Halister News

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

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UPGRADES

• Emami Cement
  • Long-term bank facilities raised to BBB from BBB- at Crisil
  • Cites healthy volume ramp up and reduction of project risk
• Heubach Colour
  • LT bank facilities raised to A from A- at Crisil
  • Cites improvement in business-risk profile due to better product mix
• The Seksaria Biswan Sugar Factor
  • Term loans raised to A from A- at India Ratings
  • Cites improvement in overall credit profile
• Usha Spincoat
  • LT bank facilities raised to BB- from B+ at Care
  • Cites marginal growth in total operating income,increase in profitability margins

(Bloomberg) -- Marble II roadshow from today for USD bond; RBI to hold INR210b 14-day term repo auction.

• Analysts cautious on Reliance Communications bonds even after debt relief
• BlackRock positive on Asia credit, likes China investment-grade bonds, India
• Indian central bank seen on hold as liquidity provides support
• State Bank of India to raise up to $2.33b via share sale: terms
• Nikkei India May composite PMI 52.5 vs 51.3; services PMI 52.2 vs 50.2
• Nomura adds to 7.68% 2023 bond position ahead of RBI meet
• Bonds are attractive alternative to equity for insurers: Crisil
• India hopeful China will rethink One Belt, One Road plan: Swaraj
• Sensex little changed as RBI rate decision in focus
• Economy must play role in verdicts, Supreme Court rules
• Jet Airways said to be in talks to buy 50 single- aisle jets
• Treasury 10Y yields kept to narrow 2bp range over quiet U.S. session as robust IG issuance, consisting of limited financial deals, kept lid on prices
  • 10Y yield -1.7bp to 2.166% as of 7:23am in Mumbai
• S&P 500 futures -0.1% to 2,434.50; cash closed -0.1% to 2,436.1

BONDS

• NEW DEALS: Nabard INR10b 7.04% June 2020
• Moody’s upgrades all Shriram-sponsored auto loan ABS in India
• ICRA upgrades Indiabulls Housing Finance to AAA from AA+
• India Bond Pipeline

INDIA MARKETS

• Yield on India’s 6.79% May 2027 bond +2bp to 6.65%; benchmark 10Y YTD range 6.37%-6.99%
• Yield on 5Y AAA INR corporate notes little changed at 7.49%; YTD range 7.29%-7.81%
• JPMorgan India USD bond index -2.3bps to 4.28%; YTD range 4.22%-4.58%
• INR +0.1% to 64.3650/USD; 1-mo. USD/INR NDF 64.56; 3-mo. USD/INR NDF 64.93
• 1Y INR swap rate at 6.36%; 5Y MIFOR 6.6850%; call money rate 6.10%
• CNX Nifty Index futures +0.1% to 9,699 as of 9:55am in Singapore; cash +0.2% to 9,675.10; BSE Sensex +0.1% to 31,309.49

To contact the reporter on this story: Anurag Joshi in Mumbai at ajoshi53@bloomberg.net To contact the editors responsible for this story: Neha D'silva at ndsilva1@bloomberg.net Anurag Joshi, Beth Thomas