Emerging Fixed Income A New Dawn. Simon Lue-Fong March 2007 I Lima

Size: px
Start display at page:

Download "Emerging Fixed Income A New Dawn. Simon Lue-Fong March 2007 I Lima"

Transcription

1 Emerging Fixed Income A New Dawn Simon Lue-Fong March 2007 I Lima

2 Table of contents 1. The Changing Landscape

3 Emerging USD Bonds have had a spectacular ride But where next? EMERGING USD BOND SPREADS SINCE Brazil Devaluation (Jan 99) 1000 Ecuador Default (Aug 99) Argentina Default (Dec 01) Argentina Restructuring (Jun 05) Index : JP Morgan EMBI Global Diversified Source : Bloomberg 3 01/01/99 01/05/99 01/09/99 01/01/00 01/05/00 01/09/00 01/01/01 01/05/01 01/09/01 01/01/02 01/05/02 01/09/02 01/01/03 01/05/03 01/09/03 01/01/04 01/05/04 01/09/04 01/01/05 01/05/05 01/09/05 01/01/06 01/05/06 01/09/06

4 The Emerging Market opportunity set has changed The future is Local Bonds USD BOND S LOCAL CURRENCIES LOCAL CURRENCIES AND BONDS PAST FUTUR E 4

5 .reflecting the reality of asset class growth High growth in Local Bonds versus stagnation in USD Bonds MARKET VALUE USD MILLIONS SINCE Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Emerging Local Bonds Emerging USD Bonds Indices : JP Morgan GBI-EM Broad Diversified and JP Morgan EMBI Global Diversified Source : JP Morgan 5

6 as local debt issuance rises versus external debt issuance This pattern is expected to accelerate GROWTH IN DOMESTIC AND EXTERNAL GOVERNMENT DEBT FROM % Mexico Poland Colombia Hungary Brazil Domestic Debt External Debt Source : Institute of International Finance 6

7 Emerging Local Bonds are investment grade EMERGING LOCAL BONDS UNIVERSE 1 Middle East/Africa 10% Latin Am erica 24% As ia 37% Europe 29% Yield: 6.58% Duration: 4.27 years Average rating: BBB+ Source & Notes 1 JP Morgan GBI-EM Broad Diversified Index as of end-october

8 in addition to being well diversified EMERGING LOCAL BONDS COUNTRY WEIGHTS 1 Peru Chile Russia Slovakia Colombia Indonesia Turke y Czech Turke y Tha ila nd Hunga ry Malaysia South Africa Poland Me xic o India China Brazil (%) Source & Notes 1 JP Morgan GBI-EM Broad Diversified Index as of end-october

9 Table of contents 2. A Twofold Tale

10 Emerging Market fundamentals have improved dramatically

11 Strong economic growth is occurring... And is unlikely to be derailed ECONOMIC ACTIVITY INDICATORS (ADVANCED) Source: Pictet 11

12 which contributes to Improving government finances EMERGING ECONOMIES FISCAL BALANCES (% of GDP) Source: JP Morgan 12

13 Vulnerability to external shocks is falling reflecting Improving external accounts EXTERNAL DEBT SERVICING AS % OF RESERVES Source: Pictet 13

14 Meanwhile policies converge A move to inflation targeting and floating FX regimes Instrument Target Adoption Date Asia Korea Headline CPI 2001 Philippines Headline CPI 2002 Thailand Core CPI 2000 Europe Czech Republic Headline CPI 1998 Hungary Headline CPI 2001 Israel Headline CPI 1997 Poland Headline CPI 1998 Turkey Headline CPI % of emerging market central banks target inflation Since 1996, 19 emerging market countries have moved to a floating FX regime Latin America Chile Headline CPI 1999 Colombia Headline CPI 1999 Brazil CPIA (broad) 1999 Mexico Headline CPI 2001 Peru Headline CPI 2002 Africa South Africa Headline CPI 2000 Source: JP Morgan, September

