S&P Teleconference : Implication of India Union Budget 2015-16

 

 

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Date:

Monday, March 2, 2015

Time:

India 10.00 a.m.
Thailand/
Indonesia
11.30 a.m.
Hong Kong/
China
12.30 p.m.
Singapore/
Philippines
12.30 p.m.
Japan/
South Korea
1.30 p.m.
Australia 3.30 p.m.

International Toll-free Numbers:

India 1800 3000 1441/
1800 209 1441
Thailand 001 8001 424 3444
Hong Kong 800 964 448
China 40 0603 9023
Singapore 800 101 2045
Philippines 1 800 1391 0020
Japan 0053 116 1110
South Korea (001, 002 & 008)
80014243444
Australia 1 800 053 698

For additional dial-in numbers and other enquiries:

Roosha Sengupta
+91 22 3342 3561
Xenthe Bang
+65 6239 6371

Please join us for a teleconference and Q&A next Monday, 2 March 2015following the announcement of the India Union Budget 2015-2016 proposals.

This teleconference is provided on a complimentary basis.
Register now to receive the link to view slides.

CRISIL and Standard & Poor’s ratings analysts will discuss the following topics:

  • Is the government aggressively pursuing the reforms agenda?
  • Are concrete steps to be taken to spur investments and economic growth?
  • What are the implications for Indian industries, macroeconomic outlook and the sovereign rating?

Speakers:

  • Ritesh Maheshwari, Managing Director and Lead Analytical Manager, Financial Services Ratings, Asia-Pacific, Standard & Poor’s Ratings Services
  • Dharmakirti Joshi, Chief Economist, CRISIL
  • Prasad Koparkar, Senior Director, Industry and Customised Research, CRISIL
  • Kim Eng Tan, Senior Director, Asia-Pacific Sovereign Ratings, Standard & Poor’s Ratings Services


About CRISIL:
Based in India, CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. It is majority-owned by Standard & Poor’s, a part of McGraw Hill Financial and the world’s foremost provider of credit ratings.

About Standard & Poor’s:
Standard & Poor’s Ratings Services, part of McGraw Hill Financial (NYSE: MHFI), is the world’s leading provider of independent credit risk research and benchmarks. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,400 credit analysts in 25 countries, and more than 150 years’ experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information and independent benchmarks that help to support the growth of transparent, liquid debt markets worldwide.

Global dollar credit: links to US monetary policy and leverage

Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States. This has relevance for the discussion of global liquidity and global monetary policy transmission. This paper contributes to this policy discussion by analysing the links between US monetary policy, including unconventional monetary policy, leverage and flows into bond funds, on the one hand, and dollar credit extended to non-US borrowers, on the other. We find that prior to the crisis, banks drew on low funding rates and low-cost leverage to extend dollar credit to non-US orrowers. After the Federal Reserve announced its large-scale bond purchases in 2008, however, bond investors responded to compressed long-term rates by buying dollar bonds from non-US borrowers. The balance of dollar credit transmission has shifted from global banks to global bond investors.

 

Download the paper

Webcast : Indian-Accounting Standars and Convegance to IFRS, 26 FEB, 11AM IST

India has opened a new chapter in its accounting reforms initiative with the formal notification of Indian Accounting Standards (Ind-AS) issued by the Ministry of Corporate Affairs (MCA) on 20 February 2015. Nearly 39 new accounting standards have been notified bringing them in convergence with the globally recognised International Financial Reporting Standards (IFRS).

India has adopted the convergence model rather than an adoption model. Even though most of Ind-ASs are very close to IASB IFRS, there are a few areas where the MCA has carve-outs from principles laid down in IASB IFRS. Some of the important carve outs are in the areas related to straight lining of lease rentals due to inflation, accounting for foreign currency convertible bonds, use of Indian GAAP carrying values of fixed assets and treatment of exchange differences on long term foreign currency borrowings.

Transition to Ind-AS is not a mere accounting change but has significant business consequences like impact on systems and processes, key performance indicators like EBITDA, liquidity ratios, net worth, debt covenants and executive compensation plans.

We urge you to attend this webcast to get a better understanding of how this will impact your business, helping you further with this crucial transition.

