HALISTER1: INDIA RATINGS: Lucid Colloids, Rajuri Steel, Sakku Spinning Cut

INDIA RATINGS: Lucid Colloids, Rajuri Steel, Sakku Spinning Cut

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES
  • Ethnic Tobacco India
    • Long-term loan facilities cut to BB from BBB- at Crisil
    • LT loan facilities of Ethnic Spices and Ethnic Agros also cut to BB from BBB- at Crisil
    • Cites weakening in group’s liquidity
  • Lucid Colloids
    • LT loan bank facilities cut to BBB- from BBB at Care
    • Cites weak operating performance
  • Paras Cotspin
    • LT loan facilities cut to D from BB at Crisil
    • Cites delays in servicing of bank debt
  • Rajuri Steel & Alloys
    • LT bank facilities cut to D from B at Care
    • Cites ongoing delays in debt servicing
  • Sakku Spinning Mills
    • LT bank facilities cut to BB- from BB at Care
    • Cites decline in profitability margins
UPGRADES
  • SNJ Synthetics
    • LT bank facilities revised to BB from BB- at Care
    • Cites growth in operating income
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
6597140Z IN (Lucid Colloids Ltd)
0925359D IN (SNJ Synthetics Ltd)
0655534D IN (Sakku Spinning Mills Ltd)

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UUID: 7947283

HALISTER1: BlackRock Joins Pimco Warning Investors to Seek Inflation Hedge

BlackRock Joins Pimco Warning Investors to Seek Inflation Hedge

Alert: HALISTER1
Source: BN (Bloomberg News)

Tickers
BLK US (BlackRock Inc)
21429Z US (Pacific Investment Management Co LLC)

People
Richard Turnill (BlackRock Inc)
Janet Yellen (Federal Reserve System)
Mihir Worah (Pacific Investment Management Co LLC)

Topics
Inflation Linked Muni Bonds

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UUID: 7947283

HALISTER1: FCA Said to Step Up Probe on ICBC, CCB London Branches: Caixin

FCA Said to Step Up Probe on ICBC, CCB London Branches: Caixin

(Bloomberg) -- U.K.’s Financial Conduct Authority to step up probe on London branches of China Construction Bank and Industrial & Commercial Bank of China, Caixin reports, citing unidentified people familiar.
  • Probe to focus on financial crime, money laundering
  • FCA has positive feedback on ICBC’s London branches: report cites an unidentified person close to ICBC
  • ICBC, CCB declined to comment when contacted by Bloomberg
  • NOTE: Mar. 5, Spain Said to Probe $88 Million of Funds Laundered Through ICBC
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0761959D LN (Financial Conduct Authority)
939 HK (China Construction Bank Corp)
601398 CH (Industrial & Commercial Bank of China Ltd)

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UUID: 7947283

HALISTER1: INSIDE ASIA: Japan Retail Sales Decline More Than Forecast

INSIDE ASIA: Japan Retail Sales Decline More Than Forecast

(Bloomberg) -- Yen weakens against dollar; Japan’s retail sales decreased 2.3% in February from month earlier, more than median forecast for 0.9% slide; jobless rate increased to 3.3%, more than the 3.2% median estimate; yen around 100 is desirable, former finance minister Hirohisa Fujii says
  • Ringgit advances after S&P affirms Malaysia’s foreign- and local-currency ratings; ratings reflect strong external position and considerable monetary flexibility, S&P said in a statement after close of local market yesterday; 1MDB may get fined over $1.83b repatriation issue, Edge reports
  • PBOC raises yuan reference rate; China pension fund’s annual investment return was 8.82% at the end of last year, Xinhua reports; regulators to step up scrutiny of fund-raising by companies seeking to enter new industries, Shanghai Securities News reports
  • Won strengthens; South Korea’s consumer confidence rose to 100 in March from 98 in prior month
  • U.S. Treasuries fall, with yield on 10-year bonds rising 1 bp to 1.893% before Fed Chair Yellen speaks
  • Baht steady; Thailand’s manufacturing production index probably dropped 3.1% in February from year earlier after declining 3.3% in January, according to Bloomberg survey before data today
  • Peso rises; Philippines to offer 135b pesos ($2.9b) of bills and bonds at second-quarter debt auctions, matching planned volume for the first three months of the year, Bureau of the Treasury says
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Hirohisa Fujii (Democratic Party of Japan)

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UUID: 7947283

HALISTER1: INSIDE MALAYSIA: Ringgit Strengthens After S&P Affirms Ratings

INSIDE MALAYSIA: Ringgit Strengthens After S&P Affirms Ratings

(Bloomberg) -- Ringgit advances for second day after S&P affirms nation’s foreign- and local-currency ratings.
  • Ratings reflect strong external position and considerable monetary flexibility, S&P said in a statement after close of local market yesterday; corruption allegations in relation to 1MDB won’t impede ability of executive branch to promote sustainable public finances and balanced economic growth; outlook remains stable
  • 1MDB may get fined over $1.83b repatriation issue, Edge reports
  • Ringgit rises 0.3% to 4.0030 per dollar; Brent crude futures fall for fourth day, down 0.1% to $40.24/bbl
  • USD/MYR 1-mo. NDF falls 0.3% to 3.9973; 10-DMA at 4.0305 below 21-DMA at 4.0750 since March 7
  • FX options expiring this week include 4.0000 strikes for $425m on March 31
  • Curve flattening for MYR rates to continue as local economy deteriorates, CBA analysts write in note dated March 28; suggests being long seven-year govt bonds while paying one- year NDIRS with target spread at zero as BNM keeps liquidity flush
  • Yield on 3.955% govt bond due Sept. 2025 rose 1 bp yesterday to 3.878%
  • Five-year credit-protection costs for nation rose 5 bps yesterday to 164 bps: CMA
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283