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Russia picks four banks to manage its debt issue
February 5, 2010--Russia’s finance ministry announced Friday its pick of four investment banks to manage its upcoming sovereign eurobond issue, which could raise up to $17.8 billion and will mark the country’s return to the debt market after ten years of surpluses.
Barclays Capital, Citibank, Credit Suisse and VTB Capital have been selected to jointly organize Russia’s eurobond issue, the ministry said in a statement. Deputy Finance Minister Dmitry Pankin was quoted by the state-run news agency RIA Novosti as saying that other banks could be tapped to arrange the next issue.
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Source: Today's Zaman
Shanghai Exchange accelerates Int'l board
February 4, 2010--The Shanghai Stock Exchange (SSE) has accelerated the preparation work of launching the international board and the development of global exchange-traded funds (ETFs), the Securities Times reported Friday.
Red chip companies, which are based in the Chinese mainland but incorporated internationally and listed on the Hong Kong Stock Exchange, would play a main role in the bourse's international board, which allows overseas-listed companies to sell shares denominated in the Chinese currency, the paper said citing a source close to this issue.
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Source: China Daily
Bursa Malaysia Posts 70% Increased Net Profit Of RM177.6 Million For 2009; Capital Gain From Equity Stake Disposal To CME Group
February 4, 2010--Bursa Malaysia Berhad (Bursa Malaysia) today reported a healthy net profit of RM177.6 million for the financial year ended 31 December 2009, an increase of 70% compared to the net profit of RM104.4 million in 2008.
This was mainly due to the RM76 million gain on the disposal of 25% equity interest in Bursa Malaysia Derivatives Berhad (Bursa Malaysia Derivatives) to CME Group Strategic Investments LLC following the completion of the Share Purchase Agreement on 30 November 2009.
The operational profit of the Group, excluding gain on disposal of 25% equity interest in Bursa Malaysia Derivatives, was RM101.6 million representing a 3% decrease from 2008.
Bursa Malaysia’s Chief Executive Officer, Dato’ Yusli Mohamed Yusoff said, “We had a challenging year in 2009, and exercised prudent financial and operational management measures across the Group to ensure that we delivered on shareholders’ value. Signs of global market recovery emerging from the second quarter onwards until the end of the year saw better trading activity and a resurgence of local investor participation in our market.”
Against this backdrop, Bursa Malaysia registered velocity of 34%, same as the year before. The securities market maintained its trading levels with a marginal decline of 5% in daily average trading value to RM1.22 billion compared to the previous year’s RM1.28 billion. Securities market trading revenue remained comparable at these levels with a slight increase by 2% to RM139.1 million due to higher effective clearing fees. Market capitalisation for the year stood at RM999 billion, a 50% increase from the previous year.
"Despite the economic sentiment spilling from the previous year, we still saw companies raise funds from the capital market, which demonstrated confidence in our market’s comparable valuations," said Dato’ Yusli.
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Source: Bursa Malaysia
DB Index Research -- Weekly ETF Reports -- Asia-Pacific
February 3, 2010--Highlights
Market Overview
There are 202 equity based ETFs in the Asia Pacific region with 267 listings across 12 countries and 15 exchanges. Japan has the largest market share by AUM accounting for 41.05% of the whole market, whilst China has the largest market share by turnover with 45.65%.
There was one new listing in the last week. China International Capital Corp. listed one new ETF in Hong Kong Stock Exchange.
Turnover
Monthly average daily turnover rose 6.7% in the last week. Turnover for the previous week was USD 1070m. The largest ETF by turnover was the China 50 ETF issued by China Asset Management with USD 303m accounting for 28.3% of total turnover.
Assets Under Management
AUM declined 2.3% in the previous week. AUM as of Feb 1st were USD 59.4bn. The largest ETF by AUM is the TOPIX ETF managed by Nomura Asset Management with AUM of USD 6.2bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
The Securities and Exchange Commission supports the launch of gold exchange-traded funds-Thailand
February 1, 2010--The securities watchdog plans to encourage gold shops to join the move designed to develop the capital market further.
The SEC's board outlined two types of gold ETFs - feeder funds and mutual funds.
A feeder fund invests in overseas funds that focus on gold investment. The Bank of Thailand's permission is required for outflows.
A mutual fund invests directly in domestic gold bullion.
The mutual fund must secure certification services from qualified parties and efficient bullion custodians, to ensure gold quality and storage efficiency.
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Source: The Nation
First overseas ETF tracking SZSE Index to list in Hong Kong
February 1, 2010--Today, CICC-SZSE 100 Index Fund (CICC-SZSE 100ETF), the first overseas ETF tracking SZSE index will list on Hong Kong Stock Exchange, with the trading code: 3051. The fund will be managed by CICC Hong Kong Asset Management Company, tracking the SZSE 100 index which is released by the SZSE and managed by Shenzhen Securities Information Co., Ltd..
