National Bank of Ukraine Chief Says No Grounds for Default | Business | RIA Novosti:
"Concerns about a possible default in Ukraine are groundless, the head of the National Bank of Ukraine Valeria Hontareva said Saturday during a Yalta European Strategy (YES) forum session held in the Ukrainian capital.
"I have been working in finance for 23 years, and for all 23 years I've been hearing of a default. We started discussing it in 1995 and have been talking about it ever since then. We have a [CCC currency sovereign credit] rating, but there are no reasons to talk about a default. We will service our liabilities, including Naftogaz securities," the National Bank chief stressed.
Hontareva also added that there had been a major increase in devaluation and inflation rates of hryvna, the national currency of Ukraine."
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Saturday, 13 September 2014
Sharjah rules out immediate plans for more sukuk | Arab News
Sharjah rules out immediate plans for more sukuk | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.:
"The Gulf Arab emirate of Sharjah has no plans to become a regular issuer for now despite drawing demand more than 10 times the value of its $750 million debut
sukuk issue, the director of its debt management office told Reuters on Thursday.
Although it is developing its tourism and manufacturing industries, the third largest UAE member lacks the oil resources of Abu Dhabi and the commercial draw of neighboring Dubai. "We do not have any short-term plans to come back to capital markets," Tom Koczwara said.
"We structured this (the sukuk issue) as a standalone. The process has gone well ... so if it fits our strategy we are very confident we can do it in the future," he said, noting there were no immediate plans to draft an issuance program."
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"The Gulf Arab emirate of Sharjah has no plans to become a regular issuer for now despite drawing demand more than 10 times the value of its $750 million debut
sukuk issue, the director of its debt management office told Reuters on Thursday.
Although it is developing its tourism and manufacturing industries, the third largest UAE member lacks the oil resources of Abu Dhabi and the commercial draw of neighboring Dubai. "We do not have any short-term plans to come back to capital markets," Tom Koczwara said.
"We structured this (the sukuk issue) as a standalone. The process has gone well ... so if it fits our strategy we are very confident we can do it in the future," he said, noting there were no immediate plans to draft an issuance program."
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Bahrain needs to bridge its mounting debt gap | GulfNews.com
Bahrain needs to bridge its mounting debt gap | GulfNews.com:
"Bahrain’s economy is going through a phase of promises and challenges concurrently. Recent positives entail the possibility of setting up a second causeway linking it to Saudi Arabia and the construction of a brand new airport.
The adversities emerge from an ever-rising public debt mountain. Limited information is known about the plans for a new airport. However, specific details have emerged of the second intended bridge with Saudi Arabia.
By one account, the total cost of the causeway is projected at $5 billion, which is inclusive of the necessary infrastructure for an eventual train link up with fellow Gulf Cooperation Council countries. The existing King Fahd causeway is a lifeline for Bahrain’s economy, and the second should further strengthen economic prospects."
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"Bahrain’s economy is going through a phase of promises and challenges concurrently. Recent positives entail the possibility of setting up a second causeway linking it to Saudi Arabia and the construction of a brand new airport.
The adversities emerge from an ever-rising public debt mountain. Limited information is known about the plans for a new airport. However, specific details have emerged of the second intended bridge with Saudi Arabia.
By one account, the total cost of the causeway is projected at $5 billion, which is inclusive of the necessary infrastructure for an eventual train link up with fellow Gulf Cooperation Council countries. The existing King Fahd causeway is a lifeline for Bahrain’s economy, and the second should further strengthen economic prospects."
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Tsunami of sovereign funds threatens world markets, say investors | GulfNews.com
Tsunami of sovereign funds threatens world markets, say investors | GulfNews.com:
"With returns on government bonds at rock-bottom prices, sovereign wealth funds are muscling into stock markets and other higher-yielding assets like real estate at a rate that private investors warn could destabilise the world economy.
