HALISTER: Telecom Italia CEO Patuano Resigns After Clashing With Vivendi

Telecom Italia CEO Patuano Resigns After Clashing With Vivendi

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
VIV FP (Vivendi SA)
TECO2 AR (Telecom Argentina SA)
TIT IM (Telecom Italia SpA/Milano)
TIMP3 BZ (Tim Participacoes SA)

People
Marco Patuano (Telecom Italia SpA/Milano)
Vincent Bollore (Bollore SA)
Arnaud Puyfontaine (Vivendi SA)
Carlo Maffe (Bocconi University)
Flavio Cattaneo (Domus Italia Spa)

Topics
Management Changes

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UUID: 7947283

HALISTER1: 5y5y TIPS Breakevens Still About 16bp Too Cheap, TD Says

5y5y TIPS Breakevens Still About 16bp Too Cheap, TD Says

(Bloomberg) -- Model incorporates oil, short rates and stocks, and “has done a reasonably good job at predicting 5y5y BEs since tapering began in early 2014,” TD strategists led by Priya Misra say in March 18 note.
  • Other positive factors include improving CPI fundamentals, Fed concern about survey-based inflation expectations and reduced TIPS supply
  • Recommended trades include long 10Y breakeven (target 1.8%, stop at 1.3%) and 5s30s BE curve steepener, based on expectation inflation risk premium will rise (target 35bp, stop at 18bp)
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Priya Misra (TD Securities USA LLC)

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UUID: 7947283

HALISTER: Morgan Stanley Chases Millionaires’ Cash With Free Platinum AmEx

Morgan Stanley Chases Millionaires’ Cash With Free Platinum AmEx

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
MS US (Morgan Stanley)
AXP US (American Express Co)
BAC US (Bank of America Corp)
JPM US (JPMorgan Chase & Co)
WFC US (Wells Fargo & Co)

People
Greg McBride (Bankrate Inc)
James Gorman (Morgan Stanley)

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UUID: 7947283

HALISTER1: Argentina, U.S. Money Laundering Units to Sign Accord: Clarin

Argentina, U.S. Money Laundering Units to Sign Accord: Clarin

(Bloomberg) -- UIF’s President Mariano Federici to sign agreement today in Buenos Aires with Jennifer Shasky Calvery, director of the the Financial Crimes Enforcement Network, Clarin reports, without saying where it obtained the information.
  • Cooperation had been interrupted after UIF had leaked information about the Alberto Nisman case last yr, according to the article
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jennifer Calvery (Financial Crimes Enforcement Network)

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UUID: 7947283

HALISTER1: Business Insider: The money trail for one of the biggest cybercrimes in history has gone cold in the Phillippines

Business Insider: The money trail for one of the biggest cybercrimes in history has gone cold in the Phillippines

Alert: HALISTER1
Source: BLG (Blogs Web Content)

People
Lorenzo Tan (RCBC Savings Bank Inc)
Silverio Tan (International Container Terminal Services Inc)

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UUID: 7947283

HALISTER1: Danske Reported to Police for Violating Anti-Laundering Rules

Danske Reported to Police for Violating Anti-Laundering Rules

(Bloomberg) -- Danske says the FSA has reported bank to the police for “violating the provisions of the Danish Anti-Money Laundering Act,” according to statement on bank website.
  • Violations are regarding “correspondent bank relationships, including non-compliance with the order issued by the FSA in this area in 2012”
  • Report followed FSA inspection
  • Flemming Pristed, Group General Counsel, says in statement that bank is cooperating with investigation
  • “In step with the mounting challenges with regard to money laundering, we have in recent years increased our efforts considerably and have launched a number of measures, which we are now implementing, but they have yet to take full effect,” Pristed says
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
DANSKE DC (Danske Bank A/S)

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UUID: 7947283

HALISTER1: UST MORNING CALL: ‘Difficult for Rates to Trend Higher’

UST MORNING CALL: ‘Difficult for Rates to Trend Higher’

(Bloomberg) -- “Until the Fed changes its heightened concern, the fact is it will be difficult for rates to trend higher,” and “I expect rates to be in a range for the next several weeks, for 10yr notes call it 1.65% to 2.00%,” RBS strategist John Briggs says in note.
  • “We are mid-range in curves like 5s30s, but the positive carry aspect and the idea the Fed is showing even more patience, despite financial conditions having recovered, should keep Treasury yield curves steep”
  • Other observations from strategist morning notes:
  • BMO (Aaron Kohli ): “Shortened week in the Treasury market pushes major coupon supply to next week and along with little on the data front, provides limited opportunities for expressing a view”
    • “We expect a week of range trading where the risks of a breakout will likely come from overseas”
  • CRT (David Ader): With Japan out Monday, there will probably be “a bit of weakness at the very start of the week that may, in the context we suggest, offer a buying opportunity,” and “we like 5s and 7s vs. 2s/10s and 2s/30s”
  • FTN (Jim Vogel): “Without inflation worries, the Fed’s altered attire last week would have added another 10-12bp to the UST rally”
    • “Reduction in an aggressive Fed stance can just mean there’s less risk. And, a positively sloped yield curve is the new baseline”
  • Marty Mitchell (independent): “Bond market gets another break from coupon supply this week so Treasury supply will not be a factor on yields,” while “corporate issuance may be, particularly with relative calm settling over markets”
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
John Briggs (RBS Securities Inc)
Aaron Kohli (Bank of Montreal)
David Ader (CRT Capital Group LLC)
Jim Vogel (Ftn Financial)
Marty Mitchell (The Mitchell Market Report LLC)

Topics
UST Morning Call

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UUID: 7947283