HALISTER1: Barclays Turns Neutral on Outright Long UST 10Y Position

Barclays Turns Neutral on Outright Long UST 10Y Position

(Bloomberg) -- Shift to neutral stance based on reduction in short positioning, easing financial conditions and term premia expectations, Barclays strategists led by Rajiv Setia say in note.
  • Market response to FOMC strengthens case for more regular hikes, while neutral rates and term premia should remain at low levels
  • Market appears “too sanguine” in pricing in just 2.5 hikes this year and 2 next year; therefore, continue to recommend 3s10s curve flatteners
  • Prefer to maintain long duration view via U.S./U.K. convergence trade of buying USD 6m x 30y receivers vs GBP 6m x 30y receivers
    • Trade would benefit from long-end Treasury rally on downward surprise to economic outlook and upwards move in U.K. long-end rates, should Brexit concerns ease on improved economic data
  • NOTE: Barclays entered tactical long UST 10Y trade on Jan. 27 at 2.52% yield; MORE

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Rajiv Setia (Barclays PLC)

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UUID: 7947283

HALISTER1: Correction: Reputational Risk Remains Key Issue for Panama Banks

Correction: Reputational Risk Remains Key Issue for Panama Banks

Alert: HALISTER1
Source: FII (Fitch Ratings)

Tickers
PETR4 BZ (Petroleo Brasileiro SA)

People
Justin Patrie (Fitch Ratings Ltd)
Mario Hernandez (Fitch Ratings Ltd)
Rolando Martinez (Fitch Ratings Ltd)
Sandro Scenga (Fitch Ratings Inc)

Topics
FI Issuer Research

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UUID: 7947283

HALISTER1: Greystone Commercial Real Estate Notes 2017-FL1 - DBRS Rating Report

Greystone Commercial Real Estate Notes 2017-FL1 - DBRS Rating Report

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

People
Erin Stafford (Dbrs, Inc.)
Kevin Mammoser (DBRS Inc)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research
Reports

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UUID: 7947283

HALISTER1: SRF 2017-1 Fondo de Titulizacion - DBRS Presale Report

SRF 2017-1 Fondo de Titulizacion - DBRS Presale Report

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

People
Asim Zaman (Dbrs Europe Ltd)
Belen Bulnes (DBRS Inc)
Mark Wilder (Dbrs Europe Ltd)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research
Prov., Reg. Credit Research

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UUID: 7947283