HALISTER: Hey, Siri, How Is Apple Going to Keep Up With Google and Amazon?

Hey, Siri, How Is Apple Going to Keep Up With Google and Amazon?

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GOOG US (Alphabet Inc)
AMZN US (Amazon.com Inc)
AAPL US (Apple Inc)

People
Amit Daryanani (RBC Capital Markets)
Carolina Milanesi (Kantar Worldpanel)
Craig Federighi (Apple Inc)
Timothy Cook (Apple Inc)
William Graham (Vencore Inc)

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UUID: 7947283

HALISTER: Japan’s Line Seeking to Raise as Much as $1 Billion in IPO (3)

Japan’s Line Seeking to Raise as Much as $1 Billion in IPO (3)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
FB US (Facebook Inc)
3938 JP (LINE Corp)
035420 KS (NAVER Corp)

People
Hideki Yasuda (Ace Research Institute)
Takeshi Idezawa (LINE Corp/Tokyo)
Yasuhide Yajima (Nli Research Inst)

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UUID: 7947283

HALISTER1: India Inflation Miss May Spur Advance in USD/INR NDF: Analysis

India Inflation Miss May Spur Advance in USD/INR NDF: Analysis

(Bloomberg) -- With India’s CPI expected to accelerate in May, an estimate miss may see USD/INR 1-mo. NDF rising toward the 21-DMA of 67.44 as investors reconsider the possibility of rate cuts.
  • On March 14, the last time monthly CPI data undershot estimates, USD/INR 1-mo. NDF gained 0.3%
  • Consumer prices probably rose 5.60% y/y, up from 5.39% gain in April, median est. in Bloomberg survey shows
    • Ests. range from +5.15% to +5.90%; data due at 5:30pm Mumbai time on June 13
  • RBI said in June 7 monetary policy statement that inflation surprise in the April reading makes the future trajectory of inflation somewhat more uncertain, with upside risks
    • Top forecaster, as ranked by Bloomberg, is among those forecasting May CPI at top of range at 5.90%
    • Next RBI policy meeting is on Aug. 9
  • 1-mo. NDF little changed at 67.08 today
    • NDF’s slow stochastics %K line crosses above %D line to 27
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: JAPAN RATES WEEKLY: JGBs Rally as Brexit Risks Spur Haven Demand

JAPAN RATES WEEKLY: JGBs Rally as Brexit Risks Spur Haven Demand

(Bloomberg) -- Japan’s sovereign bond curve flattens as the yields for the 10-year and 20-year debt reach record low, tracking U.K. gilts and Germany bunds on safe haven demands ahead of the Brexit vote.
  • 10-year yield hits record low of -0.155%, and 20-year yield marks record low of 0.185%
  • Click here for weekly change in yield curve and here for market snapshot
  • BOJ to hold monetary policy meeting on June 15-16
  • BOJ Deputy Nakaso said on Thursday BOJ monitoring liquidity, functioning of JGB market and will ease if necessary to hit 2% price target; negative rate policy has larger merits despite side effects
  • BTMU considers quitting as one of 22 primary dealers, people familiar with the matter said in story published June 8
  • 30-year bond auction drew strongest demand in three months on Tuesday due to large bond redemptions this month; 5-year bond auction drew highest coverage ratio since Aug. 2014 on expectations about future BOJ easing
  • Japanese rating agency R&I cut Japan outlook to negative on June 6; affirms AA+ rating
  • Ministry of Finance to sell 12-mo. bills on June 14, 3-mo. bills on June 15, and to hold enhanced-liquidity auction for bonds with remaining 20 to 40 years
  • WHAT THEY SAY
  • MassMutual Life Insurance (Satoshi Shimamura, head of rates and markets at investment strategy department)
    • JGBs yield could decline on BOJ expectations, and uncertainty surrounding U.K. EU referendum vote on back of reinvestments from large debt redemption this month
    • Sees 10-year yield trading -0.175% to -0.100% for coming week
  • PineBridge Investments Japan (Tadashi Matsukawa, head of fixed-income investment)
    • Regardless of BOJ decision, JGBs could rally as yen could rise on BOJ’s inaction
    • Uncertainty of U.K. EU referendum vote spurs risk-off sentiment in market
  • JPMorgan Asset Management (Genji Tsukatani, fund manager)
    • JGBs yield may slip further to record low for coming week
    • Focuses on Fed’s stance to future rate hike possibility
  • NOTE: JGBs worth about 18t yen ($165b) will mature this month (excluding T-bills, linkers and floating bond), with large proportion June 20, according to data compiled by Bloomberg
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Genji Tsukatani (JPMorgan Asset Management Japan Ltd)
Satoshi Shimamura (Massachusetts Mutual Life Insurance Co)
Tadashi Matsukawa (PineBridge Investments Holdings US LLC)

Topics
BFW Japan Rates Analyst Wrap

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UUID: 7947283

HALISTER: UniCredit Board Said to Meet on CEO Search That Could Take Weeks

UniCredit Board Said to Meet on CEO Search That Could Take Weeks

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
MB IM (Mediobanca SpA)
UCG IM (UniCredit SpA)
0418019D US (Egon Zehnder International Inc)

