HALISTER1: Golden Credit Card Trust, Series 2017-2 - DBRS Presale Report

Golden Credit Card Trust, Series 2017-2 - DBRS Presale Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

Tickers
RY CN (Royal Bank of Canada)

People
Fanfei Gong (DBRS Ltd)
Geetika Gupta (DBRS Ltd)
Jamie Feehely (DBRS Ltd)
Paul Bretzlaff (DBRS Ltd)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research
Issuer Focused Research

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: NAHB Housing Index Due in 5 Minutes

U.S. ECO PREVIEW: NAHB Housing Index Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News:
  • NAHB 70; range 68 to 71 (33 estimates)
    • Last month’s reading was the highest since June 2005
    • "However, we still expect the April data on homebuilder sentiment to remain fairly upbeat given the recent relative strength in separate data on mortgage purchase application volume." -- JP Morgan

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: JPMorgan Says Lira Assets Due for Relief Rally After Referendum

JPMorgan Says Lira Assets Due for Relief Rally After Referendum

(Bloomberg) -- Uncertainty regarding the referendum has been resolved with a “relatively market-friendly outcome pointing to no early elections in 2017,” analysts including Yarkin Cebeci write in a report.
  • “We think this is a catalyst for investors to unwind the large UW positioning in Turkey relative to other high- yielding local currency EM assets”
    • Says high nominal yields, a stable currency and a central bank that is “likely to keep liquidity conditions tight” make local debt attractive
    • The central bank next meets April 26; JPMorgan expects “no change in the tight liquidity stance until the end of June”
  • Stays long 10-year government bonds, fx hedged, targeting a move to 10.5%; remains market weight Turkish assets in their GBI-EM Model Portfolio “as we do not see an improving trend in the underlying structural drivers”
  • NOTE: The yield on the nation’s 10-year notes fell as much as 30bps to 10.81% today; foreign investors bought a net $487m worth of lira-denominated bonds in the week ended April 7, central bank data last week showed
    • That’s the biggest inflow for any five-day period since September and the fifth straight week of net purchases from offshore funds as their share of the bond market rebounds from a five-year low

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
JPM US (JPMorgan Chase & Co)

People
Yarkin Cebeci (JPMorgan Chase Bank NA)

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UUID: 7947283

HALISTER1: UST 10Y Yield Has Scope to 1.5% by Sept.: Guggenheim’s Minerd

UST 10Y Yield Has Scope to 1.5% by Sept.: Guggenheim’s Minerd

(Bloomberg) -- UST 10Y yield is headed to 2%, and with “safe haven trades in vogue,” the probability is rising “that we revisit 1.5% or lower this summer,” Scott Minerd, chief investment officer for Guggenheim Partners, writes in a note.
  • Drivers include “disappointment around Washington delivering pro-growth‎policies” and increasing risks abroad, he says
  • Lower yields, weaker dollar will benefit emerging markets
  • NOTE: Treasuries have rallied for five straight weeks, longest stretch since July, when yield touched record low 1.318%; last week the 10-year yield fell 14 basis points, most in 10 months

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
8925498Z US (Guggenheim Capital LLC)

People
Byron Minerd (Guggenheim Capital LLC)

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: Empire Manufacturing Index Due in 5 Minutes

U.S. ECO PREVIEW: Empire Manufacturing Index Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News:
  • Empire 15; range 10 to 20.9 (41 estimates)
    • Survey has been positive every month since Trump’s election last Nov. after falling in 13 of the preceding 16 months
    • "We are most interested in the six-month outlook for capital expenditures, which is a leading indicator of the trend in business spending": Deutsche Bank

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283