HALISTER1: Australia Bond Tender Fetches Higher Cover Ratio as Yields Rise

Australia Bond Tender Fetches Higher Cover Ratio as Yields Rise

(Bloomberg) -- Tender of Australia’s May 2021 bonds draws a higher coverage ratio than previous sale of similar-maturity debt as benchmark yield climbs to highest since 2015.
  • Friday’s auction saw a coverage ratio of 5.26, up from 5.16 at the March 3 offering of November 2020 debt
    • Both bonds are underlying securities for 3-year note futures
  • Benchmark 3-year yield rises as much as 3bps to 2.13% in secondary market, highest since December 2015
  • The market seems to be in frame of mind to continue to price for rate hikes in Australia, JPMorgan strategist Sally Auld writes in note Friday
    • From a fundamental perspective, pricing is unlikely to be reflective of the likely path of RBA cash rate: Auld
  • Elsewhere in Asia, Bank of Japan offered to buy less 1-to-3- year notes than previous operation on March 1 while leaving unchanged amounts for other maturities
  • Asia Rates at Glance
    • Japan 0.085% (0.83) -0.5bp (-0.50)
    • Australia 2.977% (3.32) +4.8bps (1.11)
    • New Zealand 3.398% (1.14) +2.3bps (0.41)
    • Singapore 2.470% (1.20) +4.0bps (0.90)
    • South Korea 2.319% (2.85) +0.1bp (-0.05)
    • China 3.420% (1.27) -1.0bp (-0.38)
    • Indonesia 7.522% (-0.85) +1.8bps (0.39)
    • Malaysia 4.203% (0.49) +0.7bp (0.13)
    • Thailand 2.835% (1.76) -0.5bp (-0.21)
    • India 6.881% (1.48) +2.0bps (0.22)
  • NOTE: Table shows 10-year govt bond yields and changes on the day. Numbers in brackets are Z-scores that measure deviation from average in past three months

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Sally Auld (JPMorgan Chase & Co)

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HALISTER: Indonesia Said to Set Two-Week Deadline to Settle Freeport Row

Indonesia Said to Set Two-Week Deadline to Settle Freeport Row

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
FCX US (Freeport-McMoRan Inc)

People
Ignasius Jonan (Republic of Indonesia)
Joko Widodo (Republic of Indonesia)
Mirza Adityaswara (Bank Indonesia)
Riza Pratama (Freeport-McMoRan Inc)

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UUID: 7947283

HALISTER: PPG Said to Prepare Second Bid for Akzo Nobel, FD Reports

PPG Said to Prepare Second Bid for Akzo Nobel, FD Reports

(Bloomberg) -- PPG Industries is preparing a second bid for Akzo Nobel, Het Financieele Dagblad reports, citing an unidentified PPG official Friday.
  • PPG’s statement, in which it says “to evaluate its position” following the rejection of its “attractive and comprehensive proposal,” indicates PPG won’t walk away, FD reports, citing the unidentified official
  • NOTE: March, 9, PPG’s Biggest Deal Proves Hardest as Akzo Spurns $22 Billion Bid

Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
AKZA NA (Akzo Nobel NV)
PPG US (PPG Industries Inc)

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HALISTER1: INDIA RATINGS: Accelerated Freeze, GH Induction Raised

INDIA RATINGS: Accelerated Freeze, GH Induction 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
UPGRADES
  • Accelerated Freeze Drying
    • Short term fund-based facilities raised to A4+ from A4 at ICRA
    • Cites healthy revenue growth due to higher off take from existing customers, new customer acquisitions and product diversification
  • GH Induction
    • Long term fund-based facilities raised to BBB+ from BBB at ICRA
    • Cites robust revenue growth
  • Varsha Multitech
    • Working capital limits raised to BBB- from BB+ at ICRA
    • Cites healthy growth in revenues

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0916635D IN (Accelerated Freeze Drying Co Ltd)

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UUID: 7947283