15 enabling the improving credit trend to continue MOODY S SOVEREIGN CREDIT CHANGES Upgrade Poland Hungary Korea Mexico Thailand Slovenia Hungary Malaysia Mexico Trinidad & Tobago Israel Brazil Barbados Fiji Russia Romania Ukraine Bulgaria Slovakia Kazakhstan Dom Rep South Africa Lithuania Russia Romania Bahrain Pakistan Ukraine Mexico Kuwait Qatar Malaysia Korea Czech R Estonia Hungary Kazakhstan Latvia Poland Slovakia Slovenia India Lithuania Russia Romania Jordan Bahrain Pakistan Ukraine China Indonesia Argentina Thailand Macau Tunisia Saudi Arabia Bulgaria Moldova UAE Malaysia Bulgaria Brazil Venezuela (2 notches) Romania India Ecuador Romania Qatar South Africa Slovakia Mexico Brazil Saudi Arabia Russia Turkey Trindad & Tobago Vietnam Argentina Slovakia Tunisia Bahrain Botswana Jordan Kuwait Mauritius Oman Qatar Saudi Arabia UAE India Kazakhstan Mongolia Turkmenistan Bosnia Bulgaria Lithuania Romania Slovenia Trinidad Fiji Hong Kong Indonesia Macau Papua NG Brazil Chile Honduras Nicaragua Paraguay Suriname Downgrade Columbia Ecuador Kazakhstan Argentina Ukraine Argentina Lebanon Ukraine Moldova Brazil Uruguay Moldova (x2) Venezuela Bolivia Jamaica Paraguay Venezuela Nicaragua Dom Rep (x2) Belize Dom Rep Philippines Belize Lebanon Philippines Belize Lebanon to 31/10/2006 Source: Bloomberg (October 2006) Credit changes opposite to the previous credit change for a single country indicated thus 15

16 An extremely favourable supply and demand dynamic is at work

17 A Structural shift is in motion Demand for Emerging Local Bonds outstrips supply 17 Switch to Local Financin g Demand Supply Local Pension Funds Foreign Pension Funds EM LOCAL MARKETS

18 Emerging Markets are at the forefront of pension reform MAP INDICATING COUNTRIES WHERE PENSION REFORM HAS OCCURRED Source: 18

19 ...growing pension funds absorb local supply easily Leaving little for other investors SELECTION OF LATIN AMERICAN COUNTRIES PENSION FUNDS ADMINISTERED (USD MILLIONS) 90,000 80,000 70,000 60,000 Chile Mexico 50,000 40,000 30,000 20,000 10,000 Colombi a Peru 0 Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Mar.2005 Sep Mar.2006 Sep Source: 19

20 Emerging Local Bonds will be a fact of life Pension Funds are starved of cashflow.

21 Table of contents 3. A Compelling Investment Case

22 Emerging Local Bonds are high returning ANNUALISED RETURNS SINCE END-2001 S&P % Global Bonds 4.88% High Grade Bonds 6.52% Russell % Asia Local Bonds 9.83% High Yield Bonds 10.56% Commodities 10.88% Emerging USD Bonds 13.35% Emerging Local Bonds 16.10% Emerging Equities 24.22% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% Annualized historical data : Source : JP Morgan / HSBC / Bloomberg 22

23 and are well diversified with other asset classes Correlations (Monthly ) Emerging Local Bonds Asia Local Bonds Emerging USD Bonds Commodities Global Bonds High Grade Bonds High Yield Bonds Emerging Equities S&P 500 Russell 2000 Emerging Local Bonds Asia Local Bonds Emerging USD Bonds Commodities Global Bonds High Grade Bonds High Yield Bonds Emerging Equities S&P Russell Historical data : Source : JP Morgan/HSBC/Bloomberg 23

24 in addition to being well diversified within the asset class Correlations (Monthly ) Asia Europe LatAm ME/Africa Asia Europe LatAm ME/Africa 1.00 Historical data : Source : Bloomberg 24

25 while the level of risk compares favourably Emerging Local Bonds Asia Local Bonds Emerging USD Bonds Commodities Global Bonds High Grade Bonds High Yield Bonds Emerging Equities S&P 500 Russell 2000 Sharpe Ratios Historical data : Source : Bloomberg 25

26 Principal components of return are split between Bonds and FX With bond returns outweighing FX returns and with lower volatility CUMULATIVE RETURNS SINCE END Dec-01 Mar-02 Jun-02 Sep-02 Dec-02 Mar-03 Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Bonds FX Annualized historical data : Source : JP Morgan 26

27 Speaker Simon Lue-Fong Head of Global Emerging Debt Fixed Income team Simon Lue-Fong joined Pictet Asset Management in 2005 as a Senior Investment Manager and Head of Global Emerging Debt with responsibility for investment management, product development and client relations. He has been an investment manager since His first role was managing Global Bonds and Currencies. In 1996 he set up an Emerging Markets Debt business in external debt and local currency at Fischer Francis Trees & Watts. Before joining Pictet, he worked for Standard Asset Management and INVESCO in their respective Emerging Markets Debt teams. Simon graduated from Bournemouth University with a BA (Hons) degree in Finance. 27

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, July 14,

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, October

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, October

More information

Bond Basics July 2007

Bond Basics July 2007 Bond Basics: Emerging Market (External and Local Markets) Developing economies around the world, known to investors as emerging markets (EM), are rapidly maturing into key players in the global economy

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Thursday, July

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, November

More information

JPMorgan Funds statistics report: Emerging Markets Debt Fund

JPMorgan Funds statistics report: Emerging Markets Debt Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Markets Debt Fund Data as of November 30, 2016 Must be preceded or accompanied by a prospectus. jpmorganfunds.com

