HALISTER1: India May Borrow Around 3.6t Rupees in 1H Fiscal 2017: STCI

India May Borrow Around 3.6t Rupees in 1H Fiscal 2017: STCI

(Bloomberg) -- India’s govt is expected to borrow around 3.6t rupees ($54b), or 60%, of its full-year issuance during April-Sept. period, Charmy Jain, analyst at STCI Primary Dealer, writes in note yesterday.
  • Bonds which have scope for re-issuance in five- to nine-year sector are 7.8% 2021, 7.94% 2021, 8.20% 2022, 8.08% 2022, 7.68% 2023 and 7.35% 2024: Jain; says debt with 10- to 14- year tenors are likely to be re-issued, alternating between current 10-year benchmark and 7.59% 2029 note
  • Lumpy redemptions in 2021-22 and 2022-23 deter further issuance in these maturity ranges: Jain
  • NOTE: Govt, RBI officials to meet in New Delhi today for deciding 1H fiscal 2017 borrowing calendar
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Charmy Jain (STCI Finance Ltd)

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HALISTER1: INDIA RATINGS: Orient Craft, DGP Steel Cut; Aspire Home Raised

INDIA RATINGS: Orient Craft, DGP Steel Cut; Aspire Home Raised

(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:
  • DGP Steel Star Engineering
    • Long-term loan facilities cut to D from B- at Crisil
    • Cites delays in servicing of term debt
  • Ghatge Patil Industries
    • LT bank facilities cut to BBB- from BBB at Care
    • Cites higher-than-expected decline in total operating income during April-Dec. period due to subdued sales momentum
  • GNRC
    • LT loan facilities cut to BB- from BB+ at Crisil
    • Cites decline in profitability
  • Orient Craft
    • LT loan facilities cut to BBB from BBB+ at Crisil
    • Cites lower-than-expected profitability, high debt levels
  • Sri Nangali Rice Mills
    • LT loan facilities cut to D from BB- at Crisil
    • Cites delays in servicing bank debt
UPGRADES:
  • Aspire Home Finance
    • NCDs revised to AA- from A+ at ICRA
    • Cites scale up in business, more visibility on generating sustainable earnings
  • Shri Prabhulingeshwar Sugars
    • Term loans revised to C+ from D at ICRA
    • Cites timely servicing of debt obligations over last 12 mos.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
6588396Z IN (Ghatge Patil Industries Ltd)
MOFS IN (Motilal Oswal Financial Services Ltd)
6595476Z IN (Orient Craft Ltd)
1019828D IN (Shri Prabhulingeshwar Sugars & Chemicals Ltd)

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HALISTER: Deutsche Bank Said to Name Asia Regional Corporate Finance Heads

Deutsche Bank Said to Name Asia Regional Corporate Finance Heads

(Bloomberg) -- Oliver Brinkmann appointed to the newly-created position of head of corporate finance for North Asia, also named co-head of corporate finance for China, a person with knowledge of the matter said.
  • Deutsche Bank also appointed Lan Chen as co-head of corporate finance for China, the person said, asking not to be identified as the information is private
  • Deutsche Bank named Sreenivasan Iyer to the newly-created position of head of corporate finance for Southeast Asia: person
  • Sanjay Agarwal appointed as executive chairman for India corporate finance, while Amit Bordia named as India corporate finance head: person
  • Bruce MacDiarmid, James Roth named co-heads of corporate finance for Australia: person
  • Simon Roue to continue to oversee Japan corporate finance business until a successor is appointed: person
  • Deutsche Bank hired Jason Cox, previously co-head of Asia Pacific global capital markets at BofA, as co-head of ECM for Asia Pacific: person
  • Cox and fellow Asia Pacific ECM co-head Kefei Li report to global ECM co-head Mark Hantho: person
  • Appointments were announced internally this week: person
  • Michael West, a Hong Kong-based spokesman for the bank, confirmed the appointments
  • NOTE: Deutsche Bank Asia ECM Syndicate Head Sumeet Puri Said to Leave
  • Reuters reported Cox’s hiring earlier, citing unidentified people
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
DBK GR (Deutsche Bank AG)

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James Roth (Deutsche Bank AG)
Michael West (Deutsche Bank AG)
Sanjay Agarwal (Deutsche Bank AG)
Sreenivasan Iyer (Deutsche Bank AG)
Sumeet Puri (Deutsche Bank AG)

