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  • Article / 15 July 2016 at 10:00 GMT

    Foreign buying driving up Russian debt

    Russia oil and gas expert
    United Kingdom
    Foreign buying driving up Russian debt
    Russian external debt was marginally up in H1'16, not a bad result for a country under financial sanctions. While foreigners might be buying more rouble debt, Russians are also buying FX sovereign debt to meet the central bank's new reserve requirements
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  • Article / 24 May 2016 at 10:26 GMT

    Russia's $3bn eurobond to kill two birds with one stone

    Russia oil and gas expert
    United Kingdom
    Russia's $3bn eurobond to kill two birds with one stone
    Russia's surprise placement of a USD-denominated eurobond might be aimed primarily at Russian banks, with non-Russian banks' participation as an optional extra. One way or the other, it also looks like an expensive means of gauging the interest (or ability) of foreign investors to buy Russian FX debt.
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    25 May
    Nadia Kazakova Nadia Kazakova
    According to various media sources, Russia placed $1.75 billion of the 10-year USD Eurobonds. The yield is said to be 4.75%. Apparently, 75% of the issue was...
    25 May
    Nadia Kazakova Nadia Kazakova
    The yield seems at a bit too high and the placement size a bit too low if demand was indeed around $9 billion as reported.
  • Editor’s Picks / 18 May 2016 at 11:24 GMT

    Risks lie in Germany's fatigue with crisis-prone Europe

    BloombergView
    Germany’s leaders seem increasingly worn out by Europe's endless crises, and this growing fatigue could spell as much trouble for the European Union as Brexit does, says Bloomberg News editor in chief John Micklethwait. From Germany’s standpoint, lack of progress in Greece is symptomatic of the whole continent’s uncompetitive economy, and Germans are fed up with Europe’s other main crisis, the flood of Syrian refugees, which fellow EU states have done little to alleviate, Micklethwait says. "As Germany gets ever more frustrated with Europe’s inability to change, it gets ever less likely to lead, so the change it wants becomes ever less likely to happen," he says. "In a strange way, Brexit might alter this dynamic." If Britain opted to leave and other EU countries threatened to hold referenda, even the cautious Chancellor Angela Merkel might be forced to seize the moment and bully reforms through Brussels to create a more cohesive, modern Eurozone with a deeper single market, he says.
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  • Article / 18 May 2016 at 9:35 GMT

    Gazprom dividend story doesn't end here

    Russia oil and gas expert
    United Kingdom
    Gazprom dividend story doesn't end here
    The Russian government's decree on increased dividend payout for state companies proved to be as pointless as the subsequent exercise in companies' lobbying power. Gazprom might have got away with paying less in dividends for 2015, but this might not be the end of it.
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    19 May
    Nadia Kazakova Nadia Kazakova
    Interfax reported that the Board approved 7.89 roubles a share
    19 May
    Nadia Kazakova Nadia Kazakova
    Shareholder register closes on July 20, dividends will be paid on August 3 and August http://www.interfax.ru/business/509090.
    19 May
    Nadia Kazakova Nadia Kazakova
    On August 3 and August 24
  • Editor’s Picks / 12 May 2016 at 0:19 GMT

    Time to reform the economy or risk crisis, says Beijing leadership

    South China Morning Post
    An article published in a Communist Party mouthpiece is a clear sign that China’s top leadership is unhappy with debt-driven growth. Thanks to opaque policy and decision-making, investors, economists and foreign officials are accustomed to nuanced messages about China’s economy. The latest, an article in the People’s Daily, is a signal that top Beijing officials want to change course from reliance on debt to fuel growth because they believe it could lead to systemic financial risks. According to the article, the world’s second-largest economy is set to enter a so-called L-shaped recovery trajectory for a few years and it is unrealistic to expect any rebound.
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  • Article / 11 May 2016 at 9:05 GMT

    From the Floor: US dollar rally stops short

    Saxo Bank
    Norway
    From the Floor: US dollar rally stops short
    The US dollar's rally has stopped short of a full reversal, and the major dollar pairs EURUSD and USDJPY could be set to test lower, says Saxo Bank's John J Hardy. Elsewhere, farm commodities have surged, while crude oil is stuck between the contradictory drivers of supply outages and rising inventories.
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  • 05 May
    opportunist opportunist
    So let's see what impact on mainly export data it will have for U.S., Eurozone, Japan, South Korea.
    Commodity exporters will probably enjoy capital inflow from China -...
  • Article / 28 April 2016 at 13:00 GMT

    Goldilocks and the three currency bears

    Head of Trading / The ECU Group plc
    United Kingdom
    Goldilocks and the three currency bears
    The US Federal Reserve, the Reserve Bank of New Zealand and the Bank of Japan all judged that the current growth and inflation backdrop is neither too hot, nor too cold. Their inaction reinforces a picture of central banks increasingly reaching the limits of monetary policy and of currencies playing a growing (if unspoken) role.
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    28 April
    JakubSzalaFX JakubSzalaFX
    "through this low growth may well be above the current "potential growth""

    Interesting how the economy structure has changed after the crisis.

    Growth trend smoothing, due to unconventional...