>>> HSBC Issuing $3b in 6% Perpetual Contingent Convertibles

HSBC Issuing $3b in 6% Perpetual Contingent Convertibles

HSBC Holdings to issue $3b in 6% perpetual subordinated contingent convertible securities.
  • Callable May 22, 2027 and every five years thereafter (ISIN US404280BL25)
  • Securities expected to be admitted to official list and to trading on global exchange market of Irish Stock Exchange within 30 days of issue date
  • Denominations of securities will be $200,000 and integral multiples of $1,000 in excess thereof
  • HSBC Securities acting as sole structuring adviser and book running manager, together with 17 other placing agents

>>> What to look at today - 16th of May 2017

Dow +0.41% S&P +0.46% Nasdaq +0.48% Russell +0.81%
US MArket Closed higher. Investors shook off concerns surrounding this weekend's cyber security attack from the jump, pushing the stock market higher at the opening bell. From there, the energy sector carried the S&P 500 to its best mark of the day as crude oil rallied on news that Saudi Arabia and Russia are in favor of extending the original OPEC/non-OPEC supply cut agreement, which was scheduled to end in June, by another nine months. WTI crude finished its day 2.1% higher at $48.86/bbl while the energy group (+0.6%) settled with the materials (+0.8%) and financials (+0.8%) sectors atop the day's leaderboard. Financials' solid performance was a positive signal for the broader market in light of the sector's recent struggles; over the last two months the sector has declined around 5.0%. Other influential sectors like health care (+0.6%) and technology (+0.6%) finished a tick above the broader market. The industrials (+0.5%), consumer staples (+0.4%), utilities (+0.4%), and real estate (+0.3%) sectors finished roughly in line with the broader market while the telecom services (-0.2%) and consumer discretionary (unch) groups lagged. Asian equities mixed despite the more pronounced gains on Wall St as political risk in the shape of a Trump intelligence gaffe during his meeting with Russian diplomats last week sparked calls for Congressional inquiry. JPY traded slightly firmer and US equity futures slightly softer in early Asian hours.

Nikkei +0.25% Hang Seng -0.14% CSI +0.35% Shanghai +0.14%

Eur$ 1.1004 CNH 6.8863 CNY 6.8914 JPY 113.31 GBP 1.2923 CHF 0.9950 RUB 56.2834

S&P -0.02% EuroStoxx +0.08% FTSE -0.04% CAC +0.03% Dax -0.03% SMI -0.05%

Macro :
- French Banks Small Correction Would Be Welcome: Kepler Cheuvreux
- Merkel Scraps Target for 1 Million Electric Cars by 2020: FAZ
- Dutch Government Coalition Talks Have Failed, Schippers Says

Keep an eye on : 
- ABI BB : Anheuser-Busch Plans $2b U.S. Capex Program Through 2020
- ADP FP : ADP Paris Airports April Passenger Traffic Rises 7.1%
- BLT LN : Elliott Said to Seek BHP Management Meeting at Barcelona Forum
- BLT LN : BHP Sees Value in Woodside’s $25b Browse Gas Pipeline Proposal
- FGR FP : Eiffage Offering by Bpifrance Prices for ~EU428m Proceeds, Eiffage Share Offering Expected to Price at EU77: Terms
- EKT SM : Euskaltel to Buy Telecable From Zegona; Enterprise Value EU686m
- EZJ LN : EasyJet to Launch Recruitment Drive for 450 Additional Pilots
- SDF GY : K+S Downgraded; 2017 ‘Another Challenging Year’: DZ Bank
- LNZ AV : Lenzing 1Q Net Rises 70% to EU75m; Reiterates 2017 Outlook
- NOVOB DC : Novo to Lose Money on Brexit When Current FX Hedge Ends: Borsen
- ORA FP : SFR Files Suit Vs. Orange Over Fiber-Optic Coverage: Echos
- SFR FP : SFR Files Suit Vs. Orange Over Fiber-Optic Coverage: Echos
- SOON VX : Sonova FY Sales Slightly Exceed Ests; Sees Further Growth
- SAZ GY : Advent, Shanghai Pharma Said to Consider Rival Offer for Stada
- FTI FP : TechnipFMC Raised to Market Perform at Bernstein, PT EU26.60
- UCG IM : UniCredit Blue-Sky Scenario Now Prevails Over Downside Risks: GS
- ZC FP : Zodiac’s Ribadeau-Dumas Named Chief of Staff to French Premier

>>> TCI Fund Management discloses updated portfolio positions i

TCI Fund Management discloses updated portfolio positions in 13F filing: Increased position in MCO

