median change, Citigroup strategists Saumesh Dutta and Aman Bansal write in client note.
  • Larger-than-average extension driven by increased amount of bonds dropping out of the index; changes to be broadly supportive for EGBs, particularly 10Y+ sector
  • Projected changes very supportive for France, biggest beneficiary from weighted duration change, as a result of almost EU9b of issuance in 15Y+ sector
    • Weighted duration change is most relevant for EGB portfolios; France extends the most, second largest in two-years, followed by Italy
  • Among individual countries, Dutch index is projected to extend by its second largest in two years, as one EU13b issue drops out; expect support for 10Y-30Y Netherlands
  • NOTE: Weighted duration of a country is calculated as (market value of country) x (effective duration) / (market value of EGBI)
    • Very significant for EGBI portfolio managers as they attempt to keep it unchanged through month-end rebalancing: Citi
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Aman Bansal (Citigroup Inc)
Saumesh Dutta (Citigroup Inc)

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UUID: 7947283

HALISTER: Bank of America 2Q Provision Drops Versus 1Q; EPS 36c

Bank of America 2Q Provision Drops Versus 1Q; EPS 36c

(Bloomberg) -- Bank of America net interest income (FTE basis) $9.2b vs $9.39b q/q.
  • Provision for credit losses $976m vs $997m q/q, est. $998.7m
  • EARNINGS PREVIEW: NSN OACPZC6TTDS7
  • Call 8:30am, 877-200-4456, pw 79795
Statement: NSN OAIB67AIBMDD
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BAC US (Bank of America Corp)

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UUID: 7947283

HALISTER1: JPMorgan Sees More Inflows for Emerging-Market Debt After Record

JPMorgan Sees More Inflows for Emerging-Market Debt After Record

(Bloomberg) -- “EM debt offers considerable opportunity for yield pick-up in an increasingly low-yielding world where close to $12t of government debt outstanding is priced with negative yields,” Pierre-Yves Bareau, head of emerging-market debt at JPMorgan’s asset-management unit, says in e-mailed note.
  • NOTE: Emerging-Market Bond Inflows Set a Record After Brexit: Chart
  • Sovereign and corporate issuance levels look favorable through rest of year
  • EM debt to outperform with improving fundamentals, stronger growth drawing inflows
  • Argentina sovereign credit valuations remain attractive
  • Potential headwinds seen in risk global growth slows, political pressure points and China-related volatility
  • JPM will use any episodes of market weakness as opportunity to add exposure
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Pierre-Yves Bareau (JPMorgan Chase Bank NA)

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UUID: 7947283

(2) *NEXTERA ENERGY AND HAWAIIAN ELECTRIC TERMINATE MERGER PACT

*NEXTERA ENERGY AND HAWAIIAN ELECTRIC TERMINATE MERGER PACT

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
HE US (Hawaiian Electric Industries Inc)
NEE US (NextEra Energy Inc)
NEP US (NextEra Energy Partners LP)

People
Cliff Chen (Hawaiian Electric Industries Inc)
Constance Lau (Consuelo Zobel Alger Foundation)
Energy Resources LLC (Energy Resources LLC)
James Robo (NextEra Energy Inc)
Lynne Unemori (Hawaiian Electric Co Inc)

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UUID: 7947283