Webcast Details

Date: 26 February 2015
Time: 11:00am to 12:30pm

Webcast Link: http://ey.wstream.net/150226/

 

Webcast :China Property Outlook: Developers Face Uneven Recovery, 26 Feb 830am IST

Please join us for a webcast and Q&A on Thursday February 26, 2015 on the credit outlook for the Chinese property sector as it continues to face oversupply and price corrections this year.

Key discussion points:

  • What’s the financing outlook for property developers after Kaisa’s default?
  • Which issuers are vulnerable as offshore funding channels tighten?
  • What’s the impact of loosening credit on property sales outlook?
  • What is S&P’s expectation for overall recovery of the sector?
  • What key factors will impact the credit profiles of Chinese developers?

Register now.

Moderator:

  • Christopher Lee, Managing Director, Corporate Ratings

Speakers:

  • Christopher Yip, Director, Corporate Ratings
  • Matthew Kong, Associate Director, Corporate Ratings

You will need computer speakers or headphones to listen to the webcast.You may submit your questions for the speakers in real time via the web interface.

 

Webinar : India Ratings FY16 Infrastructure Outlook, 24 Feb 2015 3.30 pm IST

Join us for this year’s webinar series on various sectors. We are in the fifth week now and mentioned below is the registration details for the Infrastructure webinar. We have received amazing feedback for the Webinar conducted so far, you may view the video on our various social media platforms. Follow us on Twitter, LinkedIn and Facebook to receive latest updates on the upcoming webinar.

The webinar is hosted by lead analysts tracking their respective sectors.

There’s a 100-seat limit, and they’re sure to be snatched up quickly, so register today!

Register now

Webinar & Survey Report : Uncovering the Growing Need of Global Limits Management, Feb 24, 10am GMT

Uncovering the Growing Need of Global Limits Management: Profit from Limits

The latest PRMIA survey shows that a lot of work still has to be done to comply to the myriad of regulations that ask for better risk limits management oversight 

PRMIA and Misys are inviting you to a webinar with industry experts.
Moderated by David M. Rowe, Senior Strategist, Risk and Regulation, Misys, the panel will discuss:

  • How are limits currently informing banks risk appetite?
  • Have limits merely become more important for regulatory compliance or what are the real drivers
  • Which are the key challenges to achieve global limits?​
Register for the webinar
Date: February 24
Time: 10am GMT /11am CETDownload the full research report here

Survey highlights:

  • Only one-fifth of respondents say they have fully achieved what the survey shows to be the most important capability, the total firm-wide exposure to any one entity
  • Two-thirds of respondents believe the importance of global limits management has increased, which is mainly driven by regulatory compliance but also motivated by a need for more accurate and timely reporting
  • On average, banks can aggregate up to 58% of breaches and limits automatically

Webinar: Advanced OIS Curve Building: Best Practices, Tuesday, February 24, 2015 11:00 am (EST)

Back by popular demand, register today to attend our webinar,Advanced OIS Curve Building: Best Practices, hosted by FINCAD Senior Derivatives Analyst, James Gavin, and moderated by Michael Kane, Commercial Manager at Chartis Research.

Because OIS is the standard funding rate in CSA agreements widely adopted in both the OTC and centrally cleared market, implications of not adopting best practices are significant.

During the webinar, James will discuss best practices for building robust OIS curves including:

  • Handling nuances of the short and long ends of the OIS curve
  • Dual-curve stripping and advanced smoothing techniques
  • Dual-curve calibration and hedging long dated OIS-Libor basis risk
  • Incorporating single currency CSAs into a multi-currency environment using USDAUD

Register today

Webinar: Investment by Foreign Portfolio Investors in corporate bonds: Recent changes and their impact (Thursday, February 19, 2015), 2pm IST

Investment by Foreign Portfolio Investors in corporate bonds: Recent changes and their impact

 

 Thursday, February 19, 2015, 2:00 PM TO 2:45 PM (IST)

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INTRODUCTION

The regulatory environment for investment by foreign portfolio investors (“FPIs”) in corporate bonds has been continuously liberalized over the last 2-3 years- permitting FPIs (erstwhile Foreign Institutional Investors or Qualified Institutional Investors) to subscribe to to-be-listed corporate bonds, increasing the overall investment limits and the reduction in the withholding tax in India on interest payouts on bonds. However, recently the Reserve Bank of India, has restricted FPIs from investing in corporate bonds having residual maturity of less than 3 years. This is in stark contrast to the constant liberalization of the regulatory regime for investment into bonds by FPIs.