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, December

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, February

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, January

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Wednesday, April

More information

Today's CPI data: what you need to know

Today's CPI data: what you need to know Trend Macrolytics, LLC Donald Luskin, Chief Investment Officer Thomas Demas, Managing Director Michael Warren, Energy Strategist Data Insights: Consumer Price Index, Producer Price Index Friday, August

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 08/2017 08/2018 % Change 2017 2018 % Change MEXICO 67,180,788 71,483,563 6.4 % 503,129,061 544,043,847 8.1 % NETHERLANDS 12,954,789 12,582,508

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 11/2/2018 Imports by Volume (Gallons per Country) YTD YTD Country 09/2017 09/2018 % Change 2017 2018 % Change MEXICO 49,299,573 57,635,840 16.9 % 552,428,635 601,679,687 8.9 % NETHERLANDS 11,656,759 13,024,144

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 12/2017 12/2018 % Change 2017 2018 % Change MEXICO 54,169,734 56,505,154 4.3 % 712,020,884 773,421,634 8.6 % NETHERLANDS 11,037,475 8,403,018

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 12/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 10/2017 10/2018 % Change 2017 2018 % Change MEXICO 56,462,606 60,951,402 8.0 % 608,891,240 662,631,088 8.8 % NETHERLANDS 11,381,432 10,220,226

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2019 Imports by Volume (Gallons per Country) YTD YTD Country 11/2017 11/2018 % Change 2017 2018 % Change MEXICO 48,959,909 54,285,392 10.9 % 657,851,150 716,916,480 9.0 % NETHERLANDS 11,903,919 10,024,814

More information

Guide to Treatment of Withholding Tax Rates. January 2018

Guide to Treatment of Withholding Tax Rates. January 2018 Guide to Treatment of Withholding Tax Rates Contents 1. Introduction 1 1.1. Aims of the Guide 1 1.2. Withholding Tax Definition 1 1.3. Double Taxation Treaties 1 1.4. Information Sources 1 1.5. Guide Upkeep

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 7/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 05/2017 05/2018 % Change 2017 2018 % Change MEXICO 71,166,360 74,896,922 5.2 % 302,626,505 328,397,135 8.5 % NETHERLANDS 12,039,171 13,341,929

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 2/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 12/2016 12/2017 % Change 2016 2017 % Change MEXICO 50,839,282 54,169,734 6.6 % 682,281,387 712,020,884 4.4 % NETHERLANDS 10,630,799 11,037,475

More information

Emerging Market Debt attractive yield with solid fundamentals

Emerging Market Debt attractive yield with solid fundamentals For professional use only Not for Public distribution Emerging Market Debt attractive yield with solid fundamentals November 2012 Kevin Daly, Senior Portfolio Manager EMD Aberdeen Asset Management Table

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 10/5/2017 Imports by Volume (Gallons per Country) YTD YTD Country 08/2016 08/2017 % Change 2016 2017 % Change MEXICO 51,349,849 67,180,788 30.8 % 475,806,632 503,129,061 5.7 % NETHERLANDS 12,756,776 12,954,789

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 1/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 11/2016 11/2017 % Change 2016 2017 % Change MEXICO 50,994,409 48,959,909 (4.0)% 631,442,105 657,851,150 4.2 % NETHERLANDS 9,378,351 11,903,919

More information

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile

Argentina Bahamas Barbados Bermuda Bolivia Brazil British Virgin Islands Canada Cayman Islands Chile Americas Argentina (Banking and finance; Capital markets: Debt; Capital markets: Equity; M&A; Project Bahamas (Financial and corporate) Barbados (Financial and corporate) Bermuda (Financial and corporate)

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 6/6/2018 Imports by Volume (Gallons per Country) YTD YTD Country 04/2017 04/2018 % Change 2017 2018 % Change MEXICO 60,968,190 71,994,646 18.1 % 231,460,145 253,500,213 9.5 % NETHERLANDS 13,307,731 10,001,693

More information

UBI Pramerica SGR. US Economic Environment. Richard K. Mastain, Senior Vice President Jennison Associates LLC. April 2008

UBI Pramerica SGR. US Economic Environment. Richard K. Mastain, Senior Vice President Jennison Associates LLC. April 2008 UBI Pramerica SGR US Economic Environment Richard K. Mastain, Senior Vice President Jennison Associates LLC Subadvisor to Certain UBI Pramerica SGR Funds April 2008 Notice This presentation is for informational

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 3/7/2018 Imports by Volume (Gallons per Country) YTD YTD Country 01/2017 01/2018 % Change 2017 2018 % Change MEXICO 54,235,419 58,937,856 8.7 % 54,235,419 58,937,856 8.7 % NETHERLANDS 12,265,935 10,356,183

