Investment strategy Correspondent
Sujata's Feed
Apr 27, 2015

China stock surge lifts emerging index to new 7-1/2 mth high

LONDON, April 27 (Reuters) – Stimulus hopes fuelled a 3
percent Chinese equity surge on Monday, boosting Asian
currencies and pushing emerging stocks to 7-1/2-month highs,
though Russian markets tumbled, with the rouble down 1.8 percent
to the dollar.

Lacklustre U.S. data on Friday rekindled hope the U.S.
Federal Reserve would be in no hurry to raise interest rates,
providing another boost to emerging markets which have benefited
this year from waning Fed tightening expectations.

Apr 24, 2015

With falling lira/dollar exchange rate, Turkey has the worst of both worlds

LONDON, April 24 (Reuters) – The Turkish lira’s fall to
record lows has ramped up the cost of repaying predominantly
dollar-denominated external debt while failing to deliver any
boost to exports, which remain focused on Europe with its weak
currency.

Cheaper currencies usually make exports more competitive,
ultimately boosting growth. But in Turkey, the currency’s plunge
may instead be raising financial stability risks, because so far
it has not seen any improvement in terms of trade while firms
earning revenues in lira will find it costlier to repay dollar
debt.

Apr 22, 2015

Ukreximbank creditors say back debt restructuring proposal

LONDON, April 22 (Reuters) – Creditors holding more than a
quarter of Ukreximbank’s dollar bonds backed its debt swap
proposals on Wednesday, potentially allowing it to become the
first Ukrainian entity to restructure debt under an IMF-backed
plan.

Investors who said they held 27 percent of the outstanding
principal of Ukrexim’s $750 million bond called terms proposed
by the bank a “reasonable compromise”, and added they would vote
next week in favour of a temporary maturity extension requested
by the bank.

Apr 21, 2015

“Benign” Ukrexim debt plan fuels rally on Ukraine state-sector bonds

LONDON, April 21 (Reuters) – Bonds from Ukrainian state-run
companies rallied to fresh multi-month highs on Tuesday, after
investors saw Ukreximbank’s debt restructuring plan as
relatively helpful and potentially boding well for future
workouts.

Ukreximbank’s $750 million bond maturing April 27 rose 9
cents according to Thomson Reuters data after
its proposal to extend the bond’s maturity by seven years and
raise the coupon by 1.25 percentage points.

Apr 21, 2015

Rouble hits two-week low after policy moves curb rise

LONDON, April 21 (Reuters) – The rouble extended losses on
Tuesday to hit two-week lows after the Russian central bank
moved to curb its recent gains while improving growth prospects
boosted Central European markets despite worries over a Greek
default.

The rouble fell 1 percent against the dollar, adding to the
previous session’s 3 percent loss after the central bank on
Monday raised the cost of hard currency repos for the second
time this month.

Apr 17, 2015

Russian bond rally spilling into local debt on rate cut expectations

LONDON, April 17 (Reuters) – A months-long Russian Eurobond
rally that drove some sovereign debt prices to multi-year highs
is spilling into rouble bonds, with double-digit yields and the
promise of interest rate cuts luring foreigners.

Russia’s most-traded dollar bond, due 2030, has risen 18
cents since end-January to its highest since November 2013
. The average yield premium paid by Russian
sovereign bonds to Treasuries has shrunk 2 percentage points
this year, to around 3.5 percent.

Apr 16, 2015

Analysis – Emerging shares seen lagging developed countries for fifth straight year

LONDON (Reuters) – The roaring stock market rallies of the United States, Japan and Europe show no sign of reaching most emerging markets, where lacklustre economic growth and company profits point to a fifth straight year of lagging performance.

Emerging markets are the black hole in the global equity picture at a time when Wall Street has hit record highs, European stocks are at seven-year peaks and Japanese markets at the highest in 15 years, buoyed by central bank money-printing and recovering economies. .SPX .TOPX

Apr 16, 2015

Emerging shares seen lagging developed countries for fifth straight year

LONDON (Reuters) – The roaring stock market rallies of the United States, Japan and Europe show no sign of reaching most emerging markets, where lackluster economic growth and company profits point to a fifth straight year of lagging performance.

Emerging markets are the black hole in the global equity picture at a time when Wall Street has hit record highs, European stocks are at seven-year peaks and Japanese markets at the highest in 15 years, buoyed by central bank money-printing and recovering economies. .SPX .TOPX

Apr 15, 2015

Oil boosts rouble to buck weaker emerging markets

LONDON, April 15 (Reuters) – The rouble jumped to its
highest in more than four months on Wednesday as oil prices
rose, bucking generally weaker emerging markets that were
pressured by lacklustre Chinese growth and fresh losses in the
Turkish lira.

Chinese stocks, which hit seven-year highs recently, posted
their biggest fall in a month after data showed the economy grew
in the first quarter at the slowest pace since 2009
. This pressured Asian stocks, taking the MSCI emerging
equities index further off recent six-month highs.

Apr 9, 2015

Main players in Ukraine debt battle prepare to face off

LONDON (Reuters) – Three years after facing off over Greece’s debt workout, the two giants of debt restructuring – Lazard and Blackstone – are again preparing to do battle, one for Ukraine and the latter on behalf of its creditors.

The aim of having private investors take a $15.3 billion hit on their Ukrainian debt holdings as part of a $40 billion international rescue package sounds like peanuts compared to Greece, where creditors took a 75 percent haircut on 200 billion euros of debt. But Russia’s involvement this time is injecting an extra frisson: accused of supporting an anti-Kiev insurgency, Moscow is also a prominent creditor potentially capable of derailing the plan.