HALISTER1: Korean Won, Rupee, Taiwan Dollar Forwards Most Active on DTCC

Korean Won, Rupee, Taiwan Dollar Forwards Most Active on DTCC

(Bloomberg) -- USD/KRW non-deliverable forwards account for 45.3% of total volume today, according to trades reported to DTCC; USD/INR second-most active at 16.8%, USD/TWD third-most active at 9.9%.
  • Notional amounts traded include:
    • Total $500m+ of USD/KRW at 1,211.70; matures Sept. 19
  • Total volume was $15.8b as of 2:21pm HKT; global total yesterday was $59.7b, with USD/KRW accounting for 22.0%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: UBS FX Hedging Model Sees Aussie Downside Risk Vs U.S. Dollar

UBS FX Hedging Model Sees Aussie Downside Risk Vs U.S. Dollar

(Bloomberg) -- In-house modeling suggests Aussie investors will be 1.5%-2.8% better off in the next twelve months by not hedging their USD exposure, Joakim Tiberg, strategist at UBS writes in note today.
  • FX forwards imply 1.5% of AUD/USD depreciation over the next year; range is consistent with a 3.0%-4.3% fall from 0.7450
  • UBS’s year-end forecast indicative of 7.5% AUD to USD unhedged out-performance with pair at 0.6800
  • Long-term and short-term models have prediction rates of 76% and 87%, respectively
  • Three factors that have been good at predicting when to hedge:
    • RBA Commodity Index (U.S. dollars)
    • Market pricing of relative monetary policy paths using changes in AUD 1y1y – RBA cash rate and USD 1y1y–fed funds mid
    • Risk premium index comprising changes in VIX, US HY, MOVE, TEDUS, MXEF and Russell 2000
  • AUD/GBP hedging decisions close to coin flip, but heavily influenced by “Brexit” fears
  • Australian investors may want to consider hedging their EUR exposure, conversely EUR-based investors could take the AUD carry
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Joakim Tiberg (UBS Asset Management Japan Ltd)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Best Foods, Superhouse Cut; Vivimed Labs Raised

INDIA RATINGS: Best Foods, Superhouse Cut; Vivimed Labs Raised

(Bloomberg) -- 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:
  • Best Foods
    • Long-term loan facilities cut to D from BBB at Crisil
    • Cites delays in servicing term loans
  • Dashmesh Rice Mills
    • LT bank facilities cut to D from B at Care Ratings
    • Cites ongoing delays in debt servicing due to stressed liquidity position
  • Gemini Edibles
    • LT bank facilities cut to BBB+ from A-(SO) by Care Ratings
    • Weakening of credit profile of guarantor Golden Agri Resource
  • G.M. Kenjale
    • LT loan facilities cut to B- from B at Crisil
    • Cites deterioration in liquidity due to lower-than- expected bookings and customer advances
  • Marigold Constructions
    • LT loan facilities cut to D from BB- at Crisil
    • Cites delay in payment of project loan installment
  • Oswal Spinning
    • LT bank facilities cut to D from C at Care Ratings
    • Cites ongoing delays in debt servicing
  • Rajvir Industries
    • LT loan facilities cut to D from B at Crisil
    • Cites delays in servicing debt
  • Superhouse
    • Fund based facilities cut to A- from A at ICRA
    • Cites decline in revenues over last 5 quarters due to weak demand from customers in European region
  • Tarendra Infrastructure Chennai
    • NCDs cut to B from BB at Care Ratings
    • Cites delay in receipt of necessary approvals required for its ongoing project resulting in strained liquidity position
UPGRADES:
  • Aatash Power
    • LT loan facilities revised to BBB- from BB+ at Crisil
    • Expects operating performance to improve on a sustained basis over the medium term due to healthy plant load factor
  • Chetak Mitra Tollways
    • LT bank facilities revised to A+(SO) from A-(SO) at Care Ratings
    • Revision in guarantor Chetak Enterprises ratings
  • Fabworth Promoters
    • LT bank facilities revised to BB- from D at Care Ratings
    • Cites regularization in interest servicing
  • R E Cables
    • LT bank facilities revised to BBB from BBB- at Care Ratings
    • Cites healthy growth in total operating revenue during FY15
  • Shirdi Sai Electricals
    • LT bank facilities revised to A- from BBB+ at Care Ratings
    • Cites increase in total operating income, profitability margins
  • Vivimed Labs
    • LT bank facilities revised to BBB- from BB+ at Care Ratings
    • Cites improvement in profitability margins
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SUPL IN (Superhouse Ltd)
VILA IN (Vivimed Labs Ltd)
0909630D IN (Chetak Enterprises Ltd)
0812472D IN (Fabworth Promoters Pvt Ltd)
GGR SP (Golden Agri-Resources Ltd)

