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In the latest example of the growing focus on infrastructure opportunities in the ABS market, BNP Paribas has formed a specialized product group in its fixed income securitization business.

The Inter–American Development Bank has agreed to forgive about $3.5 billion of debt owed by Bolivia, Guyana, Haiti, Honduras and Nicaragua.

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The liberalization of Pakistan’s financial sector has generated unprecedented growth in the number and size of the country’s banks. Pakistan’s central bank governor, Shamshad Akhtar, discusses the challenges posed by the dramatic growth in the financial industry.

Turning a profit by investing in China’s dysfunctional domestic securities markets has proved a perilous occupation for most fund managers. Recent share reforms have helped to improve an appalling investment climate but there is some way to go before China’s domestic asset management industry begins to resemble anything like those of more developed markets.

And variance swap strategies remain popular.

Luiz Eduardo Melin, international affairs chief of Brazil’s finance ministry, stated last month that, as there are no immediate concerns about inflation accelerating, Brazil must adjust its inflation targeting policy.

Groupama insurer to invest USD 400mn in Turkey. Jean Azema, CEO of Groupama, said that the company would invest USD 400mn in Turkey operations until the end of next year. Early this year, the French insurance company Groupama has acquired a 56.67% stake in the local insurer Basak Sigorta and a 41% stake in private pension fund company Basak Emeklilik for USD 268mn. Groupama has also raised its stake in Basak Sigorta. Groupama paid a total of USD 68mn to Taris Unions of Agricultural Co-Operatives and Cukobirlik for 33.34% stakes in Basak Sigorta. Groupama also acquired Fiskobirlik’s 6.67% stake in Basak Sigorta for USD 13.5mn, thus Groupama’s stake in Basak Sigorta has reached 96.68%.

In what will be a landmark transaction, Privatbank, Ukraine’s biggest bank, is poised to be the country’s first issuer of an asset-backed securitization.

“People say there’s no distressed debt. Well, there is; it’s just not trading at distressed prices”

Turning a profit by investing in China’s dysfunctional domestic securities markets has proved a perilous occupation for most fund managers. Recent share reforms have helped to improve an appalling investment climate but there is some way to go before China’s domestic asset management industry begins to resemble anything like those of more developed markets.

As the credit markets grow ever more sophisticated, so the language participants employ grows ever more politically correct. Euromoney translates some of the new terms in vogue in the distressed debt market back into their original forms.