EM ASIA CREDIT: MISC: S&P comments on ambitions
(MISCMK, Baa2/BBB+/NR)
"X-S&PGRBulletin:MISC Strategy Unclear After Merger Aborted" - BBG
MISC, the majority state-owned Malaysian energy logistics company, recently called off the all-share merger with Bumi Armada involving its offshore business.
S&P commented overnight that it expects MISC to pursue alternative strategic options to expand in the FPSO market, supported by strong cash flow. Over the next 12–18 months, the agency forecasts the company’s debt-to-EBITDA ratio will remain around 2.5x.
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RBNZ EXPECTS LOWER OCR IF INFLATION TREND CONTINUES
- RBNZ EXPECTS LOWER OCR IF INFLATION TREND CONTINUES
NZD: RBNZ Reaction
The RBNZ has left the key benchmark interest rate unchanged at 3.25%. NZD/USD went into the announcement trading around 0.6000 and the NZX50 already down 1% at 12745. A pretty muted reaction in the NZD/USD with the announcement being expected by the market.
- NZDUSD - 0.6000, 0.02%
- AUD/NZD - 1.0885, +0.04%
- NZD/JPY - 88.15, + 0.27%
- NZX50 - 12720, - 1.1%
MNI: RBNZ LEAVES OCR AT 3.25%
- MNI: RBNZ LEAVES OCR AT 3.25%
