Wednesday 8th July 2015
NEWS TICKER, TUESDAY, JULY 7TH: Moody's Investors Service (Moody's) has assigned definitive B2 rating to the €400m senior secured notes issued by Senvion Holding GmbH and guaranteed, among others, by Rapid TopCo GmbH, following a review of the final bond documentation. The corporate family rating (CFR) of B1 and the probability of default rating (PDR) of B1-PD of Rapid TopCo GmbH remain unchanged. The outlook on all the ratings is stable. - Interactive Data, a provider of fixed-income evaluated pricing, will provide hourly snaps from its continuous evaluated pricing feed to Algomi Honeycomb (Algomi). Interactive Data will provide evaluated prices to the Honeycomb platform for high-yield and investment-grade US and European corporate bonds. The data will be available to help Algomi buy-side clients to achieve increased pre-trade transparency and price discovery. “Our goal is to give our clients the ability to access pre-trade price data which can be used to help facilitate trades in increasingly illiquid markets,” said Usman Khan, Chief technology officer and co-founder of Algomi. “Our Honeycomb buy-side clients will have access to Interactive Data’s evaluated prices as an important additional reference point that can be considered when comparing dealer bid and offer levels for execution,” he adds. Interactive Data’s continuous evaluated pricing launched in 2014 against a backdrop of a fast-evolving fixed income market structure characterized by shrinking dealer inventories, reduced liquidity, and a changing broker/dealer landscape. The continued shift to electronic trading platforms requires a supply of independent, high-quality data that allows users to assess quote quality and enhance price discovery, in the absence of traditional protocols. Continuous evaluated pricing facilitates this activity. The provision by Interactive Data of fixed-income evaluated pricing to Algomi is another deal in a succession of agreements with electronic trading and software platforms. - Federated Investors, Inc (NYSE: FII), will report financial and operating results for the quarter ended June 30th after the market closeson Thursday, July 23rd. A conference call for investors and analysts will be held at 9am Eastern on Friday, July 24th. President and chief executive officer J Christopher Donahue and chief financial officer Thomas R Donahue will host the call - Zapp today announces that Barclays has joined the financial institutions, retailers, billers and payment providers offering ‘Pay by Bank app’ mobile payments to consumers. Barclays also plans to offer ‘Pay by Bank app’ payments to customers via their existing mobile banking app later this year. Security first Pay by Bank app transactions are protected by a consumer’s existing bank app security - Singapore Exchange (SGX) reported growth in securities, derivatives and commodities activities in June. Traded value was $25bn, up 20% year on year and up 8% month on month, while daily average value was $1.2bn up 20% from a year earlier and up 8% from a month earlier. ETF trading also rose 30% from a year earlier to $237m while trading of STI stocks accounted for 68% of total trading versus 51% a year earlier. A total 37 bonds raising $12bn were listed in on SGX compared with 45 issues raising $21bn a year earlier - Following a recent Morningstar Analyst Ratings Meeting, Morningstar has moved the Kames UK Equity fund to a Morningstar Analyst Rating of Bronze. The fund was previously rated Silver. Although the fund has a strong long term track record under the current manager, Stephen Adams, returns over the medium term versus peers have been weaker. In addition, the manager has recently taken on additional responsibilities within the group, having been promoted to head of equities. Adams has passed some UK team responsibilities to his colleague Philip Howarth, but has additional non-UK equity responsibilities in his new role. Concerns over these two issues have resulted in the rating change - The Straits Times Index (STI) ended 9.79 points or 0.29% lower to 3332.94, taking the year-to-date performance to -0.96%. The top active stocks today were UOB, which declined 0.47%, Singtel, which gained 0.47%, DBS, which gained0.05%, Global Logistic, which declined 0.40% and CapitaLand, with a 0.57% fall. The FTSE ST Mid Cap Index declined 0.45%, while the FTSE ST Small Cap Index declined0.68% - Moody's Investors Service today upgraded Europcar Groupe S.A.'s (Europcar or the company) corporate family rating (CFR) to B1 from B3 and probability of default rating (PDR) to B1-PD from B3-PD. Concurrently, Moody's changed the instrument rating on the €475m senior notes due 2022, the obligations of which have been transferred to the company from Europcar Notes Limited after the completion of Europcar Groupe S.A.'s initial public offering (IPO), to definitive B3 from provisional (P)B3 and upgraded EC Finance Plc's instrument rating on the €350m senior secured notes due 2021 to B2 from B3. The outlook on the ratings is stable - CACEIS Bank Luxembourg – London Branch has received regulatory approval to provide depositary services to alternative investment funds. This enables the CACEIS group to provide a full range of depositary and custody services to alternative investment fund managers operating in the UK market. CACEIS has a long history of servicing UK clients, and with this approval, will be able to directly support these clients in their home market.

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Better inflation outlook in Asia, says SC corporate sentiment study

Wednesday, 11 January 2012
Better inflation outlook in Asia, says SC corporate sentiment study A survey of leading Asian corporations by Standard Chartered says Indonesian corporations and energy companies are the most optimistic and inflation has a better outlook in 2012 for most Asian economies. http://www.ftseglobalmarkets.com/

A survey of leading Asian corporations by Standard Chartered says Indonesian corporations and energy companies are the most optimistic and inflation has a better outlook in 2012 for most Asian economies.

Standard Chartered has issued the first of a series of quarterly surveys,  based on the views of 529 C-Suite executives from 7 Asian economies and 12 industry groups, 99% of whom are clients of Standard Chartered and business contacts of the equity research team.

According to the bank, the survey differentiates itself by structuring questions that draw out important links between economic variables such as corporate order books, costs and margins, as opposed to focusing on single-issue variables. Responses help build a more comprehensive  picture of the outlook for industry sectors and economies.



Analysis of the responses to the survey highlights a number of nuanced conclusions, says Clive McDonnell, chief equity strategies at Standard Chartered, with specific implications for investors. These include, the observation that buoyant new orders are centered on economies that are more domestically oriented, including Indonesia, India and Thailand. Capex and hiring plans are also biased towards these economies, whereas cyclical economies (with the exception of Korea) and sectors are less positive.

Equally, the RMB is gaining traction as a settlement currency, with 37% of the respondents using or intending to use it. Moreover, the biggest challenges faced by corporates are: the demand outlook (selected by 28% of respondents), cost pressures (25%) and regulation (19%).

 The energy sector is also expected to benefit from a wave of new capital in 2012, with 44% of respondents indicating their plan to tap into the debt market for raising new capital.  

Key challenges facing corporates in 2012 have also been identified in the survey. 28% of respondents see demand as their greatest challenge, closely followed by cost pressures, at 25%. Regulatory uncertainty took the third spot, with 19% of respondents indicating it as their biggest challenge. 

 “A likely recession in the West in 2012, as judged by our respondents, has failed to dampen bottom-up corporate sentiment in Asia. Our Aggregate Index signals a slight improvement in the lead indicators for business prospects in the year ahead, despite challenges of demand, cost pressures and regulatory obligations,” says  McDonnell. He adds:

“Investment implications from the survey support our recommendation for continued emphasis on companies that focus on domestic demand, particularly in Indonesia. We also expect margin pressure to ease in 2012, reflecting improvement in inflation expectations.”

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