Halister News

(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

• Butterfly Gandhimathi Appliances
  • Long-term bank facilities cut to BBB from BBB+ at Crisil
  • Cites deterioration in business, financial risk profile due to constrained operating performance
• GVRMP Whagdhari Ribbanpally Tollways
  • Fund-based term loan cut to BB from BBB-(SO) from BB at Brickwork
  • Cites mismatch in cash flows causing liquidity problems
• PEC
  • Fund-based working capital facilities cut to BBB- from BBB at India Ratings
  • Cites weakening in liquidity due to loss-making operations
• Real Value Ventures
  • NCDs cut to B+ from BB- at Care
  • Cites delay in commencement of proposed residential real-estate project
• Shree Ganesh Metaliks
  • LT bank facilities cut to D from B- at Crisil
  • Cites delays in interest payment, repayment in term loan

UPGRADES

• APL Apollo Tubes
  • Cash credit limits, term loans raised to AA- from A+ at ICRA
  • Cites healthy growth in manufacturing income
• Jaya Hind
  • LT bank facilities raised to A+ from A at Crisil
  • Cites ramping-up of operations
• Mantena Constructions
  • LT bank facilities raised to A- from BBB at Care
  • Cites growth in total income, improved profitability margins
• Pinnacle Life Science
  • LT bank facilities raised to A- from BBB+ at Crisil
  • Cites steady revenue growth, better profitability

(Bloomberg) -- Bund futures (RX1) technical levels in focus.

• Daily Trend Bias: Bearish
• Comment: Remains on track to test moving-average zone 160.70-62 (100-, 55-DMAs) as momentum indicators languish, skewing risks to the downside; oversold signs to be monitored closer to 160.24 area (200-DMA)
  • Resistance: 161.42; 161.57; 161.82; 162.05-07
  • Support: 160.86; 160.70-62; 160.50
• NOTE: Roll-adjusted by difference in GFUT
• NOTE: Sejul Gokal is a FICC technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice

To contact the reporter on this story: Sejul Gokal in London at sgokal1@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Anil Varma

(Bloomberg) -- Having some exposure in emerging-markets currencies will be a nice source of additional yields in portfolio, Daniel Ivascyn, chief investment officer, says in a conference in Bangkok.

• Emerging markets will have higher economic growth than developed market
  • Co. expects global economic growth to be at about 3% in 2018, similar to 2017; global inflation rate seen at 2%
• Co. likes bonds in the U.S., Australia and emerging markets more than Japan and Europe
• Key risks to market in 2018 will be uncertainty over the U.S. policy makers; Fed Chair Yellen will have her term expire in early 2018; there is a 30% chance that she will be asked to return; this will create uncertainty around U.S. monetary policy
• Another risk is China; Chinese economy will continue to grow, but there is a lot of debt being generated; China is also going through transition period by reducing reliance on exports and more on internal demand. there will be a risk that China’s volatility may impact rest of the world

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net; Sunil Jagtiani at sjagtiani@bloomberg.net Tomoko Yamazaki

--BEN SCENT

Economic Release Details: {JNTBEXPY Index ECOD} --GEAROID REIDY