The impact of above change will be far reaching on new structures for lending to Indian corporates, with certain questions still left unanswered.

We cordially invite you to be a part of our webinar where we discuss these changes and deliberate on some of the key issues and challenges that would be faced by FPIs in investment into bonds issued by Indian corporates.

Focus Area

  • Discussing the changes to the regulatory regime for investment in corporate bonds by FPIs;
  • Analyzing the possible impact of the changes;
  • Discussing the issues that arise as a result of the change;
  • Possible structure that may be considered going forward, keeping in mind the regulatory and the taxation implications.

Speakers

NISHCHAL JOSHIPURA

Partner – Private Equity and Private Debt, Nishith Desai Associates

Nishchal Joshipura is a Partner in charge of Private Equity and Private Debt practice at Nishith Desai Associates. He is also the partner in charge of the the M&A practice. He is a Chartered Accountant, an MBA and a Lawyer. Nishchal specializes in legal and tax structuring of cross-border transactions and assists clients on documentation and negotiation of Private Equity, Private Debt and M&A deals. His other practice areas include Corporate & Securities laws, Transfer Pricing, International Taxation, Globalization, Structuring of Inbound/Outbound Investments, Structuring of Offshore Funds, Taxation of E-Commerce and Exchange Controls. He has been highly recommended by various legal directories for advice on Private Equity, Investment Funds and M&A.

RUCHIR SINHA

Co-Head, Private Equity and Private Debt, Nishith Desai Associates

Ruchir Sinha co-heads the Private Equity and Private Debt practice at the firm. Ruchir advises clients on private equity investments, merger & acquisition, fund formation across industries from a legal, tax and regulatory perspective. He has advised several global funds in formulating, negotiating and implementing optimum tax-efficient structures for foreign investments into India. He was nominated amongst the top 3 lawyers in India (under 35 category) at IDEX Legal Awards. He is also the recipient of the Real Estate Section Scholarship of the International Bar Association for his paper on ‘Funding Real Estate Projects’.

ABHINAV HARLALKA

Member, Private Debt, Nishith Desai Associates

Abhinav is a member of the Private Debt practice at the firm. Abhinav also advises clients on private equity and debt investments and banking and finance related matters from a legal, tax and regulatory perspective.

Flow of the session

2:00 PM TO 2:30 PM (IST):

Panel Discussion

2:30 PM TO 2:45 PM (IST):

Q & A

 

Seven Assumptions About Highly Rated Sovereigns And Multilateral Lending Institutions

Seven Assumptions About Highly Rated Sovereigns And Multilateral Lending Institutions

When one considers what drives bond prices–such as interest rates, liquidity conditions, currency movements, and investors’ attitudes toward risk–creditworthiness comes pretty far down the list at the higher end of the ratings spectrum. Since 1975, for example, we have lowered only 3% of ‘AAA’ sovereign ratings on average in the ensuing 12 months, 13% over the ensuing five years, and 29% over the ensuing 15 years. By contrast, bond prices have broadly fluctuated in the past four decades. Overall, this level of sovereign credit rating stability is much greater than for corporate and bank ratings. Moreover, the creditworthiness of multilateral lending institutions (MLIs) has been even more stable. We expect the stability of highly rated sovereigns and MLIs to continue. That expectation, however, is founded on a number of assumptions. This article examines seven of them. Some of these apply across all sovereigns or MLIs, while others are issuer-specific.

 

India Ratings FY16 Outlook Webinar – Construction, 19th Feb, 330pm IST

Join us for this year’s webinar series on various sectors. We are in the forth week now and mentioned below is the registration details for the Construction webinar. We have received amazing feedback for the Webinar conducted so far, you may view the video on our various social media platforms. Follow us on Twitter, LinkedIn and Facebook to receive latest updates on the upcoming webinar.

The webinar is hosted by lead analysts tracking their respective sectors.

Register now
There’s a 100-seat limit, and they’re sure to be snatched up quickly, so register today!

