Monday 28th July 2014
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TICKER: MONDAY July 28th 2014: The Union Bank of the Philippines (UBP) released a 49% drop in net earnings in the first half of 2014, as it came in to just PHP3.2bn, almost half of its net earnings in the same period last year. In the April to June period alone, net income fell 36% from PHP2.18bn in the second quarter of 2013 to PHP1.6bn in the second quarter of 2014. However, it is important to note that net interest income grew by 29% year-on-year, as it came in at PHP5.2bn in the half of 2014 – Rangold chief executive Mark Bristow will present the firm’s Q2 results at noon on Thursday this week at The Forum, London Stock Exchange Around 10.00 am today some traders on Moscow Exchange’s Derivatives Market reportedly experienced difficulties entering orders via the FIX protocol, with some valid messages rejected with an error code. The FIX protocol has been functioning as usual since 11:37 am says the exchange. Moreover, the exchange stresses other protocols to access the Derivatives Market’s trading system have been functioning as usual - Société Générale Securities Services in Luxembourg has been mandated by wealth manager Bedrock, with $6bn in assets under management, to provide custody, fund administration and registrar services for its range of UCITS funds - Moody's Investors Service has assigned a first-time provisional (P)B3 corporate family rating (CFR) to Empik Media & Fashion SA Group. At the same time, Moody's has assigned a provisional (P)B2 rating to the firm’s proposed senior secured notes due 2019 to be issued at EM&F Financing AB, a wholly owned and guaranteed subsidiary of EMF, reflecting its overall ranking within the debt capital structure. The outlook on the ratings is stable. This is the first time Moody's has assigned ratings to EMF - Lithuania will adopt the euro on January 1st next year. Lithuania will become the 19th member state to adopt the euro. "Lithuania's consistent efforts have paid off: today the eurozone has opened the door for us," said Algirdas Butkevičius, prime minister of Lithuania, on the announcement. The entry of Lithuania into the euro family is of great importance for the whole euro area. "It's a demonstration of the continuing attractiveness of the single currency project and its relevance for the future of our community," added Sandro Gozi, State Secretary for European Affairs of Italy and President of the Council of the EU. The conversion rate has been set at 3.45280 Lithuanian litas to the euro – Global macro hedge fund manager Atreaus Capital is now live with SunGard’s Hedge360 Risk Reporting Service. Delivered as a managed service, the Hedge360 Risk Reporting Service provides highly customized daily risk reports, offering transparency to investors and integrated internal risk management to hedge funds. Trading a broad range of products with an emphasis on FX and commodities, in the form of both OTC derivatives and futures - AnaCap Financial Partners LLP, the specialist European financial services private equity firm, together with HIG and Deutsche Bank, have completed the acquisition of a €495m portfolio of non-performing and sub-performing loans from Volksbank Romania. Under terms of the agreement, funds advised by AnaCap will jointly acquire the entire portfolio with HIG and Deutsche Bank. The portfolio of 3,566 loans in total is backed by a mix of primarily residential, commercial real estate and development land. APS Romania will be appointed as Master Servicer. The transaction is the largest of its kind in Romania to date, and came about as a result of the ongoing pressure on financial institutions across Europe to restructure and divest assets in order to clean up balance sheets and comply with new capital requirements. After a prolonged correction following the financial crisis, the property market in Romania is now showing strong signs of improvement. GDP and unemployment have recovered on the back of labour market reforms in 2011 and an IMF financing package. House prices, which declined 38% since their peak in mid-2008, are now on the rise, with the areas surrounding central Bucharest and other main cities increasing 4% for 2013.

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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