Emerging Markets, Emerging Russia, Emerging Views
By Rustam Botashev, Equity Analyst at UniCredit Securities
VTB Group has placed $1.25bn in 5-year Eurobonds with a 6.465% coupon, Bloomberg reports. Meanwhile both Alfa Bank and Bank of Moscow have launched roadshows aiming to sell their own Eurobonds.
Our view: Falling country risk and an improving economy have attracted credit investors back to Russia. We believe [...]
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By Mark Robinson Head of Equity Research at UniCredit Securities
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Russian funds and ETFs saw cumulative net inflows of $214.5mn in the week to 24 February, EPFR data shows.
In contrast to the previous week, when ETFs drove the net positive, this time traditional funds brought in the majority of new cash ($198m vs. $16.5m).
Global emerging markets [...]
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By Mark Robinson, Head of Equity Research at Unicredit Securities
Russian and GEM funds saw slight net inflows in the week to 17 February 2010 thanks to money coming into ETFs, EPFR data shows. After three weeks of net outflows, Russia-dedicated funds saw an inflow of $13m: the positive $22m cash result of ETFs offset the [...]
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By James Beadle from Market-Melange
On 4 February, the global financial community was enthralled with Europe’s Greek Economic play. On a quieter side stage, Lithuania gave a little performance of its own. As debt markets burned, it issued $2 bln of ten year bonds. Optimists can claim a great victory. In that week a raft of [...]
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Brazil is expected to be a major investment destination for global investors over the next decade according to Ashmore Investment Management, the leading specialist emerging markets asset manager. A largely closed economy with strong domestic demand, Brazil has weathered the credit crunch, is a net creditor country lending money to the IMF and should see [...]
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By Iryna Piontkivska, Economist at Troika Dialog Ukraine
The Central Election Committee officially announced the results of the presidential elections on February 14, confirming that Viktor Yanukovych is the new president-elect.
According to the official results, Yanukovych secured about 48.95% of the votes, while current Prime Minister Yulia Tymoshenko lagged with about 45.47%.
A day before the announcement, [...]
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By James Ladue from Emerging Manager Focus
The New York State Common Retirement Fund (CRF) made 10 investments on behalf of the pension totaling more than $446 million in value and closed four transactions in its private equity portfolio totaling $160 million throughout December 2009, according to Hedge Fund.net’s Marc Raybin. For its private equity portfolio, [...]
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By Vladimir Osakovsky, Head of Strategy and Research at UniCredit Securities
Ukraine’s former prime minister, Viktor Yanukovich, continues to lead in the second round of presidential elections in Ukraine, receiving close to 48.6% of the vote, with 86.2% of the votes counted. Current Prime Minister Yulia Timoshenko managed to narrow the first round gap of [...]
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By Rustam Botashev, Equity Analyst at UniCredit Securities
Kazakhstan’s Financial Supervisory Agency (FSA) published preliminary banking statistics for 2009.
Our view: The banking sector’s losses for the year totalled KZT 2,837bn ($19.1bn), or KZT 127bn ($0.9bn) excluding the two defaulted banks (BTA Bank and Alliance Bank).
Retail loans declined by 4.8% yoy and corporate loans rose by 7.3% [...]
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Rustam Botashev, Equity Analyst at Unicredit Securities
Foreign financial institutions intend to invest up to $170m in overdue loans in Russia, Kommersant reports. The IFC alone, through collection agency KG EOS Holding GmbH & Co, plans to invest $50m in bad debt.
Our view: The total volume of overdue loans in Russia stood at RUB 1,043 [...]
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By James Beadle from Market-Melange
Markets fluttered earlier this week when Jim O’Neill of Goldman Sachs suggested that China might revise its exchange rate policy. Plenty have speculated about this topic, and even O’Neill admits that the prospects are far from clear.
However, Jim was responsible for coining the BRIC acronym, and few westerners have a better [...]
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By Mark Robinson, Head of Equity Research at Unicredit Securities
The list of Russian companies preparing to go public this year continues to expand. According to Vedomosti, in addition to Metalloinvest, SUEK, Prof Media and Sovkomflot, whose IPO plans have already leaked to the press, the Victoria retail chain and fish producer Russkoye More may place [...]
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