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:
  • New positions in: SPGI (~0.18 mln shares), TWX (~0.05 mln)
  • Increased positions in: MCO (to ~0.67 mln shares from ~0.01 mln shares)
  • Maintained positions in: YHOO (~86.22 mln shares), CHTR (~12.68 mln)

>>> Maverick Capital discloses updated portfolio positions in 1

Maverick Capital discloses updated portfolio positions in 13F filing with new USFD EVHC KHC WBA WYNN STZ positions

 Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:
  • New positions in: USFD (~4.75 mln shares), EVHC (~3.07 mln), KHC (~1.15 mln), WBA (~1.01 mln), WYNN (~0.92 mln), STZ (~0.77 mln), SBAC (~0.62 mln), LVS (~0.51 mln), SLM (~0.24 mln), AXL (~0.14 mln), FCAU (~0.12 mln), CSFL (~0.11 mln), IPXL (~0.11 mln), TER (~0.1 mln)
  • Increased positions in: TSO (to ~3.41 mln shares from ~0.04 mln shares), USB (to ~3.65 mln from ~0.87 mln), BUD (to ~1.63 mln from ~0.21 mln), DLTR (to ~4.36 mln from ~3.5 mln), VMC (to ~2.62 mln from ~2.05 mln), ADBE (to ~4.26 mln from ~3.79 mln), CI (to ~2.46 mln from ~2.01 mln) MLM (to ~0.77 mln from ~0.45 mln), SHPG (to ~1.62 mln from ~1.43 mln), GOOG (to ~0.37 mln from ~0.27 mln)
  • Closed positions in: CNC (from ~1.4 mln shares), TMUS (from ~0.81 mln), TDG (from ~0.78 mln), INSY (from ~0.27 mln), SC (from ~0.24 mln), MYGN (from ~0.19 mln), EXPR (from ~0.11 mln), FTI (from ~0.09 mln), SEE (from ~0.07 mln)
  • Decreased positions in: NWL (to ~3.26 mln shares from ~6.39 mln shares), PFE (to ~19.83 mln from ~22.85 mln), SABR (to ~18.21 mln from ~20.75 mln), AXP (to ~0.01 mln from ~2.34 mln), MYL (to ~1.55 mln from ~3.8 mln), LRCX (to ~0.02 mln from ~1.8 mln), FLT (to ~0.43 mln from ~1.74 mln), AET (to ~0.99 mln from ~2.23 mln), UHS (to ~4.95 mln from ~6.13 mln)

>>> Greenlight Capital (David Einhorn ) discloses updated portf

Greenlight Capital (David Einhorn ) discloses updated portfolio positions in 13F filing:

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:
  • New positions in: CNDT (~5.96 mln shares), PRGO (~1.7 mln), MU (~1.6 mln), ALR (~1.05 mln), CLPR (~1 mln), VREX (~0.67 mln)
  • Increased positions in: GM (to ~54.76 mln shares from ~13.17 mln shares), CNX (to ~22.66 mln from ~15.4 mln), FRED (to ~2.18 mln from ~1.5 mln)
  • Maintained positions in: GRBK (~24.12 mln shares), AER (~12.46 mln shares), MYL (~8.69 mln shares), GDX (~7.94 mln shares), VOYA (~5.92 mln shares), YHOO (~4.28 mln shares)
  • Closed positions in: AGR (from ~1.57 mln shares), YELP (from ~0.87 mln)
  • Decreased positions in: CC (to ~5 mln shares from ~8.95 mln shares), RAD (to ~16.78 mln from ~20.46 mln), AAPL (to ~3.97 mln from ~5.81 mln), TWX (to ~2.06 mln from ~3.31 mln)

>>> Carl Icahn discloses updated portfolio positions in 13F fil

Carl Icahn discloses updated portfolio positions in 13F filing:

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:
  • New positions in: CNDT (~19.81 mln shares)
  • Maintained positions in: XRX (~99.03 mln shares), FCX (~91.24 mln shares), CVI (~71.2 mln shares), AIG (~45.64 mln shares), LNG (~32.68 mln shares), PYPL (~31.57 mln shares), HTZ (~29.26 mln shares), HLF (~22.87 mln shares)
  • Closed positions in: NUAN (from ~18.38 mln shares), AGN (from ~0.43 mln)

>>> Europe : Brokers Upgrades & Downgrades - 16th of May 2017

>>> Up
*Air France-KLM Raised to Neutral at Davy
*Atlantia Raised to Outperform at MainFirst, PT EU28.50

