Tuesday 16th January 2018
January 16th 2018: The Hong Kong Monetary Authority (HKMA) and the International Capital Market Association (ICMA) will co-host the Green and Social Bond Principles Annual General Meeting and Conference in Hong Kong in June. The annual general meeting and conference is a flagship international green finance event, bringing together senior public and private sector representatives from all over the world to discuss market and regulatory developments. This is the first time that this event will be held in Asia, which is home to a rapidly growing green bond market. Cumulative green bond issuance in Asia reached almost $80bn by the end of last year, with China dominating volumes ($31bn worth issued last year) -- Arnaud Leclerc has been appointed managing director, Fiat Chrysler Automobiles UK & Ireland, and takes up his new role immediately -- Moody's Public Sector Europe (MPSE) has today assigned a Prime-1 short-term issuer rating to Neolia. It also assigned a Prime-1 short term debt rating to Neolia's €100mNEU CP (Negotiable European Commercial Paper) programme. "Neolia's Prime-1 short term issuer and debt ratings reflect the strength of the regulatory environment for French social housing providers, the stability of Neolia's cash flows, and its comfortable liquidity position compared to its cash need. The entity's measured approach to liquidity management will support Neolia's ability to service it short term debt in the context of the social housing reform." explains Matthieu Collette, vice president in Moody's Sub-Sovereign Group and the lead analyst for Neolia - To help bridge a growing economic and social development gap between underprivileged consumers residing in developing countries, Quika has launched the world’s first satellite aiming to provide free Internet access and a connected infrastructure to areas with connectivity constrictions and low-investment. Alan Afrasiab, the founder of Quika and the CEO of Talia Limited says, “We believe that left unbalanced, entire communities and regions will be abandoned by technological and economic progress. Quika will help bridge this digital and economic divide”. – S&P Investment Advisory Services says US industrial production is expected to rise 0.2% in December versus November after also rising by 0.2% in November. Keep in mind that production surged 1.2% month-to-month in October. On a year-on-year (YoY) basis industrial activity would then post a growth rate of 2.7% in December after seeing healthier 3.4% growth in November last year –According to HK press reports, Chinese smartphone-maker Xiaomi has hired CLSA, Goldman Sachs and Morgan Stanley to prepare for an initial public offering that could give a valuation of as much as $100bn. The offering is expected in the second half of this year and could be the biggest tech IPO of 2018 -- EU states have reportedly drawn up revised directives for Michel Barnier, chief Brexit negotiator for the bloc. The changes toughen EU conditions for a transition deal with the UK -- VITEC, the provider of advanced video encoding and streaming solutions, says it has been awarded a contract by the Canadian Department of National Defence (DND) to procure over 1,000 of the company's MGW Diamond TOUGH encoders. The encoders will be used by the Canadian DND for its Light Armored Vehicle (LAV) project. Installed on each LAV, the MGW Diamond TOUGH appliances will encode video for situational awareness, patrolling information and intelligence gathering missions - Japan’s SoftBank Group says it is considering listing its Japanese wireless business – a move that could reportedly raise $18bn and would accelerate the conglomerate's transformation into one of the world's biggest tech investors. The IPO – potentially the biggest by a Japanese company in nearly two decades – would give the unit more autonomy and help investors value the business as well as its parent which has myriad holdings across the tech industry. SoftBank Group is reportedly looking to sell around 30% of SoftBank Corporation, Japan's third largest wireless carrier, for around ¥2trn, says the Nikkei newspaper without citing sources. It adds that proceeds will go towards investments in growth such as buying into foreign information technology companies - Jordan Hiscott, chief trader at ayondo markets says in a client note today that, “The trepidation over Brexit negotiations certainly gave a negative outlook for Sterling, however in reality, GBPUSD has moved to a recent high of 1.3824 and is the highest point since the vote to leave the EU, up from 1.34 since January 1st. Despite there being no new positive information about Brexit, across the board there has been a consistent and notably weaker US dollar. Indeed, the greenback has lost 2% this year, following on from a 10% decline in 2017. It’s certainly perplexing when you consider that the rate hike cycle the US Federal Reserve is employing [now] would normally lead to a stronger US dollar. [With] regards to GBPUSD, the next important resistance trading level comes in at 1.44, and if we do manage to move this high, I expect to see significant sell side interest.” - With investors now thinking that the ECB will sharply reduce its stimulus programme sooner rather than later eurozone government bond yields have fallen between two and three basis points (bps), with the yield on 10-year German government bonds down 2.5 bps to 0.50%. Lower rated Italian and Portuguese debt outperformed. Continuing coalition talks in Germany look to be supporting demand for safe haven assets; Germany’s conservatives and Social Democrats (SPD) sought to shore up support for talks on joining forces in a coalition, after members of the centre-left party in one region voted against a deal, which for a time hit the euro – First Abu Dhabi Bank has debuted in the Formosa bond market with a 30 year $610m issue, callable every five years. The Formosa bond market (sold in Taiwan by foreign borrowers) is growing in appeal due to the low cost of bringing the debt to market and has been used regularly by the National Bank of Abu Dhabi. Last week Qatar National Bank debuted in the market with another long-term bond worth $720m transaction, with a maturity of 30 years – Local reports in Athens suggest that Greece will tap the Eurobond market in the late summer to cover debt repayments after the EU bailout programme comes to an end in August. Greece has around €29bn maturing this year and next; one third of which will be covered by the current bailout programme (its third to date) -

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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

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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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