HALISTER1: Greylock Switches to Buy Longer Greek Bond Maturities, Banks

Greylock Switches to Buy Longer Greek Bond Maturities, Banks

(Bloomberg) -- Greylock Capital Management is moving its investment in Greek bonds further down the curve after the country resolved an impasse with international creditors over its bailout program.
  • “It’s time to move from short end to longer maturities, and to start switching from fixed income to equities a bit, particularly banks,” Greylock’s co-chief investment officer Diego Ferro said in emailed comments
  • Two-year Greek bond yields dropped below those on 10-year notes for the first time since January on Tuesday, a sign of investor confidence about the nation’s ability to repay its debts: see chart here
  • “I have been very bullish, so happy that this has finally happened,” he added, after the country unlocked the way for debt-relief talks and disbursement of the next tranche of emergency loans
  • The firm, which invests in undervalued, distressed and high- yield assets and has $1 billion under management, said Greece has consistently been one of its top performers since 2012
  • NOTE: Greece’s benchmark ASE Index rose 3.1% on Tuesday, the highest June 2015

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0447838D US (Greylock Capital Management LLC/USA)

People
Diego Ferro (Greylock Capital Management LLC/USA)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Ginza Cut; Karikali Amman, Nuevo Polymers Raised

INDIA RATINGS: Ginza Cut; Karikali Amman, Nuevo Polymers Raised

(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
DOWNGRADE
  • Ginza Industries
    • Long term loans cut to BBB+ from A- at ICRA
    • Cites lower-than-expected revenue growth putting pressure on profitability
UPGRADES
  • Karikali Amman Spinning Mills
    • LT fund-based limits raised to BB- from B+ at ICRA
    • Cites improvement in capital structure, debt protection metrics
  • Nuevo Polymers
    • Fund-based limits raised to BB- from B at ICRA
    • Cites healthy ramp up in capacity utilization

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
9764097Z IN (Ginza Industries Ltd)

Topics
Polymers

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UUID: 7947283

HALISTER: BNP Paribas 1Q Net EU1.89b; Est. EU1.50b

BNP Paribas 1Q Net EU1.89b; Est. EU1.50b

(Bloomberg) -- Bank says CET1 ratio increased to 11.6% vs. 11.5% at Dec. 31.
  • 1Q FICC rev. jumped 32% to EU1.174b, helped by rates growth, FX, commodities performance
  • 1Q International Financial Services rev. rose 5.8% to EU3.909b
  • Co. says it’s actively implementing remediation plan as part of settlement with US authorities
  • Analyst recs: {BNP FP ANR }
Link to Statement:Link

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BNP FP (BNP Paribas SA)

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UUID: 7947283