HALISTER1: INDIA RATINGS: Laxmi Builders Raised; Samyu Glass Cut

INDIA RATINGS: Laxmi Builders Raised; Samyu Glass Cut

(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
  • Amira Pure Foods
    • Bank limits cut to D from BBB
    • Cites delay in debt servicing
  • Samyu Glass
    • Long-term rating cut to D from C at Crisil
    • Cites delay in debt servicing, weak liquidity
UPGRADES
  • Laxmi Builders
    • LT rating raised to B+ from B at Crisil
    • Cites improved financial profile
  • Satin Creditcare Network
    • Pass-through certificates raised to A- from AA- at ICRA
    • Cites collection efficiency, low delinquency
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: USD/MYR May Hit 200-DMA If Exports Decline as Forecast: Analysis

USD/MYR May Hit 200-DMA If Exports Decline as Forecast: Analysis

(Bloomberg) -- Another negative month for Malaysia’s exports in June could push USD/MYR up toward 200-DMA at 4.1393 in near term, Bloomberg strategist Andrew Robinson writes.
  • Nation’s exports likely fell 3.7% y/y, accelerating from 0.9% decline in May, according to median est. in Bloomberg survey; ests. range from -7.4% to +2.5%; data due at noon local time tomorrow
    • Top Bloomberg-ranked forecaster sees a 5.1% y/y decline
  • Related data may show imports declined 0.4% y/y and the trade surplus widened to 6b ringgit from 3.26b ringgit: other surveys
  • USD/MYR drops 0.5% to 4.0430; above 100-DMA at 4.0159 for past two weeks
  • NOTE: Andrew Robinson is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: GBP May Rise if BOE Cuts Only 25Bps, Holds Back on QE: BK Asset

GBP May Rise if BOE Cuts Only 25Bps, Holds Back on QE: BK Asset

(Bloomberg) -- BOE doesn’t need to send a strong message to the market right now outside of a 25bps rate cut and a stern warning of more easing in the coming months, as economic and financial conditions are not desperate enough, BK Asset Management managing director Kathy Lien writes in note received today.
  • BOE can wait to ease again when there is greater evidence of a deep contraction in the economy
  • Since Britain voted to leave EU, the steps taken by BOE to stabilize the markets and encourage lending are working
  • Stocks are stable, yields have increased and “the doomsday sentiment in the market is fading,” says Lien
  • A lot of this has to do with govt’s decision to postpone invoking Article 50 for next year or two, reducing immediate risk for businesses
  • If BOE surprises with 50bps cut or restart their bond buying program, sterling will fall quickly and aggressively, says Lien
  • GBP/USD up 0.1% to 1.3336
  • BOE decision due at noon local time; preview here
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Kathy Lien (Bk Asset Management)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: INSIDE PHILIPPINES: PHP Stable; Dirty Money Rule Tweak: Inquirer

INSIDE PHILIPPINES: PHP Stable; Dirty Money Rule Tweak: Inquirer

(Bloomberg) -- Peso little changed vs dollar after falling 0.2% over past two days; anti-money laundering rule tightened, Inquirer reports.
  • Peso at 47.025 per dollar
    • USD/PHP holds below conversion line of 47.080 on ichimoku chart
  • Peso’s one-month forwards steady at 47.10 per dollar
  • BSP accepted 70b pesos of 234.53b pesos total bids at yesterday’s term deposit auction
    • Avg yield was 2.5% for both 7-day and 28-day tenors, unchanged from previous auction
  • International investors bought net $53.9m of local equities yesterday, biggest one-day inflow since June 30: exchange data
  • Yield on 8% govt bonds due July 2031 at 3.3750% vs 3.3500% yesterday, according to Tradition pricing
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: China Bond Yield to Bottom as PBOC Won’t Ease Broadly: Citic