The listing of SZSE 100ETF in Hong Kong is the substantial measure to carry out the arrangement to establish the closer economic and trade relationship between Mainland and Hong Kong, strengthen the cooperation between Shenzhen-Hong Kong securities markets; and on the other hand, it also will provide the new platform for overseas investors to better understand and invest in China multi-layered capital markets.
The SZSE 100 index is one of the core indexes compiled by the SZSE, standing for the “multi-layer, high-growth and innovation” characteristics of Shenzhen market. By the end of 2009, only three funds tracking SZSE 100 index had been issued in the Mainland, with the asset size totaling 47 billion yuan. Among the funds, E-Fund SZSE 100ETF listed on the SZSE ranked No. 1 in the index fund performance, getting the fourth place in the open-ended fund performance respectively in 2007, 2009.
Source:Shenzhen Stock Exchange
Korea pension fund widens its horizons
February1, 2010--South Korea’s National Pension Service is going global.
Although the NPS is already the world’s fifth- biggest pension fund, only $24bn of its $240bn portfolio is invested abroad.
The investments are predicted to hit $1,000bn shortly after 2020.
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Source: FT.com
iShares Unveils Mainland China ETFs
January 29, 2010--iShares is introducing a series of ETFs for global investors to tap the mainland Chinese market, MENA FN reports. The new offerings, which are based on CSI indexes, will enable broader access to large and mid-cap China A-Shares, with companies incorporated in mainland China.
The ETFs include the iShares CSI A-Share Energy Index ETF, Financials Index ETF, iShares CSI A-Share Infrastructure Index ETF, iShares CSI A-Share Materials Index ETF and iShares CSI 300 A-Share Index ETF.
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Source: emii.com
First overseas ETF tracking SZSE Index to list in Hong Kong
January 29, 2010--Today, CICC-SZSE 100 Index Fund (CICC-SZSE 100ETF), the first overseas ETF tracking SZSE index will list on Hong Kong Stock Exchange, with the trading code: 3051. The fund will be managed by CICC Hong Kong Asset Management Company, tracking the SZSE 100 index which is released by the SZSE and managed by Shenzhen Securities Information Co., Ltd..
The listing of SZSE 100ETF in Hong Kong is the substantial measure to carry out the arrangement to establish the closer economic and trade relationship between Mainland and Hong Kong, strengthen the cooperation between Shenzhen-Hong Kong securities markets; and on the other hand, it also will provide the new platform for overseas investors to better understand and invest in China multi-layered capital markets.
The SZSE 100 index is one of the core indexes compiled by the SZSE, standing for the “multi-layer, high-growth and innovation” characteristics of Shenzhen market. By the end of 2009, only three funds tracking SZSE 100 index had been issued in the Mainland, with the asset size totaling 47 billion yuan. Among the funds, E-Fund SZSE 100ETF listed on the SZSE ranked No. 1 in the index fund performance, getting the fourth place in the open-ended fund performance respectively in 2007, 2009.
Source: Shenzhen Stock Exchange
ASX information paper: Capital Raising in Australia
January 29, 2010--ASX released an information paper today on capital raising in Australia and some other major markets during the global financial crisis.
It provides a description of the framework for capital raising in Australia, the methods used by companies, and how they employed these tools through the crisis. It examines some of the criticisms that have been levelled at particular equity capital raising mechanisms. The paper draws the following conclusions:
• The board of directors (given their legal obligations to act in the best interest of the company as a whole) is the appropriate body to decide which capital raising mechanism to adopt in particular circumstances.
• The range of considerations to ensure that the decision is in the interests of the company as a whole include: the size and urgency of the funding required, the market conditions at the time of the raising, the overall cost of capital associated with the option chosen, the costs and availability of alternate sources of funding, the availability of underwriting support, and the interests of all existing and potential shareholders.
• The flexibility of Australia’s capital raising arrangements served Australia’s real economy well during the GFC. It enabled companies, particularly in the finance sector, to replace debt financing and shore up balance sheets at a time of volatility and financing uncertainty, when many global banks required government capital injections.
• During the worst of the GFC, companies placed a heavier weighting on speed and certainty in their choice of capital raising, making greater use of placements to access capital in a short time period to minimise the market risks associated with a capital raising at a time when retail investor risk appetite was sharply reduced.
• As market conditions stabilised, the weighting they applied to ‘fairness’ to all shareholders increased and the relative attractiveness of pro-rata issues rose, particularly accelerated rights offers. These enabled companies to access the majority of capital from institutional investors in a short time horizon, while also providing retail investors with the opportunity to participate in the offering on similar terms, but with a longer time period to consider their position.
• Companies should, where possible, seek to minimise the dilution of existing retail shareholders. Some companies have sought to address such issues in recent times by offering a share purchase plan alternative to retail investors.
view the Capital Raising in Australia:
Experiences and Lessons from
the Global Financial Crisis
Source: ASX
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