HALISTER1: Unacem, Marfrig Among Credicorp Top Latin American Bond Picks

Unacem, Marfrig Among Credicorp Top Latin American Bond Picks

(Bloomberg) -- Credicorp publishes top Latin American bond picks in note to clients.
  • Top high yield picks:
    • Unacem 2021s on attractive valuations
    • Marfrig 2020s on deleveraging and efforts to improve margins
    • Cemex 2022s on forecast of tighter spreads
    • Ferreycorp 2020s on stable capital structure and growth of its spare parts unit
    • JBS 2020s as it benefits from weaker BRL and lower debt ratios
  • Top investment grade picks
    • Cencosud 2021s on improved quarterly results
    • Grupo Aval 2022s as Colombian lender is better positioned to face current economic scenario and benefit from infrastructure project loans
    • Fibria 2024s on better than expected results due to weaker BRL and stable pulp prices
    • AES Gener 2021s as its one of Chile’s IG bonds trading at steepest discount
    • BBVA Bancomer 2022 on prospects of higher growth in Mexico
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
MRFG3 BZ (Marfrig Global Foods SA)
UNACEMC1 PE (Union Andina de Cementos SAA)
AESGENER CI (AES Gener SA)
CEMEXCPO MM (Cemex SAB de CV)
CENCOSUD CI (Cencosud SA)

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: Employment and Trade Reports Due in 5 Minutes

U.S. ECO PREVIEW: Employment and Trade Reports Due in 5 Minutes

(Bloomberg) -- Non-farm payrolls seen at +195k in Feb. vs +151k in Jan. (forecast range +70k to +245k)
  • Unemployment rate seen unchanged at 4.9% (forecast range 4.8% to 5%)
  • Average hourly earnings est. to rise 0.2% m/m in Feb. after advancing 0.5% in Jan. (forecast range 0% to +0.4%)
    • Trade deficit in goods and services seen at -$44b in Jan. vs -$43.36b in Dec. (forecast range -$39.1b to - $45.3b)
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: UST MORNING CALL: ‘Odds Favor a Muted Reaction’ to Payrolls

UST MORNING CALL: ‘Odds Favor a Muted Reaction’ to Payrolls

(Bloomberg) -- “Against mixed data this week and central bank decisions looming the next two weeks, odds favor a muted reaction to payroll totals and average wage changes this morning,” FTN strategist Jim Vogel says in note.
  • Other observations from strategist morning notes:
  • BMO (Aaron Kohli): “We broadly still think the 10yr part of the curve is too rich, but market mechanics, especially significant richness in repo suggests it may not be easy for investors to sell the benchmark 10yr note”
  • Marty Mitchell (independent): “Buying on an extended move to the 1.90%/1.97% area” on the 10Y, and “selling on a rally to the 1.775%/1.70% area are both advisable”
  • RBS (John Briggs): “Bears should look for 10s to potentially retrace towards the 1.65%-1.70% resistance zone to re-engage, and bulls should keep an eye on 1.90%-1.93% area,” as “any data that moves us through those levels on a closing basis today likely means a re-evaluation”
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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

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UUID: 7947283

HALISTER1: Scandal-Hit Baltic Bank Closed by ECB as Regulator Vows Cleanup

Scandal-Hit Baltic Bank Closed by ECB as Regulator Vows Cleanup

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
2539Z GR (European Central Bank)
2765951Z LR (Trasta Komercbanka AS)

People
Kristaps Zakulis (Republic of Latvia)
Peters Putnins ((LAT)Fncl & Capital Mkt Comm)

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UUID: 7947283

HALISTER1: Business Insider: Police are questioning the ex-president of Brazil in an anti-corruption investigation

Business Insider: Police are questioning the ex-president of Brazil in an anti-corruption investigation

Alert: HALISTER1
Source: BLG (Blogs Web Content)

Tickers
PETR4 BZ (Petroleo Brasileiro SA)

People
Luiz Da Silva (Federative Republic of Brazil)
Dilma Rousseff (Federative Republic of Brazil)

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UUID: 7947283