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UUID: 7947283

HALISTER: Nike Says It Has Suspended Relationship With Sharapova

Nike Says It Has Suspended Relationship With Sharapova

(Bloomberg) -- Co. is ‘saddened and surprised’ by news about tennis player Maria Sharapova.
  • “We are saddened and surprised by the news about Maria Sharapova,” Kejuan Wilkins, a spokesman for Nike, said in an e-mailed statement. “We have decided to suspend our relationship with Maria while the investigation continues. We will continue to monitor the situation.”
  • NOTE: Sharapova’s Positive Drug Test Just Cost Her Almost $300,000 Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
NKE US (NIKE Inc)

Topics
Tennis

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HALISTER: China Feb. Retail Auto Sales Fall 3.7% on Year: PCA

China Feb. Retail Auto Sales Fall 3.7% on Year: PCA

(Bloomberg) -- China’s retail auto sales in Feb. fell to 1.37m units, Passenger Car Association says on website.
  • Jan.-Feb. retail auto sales rose 6.3% to 3.72m units
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
F US (Ford Motor Co)
600006 CH (DongFeng Automobile Co Ltd)
489 HK (Dongfeng Motor Group Co Ltd)
GM US (General Motors Co)
UG FP (Peugeot SA)

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UUID: 7947283

HALISTER1: INSIDE ASIA: Yen Rises After 4Q GDP Beats Est; AUD Snaps Rally

INSIDE ASIA: Yen Rises After 4Q GDP Beats Est; AUD Snaps Rally

(Bloomberg) -- Yen gains for second day against dollar after Japan’s second reading for 4Q GDP contracted less than estimate. Aussie dollar snaps 6-day rally on concerns that iron ore rally may prove unsustainable while RBA Deputy Governor Low says it would be helpful to have slightly lower currency.
  • China raises currency reference rate to highest since Jan. 4
    • China’s exports miss estimates, contracting twice more than forecast; Feb exports fell 20.6% in yuan terms from year earlier after 6.6% drop in January; estimate was 11.3% decline
    • Imports fell 8.0% in yuan terms from year earlier in February after 14.4% decline; median estimate was for 11.7% decrease
  • Japan’s final 4Q GDP fell 1.1% from previous quarter on seasonally-adjusted annualized basis compared with initial estimate of 1.4% decline and 3Q growth of 1.4% expansion; median estimate was for 1.5% decrease
    • GDP ROUNDUP: Economy stagnant; stimulus likely next week
    • Major asset managers plan to return money to investors, given negative interest rate environment: Nikkei
  • Aussie snaps six-day gain against dollar; RBA’s Lowe says would be helpful to have slightly lower currency, adding that low inflation provides scope for easier policy
    • Australia’s ANZ consumer confidence rose to 114.8 for week ended March 6 from 111.3 in prior week
    • AUD’s bounce won’t last as iron ore spike is driven by sentiment, not fundamentals, CBA analysts say
  • Treasuries gain, with yield on 10-year bonds fall 2bps to 1.874% in Asian trading
    • Fed’s Fischer (neutral, voter) says central bank may be seeing first signs of higher inflation; Brainard (dove, voter) is wary of global risks
  • Baht declines; Deputy Prime Minister Somkid said yesterday Thailand’s government expects to disburse more than 100b baht ($2.8b) in 1H
  • Rupiah weakens first time since Febuary 17
    • Indonesia’s foreign reserves rose to $104.54b in February from $102.1b in prior month, central bank said yesterday
    • Deposit Insurance Corporation says it can sell bonds to the central bank in the event of a crisis and then use the funds to assist stressed banks
  • Taiwan’s dollar rises
    • CPI rose 2.4% from year earlier in February, highest in three years; median estimate was for 0.8% gain
  • Peso weakens; President Aquino seeking investors for $6.5b worth of infrastructure projects before six-year term ends in June, says Andre Palacios, new head of Public-Private Partnership Center
    • Foreign reserves rose to $81.3b in February, highest since December 2013 and from $80.7b in January 2016, according to central bank data yesterday
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

(2) *CHINA FEB. RETAIL AUTO SALES FALL 3.7% ON YEAR: PCA

*CHINA FEB. RETAIL AUTO SALES FALL 3.7% ON YEAR: PCA

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

Tickers
F US (Ford Motor Co)
600006 CH (DongFeng Automobile Co Ltd)
489 HK (Dongfeng Motor Group Co Ltd)
GM US (General Motors Co)
UG FP (Peugeot SA)

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UUID: 7947283