Pubblicato in: Finanza e Sistema Bancario

Masala Bonds. Anche i noci alla nascita sono arboscelli.

Giuseppe Sandro Mela.

2017-03-31.

2017-03-31__Noce__noci20

«A masala bond is one issued outside India but denominated in Indian rupees»

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«The BRICS – Brazil, Russia, India, China and South Africa – agreed to create the infrastructure-focused lender in July 2014 as an alternative to the World Bank»

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«The bank was officially launched a year later»

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«The offering comes after the bank sold three billion in yuan-denominated green bonds ($435.5 million) on China’s interbank market last year»

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«Headquartered in Shanghai, the New Development Bank is seen as the first major achievement of the BRICS countries since they got together in 2009 to press for a bigger say in the global financial order created by Western powers after World War Two»

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«the establishment of the China-led Asian Infrastructure Investment Bank (AIIB) has raised questions about the New Development Bank’s relevance, with some commentators casting doubts about Beijing’s commitment to the lender»

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I paesi ex-emergenti per decenni sono stati trangugiati dagli organismi finanziari internazionali governati dagli occidentali: il Fondo Monetario Internazionale, Imf, a guida europea, e la World Bank a guida americana.

Più che strumenti finanziari per l’incentivazione di crescita economica e sviluppo essi sono stati in realtà braccia armate di controllo e dominio.

Poi, un bel giorno, i Brics si sono ribellati e si son fatti la loro Asian Infrastructure Investment Bank (AIIB), seguita dalla New Development Bank, lasciando con un palmo di naso gli occidentali: che si tenessero pure Imf e WB.

Sarebbe stato utopico pensare che tali istituzioni avessero potuto diventare forti e potenti nel giro di pochi anni: tutto richiede il suo tempo.

Adesso, l’operazione sui masala bonds è uno dei tanti segni della crescita che è stata fatta.

In molti diranno che sono piccoli movimenti, che i volumi sono scarsi, e così via.

Si è perfettamente di accordo.

Ma cinque anni fa non c’erano ed oggi ci sono.

Nota.

Guardano gli arboscelli di noce resta difficile immaginarsi la magnificenza dell’albero. Però piantare un noce è segno di grande sensibilità del futuro: il fusto inizia a diventare maturo dopo sessanta anni, anche se a novanta raggiunge la perfezione. Lo pianta il nonno e lo taglia il pronipote.

Leggendo la Direttiva 2003/89/Ce del Parlamento Europeo e del Consiglio ben pochi si sarebbero immaginata la proliferazione di leggi, norme e regolamenti sulle noci e sui noci. Cordis: ce lo siamo finanziato con i nostri soldi, ahimé. Adesso non potresti piantare un noce senza il previo assenso della Commissione Europea ai Noci.


Reuters. 2017-03-30. BRICS development bank to issue up to $500 million in masala bonds

The New Development Bank set up by the BRICS group of major emerging economies plans to raise up to $500 million via rupee-denominated masala bonds in the second half of the year, the bank’s president, K.V. Kamath, said on Thursday.

The BRICS – Brazil, Russia, India, China and South Africa – agreed to create the infrastructure-focused lender in July 2014 as an alternative to the World Bank. The bank was officially launched a year later.

The offering comes after the bank sold three billion in yuan-denominated green bonds ($435.5 million) on China’s interbank market last year aiming to support clean and renewable energy use to reduce carbon emissions.

“We would be ready with the masala bond in local currency in the second half,” Kamath told Reuters in an interview in New Delhi. “Thereafter, in sequence, we will look at the other markets as opportunities open up.”

A masala bond is one issued outside India but denominated in Indian rupees.

Headquartered in Shanghai, the New Development Bank is seen as the first major achievement of the BRICS countries since they got together in 2009 to press for a bigger say in the global financial order created by Western powers after World War Two.

However, the establishment of the China-led Asian Infrastructure Investment Bank (AIIB) has raised questions about the New Development Bank’s relevance, with some commentators casting doubts about Beijing’s commitment to the lender.

Kamath played down those concerns, saying the bank was growing as per its schedule.

“We feel most welcome in our host country. We have received the utmost support from China in getting where we are,” he said.

“We are growing at the utmost speed that is possible .. We are not finding any constraint.”

The creation of the New Development Bank was aimed at addressing a massive infrastructure funding gap in the member countries, which account for almost half the world’s population and about one-fifth of global economic output.

The bank, which was founded with an initial authorized capital of $100 billion, started lending last year, funding seven projects worth $1.5 billion.

This year, it plans to fund 15 infrastructure projects in member countries worth up to $3 billion, said Kamath, who ran India’s ICICI Bank Ltd (ICBK.NS) from 1996 until 2009.

“We concentrated on building up foundations in the first two years. That task is now complete,” said Kamath said.

“As we go along, we will scale up this year what we started last year.”

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