HALISTER1: Japanese Sold Foreign Bonds Last Week due to Profit-Taking: UBS

Japanese Sold Foreign Bonds Last Week due to Profit-Taking: UBS

(Bloomberg) -- Japanese investors turned net sellers of overseas debt last week for first time since Feb. 12 because of profit-taking for new fiscal year that started April 1, says Yusuke Ikawa, salesperson at UBS Knowledge Network.
  • “It’s a payback for their huge purchases” made following BOJ’s introduction of negative interest rates, says Tokyo- based Ikawa in an interview; NOTE: Japanese sell most overseas debt in nine months last week
  • Once Japanese investors finish their profit-taking, however, they’re likely to resume buying foreign bonds: Ikawa
  • For JGBs, super-long sector is supported by buying interest from market participants seeking positive yields: Ikawa: says some are taking a cautious stance ahead of next week’s 30-year auction, which seen as big supply/demand event
  • 10-year yield up 0.5 bp to -0.060%, 20-year yield slips 1.5 bps to 0.350%, 30-year yield drops 3.5 bps to 0.420% and 40- year yield declines 4 bps to record low of 0.425%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Yusuke Ikawa (UBS Asset Management Japan Ltd)

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HALISTER: Fintech Seen Risking 250,000 Jobs as Europe Insurers Cut Costs

Fintech Seen Risking 250,000 Jobs as Europe Insurers Cut Costs

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
ALV GR (Allianz SE)
TLX GR (Talanx AG)
ZURN VX (Zurich Insurance Group AG)

People
Alexander Vollert (Allianz Deutschland AG)
Jan Wicke (Talanx AG)
Manfred Knof (Allianz Deutschland AG)
Markus Riess (Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen)
Moritz Rehmann (Dje Kapital AG)

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HALISTER: Yen Intervention Futile at 110 for JPMorgan After Picking Rally

Yen Intervention Futile at 110 for JPMorgan After Picking Rally

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
JPM US (JPMorgan Chase & Co)
8301 JP (Bank of Japan)
BK US (Bank of New York Mellon Corp/The)

People
Haruhiko Kuroda (Bank of Japan)
Simon Derrick (Bank of New York Mellon Corp/The)
Syed Mohi-Uddin (Royal Bank of Scotland Group PLC)
Tohru Sasaki (JPMorgan Chase Bank NA)
Yoshihide Suga (Japan)

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HALISTER1: INDIA RATINGS: Khaitan Electricals Cut; Balrampur Chini Raised

INDIA RATINGS: Khaitan Electricals Cut; Balrampur Chini Raised

(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
  • Broadcast Engineering Consultants
    • Long-term loan facilities cut to BB+ from BBB- at Crisil
    • Expects liquidity to remain under pressure in the medium term
  • Focuz Corporation
    • LT bank facilities cut to BB+ from BBB- at Care
    • Cites decline in operational and financial performance
  • GRM Overseas
    • LT loan facilities cut to BB from BB+ at Crisil
    • Cites decline in revenue
  • Jaina Mobile
    • Fund based facilities cut to A- from A at ICRA
    • Fund based facilities of Jaina Marketing also cut to A- from A at ICRA
    • Cites increased pressures on Karbonn mobiles profitability
  • Khaitan Electricals
    • LT bank facilities cut to D from BB- at Care
    • Cites ongoing delays in debt servicing
  • KUBS Safes
    • LT bank facilities cut to D from BB- at Care
    • Cites delay in debt servicing
  • Leap Green Group
    • LT loan facilities of the group cut to BBB+ from A- at Crisil
    • Cites moderation in group’s debt protection metrics
  • Maximaa Systems
    • LT bank facilities cut to D from BB at Care
    • Cites delay in debt servicing
  • Noble India Construction
    • LT bank facilities cut to BB+ from BBB- at Care
    • Cites significant decline in scale of operations
  • Supreme Hydro Engineering
    • LT bank facilities cut to BBB from BBB+ at Care
    • Cites deterioration in capital structure
  • Vijay Nirman
    • Fund based limits cut to BB+ from BBB at ICRA
    • Cites deterioration in liquidity profile
UPGRADES
  • Balrampur Chini
    • Term loans revised to A+ from A at ICRA
    • Cites significant increase in domestic sugar prices
  • City Centre Mall Nashik
    • LT bank facilities revised to BB+ from BB at Care
    • Cites increase in scale of operations
  • Mantora Oil Products
    • LT loan facilities revised to BBB- from BB+ at Crisil
    • Expects operating margin, though low, will remain stable over the medium term
  • Supertron Electronics
    • Cash credit revised to A- from BBB+ at ICRA
    • Cites consistent growth in revenue
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BRCM IN (Balrampur Chini Mills Ltd)
KHT IN (Khaitan Electricals Ltd)
GRMO IN (GRM Overseas Ltd)
0896996D IN (Broadcast Engineering Consultants India Ltd)
0489204D IN (Jaina Mobile India Pvt Ltd)

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HALISTER1: India Short-Term Bonds Outperform as Banks Look to Deploy Funds

India Short-Term Bonds Outperform as Banks Look to Deploy Funds

(Bloomberg) -- Yield on India’s 7.28% govt notes due 2019 has fallen 11 bps to 7.257% and yield on 8.27% bonds due 2020 has dropped 10 bps to 7.311% since close on April 5 when RBI announced changes to its liquidity management framework.
  • “The liquidity improvement has led to banks looking to deploy funds in the shorter papers,” Anoop Verma, Mumbai- based vice president at DCB Bank, says in interview; NOTE: RBI to move away from keeping cash tight
  • Yield on benchmark 7.59% bond due 2026 has declined 1 bp to 7.454% since April 5
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Anoop Verma (DCB Bank Ltd)

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