HALISTER1: Large Month-End Extension in EGBs; OATs, BTPs to Benefit: Mizuho

Large Month-End Extension in EGBs; OATs, BTPs to Benefit: Mizuho

(Bloomberg) -- Increase in average duration of EGB indexes this month-end will be a large 0.13 yrs, which should be supportive for cash bonds, Mizuho rates strategist Antoine Bouvet writes in client note.
  • Significant extension is result of large long-end supply, bonds dropping out of the index; typical Feb. extension since 2011 is 0.05 yrs
  • Austria, Italy, France main beneficiaries from extension flows; buying may be most significant for France as new 30Y Italy, Austria syndications may have captured some of the flow
  • Recommend selling out of France 10/2022 to own 11/2025 to take advantage of the widening of this spread in RV, in anticipation of Japanese demand for 10Y OATs
  • In Italy, see 09/2022 as cheap; should benefit from carry- driven demand if volatility wanes; more protected in high volatility than surrounding issues
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Antoine Bouvet (Mizuho Financial Group Inc)

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UUID: 7947283

HALISTER: Pentagon Chief Sells Lockheed F-35 as Best, Even Affordable, Jet

Pentagon Chief Sells Lockheed F-35 as Best, Even Affordable, Jet

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
LMT US (Lockheed Martin Corp)

People
Ashton Carter (United States Department of Defense)
Christopher Bogdan (United States Department of The Air Force)
J Gilmore (United States Department of Defense)
Richard Aboulafia (Teal Group Corp)

Topics
BGOV Defense

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UUID: 7947283

HALISTER: Goldman Sachs Names Amir Ravan Head of Precious-Metals Trading

Goldman Sachs Names Amir Ravan Head of Precious-Metals Trading

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
GS US (Goldman Sachs Group Inc/The)

People
Amir Ravan (Goldman Sachs Group Inc/The)
Charles McGarraugh (Goldman Sachs Group Inc/The)
Sebastian Howell (Goldman Sachs International)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER: Secret Memo Details U.S.’s Broader Strategy to Crack Phones

Secret Memo Details U.S.’s Broader Strategy to Crack Phones

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AAPL US (Apple Inc)

People
Barack Obama (United States of America)
James Comey (DOJ United States Federal Bureau of Investigation)
Josh Earnest (White House Office)
Timothy Cook (Apple Inc)

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UUID: 7947283

HALISTER1: Credit Suisse Said to Be Probed in Italy for Money Laundering

Credit Suisse Said to Be Probed in Italy for Money Laundering

(Bloomberg) -- Milan prosecutors are probing whether Credit Suisse engaged in money laundering, evaded taxes when it sold billions of euros of policies that clients from Italy used to shield funds from tax authorities, people with knowledge of the case said.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CSGN VX (Credit Suisse Group AG)

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UUID: 7947283

HALISTER: Apple Encryption Spurn Stirs Statehouse Push for Backdoor Access

Apple Encryption Spurn Stirs Statehouse Push for Backdoor Access

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AAPL US (Apple Inc)

People
Cyrus Vance (New York County/NY)
Dianne Feinstein (United States Senate)
Edward Snowden (Booz Allen Hamilton Holding Corp)
Jim Cooper ((CA)Assembly)
Matthew Titone (New York State Assembly)

Topics
Bloomberg Politics

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UUID: 7947283

(2) *U.S. GOVERNMENT MEMO SHOWS BROAD STRATEGY TO ACCESS PHONE DATA

*U.S. GOVERNMENT MEMO SHOWS BROAD STRATEGY TO ACCESS PHONE DATA

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
GOOG US (Alphabet Inc)
MSFT US (Microsoft Corp)
AAPL US (Apple Inc)
FB US (Facebook Inc)
TWTR US (Twitter Inc)

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UUID: 7947283