HALISTER: UniCredit CEO Says ‘Intensively’ Working on Fund Solution (2)

UniCredit CEO Says ‘Intensively’ Working on Fund Solution (2)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
ISP IM (Intesa Sanpaolo SpA)
UCG IM (UniCredit SpA)

People
Federico Ghizzoni (UniCredit SpA)
Manuela Meroni (Banca IMI SpA)
Matteo Ghilotti (Equita SIM SpA)
Pier Padoan (Republic of Italy)

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UUID: 7947283

HALISTER1: GBP Front-End Too Rich on ‘Brexit’ But Wait to Sell: Citigroup

GBP Front-End Too Rich on ‘Brexit’ But Wait to Sell: Citigroup

(Bloomberg) -- Paying the U.K. front-end outright or cross market looks to be a good medium-term hedge for a potential U.K. exit from the EU, as richening may reverse whatever the outcome of the June 23 referendum, Citigroup analyst Jamie Searle writes in client note yesterday.
  • Favor waiting until closer to the vote to fade the move, as further bull-flattening possible between now and then
    • A vote to leave may not prompt a BOE rate cut as GBP is likely to fall fast, boosting inflation quite soon
    • If U.K. votes to stay, front-end may also quickly re- price and re-align more with the U.S. rather than the euro area
  • Longs in 5Y breakeven inflation spreads are another attractive hedge, perhaps the closest alternative to selling the pound in the rates space
  • BOE rate increase now priced for the same time as initial ECB tightening, which seems wrong given different fundamentals and greater odds of U.K. inflationary presures
  • NOTE: TD Securities, ING favor Dec 16/Dec 17 short-sterling steepeners, with TD saying market pricing of a BOE rate increase is too extreme; see more trade ideas here
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jamie Searle (Citigroup Inc)

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UUID: 7947283

HALISTER1: U.K. Feb. Industrial and Manufacturing Production Due in 5 Mins

U.K. Feb. Industrial and Manufacturing Production Due in 5 Mins

(Bloomberg) -- U.K. Feb. industrial production m/m est. 0.1% vs prev 0.3%.
  • U.K. Feb. industrial production y/y est. 0.0% vs prev 0.2%
  • U.K. Feb. manufacturing production m/m est. -0.2% vs prev 0.7%
  • U.K. Feb. manufacturing production y/y est. -0.7% vs prev -0.1%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Expect New Bund Yield Lows; Scarcity Issues More Credible: Citi

Expect New Bund Yield Lows; Scarcity Issues More Credible: Citi

(Bloomberg) -- Bunds yields will probably reach new lows, with preferred models showing negative 10y yields and pointing to wider ASW, Citigroup strategist Harvinder Sian writes in a client note.
  • Receive EUR 5y5y swap; expect to reach 0.70%, from entry at 1.04%; stop above 1.27%; 3-mo. carry and roll worth 4.9bps
    • Alternatively, use bund vs OBL benchmarks, with 5y yields at -0.4% and 10y at -0.1%; bund 5y5y yield will probably drop by 41bps from 0.64% currently to 0.23%
    • Risks to trade include another round of China-led reflation, possible illiquidity-driven volatility spikes
  • Domestic investors own as little bunds as they have to own, meaning ECB buying can run up against scarcity
    • ECB “got lucky” with foreign official selling; expect offloading by foreign and domestic investors to be much more contained
  • Fed is now a bullish risk for European markets as the USD curve undergoes a degree of “Japanification”
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Harvinder Sian (Citigroup Inc)

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UUID: 7947283

HALISTER1: Panama Papers: Leaks reveal Abbas' son's $1m holding in company with ties to Palestinian Authority

Panama Papers: Leaks reveal Abbas' son's $1m holding in company with ties to Palestinian Authority

Alert: HALISTER1
Source: HAA (Ha'aretz)

Tickers
APIC PS (Arab Palestinian Investment Co)

People
Mahmoud Abbas (Palestinian Authority)
Tarek Aggad (Arab Palestinian Investment Co)
Yasser Arafat (Palestinian Authority)

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UUID: 7947283

HALISTER: Enel Fiber-Network Unit Said to Discuss Merger With Metroweb (1)

Enel Fiber-Network Unit Said to Discuss Merger With Metroweb (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
ENEL IM (Enel SpA)
1260Z IM (Metroweb SpA)
TIT IM (Telecom Italia SpA/Milano)

People
Alberto Trondoli (Metroweb SpA)
Arnaud Puyfontaine (Vivendi SA)
Francesco Starace (Enel SpA)
Matteo Renzi (Republic of Italy)
Tommaso Pompei (Tiscali UK Holdings Ltd)

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UUID: 7947283