>>> Down
*Buwog Cut to Hold at Baader-Helvea
*Drillisch Cut to Hold at Jefferies, PT EU62
*Elis Cut to Hold at HSBC, PT EU19
*HAVAS SA Cut to Neutral at Goldman, PT EU9.48
*Metso Cut to Hold at ABG, PT EU32
*Norma Cut to Hold at Bankhaus Lampe
*Severn Trent Cut to Hold at Deutsche Bank, PT 2,450p
*Simcorp Cut to Hold at SEB Equities, PT DKK435
*Subsea 7 Cut to Neutral at Macquarie, PT NOK139
*United Utilities Cut to Hold at Deutsche Bank, PT 1,050p

>>> Initiation
*Banca Farmafactoring New Buy at Kepler Cheuvreux, PT EU5.70
*Banca Farmafactoring New Outperform at MedioBanca, PT EU6
*Banca Farmafactoring New Overweight at Morgan Stanley, PT EU5.60
*Countryside New Buy at Berenberg, PT 330p
*Unieuro New Outperform at Credit Suisse, PT EU18

>>> Call

>>> Highfields Capital (Jonathon Jacobson) discloses updated portfo


Highfields Capital (Jonathon Jacobson) discloses updated portfolio positions in 13F filing: New positions in TGT, VZ, PAGP, YHOO; closed positions in ABBV, SYMC, CBS

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:
  • New positions in: TGT (~5.05 mln shares), VZ (~3.07 mln), PAGP (~3 mln), YHOO (~3 mln), EGN (~2.8 mln), HGV (~2.45 mln), HCA (~1.87 mln)
  • Increased positions in: CVE (to ~17.04 mln shares from ~3.53 mln shares), RAD (to ~19 mln from ~15 mln), TV (to ~8.84 mln from ~5.23 mln), MIK (to ~14.17 mln from ~11.66 mln)
  • Maintained positions in: BEN (~22.13 mln shares), TEVA (~17.72 mln shares), AMT (~5.67 mln shares), TWX (~3.53 mln shares)
  • Closed positions in: ABBV (from ~5.95 mln shares), SYMC (from ~5.5 mln), CBS (from ~4.18 mln), WMB (from ~3.38 mln), MGM (from ~2.61 mln), TRIP (from ~2.56 mln), MSFT (from ~2.5 mln), ARNC (from ~2 mln), KSU (from ~1.62 mln), HAL (from ~1.61 mln)
  • Decreased positions in: IAC (to ~0.31 mln shares from ~4.22 mln shares), KMI (to ~1 mln from ~4.75 mln), DD (to ~4.91 mln from ~7.81 mln), CTSH (to ~1.98 mln from ~4.52 mln), WBA (to ~0.11 mln from ~2.45 mln), MAR (to ~8.66 mln from ~10.92 mln)

>>>Saba Capital Management (Boaz Weinstein) discloses updated port

Saba Capital Management (Boaz Weinstein) discloses updated portfolio positions in 13F filing: New positions in JCP; closed position in PPT, increased position in GLO, AOD

Highlights from 2017 Q1 filing as compared to 2016 Q4 filing:
  • New positions in: JCP (~1.41 mln shares), SVU (~0.85 mln), AVP (~0.69 mln), RAD (~0.47 mln), MBI (~0.32 mln), EXXI (~0.26 mln), CNX (~0.22 mln)
  • Increased positions in: GLO (to ~5.45 mln shares from ~1.9 mln shares), AOD (to ~5.57 mln from ~3.66 mln), VRX (to ~2.32 mln from ~1 mln), GNW (to ~2.59 mln from ~1.4 mln), GAM (to ~1.18 mln from ~0.26 mln) GLQ (to ~2.47 mln from ~1.96 mln), EOD (to ~3.09 mln from ~2.58 mln)
  • Maintained positions in: DSU (~8.12 mln shares), ERC (~6.15 mln shares), AGC (~5.18 mln shares), FSD (~4.61 mln shares), CYH (~3.71 mln shares)
  • Closed positions in: PPT (from ~2.01 mln shares), BGB (from ~1.52 mln), AIF (from ~0.14 mln), BGX (from ~0.14 mln)
  • Decreased positions in: FTF (to ~1.72 mln shares from ~4.03 mln shares), CIF (to ~0.09 mln from ~1.19 mln), MCR (to ~0.67 mln from ~1.42 mln), EDD (to ~0.36 mln from ~1.1 mln), MMT (to ~0.52 mln from ~1.23 mln), BIT (to ~0.02 mln from ~0.4 mln), NFJ (to ~0.96 mln from ~1.29 mln), AGD (to ~0.88 mln from ~1.04 mln)