Capital Management AG
Day’s
accents
Beethovenstrasse 45, 8002 Zurich, Switzerland
Disappointing results from Macy’s Inc. and Kohl’s Corp. added to
concerns that the U.S. consumer continues to hold back on
spending. Investors will get a fresh read on Friday with U.S. retail
sales. We expect soft global market reaction to the data.
CEEMEA
• As reported, Agrokor’s debt grew to 40.4 billion kuna in the six
months to the end of March from 34.3 billion kuna as of 31 Sep
2016. The company reported 24.4 billion kuna of debt to
financial creditors (18.96 bln in Sep 2016). The debt does not
include a super senior facility of EUR 80mln, which Agrokor
received in Apr 2017. According to the statement, the company
may revise the summary of the financial indebtedness as
investigations into its indebtedness and other financial metrics
are being continued. Higher debt burden may negatively affect
the recovery ratio for current bondholders, which should
negatively impact the bonds prices.
Schildershoven Global
Bonds Value Harvester
Index
YTD USD Net Return as of May 3
Absolute 2.52%
Annualized 7.66%
SGBVHI is the Schildershoven
proprietary actively rebalanced index
tracked by the following Credit Suisse
International notes:
ISIN XS1093388343
ISIN XS1093387709
The International Bank of Azerbaijan has commenced a process of voluntary restructuring. The restructuring plan
contemplates a restructuring process to be effected through an exchange of certain of IBA’s foreign currency
obligations for direct sovereign obligations of the Republic of Azerbaijan. The proposed commercial terms of the
restructuring process and the expected timetable for its implementation will be announced by IBA at an investor
presentation that will take place on 23 May 2017. The surprise move of the largest state-owned bank in Azerbaijan
will negatively impact the bank’s Eurobonds. The depth of the correction will depend on the restructuring terms.
ASIA
• Noble Group Ltd.’s dollar bond prices collapsed to 50-60% of par levels after the commodity trader said it
hoped for a return to profitability only by 2018-19 and Richard Elman stepped down as chairman of the
commodity trader he founded three decades ago on Thursday. According to some estimates, the commodity
trader may enter into financial restructuring soon. We will follow the issue.
LATAM
• Peru’s central bank unexpectedly lowered borrowing costs by a quarter point to 4% for the first time since 2015
after the El Nino weather phenomenon unleashed the worst flooding in almost two decades, stalling economic
growth. The Central bank move may support the local markets.
The Bloomberg USD Emerging Market Europe, Middle
East and Africa Sovereign Bond Index
Barclays Asia USD HY Diversified Credit Total Return Index
Value Unhedged USD
WisdomTree USD Brazil Bond Index ex-sovereigns
FOR MORE INFORMATION please contact us on [email protected]
Disclaimer:
This research is generic, not intended to be specific to any person or any entity; it should not be considered as personalized advice and is solely for information purposes only.
The research document is issued in the form of the investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments.
The information is published by the company’s desk staff members and analysts, based on public information that Argus Capital Management AG considers to be reliable.
The information, opinions, estimates and forecasts contained herein are as of the date hereof and are subject to change without prior notification.
This note and its contents are proprietary information and products of Argus Capital Management AG and may not be copied or reproduced.
Capital Management AG
Beethovenstrasse 45, 8002 Zurich, Switzerland
MARKET SNAP
SOVEREIGN BENCHMARKS
YTM
GLOBAL
US -10
GERMANY-10
JAPAN-10
UK-10
2.38
0.42
0.04
1.19
Daily
Change
(bp)
Weekly
Change
(bp)
-2
-1
0
-1
6
10
2
11
CEEMEA
RUSSIA-23
UKRAIN-19
BELARUS-18
KAZAKHSTAN-25
POLAND-24
HUNGARY-21
CZECH
REPUBLIC-22
TURKEY-23
SOUTH AFRICA-22
ISRAEL-23
LATAM
COLOMBIA-26
BRAZIL-21
CHILE-21
MEXICO-22
VENEZUELA-22
3.42
6.30
3.84
3.85
3.01
3.34
-2
-0
7
0
-0
-1
5
-10
16
7
-0
-1
0.16
4.56
3.81
2.74
7
0
-0
-1
4
18
7
4
3.71
3.18
2.33
2.91
29.17
1
0
-6
-2
281
11
11
-2
4
534
ASIA
INDONESIA-24
PHILIPPINE -24
KOREA-23
SRI LANKA-22
MONGOLIA -22
3.52
2.75
2.67
4.92
5.85
0
1
1
2
0
5
5
10
-13
-13
High Yield Index
Bloomberg HY EM
Value
183.46
1D%
- 0.04
5D%
-0.05
EQUITY INDICES
Value
1D%
5D%
Russia MICEX
Turkey BIST 100
Poland WSE
Norway OBX
UAE DFM
Israel Tel Aviv 100
2 013.75
95 441.98
62 379.23
644.51
3 386.26
1 298.38
0.57
0.10
0.07
-0.35
-0.65
0.08
-0.15
1.66
0.50
2.44
-0.96
1.78
ASIA
China Shanghai Comp
Korea KOSPI
Indonesia Jakarta comp
Japan TOPIX
3 052.79
2 270.12
5 654.36
1 585.19
-0.90
-0.99
-0.75
0.22
-2.63
2.75
0.12
3.49
LATAM
Argentina Merval
Brazil Bovespa
Chile Ipsa
Mexico Mexbol
21 140.16
66 277.67
4 807.72
49 939.47
0.30
1.15
-0.32
0.88
-0.08
-0.67
-1.44
0.71
CEEMEA
CURRENCIES
Price
1D%
5D%
CEEMEA
USD RUB
USD TRY
USD HUF
USD ZAR
58.01
3.61
285.97
13.53
0.69
0.48
0.28
0.73
-1.09
-1.98
0.19
-0.67
ASIA
USD CNY
USD IDR
USD INR
USD JPY
6.90
13 360.00
64.63
114.05
0.05
-0.06
-0.50
-0.06
-0.07
-0.39
-0.64
-1.14
LATAM
USD BRL
USD ARS
USD COP
USD MXN
3.19
15.52
2 969.75
19.10
0.27
-0.27
-0.30
0.37
-1.19
-1.43
-0.92
-1.25