HALISTER1: EU CREDIT DAILY: Technical Support; Casino, Telecom Italia

EU CREDIT DAILY: Technical Support; Casino, Telecom Italia

(Bloomberg) -- In this holiday-shortened week, credit mkts should remain better bid for choice and any marked slowdown in primary mkt activity around the holiday should only add to the technical support for secondary mkt risk assets in the coming days, Bloomberg strategist Simon Ballard writes.
  • ECB corp bond buying program, notwithstanding lack of detail this far, should remain near-term pillar of support for risk appetite
    • iTraxx spread movement today also impacted by roll into near Series 25
  • Casino reminds of need for careful bottom up investment strategy research as S&P cuts to junk (BB+) on back of weak global macro conditions, Asia asset disposals
  • Risk Appetite model shows retracement of spread dispersion and volatility with recent decline in liquidity
  • CDX IG currently +1.5bps at 84.81 in overnight session; iTraxx Asia Ex Japan IG is currently +19.5bps at 150.33
NEWS
  • Corporate News
  • Casino Confirms Ebitda Guidance of EU900m in 2016
  • Telecom Italia CEO Discussing Exit Terms After Vivendi Clash
  • Financial News
  • Swedbank Names Anders Karlsson CFO as Goeran Bronner Departs
  • Bank of Tianjin Said to Price $949 Million IPO Near Bottom End
  • Credit Rating News
  • Casino Guichard-Perrachon Rtg Cut to Junk by S&P
  • South32’s Baa1 Rating Confirmed by Moody’s; Outlook Negative
  • Other News
  • ECB Doing Whatever It Takes Can’t Push Euro-Area Banks to Lend
  • Wall Street’s Pile of Unwanted Treasuries Exposes Market Cracks
ANALYST VIEWS
  • Finding an asset class which can largely weather all (macro event risk) – defensive but with some upside – leads us to IG investment grade bonds: creditmarketdaily.com
NEW ISSUES
  • Carmila EU600m 8.5Y MS +207
  • Zurich Insurance $1b 30.25NC10.25 Subord 5.625%
  • European IG credit pipeline here and HY credit pipeline here
  • Issuers exposed to S-T rollover and interest-rate reset risk here
  • NOTE: Simon Ballard is a credit strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
  • NOTE: EU CREDIT DAILY won’t be published between March 24 and April 8. Publication will resume April 9.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CO FP (Casino Guichard Perrachon SA)
TIT IM (Telecom Italia SpA/Milano)

People
Anders Karlsson (Swedbank AB)
Goeran Bronner (Swedbank AB)

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UUID: 7947283

HALISTER1: India RBI May Buy Up to INR1t Bonds Via OMOs in FY17: Deutsche

India RBI May Buy Up to INR1t Bonds Via OMOs in FY17: Deutsche

(Bloomberg) -- Deutsche Bank has “more conviction” that RBI will likely continue to do OMO purchases regularly in next fiscal year, economists Taimur Baig and Kaushik Das write in report dated March 18.
  • Estimates OMO purchases amounting to 600b-1t rupees ($9b- $15b) in total for fiscal 2017
  • Says RBI will justify OMOs as a tool to manage liquidity more effectively, though such actions can also be perceived as concerted effort on part of central bank to prevent long- term yields from rising further
  • Expects RBI to cut its policy rate by 25 bps on April 5 and to provide guidance that further accommodation could be considered if inflation pressures remain at bay
  • While there’s market chatter about possible CRR cut, Deutsche notes that this expectation is persistent feature before each meeting, with RBI having disappointed each time, underplaying importance of a CRR cut in driving lending rates lower
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Kaushik Das (Deutsche Bank AG)
Taimur Baig (Deutsche Bank AG)

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UUID: 7947283

HALISTER: Telecom Italia Discussing With CEO Patuano Over His Resignation

Telecom Italia Discussing With CEO Patuano Over His Resignation

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
TIT IM (Telecom Italia SpA/Milano)
TIMP3 BZ (Tim Participacoes SA)
VIV FP (Vivendi SA)
BOL FP (Bollore 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: Korean Won, Taiwan Dollar, Ringgit Forwards Most Active on DTCC