More information

Year Fund Category TCM Vietnam High Dividend Equity Fund (FINALIST) Specialist Management Group of the Year

Year Fund Category TCM Vietnam High Dividend Equity Fund (FINALIST) Specialist Management Group of the Year Frontier Markets Introduction TRUSTUS Capital Management Boutique Investment Company Established in 1978 TCM Investments Funds TRUSTUS Wealth Management Independently owned 21 employees Focus on High Dividend

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 4/5/2018 Imports by Volume (Gallons per Country) YTD YTD Country 02/2017 02/2018 % Change 2017 2018 % Change MEXICO 53,961,589 55,268,981 2.4 % 108,197,008 114,206,836 5.6 % NETHERLANDS 12,804,152 11,235,029

More information

SANGAM GLOBAL PHARMACEUTICAL & REGULATORY CONSULTANCY

SANGAM GLOBAL PHARMACEUTICAL & REGULATORY CONSULTANCY SANGAM GLOBAL PHARMACEUTICAL & REGULATORY CONSULTANCY Regulatory Affairs Worldwide An ISO 9001:2015 Certified Company Welcome to Sangam Global Pharmaceutical & Regulatory Consultancy (SGPRC) established

More information

Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX

Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX Summary Prospectus October 31, 2017 Brown Advisory Somerset Emerging Markets Fund Class/Ticker: Institutional Shares / BAFQX Investor Shares / BIAQX Advisor Shares / BAQAX Before you invest, you may want

More information

GS Emerging Markets Debt Blend Portfolio

GS Emerging Markets Debt Blend Portfolio Factsheet as at : November 12, 2018 GS Emerging Markets Debt Blend Portfolio Fund objective The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest

More information

Request to accept inclusive insurance P6L or EASY Pauschal

Request to accept inclusive insurance P6L or EASY Pauschal 5002001020 page 1 of 7 Request to accept inclusive insurance P6L or EASY Pauschal APPLICANT (INSURANCE POLICY HOLDER) Full company name and address WE ARE APPLYING FOR COVER PRIOR TO DELIVERY (PRE-SHIPMENT

More information

SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER

SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER SHARE IN OUR FUTURE AN ADVENTURE IN EMPLOYEE STOCK OWNERSHIP DEBBI MARCUS, UNILEVER DEBBI.MARCUS@UNILEVER.COM RUTGERS SCHOOL OF MANAGEMENT AND LABOR RELATIONS NJ/NY CENTER FOR EMPLOYEE OWNERSHIP AGENDA

More information

Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD

Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Emerging Capital Markets Update for August 2011 All data are as of Wednesday, August 31, 2011. The regional indices are

More information

T. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018

T. Rowe Price Funds. Supplement to the following summary prospectuses, each as dated below (as supplemented) MARCH 1, 2018 MAY 1, 2018 JULY 1, 2018 T. Rowe Price Funds Supplement to the following summary prospectuses, each as dated below (as supplemented) Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Stock Emerging Markets

More information

YUM! Brands, Inc. Historical Financial Summary. Second Quarter, 2017

YUM! Brands, Inc. Historical Financial Summary. Second Quarter, 2017 YUM! Brands, Inc. Historical Financial Summary Second Quarter, 2017 YUM! Brands, Inc. Consolidated Statements of Income (in millions, except per share amounts) 2017 2016 2015 YTD Q3 Q4 FY FY Revenues Company

More information

Long Association List of Jurisdictions Surveyed for Which a Response Has Been Received

Long Association List of Jurisdictions Surveyed for Which a Response Has Been Received Agenda Item 7-B Long Association List of Jurisdictions Surveed for Which a Has Been Received Jurisdictions Region IFAC Largest 29 G10 G20 EU/EEA IOSCO IFIAR Surve Abu Dhabi Member (UAE) Albania Member

More information

Dutch tax treaty overview Q3, 2012

Dutch tax treaty overview Q3, 2012 Dutch tax treaty overview Q3, 2012 Hendrik van Duijn DTS Duijn's Tax Solutions Zuidplein 36 (WTC Tower H) 1077 XV Amsterdam The Netherlands T +31 888 387 669 T +31 888 DTS NOW F +31 88 8 387 601 duijn@duijntax.com

More information

Latin America Equities

Latin America Equities Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12

More information

Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD

Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Capital Markets and Corporate Governance Service Line Capital Markets Practice, FPD Emerging Capital Markets Update for July 2011 All data are as of Friday, July 29, 2011. The regional indices are based

More information

Emerging & Frontier Markets Expanding the Opportunity Set

Emerging & Frontier Markets Expanding the Opportunity Set NORTHERN TRUST 2010 INSTITUTIONAL CLIENT CONFERENCE Reaching for the New Gold Standard of Investing Emerging & Frontier Markets Expanding the Opportunity Set Moderator: Julia Bristow Briggs Senior Investment

