HALISTER: Royal Bank Names Jefferies’s Armstrong to Lead U.S. Wealth Unit

Royal Bank Names Jefferies’s Armstrong to Lead U.S. Wealth Unit

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
MS US (Morgan Stanley)
LUK US (Leucadia National Corp)
4089088Z US (RBC Wealth Management)
RY CN (Royal Bank of Canada)

People
Michael Armstrong (Jefferies LLC)
John Taft (RBC Wealth Management)
Richard Khaleel (Jefferies LLC)
Russell Goldsmith (City National Bank/Los Angeles CA)
Thomas Sagissor (RBC Wealth Management)

Topics
Who's News - People

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UUID: 7947283

HALISTER1: Last Year’s Bund Selloff Unlikely to Be Repeated: CS

Last Year’s Bund Selloff Unlikely to Be Repeated: CS

(Bloomberg) -- Move in 10Y German yields “will be limited,” even as they “appear to be tracing a similar path” as in late April 2015, when they began an increase of nearly 100bp by early June, and there are key similarities, Credit Suisse strategists led by Praveen Korapaty say in note.
  • Bund yield will rise ~15bp over rest of qtr
  • Similarities include rising implied bund vols, end of a period of “deeply negative net supply” for euro-zone sovereign debt, unfavorable carry-to-vol ratio and improved economic growth outlook
  • These are offset by:
    • More favorable net supply picture on the whole than in 2015
    • Carry-to-vol ratio “still better than it was last April”
    • Oil prices y/y will be negative over next few mos
    • Positioning “appears far more balanced” vs yr-ago
    • Inflation breakevens, while off lows, remain in line with historical relationship with nominal yields
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Praveen Korapaty (Credit Suisse Group AG)

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UUID: 7947283

HALISTER: Goldman’s Ariburnu Exits as Esposito Named Co-Head of FICC Sales

Goldman’s Ariburnu Exits as Esposito Named Co-Head of FICC Sales

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GS US (Goldman Sachs Group Inc/The)

People
Dalinc Ariburnu (Goldman Sachs Group Inc/The)
Isabelle Ealet (Goldman Sachs Group Inc/The)
Pablo Salame (Goldman Sachs & Co)
Ashok Varadhan (Goldman Sachs Group Inc/The)
James Esposito (Goldman Sachs Group Inc/The)

Topics
Management Changes
Who's News - People

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UUID: 7947283

HALISTER1: UST Curve Bear-Steepening, Bull-Flattening Trend Intact: SG

UST Curve Bear-Steepening, Bull-Flattening Trend Intact: SG

(Bloomberg) -- UST 10Y yield is likely to remain in 1.60%-1.90% range, contained on upside by U.K. referendum risk and prospect of BOJ currency intervention, on downside by improvement in Chinese economic data and rising oil prices, SocGen strategists led by Subadra Rajappa say in April 28 note.
  • With on-hold Fed anchoring front end of curve, bull- flattening and bear-steepening have been dominant trends, and “should persist” as there’s “little chance of significant hawkish repricing in the near term”
  • SocGen recommends conditional bear steepeners and bull flatteners, specifically costless 1y forward 10s30s bull flattener and costless 3m forward 2s5s bear steepener
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Subadra Rajappa (Societe Generale SA)

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UUID: 7947283