HALISTER: Corporate Debt Sales Surge to Weekly Record on Draghi Stimulus

Corporate Debt Sales Surge to Weekly Record on Draghi Stimulus

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
2539Z GR (European Central Bank)
ABI BB (Anheuser-Busch InBev SA/NV)
FDX US (FedEx Corp)
FEMSAUBD MM (Fomento Economico Mexicano SAB de CV)
DTE GR (Deutsche Telekom AG)

People
Mario Draghi (European Central Bank)
Christian Reusch (UniCredit SpA)

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UUID: 7947283

HALISTER1: USD-Strength Theme Stays Intact Even as Fed Turns Dovish: Janus

USD-Strength Theme Stays Intact Even as Fed Turns Dovish: Janus

(Bloomberg) -- Janus expects Fed to increase rates at least twice this year, paving the way for USD strength by year-end, portfolio manager Ryan Myerberg says in interview.
  • Longer-term theme of USD appreciation against currencies facing strong disinflationary pressures, easing remains still in play
  • Long-USD being unwound this week as a knee-jerk reaction to a more dovish-than-expected Fed
  • If Fed became more dovish with a much worse risk environment than now, we wouldn’t have seen the same USD long positions unwinding
  • ECB, BOJ unlikely to sit and watch their currencies appreciate strongly
  • Long-term conviction for euro remains bearish; JPY likely to be weaker on the margin
  • NOTE: Pimco says in interview that conviction in U.S. dollar strength is lower
  • NOTE: Myerberg manages portfolios in Janus fundamental fixed-income group, which had $34.9b of assets under management as of end-2015
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Ryan Myerberg (Janus Capital Group Inc)

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UUID: 7947283

HALISTER: ESPN Decides It’s Better to Be In Than Out With Penny Pinchers

ESPN Decides It’s Better to Be In Than Out With Penny Pinchers

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
DIS US (Walt Disney Co/The)
DISH US (DISH Network Corp)

People
Richard Greenfield (BTIG LLC)
Robert Iger (Walt Disney Co/The)
Todd Juenger (Sanford C Bernstein & Co Inc)

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UUID: 7947283

HALISTER1: BNP Expects ECB Deposit Rate to Hold at -0.4% vs Cut to -0.7%

BNP Expects ECB Deposit Rate to Hold at -0.4% vs Cut to -0.7%

(Bloomberg) -- No longer expect any further ECB deposit-rate cuts, BNP economist Ken Wattret writes in client note.
  • Had previously forecast rate would fall to -0.7% by September
  • Further reductions in the deposit rate cannot be ruled out entirely; still, ECB policy shift toward other unconventional tools suggests the probability of aggressive cuts has fallen significantly
  • NOTE: Barclays and JPMorgan said last week they no longer expect further ECB deposit-rate cuts this year, while ECB’s Praet tells Repubblica the ECB hasn’t reached the lower bound
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)

People
Ken Wattret (BNP Paribas SA)

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UUID: 7947283

HALISTER1: Brexit Risk, More QE Support Long-End EUR Rates Curve: SocGen

Brexit Risk, More QE Support Long-End EUR Rates Curve: SocGen

(Bloomberg) -- Close G-4 duration longs as dovish Fed adds fuel to the risk rally, supporting USD pullback, higher commodities, SocGen strategists led by Vincent Chaigneau write in client note.
  • EUR rates should continue to hold up strongly, supported by increased QE buying, collapse of net supply in April, political risks in periphery
  • Hold bias toward EUR spread-compression trades following latest ECB announcement; continue to favor carry and roll short, intermediate non-core sectors
  • Despite general positive tone in markets spurred by dovish central banks, Brexit risks and increased ECB purchases also present bullish case for long-end EUR rates
    • Recommend buying EUR 10s30s conditional bull-flatteners with 1-month expiry
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Vincent Chaigneau (Societe Generale SA)

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UUID: 7947283