Halister News

(Bloomberg) -- Spread in Japan’s 10-year bond futures between June and September contracts is expected to tighten by 0.04-0.05 from the current 0.08-0.09 as lead contract rolls over from June to September, Morgan Stanley MUFG strategist Koichi Sugisaki writes in note Tuesday.

• Forward yield differential implied by calendar spread suggests the spread is cheap by by historical standards: Sugisaki
  • Overseas investors appear to have built long exposure around the 150.50 level
• NOTE: Contract expiring June 13 up 0.05 at 150.74, while September futures up 0.07 at 150.67

--With assistance from Daisuke Sakai. To contact the reporter on this story: Masaki Kondo in Singapore at mkondo3@bloomberg.net To contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net Patricia Lui

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

• To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery

DOWNGRADES

• Mars Plywood
  • Long-term bank facilities cut to D from B+ at Crisil
  • Cites irregularity in payment of interest in cash credit account
• Reliance Communications Infrastructure
  • Short-term non fund-based bank facilities cut to A4(SO) from A2+(SO) at Care
  • Bank facilities of Reliance Big TV also reduced to BB(SO) from A-(So) at Care
  • Cites revision in credit rating of guarantor Reliance Communications
• Trimex Sands
  • LT bank facilities cut to BBB- from BBB at Crisil
  • Cites deterioration in working capital management
• Tulsiani Constructions
  • Term loan cut to D from B+ at ICRA
  • Cites delays in debt servicing

UPGRADES

• Ahmedabad Maliya Tollway
  • LT bank facilities raised to BBB+ from BBB at Care
  • Cites improvement in toll revenue
• ATC Telecom
  • LT bank facilities raised to AA- from A at Care
  • Cites significant improvement in overall credit profile post acquisition of majority stake by American Tower Corp.
• Maithan Ispat
  • LT bank facilities raised to BB-(SO) from B(SO) at Care
  • Cites improvement in operational, financial performance
• Pacifica (India) Projects
  • LT bank facilities raised to BBB+ from BBB at Crisil
  • Cites sharp increase in sales

(Bloomberg) -- Australia is scheduled to release April building approvals at 11:30am local time.

• April building approvals m/m est. 3% vs prev. -13.4%
• April building approvals y/y est. -18.1% vs prev. -19.9%

To contact the reporter on this story: Patricia Lui in Singapore at plui4@bloomberg.net

(Bloomberg) -- Monetary Authority of Singapore review findings show there are no pervasive anti-money laundering control weaknesses, Credit Suisse says in emailed statement Tuesday.

• Credit Suisse acknowledges outcome of the review and regrets that it has fallen short of the MAS’ and its own standards
• Credit Suisse will donate all profits from the transactions in question to a worthy cause in support of local community
• The bank has co-operated fully with the MAS and taken further measures to address the issues identified in its review
• NOTE: Singapore Penalizes Credit Suisse, UOB After 1MDB- Linked Probe Link