HALISTER1: INSIDE PHILIPPINES: Peso Gains; BOP Surplus Hits 13-Month High

INSIDE PHILIPPINES: Peso Gains; BOP Surplus Hits 13-Month High

(Bloomberg) -- Peso rises, in line with most other Asian peers; balance of payments stood at $854m surplus in March, biggest excess since February 2015, vs $316m deficit in February.
  • Govt sells 25b pesos of 7-year bonds at avg yield of 3.461%; bid/cover ratio was 2.20, highest since Dec. 2014 auction
  • Philippines continues to have one of best macro stories in EM, Morgan Stanley writes in note received April 18; recommends buying Poland 2026 bonds vs Philippines 2026 notes, with yield spread at 75 bps, target of 25 bps and stop-loss at 100 bps; says, however, at 65-bps spread to the benchmark, this is fully in the price and volatility around presidential election could see spreads widening
  • Peso advances 0.1% to 46.085 per dollar at close, according to bankers’ association data
  • Peso’s 1-mo. forwards climb 0.1% to 46.21 per dollar
  • International investors bought net $4m of local equities yesterday, first net inflow in five days: exchange data
  • Yield on 3.625% govt bonds due Sept. 2025 up at 3.6150% vs 3.6000% yesterday, according to Tradition pricing
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: BMW Executives Said to Join Tencent-Backed Electric-Car Maker

BMW Executives Said to Join Tencent-Backed Electric-Car Maker

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BMW GR (Bayerische Motoren Werke AG)
700 HK (Tencent Holdings Ltd)
3836 HK (China Harmony New Energy Auto Holding Ltd)
2317 TT (Hon Hai Precision Industry Co Ltd)

People
Canny Lo (Tencent Inc)
Daniel Kirchert (Dongfeng Infiniti Motor Co Ltd)
Michael Rebstock (Bayerische Motoren Werke AG)
Padmasree Warrior (NextEV Inc)

Topics
Who's News - People

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UUID: 7947283

HALISTER: L’Oreal Leaps in Paris as Sales Beat Estimates on Make-Up Growth

L’Oreal Leaps in Paris as Sales Beat Estimates on Make-Up Growth

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
OR FP (L'Oreal SA)

People
Alexis Perakis-Valat (L'Oreal SA)
Andrew Wood (Sanford C Bernstein & Co Inc)
Christian Mulliez (Regefi)
Jean-Paul Agon (L'Oreal SA)
Marc Menesguen (L'Oreal SA)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER1: EU CREDIT DAILY: Argentina to Return; Roche, Danone, Remy Beat

