HALISTER1: European Residential Loan Securitisation 2017-PL1 DAC - DBRS Presale Report

European Residential Loan Securitisation 2017-PL1 DAC - DBRS Presale Report

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

People
Asim Zaman (Dbrs Europe Ltd)

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

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UUID: 7947283

HALISTER1: Petrobras Bonds to See Little Impact From CVM Rule: Bradesco BBI

Petrobras Bonds to See Little Impact From CVM Rule: Bradesco BBI

(Bloomberg) -- Ruling ordering Petrobras to refile financial statements would increase its 2017 net debt/Ebitda ratio by 0.1x, Bradesco BBI analyst Gustavo Gregori says in research note.
  • Impact expected if Petrobras is unable to reverse ruling from securities regulator known as CVM
  • CVM’s decision doesn’t change Bradesco BBI’s positive view on co.’s bonds, as several short-term catalysts expected
  • NOTE: CVM wants Petrobras to refile financial statements considering reversal of effects from hedge accounting; Petrobras can appeal decision
  • NOTE: Petrobras May Pay Dividend of BRL8b W/CVM Decision: Bradesco BBI

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PETR4 BZ (Petroleo Brasileiro SA)

People
Gustavo Gregori (Banco Bradesco SA)

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UUID: 7947283

HALISTER1: CVM Decision May Boost Spread Between Petrobras Shares: Itau BBA

CVM Decision May Boost Spread Between Petrobras Shares: Itau BBA

(Bloomberg) -- (Machine translation provided by Google and reviewed by Bloomberg editors.)
  • If CVM’s decision prevails and Petrobras can no longer use hedge accounting, the change could boost earnings in 2016, leading to dividend payments and favoring the spread of the company’s common and preferred shares, Itau BBA says report
  • In other words, preferred shares can be traded with premium over common shares
  • Potential profit for Petrobras throughout the 2016 without hedge accounting may be 18.5b reais, leading to the payment of 4.6b reais in dividends, Itau BBA says
  • NOTE: Petrobras Says CVM Has Asked Co. to Refile 2013-2015 Earnings NSN OMHQI56JIJV6

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PETR4 BZ (Petroleo Brasileiro SA)

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UUID: 7947283