HALISTER1: Brazil Senator Raupp Becomes Defendant at Supreme Court

Brazil Senator Raupp Becomes Defendant at Supreme Court

(Bloomberg) -- (Machine translation provided by Google and reviewed by Bloomberg editors.)
  • Brazil Supreme Court received on Tuesday a complaint from Federal Prosecutors in the inquiry against Senator Valdir Raupp for crimes of passive corruption and money laundering, according to a note on Top Court’s website
  • Raupp is accused of requesting and receiving undue advantage arising from the Petrobras resource diversion scheme that is investigated by Carwash probe
  • Top Court judges unanimoulsy received the complaint for crime of passive corruption
    • Money laundering crime was received by the majority, except judges Dias Toffoli and Gilmar Mendes, according to the note
  • Public Prosecutor Office says in the complaint that in 2010 the parliamentarian allegedly requested and received an undue advantage because of his public function and assigned the funds to his Senate campaign that year
  • Raupp’s defense said the case is an official campaign donation, which was even approved by the Electoral Court
    • “I continue to believe that official campaign contribution duly declared can’t be considered as sign and/or evidence of illicitness”, Raupp says in note sent via message
  • Rapporteur Edson Fachin cited several excerpts from the award-winning contributions that pointed to the existence of Senator Valdir Raupp’s request for electoral donation for PMDB party Regional Directory in Rondonia
  • Supreme Court ruling on Raupp causes perplexity among parliamentarians, says O Globo
    • Deputies and senators fear that decision can possibly open a precedent to criminalize legal donations
  • For jurists, Top Court decision about bribe disguised of electoral donation will influence other cases: O Globo

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PETR4 BZ (Petroleo Brasileiro SA)

People
Valdir Raupp ((BRA)Senate)
Gilmar Mendes ((BRA)Federal Supreme Court)
Jose Antonio Dias Toffoli ((BRA)Federal Supreme Court)
Luiz Edson Fachin ((BRA)Federal Supreme Court)

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UUID: 7947283

HALISTER1: SEB Sees Tighter Swedish Long-End Spread Vs Germany in Spring

SEB Sees Tighter Swedish Long-End Spread Vs Germany in Spring

(Bloomberg) -- SEB sees further tightening potential of Swedish long-end bond spreads over Germany in the short term, supported by low government bond supply and Riksbank purchases, strategists Lina Fransson and Jussi Hiljanen write in note.
  • However, underlying picture of improving Swedish and international growth outlook that together with somewhat higher inflation should motivate continued rise in risk premiums, lifting long yields during the year
  • Swedish short yields seen moving sideways in coming months owing to dovish signals from Riksbank
  • Still, expect Riksbank to raise rates in December; markets will eventually price a turn of the monetary policy cycle

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jussi Hiljanen (Skandinaviska Enskilda Banken AB)
Lina Fransson (Skandinaviska Enskilda Banken AB)

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UUID: 7947283

HALISTER1: DBRS Illustrative Insights - Strong European Capital Market Q4 Results

DBRS Illustrative Insights - Strong European Capital Market Q4 Results

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

People
Mergers Acquisitions (Societe Generale SA)

Topics
Credit Analysis Research
Credit Research
Earnings Review Research
Fixed Income Research
Industry & Sector Research

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UUID: 7947283

HALISTER1: AUCTION PREVIEW: Redemption Flows Seen Helping German 5-Yr Sale

AUCTION PREVIEW: Redemption Flows Seen Helping German 5-Yr Sale

(Bloomberg) -- Germany plans to sell EU4b in 5-year Bobl in reopening of April 2022 series.
  • UniCredit (Strategists including Kornelius Purps)
    • Recent strong demand for short-dated German bonds, EUR14b of redemptions should lend additional support to auction
    • Belly of the curve has been underperforming since the end of February, particularly in the bund universe; 2-5-10Y bund fly rose by 5.5bps; respective fly increased by 4.1bps on EUR swap curve
  • Mizuho (Peter Chatwell)
    • Series has shown signs of heating up in repo suggesting a more meaningful short base among dealers
    • This, as well as richening of 5-year sector on German curve, are positive signs for the auction
  • JPMorgan (Gianluca Salford, Aditya Chordia)
    • 5-year benchmark is trading with a benchmark discount of around 1.2bp, broadly in the middle of last two years’ range
    • Bond is trading slightly on the cheap side on curve in a 50:50 level-adjusted 2s/5s/10s regression

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
UCG IM (UniCredit SpA)

People
Kornelius Purps (UniCredit SpA)
Aditya Chordia (JPMorgan Chase & Co)
Gianluca Salford (JPMorgan Chase & Co)
Peter Chatwell (Mizuho Financial Group Inc)

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UUID: 7947283

HALISTER1: Barclays Favors EU Large Cap Pharma, Says AstraZeneca Top Pick

Barclays Favors EU Large Cap Pharma, Says AstraZeneca Top Pick

(Bloomberg) -- Barclays initiates coverage of large cap EU pharma stocks with “resoundingly positive view,” according to a note.
  • Says political and pricing concerns have created a favorable entry point, and companies have appealing valuations, R&D in a “transformational era”
  • Sees scope for double-digit returns, and little scope for radical negative legislative action in US and European markets
  • Clear preference among EU large cap pharma for specialty- focus and growth in the context of a strong-catalyst driven thematic (AstraZeneca, Roche) or deep value (Shire); all rated overweight
  • Top pick AstraZeneca (PT GBP60); sees 2017 as the nadir, recommends investors don’t wait for growth inflection in 2018
    • Sees a “near zero” risk of total Mystic trial failure, while suite of pipeline assets is broad with many due to deliver key news in 2017
    • Return to growth in 2018 will come regardless of Mystic trial
  • Expects relative underperformance from primary-care exposed players with challenged pipeline and/or cliff outlooks, such as Sanofi, Novo Nordisk and Novartis, all rated underweight
    • Glaxo is Barclays’ only equalweight

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
AZN LN (AstraZeneca PLC)
GSK LN (GlaxoSmithKline PLC)
NOVN VX (Novartis AG)
NOVOB DC (Novo Nordisk A/S)
ROG VX (Roche Holding AG)

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UUID: 7947283