Monday 3rd August 2015
NEWS TICKER, FRIDAY, JULY 31ST: US bond markets expect a $900m issue from the Metropolitan St. Louis Sewer District as early as next year after its rate commission voted yesterday to back the district’s plan to tap the markets. The bonds will continue financing a $4.7bn capital program required by the Environmental Protection Agency (EPA) to keep sewers in St. Louis and St. Louis County from regularly overflowing into area creeks and rivers. Already, the district has put $600m toward sewer projects in St. Louis and St. Louis County. MSD customers can consequently continue to expect annual sewer bill hikes each summer. In 2012, the average customer paid $29 monthly. This month, bills rose to an average of $41. After this bond issue, the monthly sewer bill will cost the average household $61 by 2019 - JP Morgan has hired Lebo Moropa, giving the bank its first dedicated prime brokerage and equity finance presence in South Africa, reports Securities Lending Times. Former HSBC trader Moropa has joined the bank in Johannesburg and will focus on synthetic and cash prime brokerage and securities lending, including delta one and will report to Paul Farrell in London. Moropa was a delta one trader at HSBC and has worked for JP Morgan before– Apulia Finance has informed the Luxembourg Stock Exchange of its intent to issue a securitised paper, backed by residential mortgage loans originated by Banca Apulia. The issue date is August 6th and the deal is lead managed by BNP Paribas who is also joint arranger with Finanziaria Internazionale Securitisation Group. Swap counterparty in the transaction is Canadian Imperial Bank of Canada and the clearers are Euroclear and Clearstream. Funding is at three month Euribor with a spread of 0.40% before the step up date and 0.80% after the step up date. The deal is worth a combined €170m of which €153m are Class A asset backed floating rate notes due 2043; €6.79m Class B asset backed notes and €9,84m are Class C asset backed floating rate notes – all due 2043.

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Middle East and Africa Regulation

No surprise perhaps, that political turmoil in the Middle East has focused the minds of investors into relative safe havens. The United Arab Emirates (UAE) is  the main beneficiary of inflows of private capital into the GCC region (Gulf Cooperation Council), according to Invesco’s fifth annual Invesco Middle East Asset Management Study.The UAE saw total private capital inflows of 81% on a net respondent view basis in 2014, compared to 52% last year. Over half (58%) of this capital was seen on a net respondent view to be coming from emerging markets, including Russia and Africa. In comparison, the net respondent view shows most other countries in the GCC to be in net outflow.

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Moody's Investors Service says that Egypt is demonstrating signs of political stabilisation and economic improvement, with credit challenges centred on weak government finances.The government has started the implementation of measures to lower fiscal deficits and contain government debt, while external financial support from Saudi Arabia, the United Arab Emirates, and Kuwait have helped stabilise the country's international reserves and government funding costs, says the ratings agency.

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Florida based MEA Risk, a risk and country stability assessment firm issues today a report that discusses the latest developments on ISIS in North Africa and in the Sahel, with the conclusion that an offensive is under way.

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South Africa's Reserve Bank (SARB) has placed African Bank Limited under external supervision and announced plans for a capital injection underwritten by local lenders.

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In 2013, a number of concerns were raised about the integrity of foreign exchange (FX) rate benchmarks. These concerns stemmed particularly from the incentives for potential market malpractice linked to the structure of trading around the benchmark fixings. As a result, the FSB Plenary formed a working group chaired by Guy Debelle of the Reserve Bank of Australia and Paul Fisher of the Bank of England to focus on foreign exchange benchmarks. The group was given a mandate to undertake analysis of the FX market structure and incentives that may promote particular types of trading activity around the benchmark fixings. The group was tasked to propose possible remedies to address these adverse incentives as well as to examine whether there is a need and scope to improve the construction of the benchmarks themselves.

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The positive outlook for global economic growth has increased in the last year among Middle East intermediaries, according to the latest poll, carried out by Invesco Asset Management, however their biggest concern for global financial markets is emerging market monetary tightening. 

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Monday, 02 September 2013

DIFC reports 7% business uptick

The number of companies operating in the Dubai International Financial Centre is on the rise again. The DIFC reports a 7% uptick in registrations reflecting a return to confidence in the emirate follow a number of fallow years.

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The International Monetary Fund says the near-term outlook for Sub-Saharan Africa remains broadly positive, with growth projected to accelerate to around 5.5% in 2013-14, following a year of strong growth in 2012. In its May 2013 Regional Economic Outlook, Building Momentum in a Multi-Speed World, the IMF says that these favourable prospects partly reflect the gradually improving outlook for the global economy, while locally, investment in export-oriented sectors is an important driver of growth for the future.

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