Halister News

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

• Daily Trend Bias: Bullish
• Comment: Despite Tuesday’s exhaustive contract spike above June highs, bid tone prevails while above the risk-off induced gap area at 164.76-165.03
  • Resistance: 165.31-36; 165.53; 165.69
  • Support: 164.92; 164.76-75 (uncovered close, piv s2); 164.58 (13-EMA); 164.36-25
• 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 Scott Hamilton

(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

• Aditi Infrabuild
  • Long-term bank facilities cut to BB- from BB at Crisil
  • Cites declining revenue, weakening liquidity
• Bank of Maharashtra
  • Basel III Tier 1 cut to BBB+ from A- at Crisil; Basel II, upper tier 2 and perpetual Tier 1 both reduced to A from A+
  • Expects asset quality to remain under pressure in the near term due to continued stress in corporate loan portfolio
• B.K.S. Textiles
  • LT bank facilities cut to BB- from BB at Crisil
  • Cites higher-than-expected debt
• Interjewel
  • LT bank facilities worth INR2.1b cut to D from BBB at Care
  • Cites ongoing delays in debt servicing
• Jodhpur Health Care
  • LT bank facilities cut to B- from B at Crisil
  • Cites decline in operating profitability

UPGRADES

• EPP Composites
  • LT bank facilities raised to BB from BB- at Crisil
  • Cites improvement in debt protection metrics
• Imperial Merchants
  • LT bank facilities raised to BB+ from BB at Crisil
  • Cites growth in revenue, operating margin
• RBZ Jewellers
  • Fund-based facility raised to BBB- from BB+ at Brickwork
  • Cites improvement in financial risk profile
• Reliance Cement
  • LT bank facilities raised to A from A- at Care
  • Cites increase in scale of operations, improvement in operating margins
• Sansar Texturisers
  • LT bank facilities raised to B- from D at Crisil
  • Cites regularization of working capital limit
• Tulasi Seeds
  • LT bank facilities raised to B+ from B at Crisil
  • Cites improvement in working capital management

(Bloomberg) -- Standard Chartered shares the bullish sentiment that foreign investors have toward Sri Lankan bonds, Nagaraj Kulkarni, a senior rates strategist at the bank in Singapore, says in an interview.

• Cites high yields and ongoing reforms under IMF program
• NOTE: Foreign investors’ holdings of Sri Lanka govt securities climbed to 263.1b rupees in week ended Aug. 16, from as low as 196.1b rupees in February
• Kulkarni says Indonesia’s two-year govt bonds are likely to remain range bound
  • Monetary policy rate drives the short end of yield curve and StanChart doesn’t expect any further rate cuts
  • Investors are likely to maintain IDR bond holdings to earn carry
  • NOTE: Two-year Indonesia yield has plunged 44bps in August, set for the biggest monthly drop since January

To contact the reporter on this story: Masaki Kondo in Singapore at mkondo3@bloomberg.net To contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net Shikhar Balwani

Economic Release Details: {KORP7DR Index ECOD} --SHINHYE KANG

Economic Release Details: {CPMINDX Index ECOD} --PENNY PENG

Economic Release Details: {JNIPMOM Index ECOD} --JAMES MAYGER