More information

Frontier Markets and a teaser of what is to come. Peter Elam Håkansson, Chairman and Partner

Frontier Markets and a teaser of what is to come. Peter Elam Håkansson, Chairman and Partner Frontier Markets and a teaser of what is to come Peter Elam Håkansson, Chairman and Partner The Frontier Markets Have the good old Emerging Markets lost their appeal? We remain convinced that Emerging

More information

Total Imports by Volume (Gallons per Country)

Total Imports by Volume (Gallons per Country) 5/4/2016 Imports by Volume (Gallons per Country) YTD YTD Country 03/2015 03/2016 % Change 2015 2016 % Change MEXICO 53,821,885 60,813,992 13.0 % 143,313,133 167,568,280 16.9 % NETHERLANDS 11,031,990 12,362,256

More information

n O v e m b e R Securities Industry And Financial Markets Global Addendum 2007 Volume I I No. New York n Washington n London n Hong Kong

n O v e m b e R Securities Industry And Financial Markets Global Addendum 2007 Volume I I No. New York n Washington n London n Hong Kong ReseaRch RePORT n O v e m b e R 2 7 Securities Industry And Financial Markets Global Addendum 27 Volume I I No. 1 New York n Washington n London n Hong Kong SIFMA RESEARCH AND POLICY DEPARTMENT Michael

More information

TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime

TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime A F R I C A WA T C H TRENDS AND MARKERS Signatories to the United Nations Convention against Transnational Organised Crime Afghanistan Albania Algeria Andorra Angola Antigua and Barbuda Argentina Armenia

More information

HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES

HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES HEALTH WEALTH CAREER 2017 WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES WORLDWIDE BENEFIT & EMPLOYMENT GUIDELINES AT A GLANCE GEOGRAPHY 77 COUNTRIES COVERED 5 REGIONS Americas Asia Pacific Central & Eastern

More information

Date of Latest Changes

Date of Latest Changes Emerging Capital Markets Update for May 2011 All data are as of Tuesday, May 31, 2011. The regional indices are based on an average of major EM countries in each region where the data are available. Summary

More information

Monetary Policy: A Key Driver for Long Term Macroeconomic Stability

Monetary Policy: A Key Driver for Long Term Macroeconomic Stability Monetary Policy: A Key Driver for Long Term Macroeconomic Stability Julio Velarde Governor Central Bank of Peru March 2016 Agenda 1. Peru s growth is based on strong fundamentals 2. Recent economic developments

More information

Emerging Markets Stock Fund

Emerging Markets Stock Fund SUMMARY PROSPECTUS PRMSX PRZIX Investor Class I Class March 1, 2018 T. Rowe Price Emerging Markets Stock Fund A fund seeking long-term growth of capital through investments in common stocks of companies

More information

Luxembourg-Kazakhstan business relations A focus on financial services. 2 March 2017

Luxembourg-Kazakhstan business relations A focus on financial services. 2 March 2017 Luxembourg-Kazakhstan business relations A focus on financial services 2 March 2017 Arendt & Medernach s story in Kazakhstan First visit to Kazakhstan in 2011 Moscow office opened in October 2012 Covering

More information

Why Invest In Emerging Markets? Why Now?

Why Invest In Emerging Markets? Why Now? Why Invest In Emerging Markets? Why Now? 2017 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1997

More information

Index of Financial Inclusion. (A concept note)

Index of Financial Inclusion. (A concept note) Index of Financial Inclusion (A concept note) Mandira Sarma Indian Council for Research on International Economic Relations Core 6A, 4th Floor, India Habitat Centre, Delhi 100003 Email: mandira@icrier.res.in

More information

Cross-Border Tax Regimes. Steven Sieker Partner, Baker McKenzie 28 June 2018

Cross-Border Tax Regimes. Steven Sieker Partner, Baker McKenzie 28 June 2018 Cross-Border Tax Regimes Steven Sieker Partner, Baker McKenzie 28 June 2018 Taxation in the Cross-Border Context Payer service recipient / borrower / IP licensee / employer payments for services rendered

More information

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017

a closer look GLOBAL TAX WEEKLY ISSUE 249 AUGUST 17, 2017 GLOBAL TAX WEEKLY a closer look ISSUE 249 AUGUST 17, 2017 SUBJECTS TRANSFER PRICING INTELLECTUAL PROPERTY VAT, GST AND SALES TAX CORPORATE TAXATION INDIVIDUAL TAXATION REAL ESTATE AND PROPERTY TAXES INTERNATIONAL

More information

Instruction Deadline. *Settlement Cycle

Instruction Deadline. *Settlement Cycle Argentina Equity & Fixed Income T+0-T+2 SD+1 2:30 SD+1 2:30 Fixed Income (MAECLEAR) T+0-T+2 SD 23:00 SD 23:00 Physical T+0-T+2 SD 23:00 SD 23:00 Australia Equity T+2 SD 5:30 SD 10:30 Fixed Income T+2 SD