Topics
Management Changes
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HALISTER: Deutsche Bank Asia ECM Syndicate Head Sumeet Puri Said to Leave

Deutsche Bank Asia ECM Syndicate Head Sumeet Puri Said to Leave

(Bloomberg) -- Sumeet Puri, Deutsche Bank’s Hong Kong-based head of ECM syndicate for Asia, has left the firm, people with knowledge of the matter said.
  • People asked not to be identified as the information is private
  • Michael West, a Hong Kong-based spokesman for the bank, declined to comment
  • Calls to Puri’s mobile phone weren’t answered, and an e-mail sent to his work e-mail address bounced back as undeliverable
Alert: HALISTER
Source: BFW (Bloomberg First Word)

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DBK GR (Deutsche Bank AG)

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Michael West (Deutsche Bank AG)
Sumeet Puri (Deutsche Bank AG)

Topics
Financial Firm Departures
Management Changes
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HALISTER1: MORE: Tetangco Sees Risk From $81m Stolen Bangladesh Cyber-Heist

MORE: Tetangco Sees Risk From $81m Stolen Bangladesh Cyber-Heist

(Bloomberg) -- “There’s risk associated with this, and therefore we need to address that,” Bangko Sentral ng Pilipinas Governor Amando Tetangco tells reporters in Manila. “We have to show that action has been taken.”
  • $81m stolen fund from Bangladesh Bank which found its way to Makati branch of Rizal Commercial Bank is Philippines’ first cross-border money laundering case, Tetangco says
  • “If you look at the behavior of financial markets over the last several days, there’s been no indication that there’s a negative impact,” Tetangco says
  • Peso appreciating in last few days, bond markets are steady, benchmark stock index going up: Tetangco
  • NOTE: Peso Set for Longest Weekly Gains Since 2015 Link; Stocks Poised for Bull Market Link
  • Investigation by Anti-Money Laundering Council ongoing, and council is prepared to take further action if needed, working with Congress to include casinos and real estate dealers in covered institutions: Tetangco
  • NOTE: Bangladesh Wants Stolen $81m Back, Its Envoy to Philippines Says Link
  • NOTE: Rizal Bank Executives Suspected in Bangladesh Heist Transfers Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BSNZ PM (Bangko Sentral ng Pilipinas)
RCB PM (Rizal Commercial Banking Corp)

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Amando Tetangco (Bangko Sentral ng Pilipinas)

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HALISTER1: INSIDE ASIA: China Raises Yuan Fixing by Most in Four Months

INSIDE ASIA: China Raises Yuan Fixing by Most in Four Months

(Bloomberg) -- Onshore yuan gains for second day after China’s central bank increased currency’s fixing by most since November; nation’s new home prices rose in February from month earlier in 47 cities, versus 38 in January.
  • Offshore yuan is steady; PBOC is studying with China Foreign Exchange Trade System to introduce credit default swaps in nation’s interbank bond market, Securities Times reports; PBOC Governor Zhou says direct financing can lower debt leverage, making it easier for economic restructuring and companies: Financial News
  • Yen pares advance against dollar after Finance Minister Aso says watching financial market movements; minutes of Bank of Japan’s January meeting showed today that all who agreed on BOJ’s negative rate said rate can be cut more if needed
    • BOJ offers to buy Japanese government securities under repurchase agreements, first time since March 2011
    • Missile that North Korea fired earlier this morning may have fallen into Japan’s air defense identification zone in east sea, Yonhap News reports
  • Won climbs for second day versus dollar; South Korea’s producer price index dropped 3.4% in February from year earlier following 3.3% slide in January
  • Kiwi strengthens for third day against its U.S. counterpart; New Zealand’s consumer confidence index fell to 118 in March from 119.7 in February, marking second month of declines
  • Aussie rises; Reserve Bank of Australia’s Head of Financial Stability Department Luci Ellis says policy can make boom- bust distress less frequent
  • U.S. Treasuries advance; with yield on 10-year bonds falling 1 bp to 1.885%; data today may show University of Michigan consumer sentiment index rose to 92.2 in March from 91.7 in February: Bloomberg survey
  • Ringgit gains; Malaysia’s central bank says no approvals are required from it when resident receives inward fund transfers from non-residents into any Malaysian bank account, the Star reports
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
8301 JP (Bank of Japan)

People
Luci Ellis (Reserve Bank of Australia)

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