Since central banks cut interest rates to record lows in a bid to shore up flagging economic growth, world governments have had to look further afield to grow public pension money or central bank currency reserves. But the resulting tide of money is in danger of distorting markets, causing prices to reflect political priorities rather than financial reality, insiders say.
It’s also threatening to inflate the very price bubbles that central bank teams globally are working so hard to prevent, experts suggest."
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"With returns on government bonds at rock-bottom prices, sovereign wealth funds are muscling into stock markets and other higher-yielding assets like real estate at a rate that private investors warn could destabilise the world economy.
Since central banks cut interest rates to record lows in a bid to shore up flagging economic growth, world governments have had to look further afield to grow public pension money or central bank currency reserves. But the resulting tide of money is in danger of distorting markets, causing prices to reflect political priorities rather than financial reality, insiders say.
It’s also threatening to inflate the very price bubbles that central bank teams globally are working so hard to prevent, experts suggest."
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Hong Kong to list $1 billion sukuk in Dubai | The National
Hong Kong to list $1 billion sukuk in Dubai | The National:
"The government of Hong Kong has announced plans to list its first successful sukuk offering worth US$1 billion (Dh3.68bn) on Nasdaq Dubai.
Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, who is responsible for realising Dubai’s plan to become the capital of the global Islamic economy, hailed the selection of Nasdaq Dubai for the listing of the world’s first US dollar-denominated sukuk issued by a government with a AAA credit rating.
“We are also pleased to have worked with Hong Kong on this important issue and delighted that it has attracted such strong demand,” said Sheikh Hamdan."
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"The government of Hong Kong has announced plans to list its first successful sukuk offering worth US$1 billion (Dh3.68bn) on Nasdaq Dubai.
Sheikh Hamdan bin Mohammed, the Crown Prince of Dubai, who is responsible for realising Dubai’s plan to become the capital of the global Islamic economy, hailed the selection of Nasdaq Dubai for the listing of the world’s first US dollar-denominated sukuk issued by a government with a AAA credit rating.
“We are also pleased to have worked with Hong Kong on this important issue and delighted that it has attracted such strong demand,” said Sheikh Hamdan."
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Ukraine Creditors Could See 50% Loss in a Default, Goldman Says - Bloomberg
Ukraine Creditors Could See 50% Loss in a Default, Goldman Says - Bloomberg:
"Ukraine’s deteriorating economic outlook is increasing the likelihood of a default that could saddle bondholders with losses of about 50 percent, according to Goldman Sachs Group Inc.
A six-month conflict with pro-Russian rebels has spurred capital outflows and disrupted economic output to the point where it brings into question Ukraine’s ability to continue paying its debt, Goldman analysts including Clemens Grafe wrote in an e-mailed report. Past restructurings indicate bondholders could lose half their principal, according to the note.
A Sept. 5 truce is holding amid efforts to end a war the United Nations estimates has claimed at least 3,000 lives. The fighting in Ukraine’s Donetsk and Lugansk regions has destroyed productive capacity, displaced a large share of the country’s population and disrupted exports, prompting Goldman to raise economic contraction estimates to 8 percent from 3 percent in March and increase this year’s debt-to-GDP forecast to 70 percent from 55 percent."
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"Ukraine’s deteriorating economic outlook is increasing the likelihood of a default that could saddle bondholders with losses of about 50 percent, according to Goldman Sachs Group Inc.
A six-month conflict with pro-Russian rebels has spurred capital outflows and disrupted economic output to the point where it brings into question Ukraine’s ability to continue paying its debt, Goldman analysts including Clemens Grafe wrote in an e-mailed report. Past restructurings indicate bondholders could lose half their principal, according to the note.
A Sept. 5 truce is holding amid efforts to end a war the United Nations estimates has claimed at least 3,000 lives. The fighting in Ukraine’s Donetsk and Lugansk regions has destroyed productive capacity, displaced a large share of the country’s population and disrupted exports, prompting Goldman to raise economic contraction estimates to 8 percent from 3 percent in March and increase this year’s debt-to-GDP forecast to 70 percent from 55 percent."
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