Friday, 20 August 2010

2nd Annual Investing in Frontier Markets

Assessing favorable regions and products in a diverse market

16th & 17th September 2010, London, UK

An expert speaker panel which includes:

Daniel Broby, CIO, Silk Invest
Peter Westin, Chief Equity Strategist/Economist, Aton Capital
Raphael Kassin, Head of Emerging Market Debt, Reyl Asset Management
Douglas Bennett, Director, Frontier Market Fund Managers
Clemente Cappello, CIO and Portfolio Manager, Sturgeon Capital
Javier Garcia, Fund Manager, Julius Baer Black Sea Fund, Swiss & Global Asset Management
Ayo Salami, Chief Investment Officer, Duet Asset Management
Frank Senyo Dewotor, Portfolio Manager (Africa), Fulcrum Asset Management
Mohammed Hanif, Chief Investment Officer/CEO, Insparo AM
Slim Feriani, CEO, Advance Emerging Capital
Khaled Abdel Majeed, Managing Partner, MENA Capital
Douglas Clayton, CEO, Leopard Capital
Keith Gubbin, CEO, Africa Asset Management
Chris Derksen, Head of Frontier Markets, Investec Asset Management
Kenneth Spurling, Managing Director / CEO, FDSH Asset Management Limited
Alisher Ali, Managing Partner, Eurasia Capital Management

Friday, 13 August 2010

Frontier market EM yields

The announcement of a CFA 5 billion Cote d'Ivoire bonds 2009-2014 6,95% listed on the BRVM selling at only a 3% discount makes one wonder if yields can get much lower in frontier markets (Cote d'Ivoire defaulted in the not to distant past).

Some think that it is completely mad to think that frontier market yields cannot go to lower levels, even with them having the inverse government debt picture of developed markets. We disagree. Consider that in the past, at the peak of the developed markets bull period in bonds (the ultimate lows in yields), the curve gots so flat that the average spread between the long bond and Fed funds rate was only 100bps. It would seem that just as the BB frontier bond universe was over-looked and hence had the greatest return potential, the pick up in the frontier yeilds, and in particular the local and corproate yields, are still attractive. With the structural case, thhe long end of the frontier universe now also carries with it a compelling total return opportunity (inflation expectations are still far too high).

Thursday, 12 August 2010

All change at the NSE

The Nigerian Securities and Exchange Commission ordered the Director-General of the NSE to leave her post. Local media reported that the former CEO, Mrs Okereke-Onyuke was accused of mismanaging the accounts of the NSE, which she has led for 10 and served for 27 years after coming from the New York Stock Exchange.

Local press reported drama at the Lagos trading floor as officials of SEC and the Economic and Financial Crimes Commission, accompanied by armed police and plain-clothes security officer came to enforce the dismissal.

The cleaning up of insitutions like the NSE is a pre-requisite for Nigeria's economic future.