Thursday 31st July 2014
slib33
TICKER - WEDNESDAY - JULY 30th: Avanti Mining Inc has entered into a debt financing mandate letter with a syndicate of six lenders to provide secured debt finance facilities worth $612m to develop the Kitsault molybdenum mine. Lenders include BNP Paribas, Caterpillar Financial Services Corporation, Export Development Canada, Korea Development Bank, Mizuho Bank and UniCredit Bank. The facility set out in the term sheet is comprised of $500m senior debt for a term of 10.5 years, $42m in equipment finance for a term of 5 years and $70m in the form of standby cost over-run facilities for a term of 8 years. The interest rate is LIBOR based, loan repayments are semi-annual or quarterly (for equipment finance) and there are mandatory prepayment provisions of a portion of excess free cash flow. The facility will include customary provisions for a financing of this type, including fees, representations and warranties, covenants, events of default and security customary for this type of financing - Jupiter Fund Management reports strong investment performance with assets under management rising to £33.1bn, with the asset manager benefitting from net mutual fund inflows of £875m over the first half of this year. The firm says it has maintained operating margins above 50%. Maarten Slendebroek, chief executive, says “We are pleased with the progress being made on the implementation of our growth strategy during the first half of 2014. The Board’s intention to increase cash returns to shareholders through a combination of ordinary and special dividends reflects this progress and confidence in our future growth potential. We believe this approach will allow shareholders to participate in our organic growth story while receiving an attractive yield.” There will be an analyst presentation to discuss the results on July 30th at 9.00am at FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD and is also accessible via a live audiocast for those unable to attend in person - CME Clearing says it will remove the Exchange-For-Swap (EFS) identifier for all NYMEX, COMEX and DME exchange futures executed in accordance with CME Rule 538 (Exchange for Related Positions). CME products were removed from EFS eligibility in October of 2010, and CBT products were removed from EFS eligibility in July of 2012. With this final transition, EFS will no longer be a supported transaction type at CME. The EFS transaction type has been harmonized into, and falls under, the Exchange for Risk (EFR) transaction referenced in Rule 538. EFR transactions are privately negotiated transactions (PNT) and include the simultaneous exchange of an Exchange futures position for a corresponding OTC swap or other OTC instrument. In addition, NYMEX, COMEX and DME exchange products will continue to be eligible for Exchange for Physical (EFP) and Exchange of Options for Options (EOO) privately negotiated transactions. Currently, an EFS transaction is represented as a TrdTyp=”12” on TrdCaptRpt messages. Effective on the above date, the TrdTyp value for these transactions should be submitted as “11” (EFR). CME Clearing will reject any NYMEX, COMEX, or DME exchange privately negotiated futures message sent as an EFS. The trade will subsequently need to be resubmitted with a valid transaction type to CME Clearing. Additionally, CME Clearing will re-categorize the Exchange of Options for Options (EOO) transaction type for all CME, CBOT, NYMEX, COMEX, and DME products. Currently, an EOO is represented as an option on an exchange for swap (EFS) in clearing and on FIXML TrdCaptRpt messages. Going forward, an EOO transaction will be represented as an option on an Exchange for Risk (EFR) - Chi-X® Japan Limited, a wholly owned subsidiary of alternative market operator Chi-X® Global Holdings LLC, says local brokers Yamawa Securities Co., Ltd. and Ark Securities Co Ltd., have commenced trading on Chi-X Japan, bringing the total number of trading participants to 23. Yamawa Securities and Ark Securities will access its market centre through Intertrade’s platform - The upgrade of the cities of Bogota and Medellin by Moody’s follows the upgrade on Colombia's sovereign ratings and reflects the close economic and operational links that these cities have with the central government. The rating action also reflects Bogota and Medellin's relatively solid financial metrics and moderate debt levels. The ratings assigned to both Bogota and Medellin are supported by their strong economic position in Colombia that includes a high level of own-source revenues and diversified local economies. The positive prospects of economic growth in the country translate in supportive conditions for both cities through higher local economic growth and own-source revenue growth. The assigned ratings also consider the close oversight that Colombia's central government exerts over the country's regional and local governments. Bogota and Medellin show solid governance and management practices that have supported historical low to moderate debt levels and moderate cash financing requirements, says the ratings agency. Between 2011 and 2013, Bogota's cash financing requirements averaged -5.7% of total revenues and net direct and indirect debt averaged 18.4% of total revenues. Medellin's cash financing requirements over the same period averaged -5.8% of total revenues and debt levels averaged 17.6% of total revenues.
South America

The Argentine banking subsidiaries of global banks are adequately positioned to weather the volatility that may arise from a possible default of Argentina's sovereign debt, according to Fitch Ratings.Argentina's possible default, which has been expected for some time and might  occur following the July 30th expiration of a grace period on certain interest payments, could trigger increased foreign exchange volatility and affect the value of banking subsidiaries located in Argentina. It could also create a more challenging operating environment and reduce the profitability of banking subsidiaries there, warns the ratings agency. 

Read more...

The current chief executive officer of HSBC’s asset management arm in Brazil is to relocate to Hong Kong and lead the firm Asia business.

Read more...

SWIFT has opened a new office in Mexico City, the latest move by the financial services messaging provider to grow its Latin American operations.

Read more...

A strong appetite for equity exchange-traded products pushed global ETP assets to a record high at the end of April, according to research house ETFGI.

Read more...

After the decline of primary placements volume in February and March, against the background of falling interest rates, EM issuers headed by borrowers from China, broke a monthly record of Eurobond placements in April, reaching $69bn. By Konstantin Lysenko, head of International Projects, Cbonds Group.

Read more...

The reopening of the Chinese stock exchanges, continued rising of investor confidence and surging equity markets all contributed to an active first quarter for technology IPOs, according to PwC's first quarter 2014 Global Technology IPO Review.

Read more...

The testing of new and complex financial services infrastructure is insufficient to protect against failure, according to a new SunGard survey. 

Read more...

Business activity across emerging markets fell for a fourth month running in March, with output slowing in three of the four largest emerging economies, a survey said on Friday.

Read more...
Page 1 of 23

Current IssueSpecial Report

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP

White Paper

Internationalizing the Renminbi: Weaving a Web for the Next World Currency

Internationalizing the Renminbi: Weaving a Web for the Next World Currency

pdf Download PDF View all Whitepapers

Blogs

  • Wednesday, 30 July 2014 08:26 Putin’s move
    European equities have opened lower on the open, as Russian sanctions are weighed in the balance and found wanting. Details of the US and EU sanctions…
  • Wednesday, 09 July 2014 14:10 FHY1 Russian domestic bond issue league table
    by Cbonds
    A combination of elements, which include the relative success of diplomatic efforts in heading off a serious conflict in the Ukraine, the continued strengthening of…