HALISTER1: Savanna Energy Services Corp. - DBRS Rating Report

Savanna Energy Services Corp. - DBRS Rating Report

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

Tickers
SVY CN (Savanna Energy Services Corp)

People
Jordan Kremblewski (DBRS Inc)
Ravikanth Rai (DBRS Inc)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Industry & Sector Research
Investment Research

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: Jobless Claims, Inventories Due in 5 Minutes

U.S. ECO PREVIEW: Jobless Claims, Inventories Due in 5 Minutes

(Bloomberg) -- Initial jobless claims seen at 265k in wk ended Dec. 24 vs 275k prior wk (forecast range 250k to 275k); tallies number of people making first-time claims for unemployment benefits.
  • Recent data “reflect solid labor market conditions, however the possibility of an upward trend in furloughs has emerged given the intentions of some companies to idle production”: Bloomberg Intelligence
  • Wholesale inventories seen rising 0.2% in preliminary Nov. est. after falling 0.4% in Oct. (forecast range -0.2% to +0.4%); wholesale inventories account for ~30% of total business inventories
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Tree House Cut to D; L&T GeoStructure Raised

INDIA RATINGS: Tree House Cut to D; L&T GeoStructure Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Rashi Steel
    • Term loan cut to D from BB- at ICRA
    • Cites delay in servicing debt
  • Superhouse
    • Fund-based facilities cut to BBB+ from A- at ICRA
    • Cites weakness in export revenues
  • Tree House Education
    • Long-term bank facilities cut to D from BB at Care
    • Cites ongoing delays in debt servicing
UPGRADES
  • D.E.C. Infrastructures
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites healthy, diversified order book and substantial improvement in capital structure
  • Eastern Power Distribution
    • LT bank facilities raised to BB+ from BB at Crisil
    • Cites healthy reduction in debt as part of Ujwal Discom Assurance Yojna (UDAY) plan signed by Andhra Pradesh govt
  • L&T GeoStructure
    • LT bank facilities raised to A from A- at Care
    • Cites significant improvement in financial performance due to strong execution and order book
  • Ostro Renewables
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites satisfactory generation track record after stabilization, moderately comfortable debt coverage indicators
  • Regal Transcore Laminations
    • LT bank facilities raised to B+ from B at Crisil
    • Expects group’s working capital management to continue to improve over the medium term
  • Shiva Satya Hotels
    • LT bank facilities raised to BB- from B at Care
    • Cites improvement in operating performance
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SUPL IN (Superhouse Ltd)
6592956Z IN (Eastern Power Distribution Co of Andhra Pradesh Ltd)
THEAL IN (Tree House Education and Accessories Ltd)

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UUID: 7947283

HALISTER: Trump Lauds SoftBank’s Masayoshi Son on Sprint’s 5,000 Jobs (2)

Trump Lauds SoftBank’s Masayoshi Son on Sprint’s 5,000 Jobs (2)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
9984 JP (SoftBank Group Corp)
S US (Sprint Corp)
1292121D JY (OneWeb Ltd)

People
Donald Trump (United States of America)
Masayoshi Son (SoftBank Group Corp)
Virginia Rometty (International Business Machines Corp)

Topics
Bloomberg Politics

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UUID: 7947283

HALISTER1: Canadian Western Bank - DBRS Rating Report

Canadian Western Bank - DBRS Rating Report

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

Tickers
CWB CN (Canadian Western Bank)

People
Maria-Gabriella Khoury (DBRS Inc)
Sohail Ahmer (DBRS Inc)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research
Issuer Focused Research

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UUID: 7947283

HALISTER1: Negative Real Rates Will Persist Next Year: Allianz’s Bredemus

Negative Real Rates Will Persist Next Year: Allianz’s Bredemus

(Bloomberg) -- Real rates will move up slightly from current levels but “not enough for us to move to a short position,” John Bredemus, Minneapolis-based vice president at Allianz Investment Management, which oversees more than $700b, said in a phone interview.
  • “Underlying issues haven’t changed a lot around lower growth potential,” which should keep real rates negative through end-2017
  • Portfolio mainly IG credit, not much duration risk; overweight credit, underweight USTs and MBS
  • Sees UST 10Y yield between 2.5%-3% for end-2017; expects 2-3 Fed rate hikes in 2017
  • Sees inflation moving “a little higher” given expectations of fiscal stimulus and infrastructure spending; Fed “won’t have any issue at all” if inflation slightly overshoots 2% target
  • Regarding FX, Bredemus said, “We don’t think the dollar will appreciate too much more from here”
    • “Surprised” to see EUR/USD break through lower end of 1.05-1.15 range; doesn’t see pair going to parity
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
John Bredemus (Allianz SE)

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UUID: 7947283