Monday 28th July 2014
slib33
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.

VTB Capital places TRY300m ($167.6m) bond issue

Thursday, 26 April 2012
VTB Capital places TRY300m ($167.6m) bond issue VTB Capital plc has successfully issued a three-year, TL 300 million ($167.6m) bond in Turkey, with a coupon of 11.28%. Underwritten by Garanti Securities, an agency of Garantibank, with Fokus Holding as advisor, the bonds were sold exclusively to local Turkish qualified investors, making VTB Capital plc the first ever foreign entity to have issued a local currency bond that has been distributed locally in Turkey. http://www.ftseglobalmarkets.com/

VTB Capital plc has successfully issued a three-year, TL 300 million ($167.6m) bond in Turkey, with a coupon of 11.28%. Underwritten by Garanti Securities, an agency of Garantibank, with Fokus Holding as advisor, the bonds were sold exclusively to local Turkish qualified investors, making VTB Capital plc the first ever foreign entity to have issued a local currency bond that has been distributed locally in Turkey.

A landmark deal for both VTB Capital and the Turkish capital markets in general, this transaction also represents a milestone in terms of the tenure offered in the Turkish market, with only one other local non-Sovereign entity having offered a three-year bond previously.

Priced at 11.28%, VTB Capital plc has achieved a favourable pricing level, paying a spread over the three-year Turkish Sovereign on par with the largest domestic Turkish banks.

Atanas Bostandjiev, CEO, UK and International, of VTB Capital plc, the bond, " underlines the strategic importance of Turkey for VTB Group, and will lay the foundations from which VTB Capital will look to grow its business operations in the country.”

Makram Abboud, CEO Middle East & Africa and Co-Head of the International Multi-Product Structured Origination and Distribution group for VTB Capital plc, notes: “I believe that trade and financial flows between Russia and Turkey will significantly increase in the very near future and VTB Capital is well positioned to help facilitate these flows and support our clients.As we continue to grow our international presence aggressively, we are evaluating various financing opportunities in the region, and in particular within Turkey. The proceeds will be utilised accordingly.”

"We were issuing Turkish bonds so naturally we needed to choose a strong local player to act as underwriter. Garanti Securities is one of the leading private banks in the local market." adds Abboud. "The transaction was fully sold down to Turkish investors.The bonds are priced at 11.28% so VTB Capital plc has achieved a favourable pricing level, paying a spread over the three-year Turkish Sovereign on par with the largest domestic Turkish banks."



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