HALISTER: Slow Bleed From Low Bond Yields Drains Returns for Life Insurers

Slow Bleed From Low Bond Yields Drains Returns for Life Insurers

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
PRU US (Prudential Financial Inc)
MET US (MetLife Inc)

People
Steven Kandarian (MetLife Inc)
Alessandro Valentini (Causeway Capital Management LLC)
Douglas Kass (Seabreeze Partners Management Inc)
Ewout Steenbergen (Voya Financial Inc)
Jay Gelb (Barclays PLC)

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UUID: 7947283

HALISTER1: BoF’s Villeroy Backs Abolition of 500-Euro Bill: Les Echos

BoF’s Villeroy Backs Abolition of 500-Euro Bill: Les Echos

(Bloomberg) -- Francois Villeroy de Galhau sees abolition as a means to fight criminal use of the 500-Euro bill, Les Echos reports, citing remarks made to the newspaper by the Bank of France governor.
  • Abolishing the bill would help fight money laundering, terrorist finance
  • Doesn’t specify whether his opinion is shared by other members of the ECB Governing Council
  • Arguments for the preservation of the 500 euro bill are “less and less convincing”, ECB Executive Board member Benoit Coeure is quoted as saying
  • NOTE: April 28, ECB’s Nowotny Says Phasing Out 500-Euro Bill May Cause Fears
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
224950Z FP (Banque De France)
2539Z GR (European Central Bank)

People
Francois De Galhau (Banque De France)
Benoit Coeure (European Central Bank)

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UUID: 7947283

HALISTER: Intesa Sanpaolo Signs Deal to Sell Setefi

Intesa Sanpaolo Signs Deal to Sell Setefi

(Bloomberg) -- Intesa enters into sale-and-purchase agreement for sale of total share capital of its subsidiaries Setefi and Intesa Sanpaolo Card to a wholly owned subsidiary of Mercury UK Holdco Limited (Mercury) for a countervalue of ~EU1.04b in cash.
  • Mercury controlled by consortium composed of Advent, Bain Capital, Clessidra
  • Deal to be complete by year end
  • Deal to generate net capital gain of ~EU895m
  • Statement
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
ISP IM (Intesa Sanpaolo SpA)
6821Z US (Bain Capital Private Equity LP)

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UUID: 7947283

HALISTER1: INSIDE ASIA: Yen, Won Among Decliners as Holiday Closes Markets

INSIDE ASIA: Yen, Won Among Decliners as Holiday Closes Markets

(Bloomberg) -- South Korea’s won, Japan’s yen and the Philippine peso decline while New Zealand’s dollar advances as most major emerging markets in Asia are shut for public holiday.
  • Onshore financial markets are closed in China, Hong Kong, Taiwan, Singapore, Malaysia and Thailand
  • Won weakens for second day
    • South Korea’s current-account surplus widened to $10.09b in March, biggest since Sept., from revised $7.17b in Feb.
    • Average daily FX transaction volume rose to record $52.99b in 1Q, according to Bank of Korea
    • North Korea may conduct fifth nuclear test around May 6: Yonhap
  • Kiwi strengthens for third day
    • Macro accounts are buying NZD/USD, testing option- related offers around 0.7000, according to an Asia-based FX trader
  • Aussie steady
    • Melbourne Institute’s inflation gauge rose 0.1% m/m in April after being unchanged prior month; April manufacturing index fell 4.7 points from March to 53.4; NAB’s business confidence index fell 1 point in April to 5
  • Japan’s 20-year yield drops to all-time low
    • Bank of Japan says it plans new Consumption Activity Index
    • Yen declines following weekend report by Nikkei citing Finance Minister Aso as saying one-sided speculative movements in dollar-yen rate are extremely concerning and Japan will take action as necessary
    • USD/JPY approaching “policy zone” of 100-105, Shusuke Yamada, chief Japan FX strategist at Bank of America Merrill Lynch, writes in note today
    • JPMorgan says yen may break 100 per USD amid friction with U.S.
    • SocGen sees high risk of USD/JPY testing 105 this week
    • Democratic Party of Japan President Katsuya Okada says PM Abe relies heavily on monetary and fiscal policy instead of structural reform: FT
  • Rupiah advances
    • Indonesia inflation slowed for first time this year, to 3.60% in April from 4.45% in March; median est. was 3.81% increase
  • Rupee steady
    • Reserve Bank of India’s forward dollar positions for deals maturing within one year were net short $2.49b in March vs short position of $193m end-Feb., Bloomberg calculations based on data from central bank’s website show
  • Thailand’s consumer prices rose in April for first time since Dec. 2014, up 0.07% on year as tax increase raised tobacco costs
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283