Monday 24th April 2017
NEWS TICKER, 24st April: HSBC has secured the advisory mandate for Saudi Aramco’s upcoming IPO, which is expected to be the benchmark deal of this deal, both in terms of pricing, demand and size of offering -- InfraCo Africa will contribute $1.65m to the financing of the 50-MWp Abiba Solar project in Nigeria -- Fiat Chrysler Automobiles UK Ltd has announced a major restructuring of its senior management team. The changes come with immediate effect. Alejandro Noriega has been appointed country manager, Fiat and Abarth, and will oversee retail sales and marketing for the two brands. Noriega was previously head of the Fiat Professional brand and his experience and track record in commercial vehicles equips him well to take on Fiat and Abarth. Richard Chamberlain is the new country manager, Fiat Professional, responsible for all business activities of FCA UK's award-winning commercial vehicle division. Richard joined FCA in November 2016 from Renault Trucks, and has experience at both OEM level and dealer retail, having also worked for Inchcape Mercedes as National Corporate Manager. Lee Titchner has been appointed Network Development Director, responsible for FCA dealers across the UK and Ireland. Lee moves from his previous role as head of FCA UK’s Mopar division to oversee the dealer network, where he is already well-regarded. Also, Sebastiano Fedrigo has been named as the new Mopar Service, Parts & Customer Care Director. Sebastiano previously headed up the Fiat and Abarth brands in the UK and Ireland, and will now leverage his considerable passenger car and commercial experience to grow Mopar, its products and its services, in this country. Previous country manager for Jeep/Alfa Romeo, Damien Dally, has moved to a role in FCA HQ, Turin. His replacement will be announced in due course -- MNI PINCH reports market pricing no chance of a 25bp rate hike at the next meeting on May 3rd, however the probability of a hike in June has risento 66% from 41.5% seen last Wednesday and in July, markets are pricing in a 70% chance of a hike, up from 50%. While the next full 25bp rate hike has been brought forward to September 2017 from Dec, according to MNI PINCH calculations - According to US GovInfoSecurity E news, new documents dumped online by the Shadow Brokers group have revealed apparent NSA programs designed to target SWIFT service bureaus in the Middle East, as well as a slew of exploits designed to infect Windows systems, patched last month by Microsoft – The US is gradually upping the stakes in its attempt to change the terms of trade with selected countries. In the latest salvo by the Trump administration, Secretary of Commerce Wilbur Ross has announced the initiation of a new antidumping duty (AD) investigation of imports of carton-closing staples from the People’s Republic of China. “The Department will act swiftly, while assuring a full and fair assessment of the facts, to ensure that everyone trades on a level playing field,” says Secretary Ross. “The Trump administration is committed to the enforcement of America’s vital trade laws that ensure US businesses and workers have a fair chance to compete.” The petitioner, North American Steel & Wire, Inc./ISM Enterprises, filed a petition seeking relief from the effects of dumped merchandise on the US industry on March 31st. More than 30 Chinese producers of carton-closing staples are identified in the petition. The estimated dumping margins range from 13.76% to 263.43%. In 2016, imports of carton-closing staples from China were valued at an estimated $73.2m -- Private equity-owned ING Life Insurance Korea says it has priced its IPO near the lower end of an indicative range to raise a total of $973.54million. It priced the IPO at 33,000 won per share, compared with an indicative range of 31,500 won to 40,000 won per share, ING Life said in a filing.

