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More US high-yield deals coming but push-back emerges NEW YORK: At least three US high-yield issuers are on tap to print deals on Wednesday, including a payment-in-kind (PIK) toggle for American Greetings and a USD500m trade for Micron Technology. But not everything is going smoothly in the asset class, as there was some pushback on homebuilder Lennar, which delayed its new transaction a day and shortened the tenor. On Tuesday it had been expected to price a planned USD250m 12-year deal after price talk was set at 4.25% area. But on Wednesday morning the issuer instead launched a dramatically shorter USD400m five-year bullet at a wider 4.5%. Citi is running the deal off its investment-grade desk. One high-yield syndicate official said that the changes proved that investors were remaining disciplined despite what had been a vastly improved market tone on Tuesday. "The market is under pressure, given factors about emerging market contagion, and we're keeping a sharp eye ...

Philippines central bank sees inflation pressuring rates MANILA: The Philippines central bank could have less room to hold interest rates at record lows due to prices pressures, its governor said on the eve of a policy meeting after data showed a sustained uptrend in inflation over the past five months.The central bank has held its overnight borrowing rate at a record low of 3.5 percent since October 2012, and while 10 out of 11 analysts in a Reuters poll expect no change ...
Thai central bank warns of substantial risk from prolonged unrest BANGKOK: Thailand's central bank warned on Wednesday of "substantially increased" risk to economic growth after the weekend's disrupted general election did nothing to restore stability in the politically polarised country. Protesters have been trying to topple Prime Minister Yingluck Shinawatra since November, prompting the government to announce a state of emergency ahead of Sunday's vote that was boycotted by the main opposition party. The ballot and the emergency order are being challenged in the courts ...
Russia's central bank shifts boundaries of rouble's floating corridor MOSCOW: Russia's central bank has shifted its target exchange-rate corridor for the rouble by 10 kopecks, following market interventions to curb the pace of the currency's decline. The new corridor extends from 34.40 to 41.40 roubles to the central bank's dollar-euro currency basket as of Feb.4, compared to 34.30-41.30 previously. Under its managed float, the central bank increases its interventions as the rouble approaches the boundary of the corridor. Once an intervention allotment of $350 ...
Bank of England meets as market seeks rate signal LONDON: The Bank of England holds a policy meeting this week, with markets waiting to see if governor Mark Carney will alter guidance on lifting its record-low interest rate.The Monetary Policy Committee is widely expected to keep the BoE's main interest rate at a record-low level of 0.50 percent. It is widely predicted also to maintain quantitative easing at £375 billion ($613 billion, 454 billion euros), opting against following the US Federal Reserve in tapering ...
RSA appoints former RBS boss Hester LONDON: British insurer RSA has appointed former Royal Bank of Scotland boss Stephen Hester as its new chief executive with immediate effect, replacing Simon Lee who quit in December. Hester, ousted from state-backed RBS last June by Britain's finance ministry, will take on an insurer that is reeling from an accounting scandal at its Irish business that left it with a 200 million pound ($325.89 million) hole in its finances. The ...
UBS bank reports huge switch back into profit ZURICH: Swiss bank UBS, in the midst of a refocusing of its activities, reported a huge switch back into profit last year and accelerating performance in the last quarter, in a statement on Tuesday.The bank took huge losses from the financial crisis and, in common with Swiss banks in general, is having to adjust to a new Swiss banking climate on many fronts and notably owing to an opening up of Swiss banking secrecy.Last year ...


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln