Tuesday 31st May 2016
NEWS TICKER: TUESDAY, May 31st: Russia’s National Settlement Depository (NSD) is stepping up its role in the sovereign debt market, in the process picking up business that is traditionally the preserve of either Clearstream or Euroclear (or both). The Russian finance ministry appointed the NSD as the clearing system for last week’s $1.75bn eurobond without involving the world's largest clearing banks, Euroclear and Clearstream; which apparently took investors by surprise but which did not stop them utilising the Russian depository, having bought $1.2bn of the Russian finance ministry’s $1.75bn issue. The sovereign is expected to issue a further $1.25bn/$1.5bn this year and will focus on using the country’s own market infrastructure to clear and settle the transaction. The issue, the first in three years, will help the government, battered by an economic slowdown and still in play western sanctions, to fill gaps in its budget. Sanctions do not forbid anyone from investing in or handing Russian sovereign debt. Demand for the issue was over US$7bn. The final yield was set at 4.75%, in the middle of an initial range of 4.65%–4.90% in a transaction brought to market by VTB Bank. In the event it raised $7bn in commitments. Russia last issued a eurobond back in 2013. "The NSD has fiduciary accounts with most of the largest global custodian banks," NSD chair Eddie Astanin told Reuters in a written statement "So foreign investors may buy into a new Eurobond issue also via (the banks') Moscow units,” he explained. The NSD also has fiduciary accounts with both Euroclear and Clearstream, and vice versa, making it easy for investors to access other markets, Astanin added. In an interview with Russia's Tass news agency yesterday, Astanin also said the depository was gearing up to handle further sovereign Eurobond issues and was seeking to widen its base of investors - Chinese property development firm China Resources Land has come to market with a RMB5bn ($760m approximately) panda bond in the mainland debt capital markets. The issue is in two tranches: an RMB2bn three-year note priced at 3.2% and an RMB3bn five-year note priced at 3.6%. The issue was oversubscribed by a factor of two. Panda bonds, or yuan-denominated bonds sold by foreigners on the mainland, have been growing steadily in volume since when the World Bank subsidiary the International Finance Corporation (IFC) opened the market with an RMB1.13bn issue back in 2005. However, the pace of growth, while steady has been slow, as each issue needs approval from market authorities. However, the market has picked up some pace in recent months, as HSBC, British Columbia and Hungary have tapped the market - Morningstar has placed the Neptune US Opportunities fund Under Review. The fund previously held a Morningstar Analyst Rating™ of Bronze. Fatima Khizou, manager research analyst at Morningstar, comments: “James Hackam, who joined Neptune in 2012 and currently runs the US Equity Income fund, has been appointed lead manager on the fund and head of US equities concomitantly. The Compound Edge investment philosophy, which uses a proprietary quality composite score screening tool that Hackam helped develop, will now be used across the whole range, including this fund. We will be meeting with the new management team to discuss this approach in further detail.” - Over the long weekend, India’s ONGC Videsh Ltd (OVL), the overseas arm of state-run explorer Oil and Natural Gas Corporation (ONGC), today announced it has signed a Memorandum of Understanding (MoU) with SOCAR Trading SA, the trading arm of Azerbaijan's government-owned energy firm SOCAR, for foraying into oil trading business. The agreement covers joint marketing of OVL's crude oil portfolio by leveraging SOCAR Trading's experience in oil trading, OVL says in a statement. "Initially, both the parties agreed to initiate discussion on joint marketing agreement in respect of OVL's equity crude from ACG, Azerbaijan,” the firm says.the Azeri-Chirag-Guneshli (ACG) field is located off the coast of Baku and is the largest oilfield in the Azerbaijani sector of the Caspian basin. OVL owns a 2.7% stake in the field, which it acquired from US-based Hess for $1bn - According to the provisional data published yesterday by ELSTAT real GDP growth in Greece contracted by 1.4% year on year in Q1 on the back of lower private consumption, gross fixed capital investments and exports - Statistics Canada will provide its latest read on how the economy is performing later today when it releases gross domestic product results for the first three months of the year. The consensus view is that the economy grew at an annual pace of 2.9% for the quarter, though the prediction is for a small contraction in March. Worrying for the Bank of Canada is that the Q1 figures will not take into account the damage done by the recent wildfires in Alberta - Telia Company AB (formerly TeliaSonera AB says it is inviting holders of its outstanding £400,000,000 4.375 per cent notes due 5 December 2042 (XS0861990173) to tender any and all of their securities for cash in an offer memorandum released today. The firm says the offer will help it optimise its liability structure and that it will use some of the money (alongside revenue from the sale of Ncell) to reduce its overall debt exposure. To tender securities for purchase eligible securities holders should deliver the securities either via Euroclear or Clearstream. Details of the final principal amount of securities up for purchase and the tender price will be distributed at or around noon GMT on June 8th -

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Abraaj asks Citi for fund admin support

Wednesday, 15 February 2012
Abraaj asks Citi for fund admin support Abraaj Capital, the private equity manager investing in the Middle East, Asia, Africa and Turkey, has asked Citi to provide it with fund administration services for Riyada Enterprise Development, its $650m million small and medium sized enterprise fund. http://www.ftseglobalmarkets.com/

Abraaj Capital, the private equity manager investing in the Middle East, Asia, Africa and Turkey, has asked Citi to provide it with fund administration services for Riyada Enterprise Development, its $650m million small and medium sized enterprise fund.

Riyada Enterprise Development (RED) was established in 2009 to capitalise on the growing investment opportunities in the small and medium sized enterprise segment across a wide range of sectors in the Middle East and North Africa. The fund is sector agnostic and invests in entrepreneurially run and innovative businesses that are scalable into new regional markets. Since the establishment of the RED platform in 2009, the fund has invested in 13 SMEs across the Middle East and North Africa region in diverse sectors including agro-processing, media, pharmaceuticals and technology.

 “It is well recognised that SMEs are key contributors to job creation and economic growth. By facilitating access to long-term capital, Riyada Enterprise Development plays a crucial role in supporting the growth of high impact businesses and high potential entrepreneurs. We are confident that Citi’s regional expertise, coupled with its scalable fund services platform, will enable us to provide our investors with the independent administrative systems and best in class infrastructure that they require,” says Tom Speechley, chief executive officer, Riyada Enterprise Development and senior partner, Abraaj Capital:

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