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  • Monday, 24 April 2017 Brisk pace of CLO refinancing in 2017 credit positive says Moody’s
    Moody’s says the refinancing of collateralised loan obligations (CLOs) will remain strong this year on the back of tighter spreads and a significant increase in the number of deals that become eligible to refinance. Refinancings are credit positive for refinanced transactions because they increase credit enhancement, says the credit maven. Read more...
  • Monday, 24 April 2017 Tikehau Capital appoints new head of London operations
    Alternative asset manager Tikehau Capital says it has appointed Peter Cirenza as Head of its London operations, effective April 24th. Cirenza will be responsible for helping develop the firm’s private asset strategies (private debt, real estate, and private equity). He will be running the London operations alongside Chairman Lord Peter Levene. Read more...
  • Monday, 24 April 2017 Clearstream announces T2S May bank holiday settlement procedures
    Clearstream Banking AG says that TARGET2-Securities (T2S) will be open for free of payment settlement activities only and TARGET2-Cash will be closed on May 1st. The settlement procedure will be conducted similarly to the T2S processing during Easter 2017. CBF requests all customers who regularly enter delivery against/with payment instructions to prepare for a particular liquidity management procedure taking place on Friday, April 28th. Read more...
  • Friday, 21 April 2017 AXA IM Chorus launches multi-premia strategy
    AXA Investment Managers (AXA IM) today announces the launch of a multi-premia strategy with initial assets under management of USD1.0 billion, managed by AXA IM’s new investment team in Hong Kong, AXA IM Chorus. Read more...
  • Friday, 21 April 2017 Turquoise and Plato announce solution to liquidity issues facing small businesses
    Plato Partnership Limited and Turquoise, the European multilateral trading facility, say they want to work together to develop a mechanism that allows users to call a liquidity event for less liquid securities, including small and medium-sized enterprises (SMEs). “As a market operator and trading venue, we understand from investors that the ability to trade after a company lists is a key ingredient to successful capital raising. Turquoise Plato™ offers additional execution mechanisms for the trading of SME growth companies, continuing to innovate by converting customer ideas into action,” Dr Robert Barnes, CEO Turquoise, says. Read more...
  • Friday, 21 April 2017 Fintech NEX SEF gains approval from CFTC to help EBS customers trading on-SEF NDFs
    Fintech maven NEX Group plc says it has received approval from the US Commodity Futures Trading Commission (CFTC) for NEX SEF Limited (“NEX SEF”), a new Swap Execution Facility (SEF). Read more...
  • Friday, 21 April 2017 ASIC signs fintech Cooperation Agreement with OJK to promote innovation in financial services
    The Australian Securities and Investments Commission (ASIC) and Indonesia's Otoritas Jasa Keuangan (OJK) have entered a cooperation agreement to promote innovation in financial services in their respective markets. Read more...
  • Friday, 21 April 2017 AAOIFI aims to standardise Islamic endowments
    Bahrain’s Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the closest thing the Islamic finance segment has to a coordinating accounting association, says it plans to describe new standards covering Islamic endowments, known as awqaf. AAOIFI standards typically address internal book-keeping and governance standards of Islamic financial products. Read more...
  • Friday, 21 April 2017 Barring a Le Pen victory, can risk assets rally?
    Mark Dowding, partner and co-head of Investment Grade Debt at BlueBay Asset Management writes that barring a victory by Marine Le Pen in the French presidential elections, risk assets should start to rally within the next five weeks. However, the sheer unpredictability of a four-horse race creates a real sense of uncertainty. Read more...
  • Friday, 21 April 2017 Investor sentiment dips since March says Lloyds
    Investor sentiment has again dipped since March but is still significantly higher than this time last year suggests the latest Lloyds Bank Investment Sentiment Index. UK equities saw the biggest drop from 23.48% to 9.06%. Investor sentiment mirrors asset class performance which is also up year-on-year, although down on last month. Read more...
  • Friday, 21 April 2017 BNY Mellon launches US municipal infrastructure debt fund in Europe
    BNY Mellon Investment Management has launched the BNY Mellon US Municipal Infrastructure Debt Fund for intermediary and institutional investors in Europe. The US muni bond market is one of the oldest with approximately $3.8trn of outstanding issuance. Read more...
  • Thursday, 20 April 2017 The EBA is wrong about screen scraping — and it’s going to hurt European fintech!
    By Ralf Ohlhausen, Business Development Director, PPRO Group On 23 February, the European Banking Authority (EBA) announced its intention to outlaw ”screen scraping” in one of their Regulatory Technical Standards (RTS) complementing the revised Payment Services Directive (PSD2), set to come into force in January 2018. Screen scraping sounds sinister. In fact, it simply refers to the practice of automating any internet browsing interaction, in this case with a bank, using their existing, direct customer user interface (online banking) with the customer’s permission. Therefore, let me rather call it “permitted automated direct access”, which describes it better and is less derogative. Read more...
  • Thursday, 20 April 2017 UK election worries prompt gold purchases by the rich
    Investment firm The Pure Gold Company reports a 119% increase in customers buying physical gold after UK premier Theresa May called a snap election. Tellingly, two-thirds of those buyers previously purchased gold in June last year, just before the Brexit vote, and many see the forthcoming election outcome as equally unpredictable. Read more...
  • Thursday, 20 April 2017 Moody's says fallen angels’ numbers are up in Q1, above historical levels
    The number of potential fallen angels, or global non-financial companies in danger of losing their investment-grade ratings, rose to 56 during the first quarter of 2017 from 52 at the end of 2016, says Moody's Investors Service in its quarterly Crossover Zone report. That number is similar to last year's average but still well above historical levels of 30 to 40 potential fallen angels, suggesting activity could pick up later this year. Read more...
  • Thursday, 20 April 2017 Pamplona Capital Management completes sale of Beacon Rail to JPMAM
    Pamplona Capital Management and JPMorgan Asset Management (JPMAM) are pleased to announce the sale of Beacon Rail Leasing to institutional investors advised by JPMAM Read more...

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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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    In Japan and the eurozone, it increasingly appears that monetary policy easing is effectively at its limits, thinks Kathleen Hughes, head of European Institutional Sales, Goldman…

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