Thursday 31st July 2014
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THURSDAY TICKER: 31ST JULY 2014 - Standard & Poor's says Argentina is in selective default on foreign-currency-denominated debt, after the government failed to make a $539m payment on $13bn in restructured bonds. Argentina had transferred the money to the paying agent, but a US judge would not allow its release unless hedge funds holding bonds not included in a restructuring also were paid. The latest default is expected to exacerbate problems in Argentina's recession-hit economy, analysts say. This is the second time Argentina has defaulted on its debt in the last thirteen years, after last-minute talks in New York with a group of bond-holders ended in failure. Vulture fund" investors were demanding a full pay-out of $1.3bn (£766m) on bonds they hold. Argentina has said it cannot afford to do so, and has accused them of using its debt problems to make profits - In a regulatory filing made public earlier this week, and US press reports, BlackRock has begun the process of establishing a Wholly Foreign-Owned Enterprise (WFOE) in Shanghai. The firm is reportedly creating an investment advisory WFOE which will give it significantly greater flexibility and speed in executing its Greater China strategies – Shares in Chinese footwear manufacturer Feike AG have been listed on the General Standard of the Frankfurt Stock Exchange. Ten million shares have been listed at an initial price of €7.50. ACON Aktienbank AG is supporting the issue. Scheich & Partner Börsenmakler GmbH is the specialist. This is the third Chinese company to list on the exchange according to managing director Michael Krogmann. “With the IPO we have achieved an important strategic milestone. This helps us to expand our competitive position and our brand awareness in the booming Chinese market for children’s footwear as well as to realise future growth plans”, says Andy Hock Sim Liew, CFO of Feike AG - Funding pressures stemming from reduced central government capital grants and the persistence of tightened long-term bank lending are likely to fuel the English housing association sector's continued use of capital markets over the next two years, says Moody's Investors Service in a new report published today. The new report English Housing Associations: Financial Disintermediation- A One Way Trip, is the third in a series on European sub-sovereigns' financing needs and access to market funding.

Ratings agencies reaffirm EBRD's AAA status

Friday, 23 December 2011
Ratings agencies reaffirm EBRD's AAA status The AAA rating of the European Bank for Reconstruction and Development remains unchanged and the outlook for the bank's debt stock remains Stable. http://www.ftseglobalmarkets.com/

The AAA rating of the European Bank for Reconstruction and Development remains unchanged and the outlook for the bank's debt stock remains Stable.

 

The three leading international rating agencies -- Standard and Poor’s, Moody’s and Fitch -- have all reaffirmed their AAA ratings for the debt of the European Bank for Reconstruction and Development (EBRD), underscoring the Bank’s stability at a time of turbulence in financial markets.

In statements released in the last week, the agencies also described the outlook for the Bank’s debt as Stable.

They referred specifically to the EBRD’s strong capital position, which has been bolstered by a capital increase to which all of the EBRD’s major shareholders have now subscribed.

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