HALISTER1: *SAUDI ARAMCO TO BE LISTED AS EARLY AS 2017, LATEST 2018: PRINCE

*SAUDI ARAMCO TO BE LISTED AS EARLY AS 2017, LATEST 2018: PRINCE

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
131861Z AB (Saudi Arabian Oil Co)
3344642Z AB (Kingdom of Saudi Arabia)
2900322Z AB (Saudi Arabian Investment Co)
SABIC AB (Saudi Basic Industries Corp)

People
Mohammed Al Saud (Kingdom of Saudi Arabia)

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UUID: 7947283

HALISTER1: No Repeat of April 2015 Bund Selloff, Keep 10Y EUR Receiver: BNP

No Repeat of April 2015 Bund Selloff, Keep 10Y EUR Receiver: BNP

(Bloomberg) -- Even though 10Y core EGB yields are very close to 2015’s record-low levels, the valuation metrics for the 10Y and the curve are completely different, BNP Paribas strategist Eric Oynoyan writes in client note.
  • Maintain long duration call for the coming months, traded through a EUR 10Y swap receiver
  • Continue to receive EUR 2s10s30s fly
  • With BOJ’s U-turn on monetary policy, JGB yields are trading in negative territory up to the 10Y, which should support switches into USTs and EGBs
    • Start of the new fiscal year in Japan could see a gradual reallocation of assets out of JGBs into the liquid 10Y core euro bonds: OATs and bunds
  • Pricing of risk assets differs completely from April 2015; most indexes have been in a bear market for a year now, which has had an impact on Fed monetary policy
    • Inability of euro-zone equity markets to rally further since the March ECB meeting combined with expensive U.S. stocks is another signal that the risk-on rally since mid-Feb. is already over, providing potential additional support to bonds
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Eric Oynoyan (BNP Paribas SA)

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UUID: 7947283

HALISTER: Man Walks Into a Bar: Pernod Ricard CEO’s Foray Into Africa (1)

Man Walks Into a Bar: Pernod Ricard CEO’s Foray Into Africa (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
RI FP (Pernod Ricard SA)
DGE LN (Diageo PLC)

People
Alexandre Ricard (Pernod Ricard SA)
Ivan Menezes (Diageo PLC)
Jacob Zuma (Republic of South Africa)
Stefano Niavas (Boston Consulting Group Inc/The)
Trevor Stirling (Sanford C Bernstein & Co Inc)

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UUID: 7947283

HALISTER: Bank of America Loses Second Head of Asia Industrial Banking

Bank of America Loses Second Head of Asia Industrial Banking

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BAC US (Bank of America Corp)

People
Richard Zhang (Bank of America/Hong Kong)
Shamus Hassan (Merrill Lynch & Co Inc)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER1: Tactically Reduce Strategic EUR Duration Longs: Commerzbank

Tactically Reduce Strategic EUR Duration Longs: Commerzbank

(Bloomberg) -- With long-end yields back close to their lows, tactically scale back strategic duration longs at the start of the new quarter, Commerzbank strategists including Christoph Rieger write in client note.
  • Add duration again at 10Y bund yields above 0.25%
  • Maintain core and peripheral tighteners heading into the larger PSPP purchases, expressed via 10Y DSL vs bunds in core; 10Y Italy in peripherals
  • Expand constructive spread view amid the record backflows to investors expected during coming months
  • EUR curve remains reluctant to price in further cuts despite the deliberate change of tone from the ECB since last week
    • With June ECB EONIA forwards just 2bp below current fixings, receiver positions offer a cheap option for another cut as the fixing could already drift lower on the back of rising excess liquidity
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Christoph Rieger (Commerzbank AG)

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UUID: 7947283