HALISTER1: Japan 30-Year Bond Auction May Fetch 99.35 Cut-Off Price: Survey

Japan 30-Year Bond Auction May Fetch 99.35 Cut-Off Price: Survey

(Bloomberg) --Japan’s Ministry of Finance sells 800b yen ($7.0b) of 0.6% bonds today maturing December 2046 which traded at 96.451 in when-issued trading on Wednesday.
  • Lowest accepted price of 99.35 is based on median est. of 13 traders in Bloomberg survey
    • Four estimate 99.40, three expect 99.35, two each say 99.50, 99.30 and 99.25
  • There is a bigger risk of a weak auction outcome than a risk of stronger result, according to note from SMBC Nikko Securities on Wednesday
    • Life insurers tend to postpone JGB investments in 2H to fiscal year-end
    • Thirty-year bonds are overvalued relative to swaps
  • Thirty-year yield climbed 4bps on Tuesday after bid-to-cover ratio fell at extra auction for remaining maturities of 15.5 to 39.0 years
  • Finance ministry announces results at 12:45pm Tokyo time
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: INDIA RATINGS: GVK Transportation Cut; Jay Bharat Maruti Raised

INDIA RATINGS: GVK Transportation Cut; Jay Bharat Maruti 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
  • GVK Transportation
    • Long-term bank facilities cut to B from BB(SO) at Care
    • Cites eroded networth due to accumulated losses, high debt levels
  • Sarda Dairy
    • LT bank facilities cut to BB- from BBB- at Crisil
    • Cites change in rating company’s analytical approach as support from parent for timely servicing of debt obligation will be uncertain due to muted demand for steel products
UPGRADES
  • BLS Ecotech
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Expects business risk profile to improve over the medium term due to high demand of recycled polyester staple fibre
  • Jay Bharat Maruti
    • Term loan raised to AA- from A+ at ICRA
    • Cites volume growth in sales
  • Orange DND Wind Power
    • Term loans raised to BBB from BBB- at ICRA
    • Cites satisfactory generation track record from the wind power plant, comfortable liquidity
  • Sri Jyoti Renewable Energy
    • Term loans raised to B- from D at ICRA
    • Cites timely debt servicing in the last six months
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

(2) *MICHAEL JORDAN WINS RIGHTS TO CHINESE NAME IN CHINA TOP COURT

*MICHAEL JORDAN WINS RIGHTS TO CHINESE NAME IN CHINA TOP COURT

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
NKE US (NIKE Inc)
QDTYSZ CH (Qiaodan Sports Co Ltd)

People
Michael Jordan (Charlotte Hornets)

Topics
Sports Business

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UUID: 7947283

HALISTER1: DBRS PPP Fact Sheet

DBRS PPP Fact Sheet

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

Tickers
0606688D CN (407 East Development Group General Partnership)
1513Z CN (407 International Inc)
0533779D CN (Acces Recherche Montreal SEC)
0533780D CN (CSS FSCC Partnership)
0607103D CN (Capital City Link General Partnership)

People
Grant Headrick (DBRS Ltd)
Masaaki Iwamoto (Nikko Asset Management Co Ltd)
Megumi Todori (North Pacific Bank Ltd)
Paul Seet (Jump Trading LLC)

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

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UUID: 7947283