HALISTER1: India Yield Curve to Bull-Steepen as RBI Shifts to Cuts: HSBC

India Yield Curve to Bull-Steepen as RBI Shifts to Cuts: HSBC

(Bloomberg) -- Yield curve is likely to bull steepen as the central bank shifts from bond buybacks to monetary easing, HSBC strategist Himanshu Malik writes in note.
  • Temporary shortage of cash will probably be disinflationary and drag on economic growth; should encourage RBI to cut rates
  • More bullish on front-end of yield curve; receive 1-yr 1-yr NDOIS tactically to position for further RBI easing
  • RBI unlikely to conduct open market operation purchases of bonds in 2017 with liquidity deficit in banking system close to neutrality or slightly in surplus
  • Profit taken on long 10-year bond recommendation
  • Recommend buying 5-year govt bonds
    • 10-year bond yields to decline to 6% by end-2017, 5-year yields likely to decline more significantly to 5.3%
  • NOTE: 10-year yield down 3bps at 6.29%, 5-year steady at 6.25%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Himanshu Malik (HSBC Securities Asia Ltd)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: INDIA RATINGS: Binani, Lovely Enterprises Cut to Default

INDIA RATINGS: Binani, Lovely Enterprises Cut to Default

(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
  • Binani Industries
    • Long-term bank facilities cut to D from B+ at Care
    • Cites ongoing delays in debt servicing
  • Lovely Enterprises
    • LT bank facilities cut to D from BB+ at Crisil
    • Cites instances of over-utilization of working capital limits
UPGRADE
  • Gajavelli Spinning Mills
    • LT fund-based limits raised to B+ from B at ICRA
    • Cite improvement in operating margins
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BZL IN (Binani Industries Ltd)
0524520D IN (Lovely Enterprises Pvt Ltd)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: Australia October Building Approvals Due in 5 Mins; Est. 2% M/m

Australia October Building Approvals Due in 5 Mins; Est. 2% M/m

(Bloomberg) -- Australia October building approvals data is scheduled for release at 11.30am local time.
  • Oct. building approvals m/m est. 2% vs prev. -8.7%
  • Oct. building approvals y/y est. -6.2% vs prev. -6.4%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: *MID-AMERICA APARTMENT COMMUNITIES & AMSURG TO JOIN S&P 500

*MID-AMERICA APARTMENT COMMUNITIES & AMSURG TO JOIN S&P 500

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
AMSG US (Amsurg Corp)
MAA US (Mid-America Apartment Communities Inc)

People
David Blitzer (Standard & Poor's Financial Services LLC)

Topics
Key Comm. Real Estate News
S&P 500 Stock Market Moves

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283

HALISTER1: HERO Funding 2016-4 - DBRS Presale Report

HERO Funding 2016-4 - DBRS Presale Report

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

People
Charles Weilamann (DBRS Inc)
Lain Gutierrez (DBRS Inc)
Lain Javier Gutierrez (Dbrs Inc)
Maxim Berger (DBRS Inc)

Topics
Fixed Income Research
Reports
Credit Analysis Research
Credit Research
Investment Research

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283