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

(Bloomberg) -- USD/KRW non-deliverable forwards account for 48.4% of total volume today, according to trades reported to DTCC; USD/TWD second-most active at 14.0%, USD/MYR third-most active at 13.4%.
  • Total volume was $6.8b as of 2:50pm HKT; global total on March 18 was $61.4b, with USD/BRL accounting for 20.2%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: BMW Brings Self-Driving Vehicles to Factory Floor to Save Costs

BMW Brings Self-Driving Vehicles to Factory Floor to Save Costs

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BMW GR (Bayerische Motoren Werke AG)

People
Friedrich Eichiner (Bayerische Motoren Werke AG)
Harald Krueger (Bayerische Motoren Werke AG)
Oliver Zipse (Bayerische Motoren Werke AG)

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UUID: 7947283

HALISTER: Axa’s De Castries to Retire on Sept. 1, Buberl to be New CEO

Axa’s De Castries to Retire on Sept. 1, Buberl to be New CEO

(Bloomberg) -- Axa says Chairman and CEO Henri de Castries will retire on Sept. 1.
  • Denis Duverne will become Non-Executive Chairman of the Board of Directors
  • Thomas Buberl will be appointed as Chief Executive Officer of AXA
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
CS FP (AXA SA)

People
Denis Duverne (AXA SA)
Henri Castries (AXA SA)
Thomas Buberl (AXA SA)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER1: INSIDE G-10: NZD, AUD Fall; Australia Double Dissolution Eyed

INSIDE G-10: NZD, AUD Fall; Australia Double Dissolution Eyed

(Bloomberg) -- Commodity-linked currencies NZD, AUD and CAD lead declines in subdued trading, with Japan’s markets closed for a public holiday and a short week ahead for U.S., Europe and parts of Asia due to Easter holidays.
  • Bernanke suggests less predictable yuan path for PBOC
  • NZD/USD -0.59% to 0.6764 vs 0.6751/0.6808 range
    • Selling vs AUD, JPY helping to weaken kiwi, traders say
    • Underlying NZD/JPY bids around 74.50, traders say
    • N.Z. recorded 6,070 permanent immigration in February
    • ASB now expects RBNZ to cut twice this year
    • RBNZ starts external investigation into alleged rate-cut leak
  • AUD/USD -0.32% to 0.7584 vs 0.7569/0.7620 range
    • Macro funds seen selling aussie vs USD and JPY, say traders
    • PM Turnbull brought budget forward to May 3 and threatened to call a double dissolution election unless Senate passes key industrial relations legislation
  • USD/CAD +0.46% to 1.3064 vs 1.2988/1.3071 range
    • Brent crude contract -0.7% to $40.91/bbl
  • EUR/USD +0.01% to 1.1271 vs 1.1255/1.1288 range
    • Hedge funds reduce net USD longs by most since June: CFTC
    • German tax revenue rises 5% y/y in February
  • USD/JPY -0.07% to 111.47 vs 111.22/111.69 range
    • Leveraged funds added to their net long JPY position
  • GBP/USD -0.22% to 1.4444 vs 1.4434/1.4469 range
    • Brexit could cost GBP100b, industry group report says
    • ‘Brexit’ hedges signal calm in U.K. stocks temporary as traders flee; foreign investors are pulling out
  • BBDXY +0.11% to 1,187.53
    • Goldman holds fast to dollar bullish stance, unmoved by the currency’s recent slide; predicts 3 Fed hikes in 2016
  • Treasury futures at 129-14 vs 129-13 on Friday
  • S&P 500 futures down 4 points to 2,033.60
  • Gold -0.3%; copper +0.1%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Starwood Offer Helps Shatter China’s Overseas Deal Record: Chart

Starwood Offer Helps Shatter China’s Overseas Deal Record: Chart

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
HOT US (Starwood Hotels & Resorts Worldwide Inc)
1083236D CH (Anbang Insurance Group Co Ltd)
CHNCCZ CH (China National Chemical Corp)
SYNN VX (Syngenta AG)
MAR US (Marriott International Inc/MD)

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UUID: 7947283