HALISTER1: PREVIEW: UST WI 3Y Yield Below Two Previous Auction Stops

PREVIEW: UST WI 3Y Yield Below Two Previous Auction Stops

(Bloomberg) -- Current 3Y yield higher by 1.1bp at 0.867% before 1pm ET auction, 17th straight at $24b; WI 3Y bid at about 0.885%, below last two 3Y auction stops.
  • Most recent 3Y auction on April 12 drew 0.890%, 0.3bp below WI yield at bidding deadline, according to Stone & McCarthy; 32.6% primary dealer award was lowest since Jan., second- lowest since 2009
  • Current 3Y yield on March 16 touched 1.197%, highest since Jan. 13, after Feb. core CPI rose more than forecast and oil rose; it closed at new YTD low 0.816% on April 7 amid losses for U.S. stocks and oil and JPY appreciation
  • 19 of past 22 3Y auctions stopped through by as much as 1.1bp, according to Stone & McCarthy; year-ago auction stopped through by 0.9bp
  • 6-auction averages:
    • Bid-to-cover: 2.85 (low 2.71, high 3.14)
    • Dealer award: 37.8% (low 27.8%, high 44.7%)
    • Direct award: 13.1% (low 9.1%, high 18.6%)
    • Indirect award: 49.1% (low 40.8%, high 62.8%)
  • Maturing 3Y has $32b outstanding
  • Primary dealers’ position in 2Y-3Y sector in week ended March 30 was net short $6.9b vs $5.3b avg net short over past year
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: JOLTS, Wholesale Inventories Due in 5 Minutes

U.S. ECO PREVIEW: JOLTS, Wholesale Inventories Due in 5 Minutes

(Bloomberg) -- JOLTS Job openings seen at 5.450m in March vs 5.445m in Feb. (forecast range 5.380m to 5.564m); data track employers taking specific action to fill newly created or unoccupied positions.
  • Wholesale inventories seen rising 0.1% in March after falling 0.5% in Feb. (forecast range -0.4% to +0.5%); wholesale inventories account for ~30% of total business inventories
    • Wholesale inventories last increased in Sept.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Matt Levine's Money Stuff: LendingClub and Hedge-Fund Pay

Matt Levine's Money Stuff: LendingClub and Hedge-Fund Pay

Alert: HALISTER1
Source: BV (Bloomberg View)

Tickers
LC US (LendingClub Corp)

People
Daniel Loeb (Third Point LLC)
David Tepper (Appaloosa Management LP)
James Simons (Renaissance Technologies LLC)
Joseph Edelman (Perceptive Advisors LLC)
Kenneth Griffin (Citadel LLC)

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UUID: 7947283

HALISTER: UniCredit 1Q Net Beats; CET1 Ratio on Transitional Basis 10.50%

UniCredit 1Q Net Beats; CET1 Ratio on Transitional Basis 10.50%

(Bloomberg) -- UniCredit 1Q net income EU406m vs est. EU297m, EU512m year earlier.
  • 1Q total revenue EU5.48b vs EU5.75b yr earlier
  • 1Q net interest income EU2.88b vs EU2.96b yr earlier
  • 1Q net commissions EU1.95b vs EU2.01b yr earlier
  • 1Q trading income EU362m vs EU619m yr earlier
  • 1Q loan loss provisions EU755m vs EU980m yr earlier
  • 1Q net income stands above EU640m excluding non-recurring items related to restructuring charges in Austria and Italy
  • CET1 ratio on a transitional basis 10.50% end-March vs 10.73% end-Dec.
  • Outlook
    • Ongoing, albeit slow, progress of the economic recovery in Europe will continue to support results during 2016, facilitating improvement of asset quality, combined with commitment on cost containment and fee growth
  • Statement
  • Conference call at 2:30pm CET: Italian number +39 02 805 88 11; UK number +44 1212 818003; US number +1 718 7058794
  • PREVIEW here
  • Related
    • UniCredit is trading on 5.7x next year’s earnings vs 8.7x for Stoxx 600 Banks index: Bloomberg data
    • Of 36 analyst ratings, 14 are buy, 17 hold, 5 sell
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
UCG IM (UniCredit SpA)

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UUID: 7947283

HALISTER: Allergan Buyback Up to $10b, Equal to ~11.8% of Market Cap

Allergan Buyback Up to $10b, Equal to ~11.8% of Market Cap

(Bloomberg) -- Allergan expects to execute $4b-$5b in open market repurchases over four to six months subject to favorable market conditions.
  • If favorable market conditions persist, AGN will consider extending the program
  • AGN shrs up 4.8% pre-mkt to $224
Statement:Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
AGN US (Allergan plc)

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UUID: 7947283