HALISTER: Home Retail Saga Over as Board to Recommend Sainsbury Offer (1)

Home Retail Saga Over as Board to Recommend Sainsbury Offer (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
SBRY LN (J Sainsbury PLC)
HOME LN (Home Retail Group PLC)
DRTY LN (Darty Plc)
EXPN LN (Experian PLC)
SNH GR (Steinhoff International Holdings NV)

People
John Coombe (Hogg Robinson Group PLC)
Steve Clayton (Hargreaves Lansdown PLC)

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UUID: 7947283

HALISTER1: Lack of Policy Clarity Could be Negative for China Rating: Fitch

Lack of Policy Clarity Could be Negative for China Rating: Fitch

(Bloomberg) -- “Decreased clarity around China’s medium-term economic strategy, or diminished confidence in the authorities’ capacity and willingness to implement it, could be negative for ratings if they occur,” Andrew Colquhoun, head of Asia-Pacific sovereigns at Fitch Ratings, says in e-mail Friday.
  • Fitch rates China A+ with stable outlook, considering nation’s still-strong sovereign balance sheet against broader systemic risks and vulnerabilities in economy: Colquhoun
  • NOTE: China Rating Outlook Cut to Negative From Stable by S&P
  • NOTE: China Outlook Cut as Moody’s Warns of Debt, Reform Risks
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Andrew Colquhoun (Fitch Group Inc)

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UUID: 7947283

HALISTER: Alior Agrees to Buy GE’s Polish Bank Assets for $330 Million (1)

Alior Agrees to Buy GE’s Polish Bank Assets for $330 Million (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GE US (General Electric Co)
ALR PW (Alior Bank SA)
BPH PW (Bank BPH SA)

People
Andrzej Duda (Republic of Poland)
Marek Belka (National Bank of Poland)
Wojciech Sobieraj (Alior Bank SA)

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UUID: 7947283

HALISTER1: April Flows to Support Flatter ASW Curves, Tighter SPGB/BTP: SG

April Flows to Support Flatter ASW Curves, Tighter SPGB/BTP: SG

(Bloomberg) -- Ultra-low rates environment and continuation of the bullish trend in EUR rates over April should fan the quest for return, thereby boosting appetite for longer duration, Societe Generale strategist Marc-Henri Thoumin writes in client note.
  • Diminishing carry and volatility-adjusted carry make the risk/reward of owning peripheral spreads less attractive; however, spreads, especially in long dates, are still far off their 2015 lows
  • Long SPGB July 2026 vs SPGB April 2021 at 60.5bp in ASW; target 50bp, stop 67bp
  • Short SPGB April 2021 vs long BTP May 2021 at 7bp in ASW; target 11bp, stop 4bp
  • Risk: negative surprise in Spain would be the formation of a left coalition that doesn’t involve Ciudadanos, though looks unlikely
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Marc-Henri Thoumin (Societe Generale SA)

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UUID: 7947283

HALISTER: Versace to Bottega Court Local Shoppers as Jet-Set Demand Cools

Versace to Bottega Court Local Shoppers as Jet-Set Demand Cools

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GIAN IM (Gianni Versace SpA)
KER FP (Kering)

People
Aldo Magada (Zenith International SA)
Armando Branchini (Fondazione Altagamma)
Axel Dumas (Hermes International)
Francois-Henri Pinault (Kering)
Gian Ferraris (Gianni Versace SpA)

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UUID: 7947283

HALISTER1: Japan Bonds Gain; BOJ Gets More Interest to Sell Short-Term Debt

Japan Bonds Gain; BOJ Gets More Interest to Sell Short-Term Debt

(Bloomberg) -- Yield on Japan’s 20-year govt bond drops 3 bps to 0.375% and benchmark 10-year yield declines 2 bps to -0.070%, while Nikkei 225 slides 3.5% after BOJ’s quarterly Tankan survey shows worsening corporate sentiment.
  • “Investors have no choice but to buy bonds when stocks fall” given BOJ buys bonds from secondary market, Jun Fukashiro, senior fund manager in Tokyo at Sumitomo Mitsui Asset Management, says in interview
  • Bid-to-cover ratio at BOJ’s purchase of debt with maturities of one year or less was 6.62 times today, up from 4.14 times at March 22 purchase operation for identical maturities
  • Currently, all yields on Japanese govt bonds with maturities of up to 10 years are below zero
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jun Fukashiro (Sumitomo Mitsui Asset Management Co Ltd)

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UUID: 7947283