People
Egon Zehnder (Egon Zehnder Intl)
Alberto Nagel (Mediobanca SpA)
Andrea Orcel (UBS Group AG)
Anshu Jain (Social Finance Inc)
Azzurra Guelfi (Citigroup Inc)

Topics
Who's News - People

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UUID: 7947283

HALISTER1: Sweden May Lower Borrowing in Foreign Currency and Bills: Nordea

Sweden May Lower Borrowing in Foreign Currency and Bills: Nordea

(Bloomberg) -- Expect Swedish National Debt Office (NDO) to handle a lower borrowing need through lower issuance of foreign currency and bills, Nordea analysts Jerk Matero and Mats Hyden write in note.
  • NOTE: NDO releases its second debt report for the year with updated macro and borrowing forecasts on June 15
  • Expect the NDO to revise its borrowing forecast for both 2016 and 2017 because of a larger budget surplus this year and lower deficit next year
  • Predicts it will keep issuance volumes and number of auctions unchanged for both nominal and index-linked bonds
  • Borrowing report will likely breathe optimism and strength, a marked contrast to the situation in the euro zone
  • Swedish government bonds should stay supported and SEK swap spreads may have an even better potential to widen than their euro zone peers in the event of a “leave” outcome in the U.K. EU referendum
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jerk Matero (Nordea Bank AB)
Mats Hyden (Nordea Bank AB)

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UUID: 7947283

HALISTER1: EU CREDIT DAILY: Macro, Brexit Headwinds; Deutsche Bond Probe

EU CREDIT DAILY: Macro, Brexit Headwinds; Deutsche Bond Probe

(Bloomberg) -- European credit markets show increasingly bifurcated trends with synthetic indexes buffeted by Brexit and macroeconomic headwinds, while cash bonds are underpinned by ECB CSPP buying, Bloomberg strategist Simon Ballard writes.
  • Weak Asian equity markets overnight may set tone for European open; sentiment increasingly fragile on macro outlook, negative yields, sustainability of current risk- asset valuations
  • GBP corporate credit shrugging off Brexit uncertainty for now, but volatility may rise again in run-up to June 23 vote
    • A close result could be worst-case scenario for GBP corporate credit mkt; no clear mandate for “Remain” or “Leave” could mean market and risk appetite will be dogged by long-term political and economic uncertainty
  • Risk Appetite model continues to highlight resilience of corp credit asset class to current macro and geopolitical challenges
  • CDX IG closed +0.3bps at 75.75 in overnight session; iTraxx Asia Ex Japan IG currently -0.9bps at 139.42
NEWS
  • Corporate News
  • Fuller Smith FY Adj. Pretax Up 12%, YTD LFL Sales Up 2.7%
  • U.K. Grocers Fight Discounters With Ramadan Pitch to Muslims
  • Sainsbury CFO Rogers to Replace Home Retail CEO Walden
  • Statoil Ends Exploration Drilling Campaign Offshore Newfoundland
  • Gas Natural Joins Race to Buy T-Solar
  • Turk Telekom Fined 34m Liras By Turkey’s Antitrust Board
  • SAS 2Q Sales Below Est.; Maintains FY Guidance
  • Financial News
  • UniCredit to Choose New CEO Within 2 Months: Chairman in Sole
  • Banks in Europe Face More Declines in Nordic Analysis of Risks
  • Whistle-Blower Said to Aid SEC in Deutsche Bank Bond Probe
  • Credit Rating News
  • S&PGR Afms Rtgs On Marubeni, Removes Rtgs From CreditWatch Neg
  • Moody’s: Indian Public Sector Banks Face High Capital Needs
  • Fitch: Japan Banks’ Profitability Pressured By Multiple Headwinds
  • Other News
  • Pimco Total Return Adds Treasuries as Global Bond Market Surges
  • El-Erian Yen Nightmare Helps Send Japan Bond Yields to New Lows
  • ECB Doesn’t Need New Stimulus to Reach Goal, Council Member Says
  • Puerto Rico Debt-Crisis Plan Passes House in Bipartisan Vote
ANALYST VIEWS
  • ECB is buying and spreads are (or will be) going tighter -- everywhere. The pain always comes. We won’t see it. We will just feel it when it does: creditmarketdaily.com
NEW ISSUES
  • ASB Finance EU500m 4Y MS +60
  • Bunge priced EU600m 7Y bonds at MS +170
  • CADES EU600m 0.5% 5/2023 Tap FRTR +9
  • DVB Bank EU500m 7Y MS +115
  • EIB EU350m 0.375% 3/2022 Tap MS -23
  • Ipsen EU300m 7Y MS +180
  • Outokumpu EU250m 5NC2 Senior Secured 7.25%
  • UBI EU250m 1% 1/2023 Covered Tap MS +13
  • Evraz $500m 1/2022 Reg S Notes 6.75%
  • Tereos EU400m 7Y 4.25%
  • European IG credit pipeline here and HY credit pipeline here
  • Issuers exposed to S-T rollover and interest-rate reset risk here
  • NOTE: Simon Ballard is a credit strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
  • NOTE: EU CREDIT DAILY won’t be published June 14-16; regular coverage will resume Friday, June 17.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
John Rogers (J Sainsbury PLC)
John Walden (Home Retail Group PLC)

Topics
Leveraged Finance

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UUID: 7947283