HALISTER1: Bank of India’s USD Bonds Fall After S&P Cuts Rating to Junk

Bank of India’s USD Bonds Fall After S&P Cuts Rating to Junk

(Bloomberg) -- Lender’s 3.125% USD notes due 2020 fall 0.5 cents on the dollar to 98.66 (bid), their lowest level since March 29, according to prices compiled by Bloomberg.
  • Earlier, S&P downgrades bank’s rating to BB+/stable from BBB-/negative
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BOI IN (Bank of India)

Topics
Leveraged Finance

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UUID: 7947283

HALISTER: Saudi Arabia Said to Hire HSBC Banker to Set Up New Debt Office

Saudi Arabia Said to Hire HSBC Banker to Set Up New Debt Office

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
HSBA LN (HSBC Holdings PLC)
SABB AB (Saudi British Bank/The)

People
Mohammad Al Tuwaijri (Kingdom of Saudi Arabia)
Mohammad Tuwaijri (HSBC Bank Middle East Ltd/Dubai)
Mohammed Al Saud (Kingdom of Saudi Arabia)

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UUID: 7947283

HALISTER: Zodiac Falls; Airbus COO Says Still ‘Customization’ Issues

Zodiac Falls; Airbus COO Says Still ‘Customization’ Issues

(Bloomberg) -- Zodiac Aerospace falls as much as 2.3%, second biggest drop on SBF 120 index.
  • Airbus COO Tom Williams Says A350 still suffers from “customization” issues; customization refers to airline seats, galleys, though Williams didn’t name any supplier
  • NOTE
    • Airbus is among Zodiac’s largest customers: Bloomberg supply chain analysis
    • Stock has fallen 0.3% month-to-date vs a 3% rise in the Stoxx 600 Industrial Goods and Services index; is down 7.1% YTD vs a 1.8% rise in the SXNP index
    • Of 14 analyst ratings, 3 are buy, 7 hold, 4 sell, with an average PT of EU17.6 implying ~14% downside
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
AIR FP (Airbus Group SE)
ZC FP (Zodiac Aerospace)

People
Thomas Williams (Airbus SAS)

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UUID: 7947283

HALISTER1: INSIDE G-10: JPY Extends Drop in Thin Trading; USD Consolidates

INSIDE G-10: JPY Extends Drop in Thin Trading; USD Consolidates

(Bloomberg) -- JPY drops versus all G-10 currencies and hits 1-mo. low against USD as trading thinned amid U.K. and U.S. holidays. The Bloomberg Dollar Spot Index eases off a 2 1/2-mo. high seen earlier, following Fed Chair Yellen’s comments on Friday that signaled another rate increase this year.
  • USD/JPY up 0.8% to 111.24, hits 111.45, highest since April 28, in early European session
    • Pair rallied earlier as leveraged and momentum accounts bought dollars across platforms, according to traders in Asia
    • Japan’s April retail sales growth stalled m/m, raising odds PM Abe will delay a sales-tax increase planned for next year
    • Mizuho warns Japan risks credit downgrade if Abe delays the sales-tax increase without explaining plans to cut the deficit, WSJ reports
    • USD/JPY options are most active today, accounting for 35% of total volume: DTCC
  • BBDXY +0.2% at 1,202.58, after rising as much as 0.3% to 1,204.28, highest since March 16
    • Hedge funds switched to net-long USD in the days before Yellen’s comments, their first such position in 6 weeks: CFTC
    • St. Louis Fed President Bullard says central banks can best respond when interest rates are near zero by credibly promising a one-time increase in prices
    • Investors turn focus to U.S. May payrolls data due Friday after Yellen comments; Fed funds futures show market priced a 30% chance of a raise increase in June and 54% odds for July as of end last wk
  • EUR/USD +0.2% at 1.1134, retreats from 2 1/2-mo. low of 1.1098 seen earlier
    • Eurozone May economic confidence rises to 104.7; est. 104.4
    • EUR/USD 1-wk 25d risk reversals show receding EUR bearishness, even as spot prices remain in a downtrend
    • EUR/USD longs attractive as euro-area CPI data may surprise to the upside, though favor light positions before ECB and U.S. data, Nordea says
  • GBP/USD -0.2% to 1.4599, trades near day low at 1.4595
    • Ladbrokes says Brexit odds 5-4 on U.K. staying, turnout >65%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283