Thursday 27th November 2014
NEWS TICKER: THURSDAY, NOVEMBER 27TH 2014: The Straits Times Index (STI) ended -8.70 points lower or -0.26% to 3340.96, taking the year-to-date performance to +5.56%. The FTSE ST Mid Cap Index declined -0.11% while the FTSE ST Small Cap Index declined -0.43%. The top active stocks were SingTel (-0.26%), DBS (-0.25%), ThaiBev (-4.38%), Suntec REIT (+0.26%) and OCBC Bank (+0.10%). The outperforming sectors today were represented by the FTSE ST Health Care Index (+0.47%). The two biggest stocks of the FTSE ST Health Care Index are Raffles Medical Group (-0.52%) and Biosensors International Group (+2.75%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -2.14% with Midas Holdings ’ share price declining -5.09% and Geo Energy Resources’ share price gaining +2.33%. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+0.26%), United SSE 50 China ETF (-0.57%), STI ETF (+0.59%). The three most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (+0.26%), Ascendas REIT (-0.86%), CapitaCom Trust (-0.89%). The most active index warrants by value today were HSI24400MBeCW141230 (-15.73%), HSI23800MBePW150129 (+6.45%), HSI23600MBePW141230 (+11.11%). The most active stock warrants by value today were DBS MB eCW150602 (+3.33%), UOB MB eCW150415 (+5.23%), UOB MB eCW150102 (+2.38%) - Moody's has withdrawn the rating of Rossiyskiy Kredit Bank's Caa3 long-term local- and foreign-currency deposit ratings, the Not Prime short-term deposit ratings and the E standalone bank financial strength rating (BFSR), equivalent to a caa3 baseline credit assessment. The ratings agency says the rating has been withdrawn for its own business reasons At the time of the withdrawal, the outlook on the bank's long-term ratings was negative while the standalone E BFSR carried a stable outlook - Malaysian builder MMC Corp Bhd said earlier today that it will list its power unit Malakoff Bhd (IPO-MALB.KL) in a deal bankers expect to raise more than $1bn dollars. The IPO, for up to 30.4% of Malakoff's capital, was deferred earlier this year and approval from the Securities Commission lapsed as a result. MMC, controlled by reclusive Malaysian tycoon Syed Mokhtar Al-Bukhary, will resubmit the application within one month and expects the deal to be completed by second quarter of 2015, according to a local stock exchange filing – According to local press report the newly minted Somalia Stock Exchange expects seven companies in the telecoms, financial services and transport sectors to list when it is set up in 2015. Somalia's economy is slowly recovering from more than two decades of conflict, although the government is still battling an Islamist insurgency. Amid the chaos, some businesses have thrived, including money transfer and mobile phone firms. The Somalia Stock Exchange has opened administrative offices in Mogadishu and other Somali centres like Kismayu, as well as in Nairobi, to help recruitment and in other related issues - Moody's has upgraded to Baa1 from Baa2 the long-term deposit ratings of China CITIC Bank International Limited, and affirmed the bank's P-2 short-term deposit ratings. The bank's senior unsecured MTN program rating and deposit note/CD program ratings are also upgraded to (P)Baa1/Baa1 from (P)Baa2/Baa2, while the short-term deposit note/CD program ratings are affirmed at (P)P-2. The bank's baseline credit assessment (BCA) is unchanged at baa3. The outlook on all the ratings is stable. The rating action concludes Moody's review for upgrade for China CITIC Bank International, which was initiated on September 2nd this year, after the senior unsecured bond rating of its ultimate parents CITIC Group Corporation and CITIC Limited (formerly CITIC Pacific Limited) were upgraded to A3 from Baa2. CITIC Group Corporation, wholly owned by China's Ministry of Finance, owns 78% of CITIC Limited, which in turn owns 67% of China CITIC Bank.

Creditor's steering committee formed for BTA Bank

Monday, 06 February 2012
Creditor's steering committee formed for BTA Bank Kazakhstan's BTA Bank says that following the meetings arranged over the past two weeks with holders of the bank’s senior, OID and subordinated Notes, its recovery units and participants in the RCTFF, a steering committee has now been formed to represent the interests of its various creditor stakeholders. http://www.ftseglobalmarkets.com/

Kazakhstan's BTA Bank says that following the meetings arranged over the past two weeks with holders of the bank’s senior, OID and subordinated Notes, its recovery units and participants in the RCTFF, a steering committee has now been formed to represent the interests of its various creditor stakeholders.

The steering committee comprises a diversified and representative group of the bank’s public and private sector creditors and includes certain funds and accounts managed or advised by Ashmore Investment Management Limited, the Asian Development Bank, the DE Shaw Group, FFTW UK Limited – a BNP Paribas investment partner, Gramercy Funds Management LLC, JP Morgan Securities Ltd, Nomura International plc and VR Capital Group Ltd.

A seat on the steering committee is also reserved for the Swedish Export Credits Guarantee Board (EKN, which has been participating on a preliminary basis for the purposes of forming the steering committee) and a seat is also reserved for a representative of participants in the RCTFF.



Members of the steering committee collectively hold the Bank’s Senior Notes, OID Notes, Subordinated Notes and Recovery Units. A meeting of the steering committe and its legal advisors is expected to take place on February 8th.

Anvar Saidenov, BTA's chairman says, “We welcome the establishment of the steering committee, which is an important step forward in the bank's restructuring plans. [We recognise] the importance of building a broad consensus for the restructuring process and is pleased by the diversity of creditors and believes that the steering committee will be effective given their representation and restructuring experience. While much work remains to be done we believe that, with goodwill and constructive engagement on all sides, the Steering Committee can help us to arrive at the best solution for the Bank and all its stakeholders.”

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