HALISTER1: CANADA ECO PREVIEW: Bank of Canada Rate Decision Due in 5 Mins

CANADA ECO PREVIEW: Bank of Canada Rate Decision Due in 5 Mins

(Bloomberg) -- Bank of Canada seen maintaining overnight lending rate of 0.5% (forecasts unanimous at 0.5%).
  • “We expect the BoC to bring forward the closing of the output gap to ‘the first half of 2018’ from ‘mid-2018’ previously but to continue to highlight some downside risks”: TD Securities
    • See also: Poloz Faces Core Inflation Conundrum

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Ontrea Inc. and OPB (155 Wellington) Inc. (RBC Centre) - DBRS Rating Report

Ontrea Inc. and OPB (155 Wellington) Inc. (RBC Centre) - DBRS Rating Report

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

Tickers
1885Z CN (Ontario Teachers' Pension Plan Board)

People
Brenda Lum (DBRS Ltd)
Crillen Zhao (DBRS Ltd)

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

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UUID: 7947283

HALISTER1: Ontrea Inc. (Lime Ridge Mall) - DBRS Rating Report

Ontrea Inc. (Lime Ridge Mall) - DBRS Rating Report

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

Tickers
1885Z CN (Ontario Teachers' Pension Plan Board)

People
Brenda Lum (DBRS Ltd)
Crillen Zhao (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: Import/Export Report Due in 5 Minutes

U.S. ECO PREVIEW: Import/Export Report Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s U.S. economic releases as compiled by Bloomberg News:
  • Import prices -0.2% m/m; range -0.6% to 0.4% (36 estimates)
  • Import prices ex petro 0% m/m; range -0.1% to 0.1% (5 estimates)
  • Import Prices 4% y/y; range 3.7% to 4.3% (8 estimates)
    • If dollar depreciation continues, "upward inflation pressure may surface": Bloomberg Intelligence
    • The import price index rose 0.2 percent in February, third consecutive increase
  • Export Prices 0% m/m; range -0.5% to 0.1% (5 estimates)
    • In Feb. prices paid by overseas customers climbed 3.1 percent from a year earlier, the largest 12-month advance since the end of 2011

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: S&P Affirms Singapore Ratings At ‘AAA/A-1+’ With Stable Outlook

S&P Affirms Singapore Ratings At ‘AAA/A-1+’ With Stable Outlook

(Bloomberg) -- S&P Global Ratings affirmed its unsolicited ‘AAA’ long-term and ’A-1+’ short-term sovereign credit ratings on the Republic of Singapore. The outlook remains stable.
  • S&P says the stable outlook reflects expectation that Singapore will continue its economic resilience, apply fiscal flexibility, and sustain its strong net external creditor position over the next two years

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Goldman, Citi Tell Clients to Buy Shire Ahead of HAE Trial Data

Goldman, Citi Tell Clients to Buy Shire Ahead of HAE Trial Data

(Bloomberg) -- Shire’s Phase III Help data for SHP643 (lanadelumab) due in May should kickstart a rerating of its underperforming shares, Citi analysts Peter Verdult and Victor Windeyer write in client note.
  • Shire’s SHP643 and CSL’s Haegarda expected to increase prophylaxis segment in hereditary angioedema (HAE), now est. at 60% of patients on treatment
    • Ests. just 65% of patients are actually diagnosed
  • SHP643 has the potential to become the new “gold standard of treatment” given combination of efficacy, safety, ease of administration and convenience vs competition
  • Goldman Sachs also recommends buying Shire ahead of HAE trial result as its base case assumes efficacy to be similar to CSL’s Haegarda, analysts including Keyur Parekh write in client note today
OTHER CITI COMMENTS:
  • Recent share price performance has been “lackluster,” because of investor concerns on U.S. drug pricing, ongoing skepticism on Baxalta acquisition given threat from Roche’s ACE910, and balance sheet leverage
  • Shire to remain leader in HAE with market share of 60%-80% from 2016 >80% as market expected to peak at $2.8b in 2025 from $1.6b last yr
  • While >50% of patients on Shire’s Cinryze will be switched to CSL’s Haegarda within 12m of this year’s launch, the vast majority of Haegarda patients are expected to switch to SHP643 from 2H 2018 (expected launch date)
  • While Shire suing CSL against Haegarda U.S. launch will be debated by the market, trial data remains a more important sentiment driver
  • NOTE: Shire stock lost 3.1% this year, third-worst performer among Stoxx 600 Health Care Index members: Bloomberg data

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SHP LN (Shire PLC)

People
Peter Verdult (Citigroup Inc)
Victor Windeyer (Citigroup Global Markets Inc)
Keyur Parekh (Goldman Sachs & Co)

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UUID: 7947283