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Friday, 21 February 2014

So long, Ukraine $1,984,838,000 5.00 per cent Notes due 2015 | FT Alphaville #EuroMaidan

So long, Ukraine $1,984,838,000 5.00 per cent Notes due 2015 | FT Alphaville:

"Notwithstanding the approval and publication by the Central Bank of Ireland of the prospectus dated 17 February 2014 in relation to the undermentioned proposed issue of securities, the Issuer hereby confirms that no such securities will be issued
Increase by 1,984,838,000 of the U.S.$3,000,000,000 5 per cent. Notes due 2015 

There goes $2bn in influence for the Kremlin? The cancellation notice to the Irish stock exchange has come as European foreign ministers attempt to barter a political deal in Kyiv, including it seems earlier elections.

The Russian government was set to be the sole buyer for this bond, background on which here, as part of a $15bn programme. Ukrainian bonds at first rallied this morning though on news of the negotiations. And we thought the bond’s terms themselves were surreal enough already…"

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Ukraine and the ‘D’ word | beyondbrics #EuroMaidan

Ukraine and the ‘D’ word | beyondbrics:

"Yup, default.

Credit rating agency Standard & Poor’s raised the spectre of Ukraine not paying back its debt in a downgrade early on Friday. With protesters being killed and the country descending further into chaos, the question is now not whether Ukraine will default, but if it can possibly avoid it.

The S&P statement pulled no punches. The agency lowered the credit rating from CCC+ to CCC, a symbolic rather than practical measure, given that Ukraine was firmly in junk territory and the yields on its benchmark bonds are already sky-high. Instead, it was the words, rather than rating, that caught the eye."

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[video] Buy into chaos? | beyondbrics #EuroMaidan

[video] Buy into chaos? | beyondbrics:

"There is chaos on the streets of Ukraine and the bargain-hunters are circling. James Mackintosh says there may be money to be made, but there are few signs of serious panic among investors."

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Carlsberg: cheap but probably no bargain - YouTube

Carlsberg: cheap but probably no bargain - YouTube: ""

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Adia loses court appeal versus Citigroup in New York | The National

Adia loses court appeal versus Citigroup in New York | The National:

"Abu Dhabi Investment Authority (Adia) has suffered another setback in its legal battle over its investment in Citigroup.

An appeals court in New York on Wednesday dismissed Adia’s attempt to nullify an arbitration award in Citigroup’s favour from October 2011.

Adia had appealed the court’s decision in March not to dismiss the arbitration award.

The court’s summary order said that Adia had failed to meet the “high hurdle” of showing that the arbitration panel either exceeded their powers or had showed a “manifest disregard for the law” in ruling in Citigroup’s favour in the arbitration proceedings."

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Oil producer DNO announces record revenues | The National

Oil producer DNO announces record revenues | The National:

"DNO International, an Iraq-focused oil producer with Ras Al Khaimah-based ownership, announced record operating revenues of Dh1.8 billion against an operating cash flow of Dh1.05bn.

Operating profit stood at Dh350.8 million, with the company citing one-off charges hindering the delivery of higher profit.

“2013 was a banner year for the company marked by several milestones, including great success from horizontal drilling at the Tawke field in Iraqi Kurdistan,” said Bijan Mossavar-Rahmani, DNO’s executive chairman. “We have an aggressive work programme planned for 2014 to drive up production and delivery capacity in existing fields while testing exploration prospects across the portfolio.”"

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Investors should sift through emerging markets |

Investors should sift through emerging markets |

"For many emerging economies, 2014 has gotten off to a grim start. Concern over the Chinese economy’s marked slowdown and the Argentine peso’s steep slide against the dollar has triggered heavy selling pressure on an array of emerging market currencies.

But the current volatility does not portend sustained weaker growth in emerging economies as a whole. Differentiation is needed, and that is what financial markets are now doing.

The scale of the battering varies widely from country to country. For example, the problems currently dogging Argentina are anything but a surprise. On the contrary, they are the near-inevitable result of years of policy mismanagement that has spawned high inflation, a badly overvalued currency, and massive erosion of foreign reserves."

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Ukraine Default Likely as Political Crisis Deepens, S&P Says - Bloomberg #EuroMaidan

Ukraine Default Likely as Political Crisis Deepens, S&P Says - Bloomberg:

"Ukraine is at risk of default after a political crisis “deteriorated substantially,” according to Standard & Poor’s. Fighting between police and anti-government protesters have claimed at least 77 lives this week.

S&P cut Ukraine to CCC, eight levels below an investment rating, from CCC+ and kept its outlook negative, citing the increasing risk that President Viktor Yanukovych’s government will fail to service its debt.

“We now believe it is likely that Ukraine will default in the absence of significantly favorable changes in circumstances, which we do not anticipate,” S&P analysts said in a statement today."

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