HALISTER: Repsol 1Q Adj. Net EU572m; Est. EU261.2m

Repsol 1Q Adj. Net EU572m; Est. EU261.2m

(Bloomberg) -- Repsol 1Q Ebitda EU1.03b vs EU962m yr earlier, co says in regulatory filing.
  • Repsol 1Q Ebitda CCS Eu1.24b vs EU1.17b yr ago
  • Repsol upstream posts 1Q profit of EU17m vs EU190m loss yr ago
  • Repsol net debt EU11.98b vs EU11.93b 4Q 2015
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
REP SM (Repsol SA)

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UUID: 7947283

HALISTER: Goldman, HSBC Said Among Banks on Saudi Exchange IPO Shortlist

Goldman, HSBC Said Among Banks on Saudi Exchange IPO Shortlist

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
HSBA LN (HSBC Holdings PLC)
3541088Z BI (Gulf International Bank BSC)
NCB AB (National Commercial Bank)
SAMBA AB (Samba Financial Group)
JPM US (JPMorgan Chase & Co)

People
Khalid Al Hussan (Tadawul)

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UUID: 7947283

HALISTER1: Indiabulls Real Estate’s REIT Plan May Curb Bond Buyback: Lucror

Indiabulls Real Estate’s REIT Plan May Curb Bond Buyback: Lucror

(Bloomberg) -- New Delhi-based developer’s decision to acquire distressed REIT in Singapore will weaken cash position and reduce the likelihood of another tender offer for own bonds, Trung Nguyen, analyst at Lucror Analytics, writes in a note to clients.
  • NOTE: Co. repurchased $20.9m of its $175m 10.25% 2019 notes last month and $31.6m in Feb: filings
  • Lucror recommends ‘hold to maturity’ on bonds as yield is attractive given moderate default risk
  • NOTE: Indiabulls made takeover offer for IPIT REIT at S$0.25/unit on April 27; now owns 51.2% of REIT: filing
  • Consolidation of Singapore-listed IPIT (with S$580m of debt) will worsen developer’s credit metrics: Lucror
  • Kubeir Khera, co. spokesman in Mumbai, couldn’t be reached by phone and didn’t immediately reply to e-mail seeking comment
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Trung Nguyen (Lucror Analytics Pte Ltd)

Topics
Key Comm. Real Estate News

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UUID: 7947283

HALISTER: Sohn Long on Short Ideas as Druckenmiller Sees Spent Bull Market

Sohn Long on Short Ideas as Druckenmiller Sees Spent Bull Market

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
CAT US (Caterpillar Inc)

People
David Einhorn (Greenlight Capital Inc)
Stanley Druckenmiller (Duquesne Family Office LLC)
Adam Fisher (CommonWealth Opportunity Capital GP LLC)
Carson Block (Muddy Waters Capital LLC)
Daniel Loeb (Third Point LLC)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Alstom Bharat Forge Raised; Nikhil Adhesives Cut

INDIA RATINGS: Alstom Bharat Forge Raised; Nikhil Adhesives Cut

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Nikhil Adhesives
    • LT rating cut to BB+ from BBB- at ICRA
    • Cites asset-liability mismatch due to unfavorable term loan repayment schedule and co’s weak profitability
UPGRADES
  • Alstom Bharat Forge Power
    • LT rating raised to A- from BBB+ at ICRA
    • Cites project execution within time and cost estimates
  • Pasupati Acrylon
    • LT rating raised to BB+ from BB at Crisil
    • Cites expectation of improved profitability over medium- term
  • Shubham Housing Development Finance
    • Pass-through certificates raised to A (SO) from A-(SO) at ICRA
    • Cites performance of pools, credit enhancement
  • Supreme Polyweave
    • LT rating raised to BBB+ from BBB at Crisil
    • Cites improved business profile, marked by steady growth in volumes
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER1: INSIDE ASIA: Ringgit, Yuan Drop Before U.S. Non-Farm Payrolls

INSIDE ASIA: Ringgit, Yuan Drop Before U.S. Non-Farm Payrolls

(Bloomberg) -- Malaysia’s ringgit and China’s onshore yuan decline while Singapore’s dollar gain as Dollar Index rises for 3rd day ahead of U.S. non-farm payrolls on Friday. Aussie dollar climbs after retail sales beat est. before trimming gains on slower China services PMI.
  • Asian currencies have strengthened sharply over a very short period and some indicators now show that move is overdone, RBC Capital Markets Asia FX strategist Sue Trinh says in interview, adding that consolidation is overdue
    • All comes down to U.S. non-farm payrolls; an above consensus outcome will put a floor under USD/JPY and USD/Asia in general
  • China lowers yuan reference rate by most since Aug. 13
    • April Caixin services and composite PMIs both declined from March to 51.8 and 50.8 respectively
    • Nation will not try to devalue the yuan to seek a trade surplus as market-determined yuan rates and balanced international trade are in the nation’s interest: Xinhua
    • USD/CNH sold above 6.5200 by Asia-based leveraged investors, according to FX traders in North Asia
  • Aussie snaps two-day drop against dollar
    • Retail sales climbed 0.4% m/m in March after revised 0.1% increase in February; est. was 0.3% gain
    • Trade deficit narrows to A$2.16b ($1.62b) in March, least in a year; est. was for A$2.9b shortfall
    • Intraday investors pared Aussie longs after China April services PMI came in lower than previous month, according to an Asia-based FX trader
  • Hong Kong’s dollar little changed; city is said to crack down on illegal money flows from China, Reuters reports
    • Retail sales value due today; est. -8.8% y/y in March vs -20.6% in February
  • Taiwan’s dollar little changed; April CPI rose 1.88% y/y, least in three months vs. est. 1.50%
  • Peso declines for second day; April inflation rose 1.1% y/y vs est. 1.2%
  • Japan, South Korea, Thailand, Indonesia closed for holidays
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Sue Trinh (Royal Bank of Canada)

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