3rd September 2010    1:49

                                                                                                                            .... The Hong Kong Monetary Authority (HKMA) and Bank Indonesia have launched a new cross-border payment-versus-payment (PvP) link between Hong Kong's US dollar real time gross settlement system (RTGS) and Indonesia's rupiah RTGS system..... Changjia Group, a Chinese developer with a focus on high-end residential projects in Shanghai, plans to raise between $500m and $600m in a planned Hong Kong listing in March,.... Emirates Steel is finalising plans to consolidate its debt financing and is looking to raise $1.5bn through limited recourse financing to cover the financing needs of its Phase 1 and Phase 2 expansion projects..... The US federal government is set this week to begin a process that could clear the way for energy companies to do seismic research aimed at locating pockets of oil and natural gas along the Atlantic Coast, interior secretary Ken Salazar told reporters Monday..... The $9bn School Employees Retirement System of Ohio has committed over $80m to two private equity middle market buyout funds, half to Francisco Partners’ Fund III, and half to Mason Wells’ Buyout Fund..... San Francisco based industrial property fund, Terreno Realty Corp. canceled its planned $200m IPO yesterday as Goldman Sachs Group Inc. couldn’t find enough buyers for its sale of 10m shares, thereby extending the slump in US IPOs which began late last year..... As part of a strategy to refocus its retail banking operations on Europe and the Mediterranean, Credit Agricole is mulling to sell its Uruguayan subsidiary, Credit Uruguay Banco, to the local unit of Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA)..... A UK Commons committee has called for the Financial Services Authority to be given new powers to regulate treasury advice to public sector bodies on how to manage cash reserves. The demand is contained in a report on the management of local authority investments in the wake of the risk of losses as a result of the collapse of Icelandic banks..... BATS Europe, the operator of European multilateral trading facility (MTF), has decided to add a pan-European smart order routing service for access to multiple market centres including exchanges, MTFs and dark pools, effective February 15th ..... Bradford & Bingley and Northern Rock, the two UK-based lenders that were the first to receive lifeline from the government, are on the verge of merging their so-called 'bad banks.' The European Commission is expected to clear way for B&B to merge its buy-to-let mortgage loans with Northern Rock Asset Management.... Allianz Global Investors is reportedly planning to launch a global multi-asset fund. The Allianz RCM Dynamic Growth fund will aim to deliver equity-like returns with a lower level of risk..... The UK’s University Superannuation Scheme plans to allocate £1.4bn to fixed income (possibly UK index-linked gilts) and lower its equity allocation,as the scheme’s relatively high equity exposure of 70% of assets resulted in the fund losing about £7bn in 2009..... Russia has paid $1m to foreign banks to settle unresolved debts owed by the Soviet Union under an agreement signed with London club creditors last year who were not part of a 2000 swap of $31.7bn in principle and interest arrears notes for $21.2bn of new dollar debt due in 2010 and 2030.                                                                                


PLANS FOR FOREIGN ADVENTURES
Santiago’s Chamber of Commerce reports that investments by Chilean companies abroad in the second half of 2009 totalled $3.4bn, the highest six-month figure for 12 years. In the first half, when companies faced the worst of the impact of the global crisis in C...

NEW EMERGING MARKET ISSUES

CHANGING APPROACHES TO LATAM DEBT
A decade of good economic policies and a global financial crisis of unseen proportions can make a lot of difference in the global market, and in 2010 Latin American bonds have become the flavour of the day. Governments issue debt in dollars and other foreign c...

EBRD'S ROUBLE BOND LAUNCH
The European Bank for Reconstruction and Development launched a five-year RUB3bn ($95.7m) bond in late June, returning to the domestic market for the second time this year to raise funds for its local currency lending programme in Russia.

PIMCO EM FUND
Investment management major PIMCO, has launched the PIMCO Emerging Markets and Infrastructure Bond Fund, that seeks to capitalise on the expected sharp increase in spending by developing nations on energy, transportation, water and waste treatment, telecommuni...

EBRD LAUNCHES RUB3BN BOND
The European Bank for Reconstruction and Development’s (EBRD’s) second rouble domestic issue this year, a RUB3bn five-year floating rate note, has been heavily oversubscribed

TURKEY RETURNS TO LOAN MARKET
That all-important tipping point in the history of the Turkish economy, and by extension the Turkish banking sector, that would propel the country out of its emerging market harness and, possibly, into the European Union, has never quite materialised. True, th...

MOODY'S CMBS REPORT MAKES GLOOMY READING
The performance deterioration of Commercial Mortgage-Backed Securities (CMBS) and multi-family transactions in Europe, the Middle East and Africa (EMEA) accelerated in the first quarter of 2009, says Moody's Investors Service in its EMEA CMBS Q1 2009 Surveil...

THE AFTERMATH OF PARTIAL DEFAULT
Ecuador’s decision not to pay part of its sovereign debt is triggering speculation about just how far President Rafael Correa intends to pursue non-orthodox policies. It is even leading to heated debate over whether the country may jettison the US dollar in fa...

JSE BID TO BUY BOND EXCHANGE
In late October Johannesburg’s JSE Ltd announced it was in acquisition talks with a number of shareholders in the Bond Exchange of South Africa (BESA). After ten long years of repudiated approaches, it now looks likely the deal will go ahead after the JSE rais...

LOOSENING THE COGS OF INVESTOR CONFIDENCE?
While governments in most of the world have taken radical steps to battle the financial crisis, including buying stakes in banks, Argentina has gone much further by effectively nationalising its pension fund industry. At a stroke, the country has secured its a...

TAKAFUL - BALANCING REGULATION AND GROWTH
While the mainstream Islamic finance industry has witnessed healthy growth over the last ten years, takaful-dedicated funds are few and far between (with notable examples in Malaysia, Singapore and Bahrain). However, this does not properly reflect the emergenc...

 

More Stories From Emerging Markets Report

ECAS & MULTI-LATERAL LOANS
New World Bank strategy for Bangladesh
FUND ALERT
Aureos' first exit in Vietnam
NEW ISSUES
Sovereign issues feel impact of Eurozone trauma
MARKET ROUNDUP
BRICs lead ADR metrics
MARKET LEADER
NBK Capital invests in Metito Utilities
THE EMR ASSET SERVICING ROUNDTABLE
Tomorrow's world: Change and opportunity in the GCC
A BANNER YEAR
Turkey: The good times roll
TELECOMS BRAND-STRENGTH
Company Profile: Turkcell - A Black Sea Focus
THE COMEBACK KINGS
New beginnings for the GCC banking segment
ON THE UPTURN?
Russian banking set to grow in 2011
BRAZIL STEPS UP THE PACE IN AFRICA
Brazil's private sector increases its presence in Africa
THE COST OF TAX REFORM
Will tax reform bring the benefits that the Mexican economy needs?



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Issue 40, July 2010