Tuesday 9th February 2016
NEWS TICKER: KPMG has appointed Adrian Stone as its UK head of audit with immediate effect, succeeding Tony Cates who now leads KPMG's international markets and government practice. Stone joined KPMG's Sheffield office in 1984 and has been an audit partner since 1997. He previously held several senior roles in KPMG's audit practice including head of audit for the north of England and Scotland, chief operating officer for the UK audit practice, head of internal audit and head of KPMG's department of professional practice. He has been KPMG's interim head of audit since November last year - Bridge Bank says it has provided faith based Spark Networks with a $10m revolving credit facility - BNP Paribas Securities Services has been appointed by Sampo Group, the Finnish financial services group, to provide global custody and settlement services for Sampo’s €25bn of insurance assets held globally - Saudi Arabia is reportedly reconsidering the requirement for foreign companies setting up in the country to have a local partner. A committee led by the Saudi Arabian General Investment Authority, the Ministry of Commerce and Industry and the Ministry of Labour, will look at ways to spur additional inward investment into the realm, according to newspaper Asharq Al Awsat. The committee is expected to ease the bureaucratic barriers for foreign firms that want access to the Saudi Arabian economy. Foreign direct investment is vital as the kingdom looks to make up foreign exchange losses and balance its $98bn budget deficit – European president Donald Tusk met with Georgian premier Giorgi Kvirikashvili today. Discussion focused on continued reforms of the Georgian judiciary, rule of law and human rights are important priorities and I underlined the EU's readiness to assist. It is crucial that criminal investigations and prosecutions be evidence-based, transparent and impartial, in line with the commitments of the Association Agreement. “I share Georgia's concerns about the continued implementation of the so-called “treaties" between Russia and Abkhazia and South Ossetia. I saw for myself the situation at the administrative boundary line, including the "borderisation" [sic] process, during my last visit to Georgia,” said Tusk following the meeting. The European Union will continue to give its firm support for the territorial integrity of Georgia within its internationally recognised borders.” - February 9th 2016: The Polish Financial Supervision Authority (KNF) at its meeting today confirmed the appointment of Małgorzata Zaleska as President of the Management Board of the Warsaw Stock Exchange, following her appointment as president on January 12th. Zaleska is the director of the Institute of Banking, Warsaw School of Economics; the Chairperson of the Committee of Finance Sciences of the Polish Academy of Sciences; a member of the NBP Economic Research Committee; a member of the Central Commission for Degrees in Finance – Today’s equity markets tell a tale of fears of a global slowdown with even the US considered a candidate for recession. The US session yesterday was not pretty, with the S&P500 down 1.42%. The index has lost around 9% of its value this year and is now 13% below the nominal high that it reached last year. The DJIA was down 1.1% and Nasdaq100 fell 1.59%. The Nasdaq100 is now 17.92% below the nominal high that it reached last year. Swissquote says: “The sentiment is risk-off at the moment, with gold reaching $1,200 for the first time since June. Gold’s bullish momentum continues yet commodity linked currencies such as the AUD and NZD failed to gain the advantage as outside precious metals and other commodities broadly fell. In particular, WTI Crude is now back around below $30 a barrel over continued oversupply concerns. Markets are now fearing that this period of lingering low oil prices could last a long time”. – In the Asian session Japanese stocks fell more than 5% and the yield on the benchmark government bond dropped into negative territory for the first time. The decision by the Bank of Japan to introduce negative interest rates looks to have pushed down yields for both short and longer termed bonds. In afternoon trading in the Asian session, the benchmark 10-year government bond was yielding minus 0.025; in other words, investors were willing to lend the over-indebted Japanese government money for 10 years and get back less than they put in. Remember that Japanese sovereign debt is more than double the country’s GDP. The question is now, how far down can yields go? Moreover, when will central banks stop flirting with negative interest rates. It is a dangerous policy. The stock market took the brunt of investor fears today, as the Nikkei Stock Average closed y down 5.4%, falling 918.86 points to finish at 16,085.44. This is a sizeable drop and the largest one-day fall for about two and a half years. Yet again, the yen did well, rising against the US dollar to 114.80. Financial shares took the brunt of today’s pain with Mitsubishi UFJ Financial Group Inc. (MTU) shares closing down 8.7%, and Nomura Holdings losing 9.1%. Australia's S&P/ASX 200 ended the session 2.9% lower, and New Zealand's S&P/NZX 50 was down 1.3%. India's Sensex was 1.2% lower. Chinese, Singapore and Korean markets are closed today. In Europe, equity futures are mixed. The CAC40 has dropped 0.22%, the DAX is down 0.21% while the FTSE100 is unchanged, but there’s still half a day’s trading to go.

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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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