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Commercial Banks May Issue Corporate Bonds at SSE to Replenish Capital
January 14, 2014--On November 8, 2013, the China Securities Regulatory Commission (CSRC) and the China Banking Regulatory Commission (CBRC) jointly issued the "Guiding Opinions on Commercial Banks Issuing Corporate Bonds to Replenish Capital" (the "Guiding Opinions" for short), which allows listed and to-be-listed commercial banks to issue corporate bonds at exchanges to replenish capital.
The Shanghai Stock Exchange (SSE) has also recently released the "Notice on Commercial Banks Issuing Corporate Bonds to Replenish Capital and the Issues Related to Listing, Trading and Transfer of the Bonds" (the "Notice" for short), which makes specific provisions on listing and trading, transfer, information disclosure, and other issues related to corporate bonds issued by commercial banks for capital replenishment at the SSE. The issuance of the "Guiding Opinions" and the "Notice" symbolizes that channels of commercial banks for capital replenishment have been expanded to the exchange markets, which is of positive significance for promoting the innovation of capital instruments in the banking sector and improving the integration of China's bond market.
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Source: Shanghai Stock Exchange
IMF Working paper-Potential Growth in Emerging Asia
January 14, 2013-- Summary: Using three distinct approaches-statistical filtering, production function, and multivariate model- this paper estimates potential growth for China, India, and five ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam) during 1993-2013.
The main findings include: (i) both China and India have recently exhibited a slowdown in potential growth, largely reflecting a decline of total factor productivity (TFP) growth; (ii) by contrast, trend growth for the five ASEAN countries has been rather stable and might even have increased marginally, with the notable exception of Vietnam;(iii) over the longer term, demographic factors will be much more supportive in India and some ASEAN economies than in China, where working-age population should start shrinking, with the overall dependency ratio climbing by the end of this decade.
Improving or sustaining potential growth calls for broad structural reforms.
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Source: IMF
Religare-Invesco targets offshore market
January 14, 2014--The firm is launching a feeder fund into its JV partner's pan-European equity fund,
while its is also focusing on sub-advisory for pending India-focused Invesco products internationally.
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Source: Asian Investor
PSU exchange-traded fund a weak bet for investors
Putting money in key PSUs a better option
January 13, 2014--The Centre has approved the plan to launch an exchange-traded fund (ETF) comprising 11 blue-chip stocks of public-sector undertakings (PSUs), despite the PSU basket consistently underperforming the benchmark indices. It hopes to raise Rs 3,000 crore through the fund this financial year.
However, a closer look at the numbers suggests putting your money in individual stocks of top PSUs might be a better investment option. Hypothetically, if the ETF was launched three years ago, its net asset value as of now would have shrunk a little more than 20 per; in comparison, the Sensex has risen five per cent during the period.
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Source: The Business Standard
Battle for retail trading volume heats up in Japan
January 13, 2014--JPX is due to begin introducing smaller tick sizes this week, while proprietary trading systems are making technology upgrades.
But do retail investors really care?
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Source: Asian Investor
Two factors that can make or break the PSU ETF issue
ETF will have to be priced at a greater discount since it includes stocks many investors may not want to be associated with
January 12, 2014--The government's long-pending plan of launching an exchange-traded fund (ETF) made up of state-owned companies may soon see the light of day. An empowered group of ministers (eGoM), headed by the finance minister, has decided on the formation of the ETF. T
The fund will have 11 stocks. The most wanted of these-Oil and Natural Gas Corp. Ltd (ONGC), Coal India Ltd and Power Grid Corp. of India Ltd-are expected to have a weight of about 50% in the fund. The remaining stocks include relative duds such as McNally Bharat Engineering Co. Ltd and Engineers India Ltd.
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Source: livemint.com
Push more ETFs, NSE chief tells brokers
January 12, 2014--The broking community should take up distribution of exchange traded funds with vigour as passive management instruments such as these hold lot of potential, Chitra Ramakrishna, Managing Director & Chief Executive, National Stock Exchange said.
"More of you ( ANMI members) should distribute this product ( ETFs). We need to invest more in the distribution of this product as a push product", she said at the 7th international convention of the Association of National Exchanges Members of India here on Saturday.
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Source: The Hindu Business Line
ETF turnover jumps 46 pct in 2013
January 12, 2014--The daily turnover in South Korea's exchange-traded funds (ETFs) market jumped 46 percent last year as investors moved to safer and profitable destinations amid low interest rates, data showed Sunday.
The average daily trading volume of ETFs came to 793 billion won (US$747 million) last year, compared with 544 billion won a year earlier, according to the data compiled by bourse operator Korea Exchange (KRX).
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Source: Globalpost.com
Mongolian Stock Exchange Opens To Institutions, ETFs And Mutual Funds
January 12, 2014--Mongolia is a country with natural resource wealth that holds sizable per capita GDP possibilities for a national population of roughly 3 million people. Since the discovery of the world class Oyu Tolgoi copper-gold mine in 2001, Mongolia has had a back and forth struggle between populist national interests and welcoming laissez-faire policies dating back to the passage of a 68% windfall profit tax passed in 2005 and its annulment in 2009.
The back and forth continues this year with moves forward towards truly opening up the Mongolian Stock Exchange (MSE) to foreign ETFs, mutual funds and institutions for the first time.
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Source: Forbes
Shanghai stock exchange issues 'Basel bond' rules for banks
Banks allowed to sell bonds on stock exchange for first time
Banks could only issue to interbank market previously
New 'Basel bonds' count as regulatory capital under new rules
Exchange allows public floats and private placements
January 10, 2014--The Shanghai Stock Exchange has set conditions for listed banks to issue bonds on the bourse for the first time, in a move to offer banks a new channel to boost capital.
The China Securities Regulatory Commission (CSRC) and China Banking Regulatory Commission (CBRC) said in November that listed banks would be allowed to issue debt on Shanghai and Shenzhen bourses for the first time, in a step aimed at helping lenders meet tougher new capital adequacy requirements.
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Source: Reuters