China Bond Yield to Bottom as PBOC Won’t Ease Broadly: Citic

(Bloomberg) -- PBOC should keep monetary policy neutral and prudent through more precise monetary management tools including OMO, medium-term lending facility and supplementary lending, Citic Securities head of fixed income research Ming Ming writes in a note today.
  • That will support reforms and the economy better than broad- based easing, which would increase yuan depreciation pressure and enlarge asset bubbles in financial markets: Ming
  • Overheated domestic bond market would cool down as further easing unlikely
    • In longer term, recovering economy would fuel inflation which would prevent a further decline in yield
    • Expects yield of 10-yr govt bonds to bottom out at ~2.8%
  • Yield of 10-yr govt bond rise 2 bps to 2.79% today. The yields were more than 3.5% last August
  • NOTE: PBOC yesterday reiterated that it will maintain prudent monetary policy in 2H, and keep liquidity at reasonable ample level. Statement came after NDRC researchers called for rates and RRR cut in the morning
    • PBOC says to keep yuan exchange rate basically stable at equilibrium level, to keep reasonable growth of credit & aggregate financing. Plans to lower cos. financing costs by optimizing financing and credit structure
    • NDRC updated note Wednesday afternoon and deleted previous call for further easing
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PBCZ CH (People's Bank Of China)

People
Ming Ming (CITIC Securities Co Ltd)

To de-activate this alert, click here

UUID: 7947283

HALISTER: Goldman Employees to Pull About $350 Million From Och-Ziff Fund

Goldman Employees to Pull About $350 Million From Och-Ziff Fund

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
OZM US (Och-Ziff Capital Management Group LLC)
4622024Z US (Ziff Brothers Investments LLC)
GS US (Goldman Sachs Group Inc/The)

People
Daniel Och (OZ Management LP)
Joel Frank (OZ Management LP)
Joseph Snodgrass (Och-Ziff Capital Management Group LLC)
Lee Ainslie (Maverick Capital Ltd)
Leon Cooperman (Omega Advisors Inc)

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

UUID: 7947283

HALISTER1: INSIDE THAILAND: Baht Extends Decline After Dovish BOT Comments

INSIDE THAILAND: Baht Extends Decline After Dovish BOT Comments

(Bloomberg) -- Baht slips with BOT adopting a dovish tone in its forward guidance yesterday.
  • Bank of Thailand “won’t be limited to using only interest rates as a tool” to manage currency volatility, assistant governor Jantarangs said yesterday. Central bank held rates Wednesday
  • USD/THB up 0.1% to 34.957; may test 50-DMA resistance, Bloomberg strategist Andrew Robinson writes
  • BOT may cut rates to 1.25%, for first time since 2010, in coming months, Krystal Tan, Capital Economics, writes in note
    • While Thailand has exited deflation, inflation remains very low at 0.1% y/y in July, and isn’t a barrier to easing
    • Economic growth seen slowing in 2H of 2016
    • Referendum on the new constitution is more likely to inflame rather than soothe political tensions; increase in political uncertainty will undermine investment and confidence, says Tan
  • Overseas investors were net sellers of Thai bonds for first time in 5 days, according to data released Wed by Thai Bond Market Association; also net sellers of Thai shares, after 17 straight days of purchases, according to Stock Exchange data
  • Yield on 3.85% govt bond due Dec. 2025 steady at 2.007%
  • Thailand 5-year credit protection declined yesterday for first time in four days, down 1.6 bps to 93.7 bps, according to CMA New York data
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BOT TB (Bank of Thailand)

People
Krystal Tan (Capital Economics Asia Pte Ltd)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: Philippines Tightens Anti-Money Laundering Rule: Inquirer

Philippines Tightens Anti-Money Laundering Rule: Inquirer

(Bloomberg) -- Philippines’ anti-money laundering council shortened required reporting of covered and suspicious transactions to five days from 10 days, Philippine Daily Inquirer reports, citing a resolution issued in July.
  • Link to report: http://tinyurl.com/gvpvkj5
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283