More information

M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015

M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager. November 2015 M&G Emerging Markets Bond Fund Claudia Calich, Fund Manager November 2015 Agenda Macro update & government bonds Emerging market corporate bonds Fund positioning Emerging markets risks today Risks Slowing

More information

ABOUT THE DATA. IntelliRisk Advanced Global Data. Content Overview. Data Feeds and Frequency. Account Setup in IntelliRisk Advanced

ABOUT THE DATA. IntelliRisk Advanced Global Data. Content Overview. Data Feeds and Frequency. Account Setup in IntelliRisk Advanced ABOUT THE DATA Advanced Global Data Content Overview Data Feeds and Frequency Account Setup in Advanced Currency and Financial Data Claim Data Processing Help / International Services Team Data Feeds and

More information

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market.

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market. HSBC Fund Update March 2015 HSBC GIF Global Emerging Markets Bond Summary Market sentiment improved in February given supportive global developments including the interim agreement between Greece and its

More information

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%) Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes

More information

PENTA CLO 2 B.V. (the "Issuer")

PENTA CLO 2 B.V. (the Issuer) THIS NOTICE CONTAINS IMPORTANT INFORMATION OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE NOTES (AS DEFINED BELOW). IF APPLICABLE, ALL DEPOSITARIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING

More information

Global debt flows. Exposure builds in Turkey & Italy amplified pain. Six things learnt from latest flows data. Economic & Financial Analysis

Global debt flows. Exposure builds in Turkey & Italy amplified pain. Six things learnt from latest flows data. Economic & Financial Analysis Economic & Financial Analysis Global Debt & Rates 25 May 218 Rates and Credit Note: The weekly data in this report reference the week ended Wednesday 23 th May 218 Global debt flows Exposure builds in

More information

Emerging Market Debt Outlook

Emerging Market Debt Outlook Emerging Market Debt Outlook Live Webcast hosted by: Luz Padilla Portfolio Manager Emerging Markets Fixed Income Fund (DBLEX/DLENX) June 15, 2010 Fund Offerings Emerging Markets Fixed Income Fund Retail

More information

This indicator set is prepared for users to give up-to-date information about different areas of Turkish Economy.

This indicator set is prepared for users to give up-to-date information about different areas of Turkish Economy. This indicator set is prepared for users to give up-to-date information about different areas of Turkish Economy. This document is updated at the first day of every week. Last update: March 6, 2017 1 TURKISH

More information

The Structure, Scope, and Independence of Banking Supervision Issues and International Evidence

The Structure, Scope, and Independence of Banking Supervision Issues and International Evidence The Structure, Scope, and Independence of Banking Supervision Issues and International Evidence Daniel Nolle Senior Financial Economist Office of the daniel.nolle@occ.treas.gov Presentation July 10, 2003

More information

ide: FRANCE Appendix A Countries with Double Taxation Agreement with France

ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Fiscal operational guide: FRANCE ide: FRANCE Appendix A Countries with Double Taxation Agreement with France Albania Algeria Argentina Armenia 2006 2006 From 1 March 1981 2002 1 1 1 All persons 1 Legal

More information

Standard & Poor's Publishes Finalized Country Risk Assessments For 103 Countries

Standard & Poor's Publishes Finalized Country Risk Assessments For 103 Countries Standard & Poor's Publishes Finalized Country Risk Assessments For 103 Countries Primary Credit Analyst: Andreas Kindahl, Stockholm (46) 8-440-5907; andreas.kindahl@standardandpoors.com Secondary Credit

More information

Emerging Markets Debt: the next 10 years

Emerging Markets Debt: the next 10 years Emerging Markets Debt: the next 10 years Paper VII, May 2012 This communication is only for professional investors, professional financial advisers and, at their exclusive discretion, their clients. It

More information

Annex Supporting international mobility: calculating salaries

Annex Supporting international mobility: calculating salaries Annex 5.2 - Supporting international mobility: calculating salaries Base salary refers to a fixed amount of money paid to an Employee in return for work performed and it is determined in accordance with

More information

GEF Evaluation Office MID-TERM REVIEW OF THE GEF RESOURCE ALLOCATION FRAMEWORK. Portfolio Analysis and Historical Allocations

GEF Evaluation Office MID-TERM REVIEW OF THE GEF RESOURCE ALLOCATION FRAMEWORK. Portfolio Analysis and Historical Allocations GEF Evaluation Office MID-TERM REVIEW OF THE GEF RESOURCE ALLOCATION FRAMEWORK Portfolio Analysis and Historical Allocations Statistical Annex #2 30 October 2008 Midterm Review Contents Table 1: Historical

