Halister News

(Bloomberg) -- Bunds dipped from the open, before accelerating with volumes surging as 10k trades in 1-minute between 161.40/28 as Monday’s low (161.35) is taken out. Swap spreads tighten up, with SDR showing numerous prints in 5y swaps, which may point to some short spread positions being entered ahead of ECB meeting.

• Lots of focus on position before ECB decision, given the strong short bias from strategists with Barclays, Deutsche Bank, JPMorgan recommending short 10y bunds, while Citigroup and BNP are also bearish heading into the meeting
• Bund futures lower by 39 ticks at 161.29; 5-10y sector underperforms on the curve, with swap spreads 0.5-1bps tighter across the sector

To contact the reporter on this story: Stephen Spratt in Hong Kong at sspratt3@bloomberg.net To contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net Keith Jenkins

(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

UPGRADES

• Safari Industries
  • Long-term bank facilities raised to BBB+ from BBB at Crisil
  • Cites above-average growth, expectations of further improvement in business-risk profile
• Shetrunjay Dyeing
  • LT bank facilities raised to BB+ from BB at Crisil
  • Cites sharp improvement in business, financial risk profile
• Siyaram Silk Mills
  • LT bank facilities raised to AA- from A+ at Crisil
  • Cites continued expansion of operating margin
• Sunstar Precision
  • Cash credit raised to BBB from BBB- at ICRA
  • Cites favorable demand prospects in the domestic, export markets

DOWNGRADES

• Lalit Pipes
  • LT bank facilities cut to BB from BB+ at Crisil
  • Cites stretched liquidity position
• Unique Industrial
  • LT bank facilities cut to BB from BB+ at Crisil
  • Cites reduction in scale of operations and profitability due to delays in execution of some orders

--STEPHEN TRELOAR