HALISTER1: Robeco Says Asian Bonds Too Expensive, Favors European Debt

Robeco Says Asian Bonds Too Expensive, Favors European Debt

(Bloomberg) -- Investors need to be selective with Asian dollar bonds as they are pricey, Maurice Meijers, CEO of Robeco Singapore, says in a press briefing in Hong Kong.
  • “We would need to see more premium from Asian bonds to make them a worthwhile investment”
  • NOTE: Average spread for dollar-based Asian corporate bonds has dropped 124bps to 191bps from a high of 315bps in October 2015, according to Bank of America Merrill Lynch indexes
  • Favors European bonds over U.S. and Asian notes
  • “Within China, our investments tend to be really focused on government entities and well-diversified higher-quality companies. Not those in the real estate or the financial sectors”
  • Earlier stories:
    • Loomis says local buyers of Asia debt crowd out global funds 
    • Western Asset sees signs of bubbliness in Asia company dollar bonds

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Maurice Meijers (Robeco Groep NV)

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HALISTER1: Credit Suisse Says No Financial Impact From Tax Evasion Probe

Credit Suisse Says No Financial Impact From Tax Evasion Probe

(Bloomberg) -- Credit Suisse Chief Financial Officer David Mathers told reporters on a call that a probe into allegations of tax evasion by clients of the bank has had no financial impact so far.
  • NOTE: Credit Suisse offices in London, Paris and Amsterdam were raided on March 31 by authorities in connection with a five-nation investigation into tax evasion and money laundering
  • NOTE: April 2, Thiam’s Turnaround Clouded by Tax Probe of Credit Suisse Offices

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CSGN VX (Credit Suisse Group AG)

People
David Mathers (Credit Suisse Group AG)
Tidjane Thiam (Credit Suisse Group AG)

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UUID: 7947283

HALISTER1: TOPLive Starts: Follow Credit Suisse Earnings in Real Time

TOPLive Starts: Follow Credit Suisse Earnings in Real Time

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
CSGN VX (Credit Suisse Group AG)

People
Chirantan Barua (Sanford C Bernstein & Co Inc)
David Mathers (Credit Suisse Group AG)
Eric Coleman ((CT)Senate)
Otto Dichtl (Stifel Financial Corp)
Tidjane Thiam (Credit Suisse Group AG)

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UUID: 7947283

HALISTER1: Spanish Linker, Finland Supply Ahead; Mizuho Says Add Flatteners

Spanish Linker, Finland Supply Ahead; Mizuho Says Add Flatteners

(Bloomberg) -- Core bonds open slightly lower, reflecting yesterday’s late sell-off in Treasuries, as U.S. stocks powered to new highs. Bunds remain capped below 0.40% level. Supply ahead from Spain, Finland and U.K.
  • Spain mandated banks for new 10y linker, expected to come to market today. Spain’s inaugural 10y linker sold in May 2014 saw EU5b issued
  • Finland to sell 0% 04/2022 and 1.375% 04/2047 bonds for up to EU1.5b at 11am London
    • Danske Bank looks for RFGBs to continue to outperform core after the French election first round; recommends buying 5y vs DSL, while 30y tap offers good opportunity to buy long semi-core duration
  • U.K. to sell 0.125% I/L 2046 for GBP800m at 10:30am London
  • Steepening of 10s30s yesterday, supported by the large EFSF supply, brings the opportunity to scale into flatteners, Mizuho’s Peter Chatwell writes in a client note. Especially as ECB will tone down its dovish language and depress inflation expectations in the coming months
  • NOTE: Excel heat map of euro-area govt bond curves and spreads here
YIELDS:
  • German 10Y yield +1bp at 0.38%; June bund futures -15 ticks to 160.83
  • Italy 10-year +2bps at 2.29%, Spain +2bps to 1.69%, France steady at 0.90%
  • For overnight news and what to watch, see EU FX/Rates daybook

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Peter Chatwell (Mizuho Financial Group Inc)

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UUID: 7947283