How European Union CRA Regulation Affects Standard & Poor’s Sovereign, Regional, And Local Government Ratings

How European Union CRA Regulation Affects Standard & Poor’s Sovereign, Regional, And Local Government Ratings

Additional European rules on credit rating agencies came into effect on June 20, 2013. Some of these rules, which apply to all credit rating agencies registered in the European Union, are specifically intended by policymakers to increase the transparency and predictability of sovereign ratings. The majority of the provisions came into effect on June 20, 2013, although some apply from January 2014. The requirement to publish an annual calendar setting publication dates for the publication of sovereign, regional, and local government ratings and related outlooks has applied since Jan. 1, 2014. On Dec. 30, 2013, we published the first sovereign calendar covering 2014. Throughout 2014, we also published quarterly updates, adding new ratings and removing withdrawn ratings from the calendar. Additional responses to questions may be added in the future.

The Effects Of Big Data On Economic And Credit Research – S&P

Tune in to any business channel on TV or flip open any financial journal, and it probably won’t be long before you hear or find a reference to “big data.” What you won’t find as often is a definition of the term or what it truly means in any context. So what exactly is big data, and why is it such a big deal? More

 

Liquidity At Risk – A stochastic look at cashflows

It has been clearly established that when customers default, it results in liquidity risk; when there is a fraud within the organisation, it impacts liquidity, when there is funding concentration, there is clear evidence of illiquidity if the funders do not renew credit lines, and when markets change, it changes the liquidity profile of an organization.

Liquidity is a second order risk, and one does not manage second order risks without adequately monitoring, measuring and controlling primary risks. If an organisation controls credit risk, it is, in part, controlling liquidity risk.

Read more

Webinar : Model Risk Management: Quantifying, Monitoring and Mitigating Model Risk, 11th Feb 10am ET

Model risk is an eminently practical issue – yet it is the most misunderstood source of losses, reputational dramas, and arguments with regulators. Standard methods exist to mitigate model risk, yet practitioners often struggle to define it as a mathematical quantity and to calculate it.
Moreover, beyond the quantification of model risk, practitioners also question whether model risk can be managed in a similar way to market risk or credit risk, for example by creating model reserves and model limits (analogous to credit reserves and credit limits).
Udi Sela, Vice President and Solutions Product Manager at Numerix
Register Now
Join Numerix on Wednesday, February 11th at 4pm Central European Time / 10am Eastern Standard Time as featured speakers Dr. Massimo Morini of IMI Bank of Intesa Sanpaolo and Dr. David Eliezer of Numerix discuss ways to detect model risk, explain model choices, and set up proper risk management procedures in order to mitigate model risk.
In the first part of our presentation, Dr. Morini will focus on model reserves and model limits, showing how they can be quantified and implemented through real-world examples:
  • Model reserves and model limits
  • Quantification based on mathematics, accounting and regulations
  • Three examples of model risk management for credit, equity and rates
In part two of the webinar, Dr. Eliezer will discuss additional ways to quantify and monitor model risk:
  • Practical methods for estimating the model risk of a derivative
  • Using daily hedge errors in a systematic way to monitor models for signs of model failure
Featured Speakers:
Dr. Massimo Morini, Head of Interest Rate and Credit Models at IMI Bank of Intesa Sanpaolo; Professor of Fixed Income at Bocconi University in Milan; Numerix Quantitative Advisory Board
Massimo Morini is Head of Interest Rate and Credit Models at IMI Bank of Intesa Sanpaolo, where he is also Coordinator of Model Research. He is also Professor of Fixed Income at Bocconi University and he was Research Fellow at Cass Business School, City University London. He regularly delivers advanced training worldwide and has led workshops and expert panels on the financial crisis at major international conferences. He has been a long-term consultant for the World Bank and other institutions.
Dr. Morini has published papers in journals including Risk Magazine, Mathematical Finance, and the Journal of Derivatives, and is the author of “Understanding and Managing Model Risk: A Practical Guide for Quants, Traders and Validators” and other books on credit and interest rate modelling. He holds a PhD in Mathematics and an MSc in Economics.
Dr. David Eliezer, Vice President, Head of Model Validation, Numerix
Dr.<br />
   David Eliezer, Vice President, Head of Model Validation, NumerixDavid Eliezer has been a quant on Wall Street for 18 years, at Goldman Sachs, Morgan Stanley, General Re Financial Products, and Bloomberg, among others. He has published work on option pricing, and on modeling liquidity in finance. He runs the internal testbed for Numerix models, and he leads the Model Validation group at Numerix.
Moderator: Jim Jockle, Chief Marketing Officer, Numerix
Jim Jockle, Chief Marketing Officer, NumerixMr.Jockle leads the company’s global marketing efforts, spanning a diverse set of solutions and audiences. He oversees integrated marketing communications to customers in the largest global financial markets and to the Numerix partner network through the company’s branding, electronic marketing, research, events, public relations, advertising and relationship marketing.
Prior to joining Numerix, he served as Managing Director of Global Marketing and Communications for Fitch Ratings. During his tenure at Fitch, Mr. Jockle built the firm’s public relations program, oversaw investor relations and led marketing and communications plans for several acquisitions. He also oversaw the brand development of a new company dedicated to the enhancement of credit derivative and structured-credit ratings, products and services. Prior to Fitch, Mr. Jockle was a member of the communications team at Moody’s Investors Service.
Secure Your Spot Today – Click Here.

