Friday 24th November 2017
NEWS TICKER November 23rd: Moody's has assigned a first-time Baa1 long-term issuer rating to Tritax Big Box REIT plc (TBBR), a commercial real estate company focused on large-scale prime UK logistic properties. The credit maven also assigned a (P)Baa1 rating to the company's £1.5bn Medium Term Note (EMTN) programme and a Baa1 rating to the planned benchmark-sized senior unsecured notes that will be issued under the programme. The outlook on the ratings is stable. The ratings assume the successful placement of the notes with an expected tenor of between seven and 14 years, and putting in place a new £350m five-year unsecured revolving credit facility – New Zealand’s Financial Markets Authority has issued a remind that the date for implementing new accounting standards – NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from Contracts with Customers - is fast approaching. For many FMC reporting entities, the new standards could significantly impact their business in several ways - including financial statements, processes, controls, existing contracts and arrangements, and associated systems. This means it’s crucial they allow enough time to assess how they may be affected. And, if not already started, put in place adequate assessment and implementation plans. Firms are asked to contact Sanja Sesto, principle adviser, Capital Markets Disclosure, if they have any questions about the standards - Fintech maven Atos has been selected by PSA Finance Bank (BPF), an international supplier of mobility services, to accelerate BPF’s digital transformation. According to the five-year contract, Atos will manage and modernize BPF's application portfolio -- In a note to clients today, Clearstream says there will be a system implementation will take place this Saturday [November 27th]. Xact Web Portal and CreationOnline will not be available between 08:00 and 12:00 CET – A quiet end to this week because of Thanksgiving weekend. President Trump took an early break, spending most of yesterday on the golf course, so we are assuming that he has given indirect permission to Americans to do the same. Accendo Markets reports that equity markets are generally positive this morning; a further indication that markets generally feel better about the world. The DAX outperformed this morning (staying above 13000, having bounced off 12900), despite EUR strength, on the basis that the German president did not opt for another election, but to spend time shaking hands to help keep the CDU in a coalition structure – Despite a strange and somewhat lacklustre budget yesterday, the FTSE100 held up this morning, most likely assisted by continued weakness in the pound; however, important to remember that the FTSE100 is dominated by non-UK firms. Metals, defensive stocks and oil stocks kept the market benchmark above 7400 -- Nasdaq Dubai has signed an MoU with the Nairobi Securities Exchange to help Kenya develop its sukuk market -- In yesterday’s Budget, UK Chancellor Philip Hammond previewed a consultation on the taxation of trusts. Patricia Mock, tax director at Deloitte, says “The Red Book notes a consultation will be started in 2018 with a view to making the taxation of trusts ‘simpler, fairer and more transparent’. Any simplification of the tax rules is to be applauded, and it is hoped that some positive proposals will be put forward. There was a previous consultation in 2012 to simplify Inheritance tax charges on trusts, but the proposals would all have been difficult to operate in practice without creating winners and losers and in the event only limited anti-avoidance changes were introduced in 2015. Any proposals for simplification need to be clear and easily understood, whilst not disadvantaging any particular types of trust.” -

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Key Stories from FTSE Global Markets

Although long standing, in 2016 the country’s privatisation programme was harnessed by the government to encourage foreign investment in minority stakes in a gamut of state-owned firms, include the country’s flagship National Company KazMunaiGas. Since then, the programme has sometimes been mired in questions around governance. Partners, Carter Brod and Aset Shyngyssov of global law firm Morgan Lewis examine the viability of Kazakhstan’s privatisation plans.

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Set against a dynamic business backdrop in its own backyard, the European Energy Exchange (EEX) has adopted a confident and bold strategy to establish its global footprint within the exchange industry. Last year’s move into new commodity focused asset classes marks a new dimension in EEX’s growth and its continued transition from Europe’s leading energy exchange towards a global, multi-commodity exchange group. It has provided EEX and its parent company, Deutsche Börse Group, a growing competitive edge, given that it can also provide the vertical post trade support infrastructure required to back its expansion plans. Why has EEX been so successful in Europe, and how does that translate into its plans for global growth?

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Wednesday, 21 October 2015

Egypt opts for development funds

For the third time this year, the Central Bank of Egypt (CBE) has depreciated the Egyptian pound against the dollar in a foreign exchange auction in mid-October, taking the currency's decline for the year to 9.8%. The pound fell 1.3%(10 piasters) to 7.93 per dollar sell side and 7.88 buy side according to a report by the state-owned Middle East News Agency, which announced that the CBE offered $40m at a regular dollar sale to local lenders. Can the country pick its way out of the blues?

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The make-up of shareholders in Turkey’s banking segment has always been a touchstone of wider market change. The country has always been a swing market and the banking system has remained vulnerable, even with an improved capital base, as it has an ultra-high dependency on foreign funding of lending. That vulnerability has resulted in some significant changes in the investment in the country’s banking segment by foreign financial firms who have shown little stickiness in the country when the going gets tougher.

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Wednesday, 21 October 2015

Political uncertainty weighs on Turkey

A survey of 947 respondents in Turkey by Washington think tank PewCentre Research suggests Turks are dissatisfied with the direction of their country. Rising prices, crime and inequality are concerns. Moreover after years of quasi-Islamic rule that has been antipathetic to the military; survey respondents say the military is the only group with a “good influence on the country”. Opinions of the police, national government, religious leaders and the courts are mixed, while views of the media tilt to the negative. More pertinently perhaps, 52% of Turks think their children will be worse off financially in the future. The findings come as voters are scheduled to revisit national government elections on November 1st after the AKP party failed to form a coalition government in June. The upcoming elections will be closely watched, both as a bellwether of wider change in the eastern Mediterranean and as an indicator of the near term prospects for a lynchpin emerging market.

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