HALISTER: Feud Opened by Apple-FBI Case Years From Fix, FireEye Chief Says

Feud Opened by Apple-FBI Case Years From Fix, FireEye Chief Says

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AAPL US (Apple Inc)
FEYE US (FireEye Inc)

People
David De Walt (Mandiant Corp)
Dianne Feinstein (United States Senate)
Richard Burr (United States Senate)

Topics
CEO Interviews

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283

HALISTER1: Italy Bank Rescue Fund Not Panacea But Avoids Bail-In: Fidelity

Italy Bank Rescue Fund Not Panacea But Avoids Bail-In: Fidelity

(Bloomberg) -- Creation of EU5b fund to offload bad loans in Italy shows willingness to avoid bail-ins of bondholders but it mainly addresses the problem of the country’s smaller banks, Dierk Brandenburg, sovereign analyst at Fidelity International, says in e-mailed comments.
  • Larger players, such as Monte Paschi, remain a concern for investors that will yet have to be addressed
  • Don’t expect Italian assets to rally materially on the back of the news
  • That said, it’s positive to see Italy making progress in bank restructuring
  • Provision of private-sector money from a broad set of domestic players signals that industry is committed to make progress
  • NOTE: Italy Bank Rescue Fund May Not Erase Market Skepticism: Analysts
  • NOTE: Fidelity’s Luxembourg-based Euro Bond Fund holds BTPs due from 2019 to 2044, with the biggest exposure to 2024 maturity, Bloomberg data show
  • NOTE: Fidelity AUM at $258.4B as Sept. 30, according to website
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Dierk Brandenburg (Fidelity Investment Management Ltd)

To de-activate this alert, click here

UUID: 7947283

HALISTER: McCormick Abandons Bid for U.K.’s Premier Foods Over Price (1)

McCormick Abandons Bid for U.K.’s Premier Foods Over Price (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
MKC US (McCormick & Co Inc/MD)
PFD LN (Premier Foods PLC)
2897 JP (Nissin Foods Holdings Co Ltd)

People
Gavin Darby (Premier Foods PLC)
Lawrence Kurzius (McCormick & Co Inc/MD)

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283

HALISTER1: AUCTION PREVIEW: BTP Supply Underpinned by Large Redemption Flow

AUCTION PREVIEW: BTP Supply Underpinned by Large Redemption Flow

(Bloomberg) -- Italy to sell 3Y for EU3b-3.5b, 7Y for EU2.25b-2.75b, 15Y and 30Y each for EU1.5b-2b at 11am CET. Analysts expect the large redemptions due later this week to underpin the auction.
  • Mizuho (Antoine Bouvet)
    • 3Y roll estimate ~6.5bps; given downside risks, grey market pricing is slightly expensive, though expect limited cheapening; 7Y issue less attractive than older benchmark
    • 03/2030 issue trades special in repo, suggests short covering demand at the tap from dealers; neutral on 03/2047s
    • EU16b redemption from an old 5Y BTP due later this week should be supportive
  • Unicredit (Elia Lattuga)
    • EU16.2b in redemptions due on April 15 should support the auction; positive yield, rising ECB liquidity should provide additional support for new 3Y
    • 7Y BTP trades rich on 5s7s10s fly, though it’s cheaper vs neighboring bonds; 7Y BTP has cheapened by over 10bps vs SPGB over past 3 weeks
    • 15Y bond has attracted good demand, currently trades at relatively rich lvls; 10s30s Italy looks steep vs swaps, core curves
  • ING (Martin van Vliet)
    • Expect new 3Y to start trading at a 6bp pick-up vs old 3Y benchmark; auction should receive some from EU16.8b in Italian redemptions, coupon flows
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Antoine Bouvet (Mizuho Financial Group Inc)
Elia Lattuga (UniCredit SpA)
Martin Van Vliet (ING Groep NV)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: Indonesian Bonds Rally Ahead of BI’s New Framework: BofAML

Indonesian Bonds Rally Ahead of BI’s New Framework: BofAML

(Bloomberg) -- Based on examples of other monetary policy frameworks, it is likely that the lending and deposit facilities are kept at 7-day repo +/- x bps spread, where x is decided by Bank Indonesia, analysts at BofAML write in note Wednesday.
  • NOTE: BI said to adopt reverse repo as benchmark rate
  • Three main developments to watch out for:
    • If the lending rate does come off substantially, this would be bullish for bonds
    • If the lending facility rate in the new framework does come off, it could put more pressure on local banks to ease rates
    • If overnight interbank market does jump from current levels of 4.8%/4.9% to 7-day repo levels of 5.5%, cost of funds for smaller banks, who are short of funds, will increase
    • To ensure that monetary policy transmission is better in the new framework, it is essential the overnight rate does not deviate too much from the 7-day repo rate
  • 10-year govt bond yields down 4 bps to 7.456%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: Taiwan Dollar, Korean Won, Ringgit Forwards Most Active on DTCC

Taiwan Dollar, Korean Won, Ringgit Forwards Most Active on DTCC

(Bloomberg) -- USD/TWD non-deliverable forwards accounted for 25.0% of total volume today, according to trades reported to DTCC; USD/KRW second-most active at 22.7%, third-most active at 16.1%.
  • Notional amounts traded include:
    • Total $200m of USD/MYR at 3.8472; matures July 22
  • Total volume was $6.9b as of 2:59pm HKT; global total
yesterday was $58.0b, with USD/KRW accounting for 18.3%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283