 

India Ratings Outlook FY16 Webinar – Pharma and Healthcare, 11 Feb 2015 3.30 pm – 4.30 pm IST

Join us for this year’s webinar series on various sectors. We are in the forth week now and mentioned below are the registration details for the Pharma and Healthcare webinar. We have received amazing feedback for the Webinar conducted so far, you may view the video on our various social media platforms. Follow us on Twitter, LinkedIn and Facebook to receive latest updates on the upcoming webinar.

The webinar is hosted by lead analysts tracking their respective sectors.

There’s a 100-seat limit, and they’re sure to be snatched up quickly, so register today!

Register now

Webinar : Quantitative Research using Sentiment Analysis for Systematic Trading, Feb 10, 2015 8:30 PM IST

Presenter: Ilya Gorelik; Deltix

Register now

Presenter CV:

Ilya Gorelik is CEO & Founder of Deltix, Inc., responsible for setting the strategic direction of the company, as well as overseeing global product development, sales and marketing. Ilya has more than 15 years of experience managing large-scale software projects and teams. Before founding Deltix in 2005, Ilya was Senior VP of Engineering and CTO at PTC, Senior VP of Product Strategy and Development and Chief Scientist for FirePond, Advisory CTO for HighRoads and several other software technology companies. Ilya has a Ph.D. in Computational Mechanics from Moscow Technical University

S&P Webinar : Negative Rating Actions On Certain European Banks – – Will Similar Trends Emerge in Asia Pacific?, 9th Feb 1130am IST

Please join us for a webcast and Q&A discussing this week’s negative rating actions on certain U.K., German, Austrian & Swiss Banks. We will also offer views on whether similar trends are emerging in Asia Pacific including what it may mean for Asia Pacific bank sectors, including Australia, Hong Kong, Japan and India

We will be joined by  Richard Barnes from our London office who will speak about recent actions in Europe and will be followed by our Asia-Pacific senior bank analysts who will speak about the likely scenario for Asia-Pacific banks.

Speakers:

  • Ritesh Maheshwari, Managing Director, Lead Analytical Manager, APAC Financial Services Team (Singapore)
  • Richard Barnes, Senior Director, Europe FI Team (London)
  • Gavin Gunning, Senior Director, APAC FI Team (Melbourne)

Title: Negative Rating Actions On Certain European Banks – Will Similar Trends Emerge in Asia Pacific?

Date: Monday, February 9, 2015

Time: 2:00 PM Singapore/Hong Kong Time, 5:00 PM Australia Time

Register now

Duration: 1 hour

 

India Ratings Webinar on FY16 Credit Outlook for Banks and Fertlizers, Feb 6, 11am and 330pm IST

Join us for this year’s webinar series on various sectors. We are in the third week now and mentioned below are the registration details for the Telecomm, Paper,Structured Finance and Banks webinar.

The webinar is hosted by lead analysts tracking their respective sectors.

There’s a 100-seat limit, and they’re sure to be snatched up quickly, so register today!

Banks  Sector Credit Outlook, 6 Feb 2015,  11am

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Fertilizer  Sector Credit Outlook, 6th Feb 2015, 330pm

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