Christopher Langner (for Info only, not official)

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Christopher Langner

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    ...The central bank will have to decide whether to let the masala bond market die slowly or gain new life in a different form than was envisaged when it allowed Indian companies to raise debt in rupees overseas. ReNew Power Ventures Private Ltd, majority owned by Goldman, sold $475 million of five-year bonds at 6% using a structure that sidesteps RBI rules restricting the sale of high-yielding offshore debt, Bloomberg’s Lianting Tu and Anurag Joshi reported on Tuesday, citing a person familiar with the offering. The practice isn’t new: Indian companies can’t sell offshore bonds that pay a high coupon, so they use a special purpose vehicle. In ReNew’s case, this is an entity called Neerg Energy Ltd. India’s central bank long ago cottoned on to this “solution” and responded by curbing the ability of companies abroad to lend to local ones. ...

    Live Mint on Feb. 8, 2017, 8:08 a.m.

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    ...The central bank will have to decide whether to let the masala bond market die slowly or gain new life in a different form than was envisaged when it allowed Indian companies to raise debt in rupees overseas. ReNew Power Ventures Private Ltd, majority owned by Goldman, sold $475 million of five-year bonds at 6% using a structure that sidesteps RBI rules restricting the sale of high-yielding offshore debt, Bloomberg’s Lianting Tu and Anurag Joshi reported on Tuesday, citing a person familiar with the offering. The practice isn’t new: Indian companies can’t sell offshore bonds that pay a high coupon, so they use a special purpose vehicle. In ReNew’s case, this is an entity called Neerg Energy Ltd. India’s central bank long ago cottoned on to this “solution” and responded by curbing the ability of companies abroad to lend to local ones. ...

    Live Mint on Feb. 8, 2017, 8:08 a.m.

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    ...The first thing to keep in mind is that US interest rates will not in isolation determine returns on emerging-market assets this year— the dollar will. A regression of monthly data going back 15 years using the currency and stock and bond returns shows that 79% of the MSCI Brazil Index, 60% of the Russian gauge and 54% of the Indian benchmark are related to moves in the real, the ruble and the rupee. Similar outcomes can be found for bonds using Bank of America Merrill Lynch’s corporate plus indexes. The good news is that even as the dollar reached the highest point since January 2003 after the Federal Reserve announcement, analysts expect it to weaken next year. A look at the three previous rate-hike cycles in the US is also comforting— whenever the dollar behaved well, emerging stocks and bonds did too. In 1994, when the Fed raised its rate from 3% to 5.5% in six steps, the MSCI Emerging Markets index declined 10.3%. ...

    Live Mint on Dec. 15, 2016, 12:51 p.m.