Kommersant: Igor Kim buys 100% of Barclays Bank
The recent stabilisation within 2.90-3.00% corridor did not help emerging market’s issuers yet. Equity markets sell-off, new USA sanctions against Russia, overheating of Turkish and Argentinian economies together with the recent flood of new issues from Africa and Latin America made emerging markets credit vulnerable to sudden outflows from the market enticed by higher US Treasury interest rates. We did not have any exposure to Russia and Turkey, but our holdings in Ukrain 32, Tajiki 27, Ecua 28, Argent 28, Ivycst 33 suffered as well. Our defaulted PDVSA 37 are priced flat without accrued interest and it is still in positive territory for 2018.
PNB EM High Yield Bond Fund started some recovery last week despite continuing sell-off in US Treasury markets, where 10 year yield has advanced from 2.95% to 3.10% with a spike to 3.12% earlier this week. We managed to reach unit price of USD 1,065.6579 with a gain of 1.58% last week. We are still down 2.16% in 2018 (outperforming our benchmark Barclays EM USD Aggregate index which is down 3.75% in 2018).
For North American exchanges commission is calculated as cents per contract. In summary the trader took advantage of the leverage that comes with Commodity CFDs. The opening trade was valued at $5990 but the trader had to only provide a margin of 5% or $299.50. The closing trade generated a profit of $1.60 per barrel and whilst that translated to a 2.7% rise in the price of oil, the client realised a profit of $160.
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When trading Commodity CFDs with Saxo Bank a commission is not charged, but there is a bid/ask spread included in the price Saxo Bank derives for each CFD. Based on the market signals Saxo Bank gets from its brokers in regards to the consequences of Greece potentially leaving the Euro, we find it necessary to inform our clients holding Greek CFD positions that in the event of Greece leaving the Euro it will be creating exceptional market conditions.
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This bond is settled in US Dollars for coupon and principal payments. Initial USDUAH rate was fixed at 27.00661 and it has strengthened to 26.62 by end of the week. We sold part of our Argent 01/28 holding at small loss to fund this purchase.
The fund’s best performers this year are our local currency denominated bonds- IBCST 12 Jul 2018 in EGP and EXIMUK 02 Mar 2021 in UAH. PNB EM High Yield Bond Fund continued its recovery last week. Share value reached USD 1, 073.5659 (up 0.74%) during a week.
Recovery in US Treasury bond prices clearly helped with 10 year yields moving back to sub 3% territory. Argentina’s continued efforts to get IMF support, Ukraine’s efforts to get anti-corruption bureau established and Turkey lira 3% rate hike somehow gave support to emerging market debt prices.
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Kim will acquire 100% of Barclays Bank as an independent investor, having outpaced Renaissance Capital whose chance to buy Barclays Bank was quite recently viewed as high. “The struggle between two main potential buyers of Barclays Bank — Renaissance Capital and Igor Kim — continued till the брексит события last minute, and Igor Kim offered the best price,” a source close to the negotiations said. Renaissance Capital wanted to buy the bank at a discount of 40—50% to capital (Rub 4.6 bln as of October 1, based on CBR data), while Kim offered a discount of only 15—20%, another source specified.