EU CREDIT DAILY: Argentina to Return; Roche, Danone, Remy Beat

(Bloomberg) -- Perhaps unsurprisingly, any risk-market disappointment stemming from Doha or Brazil over the weekend seems to have been short-lived; the technical bid for yield and corporate credit risk remains robust with generic spreads already back on a tightening bias, Bloomberg strategist Simon Ballard writes.
  • Credit investor focus likely to be firmly on Argentina today as the nation prepares for its first foray into international bond mkt in 15 yrs; mkt expecting 4-tranche offering of 3Y, 5Y, 10Y and 30Y paper for up to $15b total
    • Investor rhetoric suggests IPT lvls fair, with books believed to be 2x subscribed, but default history of Argentina may dent some investors’ appetite for the name
  • Fundamental backdrop and outlook for global credit remains challenging
    • S&P notes YTD global corporate default tally of 46 issuers, highest since 2009, with first European default of 2016 last week (Norske Skogindustrier ASA)
  • Risk Appetite Model resolutely firm despite headline risks from Doha and Brazil
  • CDX IG currently -0.6bps at 77.88 in overnight session; iTraxx Asia Ex Japan IG is currently -1.1bps at 138.82
NEWS
  • Corporate News
  • Roche 1Q Sales Slightly Beat Estimates; Confirms 2016 Outlook
  • IBM Earnings Show It’s Still Struggling With New Product Growth
  • ABB Sees More Demand for Smart Motors as Costs in User Focus
  • Akzo Nobel Profit Beats Estimates After Extending Savings Push
  • Danone First-Quarter Sales Top Estimates Amid Dairy Recovery
  • Remy Cointreau 4Q Organic Sales Beat, FY16 Total Sales In Line
  • Publicis Quarterly Sales Beat Estimates on North American Growth
  • Financial News
  • Emirates NBD First-Quarter Profit Rises 8%; Misses Estimates
  • Eurobank’s Bancpost in Talks to Buy NBG’s Romanian Unit, ZF Says
  • Credit Rating News
  • Moody’s affirms QTMB’s ratings at A3
  • S&P Puts QT Mutual Bank ’BBB+/A-2’ Rtgs On Watch Developing
  • S&P Affirms Palmerston North ’AA/A-1+’ Rtgs; Otlk Stays Stable
  • Other News
  • China Said to Seek Control of $8 Billion Yum! Brands Unit
  • The Sub-Zero Club: Getting Used to the Upside-Down World Economy
ANALYST VIEWS
  • Has the “Draghi effect” changed the nature of the game...? That is, such is the need to get paper on board...that investors are finding themselves holding fewer and fewer of the cards: creditmarketdaily.com
NEW ISSUES
  • Alliander EU300m 10Y Green Bond MS +40
  • Eurofima EU600m 7Y MS +8
  • Bertelsmann EU500m 10Y MS +67
  • EIB GBP300m 2/2020 FRN Tap 3mL +29
  • Lower Saxony EU375m 0.375% 1/2023 Tap MS -
  • 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.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER1: JGBs Rise on Strong 5-Year Auction, Outlook for BOJ Easing: UBS

JGBs Rise on Strong 5-Year Auction, Outlook for BOJ Easing: UBS

(Bloomberg) -- JGBs gain as outcome of Japan’s auction of 5-year govt notes was “strong,” says Yusuke Ikawa, salesperson at UBS Knowledge Network, in an interview.
  • Investor demand emerged for Japanese debt with tenors up to 5 years as collateral: Tokyo-based Ikawa; NOTE: 5-year bond auction draws strongest demand in 15 months
  • WSJ’s report on Kuroda’s comments over prospective easing by BOJ also contributed to strong performance of super-long JGBs: Ikawa; NOTE: BOJ’s Kuroda says central bank won’t hesitate to act to lift inflation: WSJ
  • Yield on 30-year govt bonds falls 3,5 bps to fresh record low of 0.335%; 10-year yield declines 0.5 bp to -0.125% and 5-year yield drops 1 bp to -0.240%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Yusuke Ikawa (UBS Asset Management Japan Ltd)

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HALISTER: AB Inbev Accepts Asahi Offer for Certain European Brands

AB Inbev Accepts Asahi Offer for Certain European Brands

(Bloomberg) -- AB Inbev says acquisition by Asahi of businesses comprised of the Peroni, Grolsch and Meantime brand families and related businesses in Italy, the Netherlands, the U.K. and internationally is conditional on closing of SABMiller acquisition.
  • Link
  • NOTE Feb. 10: Asahi in Exclusive Talks to Buy SAB’s Peroni, Grolsch Brands
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
ABI BB (Anheuser-Busch InBev SA/NV)
2502 JP (Asahi Group Holdings Ltd)
SAB LN (SABMiller PLC)

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UUID: 7947283

(2) *AB INBEV ACCEPTS ASAHI OFFER FOR SABMILLER EUROPEAN BEER BRANDS

*AB INBEV ACCEPTS ASAHI OFFER FOR SABMILLER EUROPEAN BEER BRANDS

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

Tickers
ABI BB (Anheuser-Busch InBev SA/NV)
2502 JP (Asahi Group Holdings Ltd)
SAB LN (SABMiller PLC)

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UUID: 7947283