HALISTER: Vivendi Chairman Bollore Tightens Grip Over Telecom Italia (1)

Vivendi Chairman Bollore Tightens Grip Over Telecom Italia (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
VIV FP (Vivendi SA)
BOL FP (Bollore SA)
TIT IM (Telecom Italia SpA)
TIMP3 BZ (Tim Participacoes SA)

People
Vincent Bollore (Bollore SA)
Arnaud Puyfontaine (Vivendi SA)
Giuseppe Recchi (Telecom Italia SpA)
Jean-Paul Fitoussi (Observatoire Francais Des Conj)
Marco Patuano (Telecom Italia SpA)

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UUID: 7947283

HALISTER: Barclays’s King Said to Plan to Retire as Early as Next Month

Barclays’s King Said to Plan to Retire as Early as Next Month

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
BARC LN (Barclays PLC)

People
Thomas King (Barclays PLC)
Antony Jenkins (Barclays PLC)
C Venkatakrishnan (Bear Stearns & Co Inc)
James Staley (Barclays PLC)
John McFarlane (Barclays PLC)

Topics
Who's News - People

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UUID: 7947283

HALISTER: Apple Opposes Order to Break Encryption of Shooter’s Phone

Apple Opposes Order to Break Encryption of Shooter’s Phone

(Bloomberg) -- Apple will oppose magistrate’s order to help unlock San Bernardino shooter’s iPhone, CEO Tim Cook writes in letter on website.
  • Cook says FBI request would undermine freedoms, liberty government is meant to protect
  • NOTE: Earlier, Apple Ordered to Help Unlock San Bernardino Shooter’s iPhone
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
AAPL US (Apple Inc)

People
Timothy Cook (Apple Inc)

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UUID: 7947283

HALISTER1: AUCTION PREVIEW: 10Y Gilt Rich Outright; Value in RV, on Curve

AUCTION PREVIEW: 10Y Gilt Rich Outright; Value in RV, on Curve

(Bloomberg) -- U.K. to sell 1.5% 07/2026 for GBP2.75b at 11:30am CET. Analysts note outright yields not particularly attractive, though see value on curve, ASW, and as part of 5s10s flatteners.
  • BNP (Parisha Saimbi)
    • New 10Y Gilt issues typically come at discount vs peer, then richen on the second, third re-opening
    • Outright yield is low, attractive to own the bond as part of 5s10s flatteners
    • Cross-market model using money market spreads, currency, inflation, growth as inputs suggest 10Y U.K. rates ~20bps cheap vs EUR rates
  • HSBC (Bert Lourenco)
    • Pricing ~13.5bps in grey market on the roll, fair value should be 12bps; last 10Y gilt auction of FY15/16
    • Expect gilt outperformance to continue, target 1% 10Y yields by end of 3Q
    • Retracement of gilts recently provides good entry point for longs, recommend buying outright or vs 3.75% 07/2052 in case a bigger Brexit risk premium puts pressure long- end gilts
  • Barclays (Giuseppe Maraffino)
    • New issues tend to trade cheap vs surrounding issues on the curve, likely to persist as new bonds tend to be tapped frequently
    • New 2026 issue is likely to be the mainstay of 10Y supply through 2016; should be some demand in RV, as well as in ASW given the recent underperformance of gilts vs OIS swaps
  • UBS (Nishay Patel)
    • 5s10s close to steeper end of 6-month range, 10Y at cheapest ASW levels in 6-months; gilts have underperformed over past few sessions
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Bert Lourenco (HSBC Securities Inc)
Giuseppe Maraffino (Barclays PLC)
Nishay Patel (UBS Global Asset Management Japan Ltd)
Parisha Saimbi (BNP Paribas SA)

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UUID: 7947283

HALISTER1: Korean Won, Taiwan Dollar, Rupee Forwards Most Active on DTCC

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

(Bloomberg) -- USD/KRW non-deliverable forwards account for 47.5% of total volume today, according to trades reported to DTCC; USD/TWD second-most active at 16.4%, USD/INR third-most at 11.3%.
  • Notional amounts traded include:
    • $250m+ of USD/KRW at 1,226.48; matures March 25
    • $140m of USD/INR at 6.8269; matures May 19
  • Total volume was $17.4b as of 4:06pm HKT; global total yesterday was $65.2b, with USD/KRW accounting for 24.2%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: INSIDE MALAYSIA: Ringgit Falls; Reserves in Solid Position: Zeti

INSIDE MALAYSIA: Ringgit Falls; Reserves in Solid Position: Zeti

(Bloomberg) -- Ringgit drops more than other Asian currencies; central bank governor Zeti says process to choose successor is taking place.
  • Ringgit slides 1.5%, most since early Sept., to 4.2165 per dollar
  • FX pair above pivot point at 4.1418; support at 4.1268, 4.1000, 4.0582; resistance at 4.1686, 4.1836 broken, next at 4.2254
  • Brent crude falls 0.9% to $31.88/bbl
  • Malaysia seen selling dollar sukuk for second year
  • Ringgit 1-mo. NDF drops 0.5% to 4.2289, holding below 200- DMA of 4.1080 since Oct. 2014; see chart here
  • 4Q GDP probably expanded 4.1% y/y, according to median est. in Bloomberg survey; data due at noon local time tomorrow; economy grew 4.7% in 3Q
  • Yield on 3.955% govt bond due Sept. 2025 up 0.5 bps at 3.929%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283