Emerging Markets, Emerging Russia, Emerging Views
By Ousmene Mandeng of Ashmore Investment Management
Reserve currencies move around more than meets the eye. The fall of the British pound and coincident rise of the dollar during the inter-war and immediate post-war period is often portrayed as the only historic precedent of a change in international currency hegemony. Yet, the rises of the [...]
{ 0 comments }
By Ivan Anderzhanov in Moscow
The English High Court has granted troubled Kazakh bank BTA a worldwide freezing injunction against the assets of former chairman Mukhtar Ablyazov and other former top managers.
The bank said in a press statement that it has started legal proceedings in the High Court against Ablyazov, Roman Solodchenko, the former chairman of [...]
{ 0 comments }
Yevhen Hrebeniuk, Senior Analyst at Troika Dialog Ukraine
The National Bank of Ukraine has announced that one of the two failed banks on the country’s top 20 list may be sold to a foreign investor.
The temporary administrator of Ukrprombank has received and is considering proposals from US, Russian and Swedish investors to purchase a stake in [...]
{ 0 comments }
By Jason Corcoran in Moscow
From the largest sovereign wealth fund in the world to the most modest local authority pension scheme, investors are hiking their risk appetite by shifting assets into unchartered waters around the globe.
While developing world equities have advanced by almost 50% this year, markets in China, Russia and India have so far [...]
{ 2 comments }
By Ivan Anderzhanov in Moscow.
Russia’s MDM bank, which this month completed its merger with URSA, has mandated a roster of investment banks to arrange a a dual currency loan worth $175m at a rate of 4% over LIBOR.
Funds from the loan will be used to support trade financing or other trade-related projects of the bank’s [...]
{ 0 comments }
By Ivan Anderzhanov in Mocow.
Russian’s Troika Dialog has reached a distribution agreement with Swedbank whereby it will sell its mutual funds through the Nordic bank’s branches in Moscow, St Petersburg and Kaliningrad.
Starting from yesterday, 11 open and two interval funds controlled by Troika’s fund management arm will be available to purchase at Swedbank branches.
Andrei [...]
{ 0 comments }
By Evgeny Gavrilenkov, chief economist at Troika Dialog.
A growing number of countries are demonstrating either signs of stabilisation or even recovery, so that not only did the second quarter look much better than the first quarter for the entire global economy, but most recent leading indicators also provide some optimism.
Even though news flow remains [...]
{ 0 comments }
By Jason Corcoran in Moscow
UniCredit Securities in Moscow, which has lost staff to resurrected investment bank Aton in recent months, has suffered another blow following the departures of its head of equities Steven Dashevsky and equity analyst Anna Kochkina.
A source close to UniCredit said Dashevsky was not joining a group of colleagues who had left [...]
{ 0 comments }
By Ivan Anderzhanov in Moscow
Global emerging market funds were hit by net outflows of $946m this week as investors banked profits following concerns over liquidity in China.
Emerging markets registered net outflows of $1.63bn for the week to 19 August, according to fund trackers Emerging Portfolio Fund Research. This was the first outflow in eight [...]
{ 0 comments }
By Jason Corcoran in Moscow
Russian investment bank Renaissance Capital has denied a report that its chief executive Alexander Pertsovsky is on an extended holiday amidst rumours of a disagreement with the group’s Kiwi founder Stephen Jennings.
A report in yesterday’s Kommersant newspaper suggested Pertsovsky was on an extended vacation for two months following disagreements with Jennings [...]
{ 0 comments }
By Jason Corcoran in Moscow
Fund managers are pouring into emerging markets and are shifting away from China towards Russia, according to the Bank of America Securities-Merrill Lynch August survey.
Merrill Lynch’s Risk and Liquidity Indicator, a measure of risk appetite, rose to 41, the highest in two years, with investors preferring an overweight in emerging markets [...]
{ 0 comments }
By Ivan Anderzhanov in Moscow
Russian conglomerate Sistema yesterday successfully placed 20bn rouble ($620m) unconvertible second series five-year bond with a put option exercisable in three years following the sixth coupon payment.
Renaissance Capital and Sberbank acted as the co-lead managers and underwriters of the issue.
The annual coupon rate was set at 14.75% for the first six [...]
{ 0 comments }