More information

Real Estate & Private Equity workshop

Real Estate & Private Equity workshop Real Estate & Private Equity workshop Moderator: Panelists: Joseph Hendry, Managing Director, Brown Brothers Harriman Gautier Despret, Senior Manager, Ernst & Young Patrick Goebel, Counsel, Allen & Overy

More information

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of By i.e. muhanna i.e. muhanna Page 1 of 8 040506 Additional Perspectives Measuring actuarial supply and demand in terms of GDP is indeed a valid basis for setting the actuarial density of a country and

More information

Africa Fixed Income. Old finance on an old continent makes for new things. SAAX July 2014

Africa Fixed Income. Old finance on an old continent makes for new things. SAAX July 2014 Africa Fixed Income Old finance on an old continent makes for new things SAAX July 2014 Which Africa? 4mn Irish aid stolen in office of Ugandan prime minister 100mn profit after tax Guinness Nigeria (2012)

More information

(ISC)2 Career Impact Survey

(ISC)2 Career Impact Survey (ISC)2 Career Impact Survey 1. In what country are you located? Albania 0.0% 0 Andorra 0.0% 1 Angola 0.0% 0 Antigua and Barbuda 0.0% 0 Argentina 0.3% 9 Australia 2.0% 61 Austria 0.2% 6 Azerbaijan 0.0%

More information

GLOBAL MARKET OUTLOOK

GLOBAL MARKET OUTLOOK GLOBAL MARKET OUTLOOK Max Darnell, Managing Partner, Chief Investment Officer All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. performance is no

More information

Withholding Tax Rates 2014*

Withholding Tax Rates 2014* Withholding Tax Rates 2014* (Rates are current as of 1 March 2014) Jurisdiction Dividends Interest Royalties Notes Afghanistan 20% 20% 20% International Tax Albania 10% 10% 10% Algeria 15% 10% 24% Andorra

More information

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012

Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 Countries with Double Taxation Agreements with the UK rates of withholding tax for the year ended 5 April 2012 This table shows the maximum rates of tax those countries with a Double Taxation Agreement

More information

Emerging Markets Outlook

Emerging Markets Outlook Mark Mobius, Ph.D. Executive Chairman Templeton Emerging Markets Group Emerging Markets Outlook Dealer Use Only / Not for Distribution to the Public Agenda Performance Emerging Markets Equities: Demand

More information

Why Invest In Emerging Markets? Why Now?

Why Invest In Emerging Markets? Why Now? Why Invest In Emerging Markets? Why Now? 2018 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1998

More information

Clinical Trials Insurance

Clinical Trials Insurance Allianz Global Corporate & Specialty Clinical Trials Insurance Global solutions for clinical trials liability Specialist cover for clinical research The challenges of international clinical research are

More information

Dutch tax treaty overview Q4, 2013

Dutch tax treaty overview Q4, 2013 Dutch tax treaty overview Q4, 2013 Hendrik van Duijn DTS Duijn's Tax Solutions Zuidplein 36 (WTC Tower H) 1077 XV Amsterdam The Netherlands T +31 888 387 669 T +31 888 DTS NOW F +31 88 8 387 601 duijn@duijntax.com

More information

Section 872. Gross Income. Rev. Rul

Section 872. Gross Income. Rev. Rul Section 872. Gross Income (Also sections 883, 894.) 26 CFR 1.872 2: Exclusions from gross income of nonresident alien individuals. (Also 26 CFR 1.883 1.) This revenue ruling updates the list of countries

More information

Non-resident withholding tax rates for treaty countries 1

Non-resident withholding tax rates for treaty countries 1 Non-resident withholding tax rates for treaty countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15% 15% 0/15% 15/25% Argentina 7 12.5 10/15 3/5/10/15 15/25 Armenia

More information

Fiscal Policy and the Global Crisis

Fiscal Policy and the Global Crisis Fiscal Policy and the Global Crisis Presentation at Koҫ University, Istanbul Carlo Cottarelli Director IMF Fiscal Affairs Department June 9, 2009 1 Two fiscal questions What is the appropriate fiscal policy

More information

Sovereign Risk Indicators

Sovereign Risk Indicators Primary Credit Analyst: Alexander Petrov, London (44) 20-7176-7115; alexander.petrov@standardandpoors.com Secondary Contacts: Santiago Cajal, Mexico City; santiago.cajal@standardandpoors.com Remy Carasse,

More information

Global debt flows. Duration/risk asset flight to front end bonds. Six things learnt from latest flows data. Economic & Financial Analysis

Global debt flows. Duration/risk asset flight to front end bonds. Six things learnt from latest flows data. Economic & Financial Analysis Economic & Financial Analysis Global Debt & Rates 23 November 218 Rates and Credit Note: The weekly data in this report reference the week ended Wednesday 21 nd Nov 218 Global debt flows Duration/risk

