First let’s start with a scatter chart, courtesy of Charles Robertson at Renaissance Capital. Click to enlarge…
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Given that Russian subjects are reportedly being force fed a diet of Putin-esque mis-information over the downing of Malaysia Airlines Flight 17, it seems worth noting what strategists employed by Russian investment banks are saying about the threat of deeper sanctions against Russia.
Here’s Charlie Robertson, global chief economist at Renaissance Capital (emphasis ours)… Read more
So, the billionaire Bakrie Brothers have sorted one of their debt issues.
They have struck a deal to sell half of their stake in Nat Rothschild’s cash shell curiosity, Bumi Plc, to an Indonesian businessman. Read more
So, bondholders (if they “agree”) will give Greece more of a fighting chance to tackle its debt burden. But Greece will also have to pull its own weight.
Without its own currency, what is the best course of action? John Major, former UK prime minister, proposes (in Thursday’s FT) a strategy akin to Latvia’s ‘internal devaluation’: (emphasis ours) Read more
Pricewaterhouse Coopers and Renaissance Capital (in the usual place) do their best to add gloss to their third quarter overviews of the IPO market, but not enough to brighten a depressingly dark picture.
Start with Rencap, which tackles activity worldwide. The report starts out gloomy enough, noting that the third quarter was the quietest since Q3 2009 in issuance volume — and that’s with 87 per cent of the issuance coming in the first six weeks, before the August volatility spike. Read more
The US initial public offerings market is heading for its busiest week in nearly three years after a recent share price rally raised hopes for the struggling market in new issues, reports the FT. At least nine companies are expected to go public this week, the most in one week since December 2007, according to IPO research firm Renaissance Capital. The nine deals are together seeking to raise $3.3bn. A recent surge in share prices, with the S&P500 index on track for its best September since 1939, combined with last week’s $67bn share offering by Brazil’s Petrobras, suggests a strong finish to 2010. Last week 19 other companies also sold shares, including two IPOs.
Renaissance Capital, the Moscow-based investment bank, is opening an office in Hong Kong in expectation that a wave of Russian companies will choose to sell shares in the city. The move comes five months after Rusal, the aluminium group controlled by Oleg Deripaska, became the first Russian company to list on the Hong Kong stock exchange, the FT reports.
Renaissance Capital, the Russian investment bank, is in “advanced negotiations” to buy brokerages in “five or six” African countries, its co-founder and chief executive Stephen Jennings told the FT. The bank, which is half owned by Mikhail Prokhorov, a Russian billionaire, has built a substantial African presence since it moved into the region three years ago, with offices in Nigeria, Kenya, Zambia, Zimbabwe and Ghana.
By Matthew Kennard.
Wednesday was all about investment security and Africa. The conference was addressed by South African mining minister, Susan Shabangu, who made noises a lot of people in room liked. In the media conference after she promised that there would be no nationalisation of mines while she was alive: “Maybe when I’m dead – and rest assured I’m not dying next week,” she said. Read more
More farce on the Sibir Energy front – but this time not necessarily of its own making.
Renaissance Capital, the Russian investment bank, said on Friday it was making a tender offer for Sibir stock on behalf of Gazprom Neft, which ranks as Russia’s fifth-largest oil producer, potentially taking its stake up to 29.9 per cent. Read more