EU CREDIT DAILY: Summer Lull; AngloGold Profit, NAB Bad Debts
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Aug. 15, Assumption Day, marks the height of the European summer season and likely suggests a quiet week ahead for credit mkts. Asian equities register tentative gains overnight though, as sentiment remains underpinned by optimism that rates will remain low, Bloomberg strategist Simon Ballard writes.
Alert: HALISTER1- GBP corporate credit risk may see some near-term pressure relative to EUR, USD peers as U.K. data this week gives first insight into Brexit-era economy
- But BOE, ECB corporate bond-buying programs to remain key pillars of support for demand/supply dynamics
- CDX IG closed +0.4bps at 76.47 in overnight session; iTraxx Asia Ex Japan IG currently +0.4bps at 115.10 and iTraxx Australia quoted +0.4bps at 102.87
- Corporate News
- AngloGold Profit More Than Doubles on Price Gains, Cost Drop
- H&M July Sales Beat Ests.
- Thai Airways 2Q Net Loss 2.92b Baht vs 12.8b Baht Loss Y/y
- Clas Ohlson July Sales Fell 1% vs SME Direkt Est. Increase 1.3%
- Everbright Intl 1H Net HK$1.21b Vs Restated HK$1b Year Ago
- Newcrest Full-Year Profit Falls 24% on Lower Gold Prices
- William Hill Rejects Increased Offer From Suitors 888 and Rank
- Financial News
- National Australia Cash Profit Falls 3% as Bad Debts Rise
- Israel Discount Bank 2Q Profit Rises 46% to 393m Shekels
- Credit Rating News
- Aurizon Ratings Unaffected By 2016 Results: S&PGR
- Noble Group’s Liquidity Crunch ‘Temporary,’ Fitch Ratings Says
- Santos Rtgs Unaffected By GLNG Impair Charge: S&PGR
- Other News
- Treasuries Fall Behind Company Debt as Pimco Pursues Credit
- All or Nothing in China Bond Recoveries as Bankruptcy Murky
- With the dollar becalmed despite other central bank QE and a low probability of a U.S. rate hike before the November elections, investors appear to have a clear window to take on risk without necessarily worrying about macro factors. The reach for yield remains insatiable: Jefferies
- EIB 1.125% 9/2036 EU400m Tap MS -12
- Commerzbank EU250m 0.05% 7/2024 Covered Tap MS -16
- European IG credit pipeline here and HY credit pipeline here
- Issuers exposed to S-T rollover and interest-rate reset risk here
- NOTE: Simon Ballard is a credit strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Source: BFW (Bloomberg First Word)
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UUID: 7947283