More information

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX

KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX KPMG s Individual Income Tax and Social Security Rate Survey 2009 TAX B KPMG s Individual Income Tax and Social Security Rate Survey 2009 KPMG s Individual Income Tax and Social Security Rate Survey 2009

More information

World Consumer Income and Expenditure Patterns

World Consumer Income and Expenditure Patterns World Consumer Income and Expenditure Patterns 2011 www.euromonitor.com iii Summary of Contents Contents Summary of Contents Section 1 Introduction 1 Section 2 Socio-economic parameters 21 Section 3 Annual

More information

Latin America Copes with Volatility, The Dark Side of Globalization

Latin America Copes with Volatility, The Dark Side of Globalization Latin America Copes with Volatility, The Dark Side of Globalization 2012 Spring Meetings IMF-World Bank Chief Economist Office Latin America and the Caribbean The World Bank Washington, DC 18 April 2012

More information

Outlook for the World Economy: Implications for the Caribbean. Saul Lizondo. Western Hemisphere Department International Monetary Fund

Outlook for the World Economy: Implications for the Caribbean. Saul Lizondo. Western Hemisphere Department International Monetary Fund Outlook for the World Economy: Implications for the Caribbean Saul Lizondo Associate Director Western Hemisphere Department International Monetary Fund Trinidad id d and Tobago, September, 1 Presentation

More information

Other Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries 1

Other Tax Rates. Non-Resident Withholding Tax Rates for Treaty Countries 1 Other Tax Rates Non-Resident Withholding Tax Rates for Treaty Countries 1 Country 2 Interest 3 Dividends 4 Royalties 5 Annuities 6 Pensions/ Algeria 15% 15% 0/15% 15/25% Argentina 7 12.5 10/15 3/5/10/15

More information

Emerging Markets Debt: Outlook for the Asset Class

Emerging Markets Debt: Outlook for the Asset Class Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to

More information

Credit Ratings for 50 Countries and Regions by Dagong

Credit Ratings for 50 Countries and Regions by Dagong Review Summary at 1 st Anniversary of Issuance of Sovereign Credit Ratings for 50 Countries and Regions by Dagong July 11, 2011 Dagong officially released Sovereign credit ratings for 50 countries and

More information

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED

INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING FOR SEAFARERS (STCW), 1978, AS AMENDED E 4 ALBERT EMBANKMENT LONDON SE 7SR Telephone: +44 (0)20 7735 76 Fax: +44 (0)20 7587 320 MSC./Circ.64/Rev.5 7 June 205 INTERNATIONAL CONVENTION ON STANDARDS OF TRAINING, CERTIFICATION AND WATCHKEEPING

More information

Venezuelan Sovereign Credit Risk Measures Worsen as Economic Turmoil Deepens

Venezuelan Sovereign Credit Risk Measures Worsen as Economic Turmoil Deepens 24 FEBRUARY 2014 CAPITAL MARKETS RESEARCH MARKET SIGNALS SOVEREIGN RISK REPORT Moody s Capital Markets Research, Inc. Authors Irina Baron Assistant Director 1.212.553.4307 Irina.Baron@moodys.com Xian Li

More information

What about historical premiums for other markets?

What about historical premiums for other markets? What about historical premiums for other markets? 107 Historical data for markets outside the United States is available for much shorter :me periods. The problem is even greater in emerging markets. The

More information

FY2016 RESULTS. 1 February 2016 to 31 January Inditex continues to roll out its global, fully integrated store and online model.

FY2016 RESULTS. 1 February 2016 to 31 January Inditex continues to roll out its global, fully integrated store and online model. FY2016 RESULTS 1 February 2016 to 31 January 2017 Inditex continues to roll out its global, fully integrated store and online model. Strong operating performance: Net sales for FY2016 reached 23.3 billion,

More information

The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times

The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times International Monetary Fund October 215 Fiscal Monitor The Commodities Roller Coaster: A Fiscal Framework for Uncertain Times Tidiane Kinda Fiscal Affairs Department Vienna, November 26, 215 The views

More information

Current Issues In Global Risk

Current Issues In Global Risk Current Issues In Global Risk US Economic Recovery Terrorism Iraq and Middle East Conflicts Exchange Rate Volatility China s Exchange Rate Policy Corporate Governance World s Health Epidemics Real Estate

More information

Supplementary Table S1 National mitigation objectives included in INDCs from Jan to Jul. 2017

Supplementary Table S1 National mitigation objectives included in INDCs from Jan to Jul. 2017 1 Supplementary Table S1 National mitigation objectives included in INDCs from Jan. 2015 to Jul. 2017 Country Submitted Date GHG Reduction Target Quantified Unconditional Conditional Asia Afghanistan Oct.,

More information