HALISTER1: INDIA RATINGS: Garden Silk Mills Cut, Royal Trexim Raised

INDIA RATINGS: Garden Silk Mills Cut, Royal Trexim Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Garden Silk Mills
    • Long-term bank facilities cut to D from B at Care
    • Cites delays in debt servicing obligations
UPGRADES
  • Arvind Pipes & Fittings
    • Fund based limits raised to B- from D at ICRA
    • Cites regularization of debt servicing
  • Radhesh Plastics
    • LT rating raised to B+ from B at Crisil
    • Cites improvement in business risk profile and liquidity
  • Royal Trexim
    • LT rating raised to BB- from B+ at Crisil
    • Cites strong business risk profile backed by healthy topline growth
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
9155867Z IN (Shalina Laboratories Pvt Ltd)
7173729Z IN (West Bengal State Electricity Distribution Co Ltd)

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UUID: 7947283

HALISTER: China May Retail Auto Sales Rise 11.4% on Year: PCA

China May Retail Auto Sales Rise 11.4% on Year: PCA

(Bloomberg) -- China’s retail auto sales in May rose to 1.76m units, Passenger Car Association says on website.
  • Jan.-May retail auto sales rose to 9.12m units
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
F US (Ford Motor Co)
600006 CH (DongFeng Automobile Co Ltd)
489 HK (Dongfeng Motor Group Co Ltd)
GM US (General Motors Co)
UG FP (Peugeot SA)

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(2) *CHINA MAY RETAIL AUTO SALES RISE 11.4% ON YEAR: PCA

*CHINA MAY RETAIL AUTO SALES RISE 11.4% ON YEAR: PCA

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

Tickers
F US (Ford Motor Co)
600006 CH (DongFeng Automobile Co Ltd)
489 HK (Dongfeng Motor Group Co Ltd)
GM US (General Motors Co)
UG FP (Peugeot SA)

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UUID: 7947283

HALISTER1: JGB Primary Dealer Exit Shows Limit to BOJ’s Toolbox: BofA

JGB Primary Dealer Exit Shows Limit to BOJ’s Toolbox: BofA

(Bloomberg) -- USD/JPY falls on decline in Treasury yields, easing expectations of Fed and BOJ actions, as well as looming Brexit risk, says Takuya Iwasaki, executive general manager of foreign-exchange sales at Bank of America.
  • News that one of Japan’s large banks may return its primary- dealer license is symbolic move, Tokyo-based Iwasaki by phone
  • Market may be aware of BOJ’s limited monetary toolbox; may spur underlying yen strength
  • USD/JPY may test low of June 6 at 106.38 and higher end of 105 levels
  • Liquidity in market is thin ahead of Brexit risk, this may spur yen buying
  • USD/JPY falls 0.5% to 106.85, in 106.72-107.39 range
  • NOTE: Japan’s biggest bank, BOTM-UFJ, said to consider exit as primary JGB dealer
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Takuya Iwasaki (Bank of America Corp)

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UUID: 7947283

HALISTER1: Foreigners Buy Thai Short-Term Debt After NFP: Bank of Ayudhya

Foreigners Buy Thai Short-Term Debt After NFP: Bank of Ayudhya

(Bloomberg) -- Global investors bought net 32.2b baht ($914.3m) of Thailand’s local bonds yesterday, most since Sept. 2013, according to TBMA data.
  • Most of those funds went to short-dated maturity of less than a year, and this probably indicates shift in portfolio position towards non-USD assets following disappointing U.S. jobs data, says Roong Sanguanruang, market analyst at Bank of Ayudhya, in an interview
  • Baht has some room to appreciate in the near term due to weak dollar sentiment
  • However, such inflows are not expected to last because there’s still scope for dollar to rebound as the Fed is expected to increase rates; sees at least one hike this year
  • Baht steady at 35.221 per dollar after reaching 35.190 earlier, strongest since May 11
  • Yield on 3.25% govt bond due June 2017 declines 1 bp to 1.455%
  • NOTE: Foreign funds have bought a net $6.14b of Thai bonds so far this year through to yday
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Roong Sanguanruang (Mitsubishi UFJ Financial Group Inc)

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UUID: 7947283