EM ASIA CREDIT: Avic Industry-finance Holdings (AVIILC, Baa2/NR) cut 2 notches
May-09 07:29
"*MOODY'S DOWNGRADES AVIC INDUSTRY-FINANCE'S RATINGS TO Baa2" - BBG
China state owned financial services provider for the Chinese aerospace industry, Avic Industry-finance Holdings, has been downgraded 2 notches by Moody's from A3 to Baa2. The action is due to a weakening credit profile and possible deterioration in the company's profitability and capital situation. The rating remains on review for downgrade. Negative for spreads.
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GILTS: Aggressive Twist Steepening
Apr-09 07:25
Gilts sell off, adjusting to the overnight move in Tsys.
- Futures break yesterday’s low, basing at 91.08, before a recovery to 91.30.
- Support at the Mar 28 low (91.03) was untested. That level protects the Mar 27 base & key support (90.55).
- Yields 9bp lower to 15bp higher, aggressive curve steepening seen.
- 10s30s is set for the first close above 80bp since August ’16, while 2s30s is on track for the steepest close since ’17.
- Flattener plays in the former were a preferred position into the Spring Statement, given expectations surrounding a shortening of WAM. Exiting of related legacy positions could be factoring into today’s steepening.
- GBP4.5bln of 4.375% Mar-30 gilt supply is due today.
- MPC member Lombardelli didn’t provide much in the way of market-pertinent commentary.
- A reminder that BoE’s Breeden will speak at an MNI Connect event on Thursday, covering “UK economic and financial stability prospects."
US TSY FUTURES: TY Blocked
Apr-09 07:24
Latest block trade lodged at 08:01:43/03:01:43 NY:
- TYM5 5K blocked at 110-24, looks like a buyer.
- DV01 ~$324K.
EURIBOR OPTIONS: Call fly buyer
Apr-09 07:23
ERU5 98.25/98.50/98.75c fly, bought for 3.75 in 8k.
