Discover and read the best of Twitter Threads about #BdL

Most recents (8)

After the #BDL Governor #RiadSalameh affirmed he had conducted an audit which clears him from corruption allegations, #Reuters revealed on Friday that it had seen a copy of the audit document and it refutes the governor's claims.
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The auditing firm BDO, Semaan, Gholam & Co clearly noted that its financial review of Salameh's accounts "does not constitute an audit" by international accounting standards,
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and that its findings "do not express an opinion or assurance" regarding Salameh's accounts since they were based on data provided by the governor himself.
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Read 5 tweets
Jour J-1 avant @PatrimoniaLyon !

Avant ce grand rendez-vous de la profession du conseil patrimonial, le moment est opportun pour rappeler la composition des équipes.

Voici els visages de celle de @BDLCM, qui vous accueillera sur place au stand J39.

A dérouler ⤵️⤵️⤵️
Tout d'abord, trois gérants de #BDLCM seront présents, à commencer par #Bastien #Bernus, présent chez BDL depuis 2005 et co-gérant des fonds historiques de la société, #BDL #Convictions (968 M€ d'encours au 27/09/2021) et #BDL #Rempart (557 M€).
⤵️
Arrivé en 2006 chez BDL après plusieurs années chez @EYFrance, #Jean #Duchein pourra vous renseigner sur le fonds #BDL #Transition, qu'il gère, et qui a reçu @lelabelisr dès son lancement en 2019 (92 M€ d'encours au 27/09/2021).
⤵️
Read 12 tweets
A thread on #SDR and #Lebanon. The #IMF is about to create, almost out of thin air, $650 billion worth of reserves (#SDRs) and will distribute them to all countries. #Lebanon’s share will be approximately $900 million. 1/7
The mechanics are complicated. But at its essence, the allocation is costless and, unlike a traditional #IMF program, will come with no strings attached. Before year’s end, #Lebanon will receive the money which will show up as an increase in BDL’s foreign reserves. 2/7
Swapping the SDRs into usable $s is not straightforward. But money is fungible. The reserves’ top-up will give #BDL room to use existing foreign assets while keeping the overall (original) level of reserves unchanged. 3/7
Read 7 tweets
One line thesis for top momentum stocks:
#ADANIGREEN - Largest govt contracts
#LAURUSLABS - Superb Q results, CDMO, Sector Tailwinds
#ALKYLAMINE - Duopoly, Proxy to Pharma(60%) and agroChem(40%) boom
#GMMPFAUDLR - Market leader, MNC, Pharma Proxy

(1/n)
#GRANULES - Pharma boom, API, Cos Moving from China to India for APIs.
#DCAL - CDMO business
#BSOFT - Big wins from the likes of Microsoft, Oracle, etc
#DIXON - Marquee clients like Samsung, Philips, Xiaomi, Proxy to electronics consumption theme in India

(2/n)
#TATACOMM - New investments from FIIs, WFH, Few players left, INet growth
#DHANUKA - Agrochem boom, Asset light business, collaboration with innovators
#AFFLE - Digital consumption growth
#INTELLECT - Financial platform, new product financial services-ready public cloud

(3/n)
Read 7 tweets
So @BDL_Lebanon issued few circulars that, in my opinion, are breaching the law. It is not the first time #bdl breaches the law. I think it is time whosoever is claiming protecting the interests of the depositors to sue BDL & seek annulment of the circulars via the Conseil D'Etat
@BDL_Lebanon previously restricted the access the the $ transferred by expats and confistxated these fresh dollars forcing the beneficiary to receive Liras and @BDL_Lebanon pocketing the $.
1st #bdl differentiated between commercial and retail / housing loans.Stating that only retail / housing loans can be paid in Lira at the Fictual Lira/$ exchange rate of 1507.5
2nd #bdl differentatiated between residents, penalizing the non-residents
Read 16 tweets
@Brad_Setser Makes sense.
Then there’s very little they can do atm except notifying bondholders that they won’t be making the $1.34bn Mar-20 payment & requesting a restructuring. With the scale & pace of FX outflows so far, an eventual drying up of #BDL’s reserves during 2020 is inevitable.
Read 3 tweets
Outraged bybthe new BRR posted today by banking association. They declared thatvthey lowered the rate on $ to 9+% plus risk spread i.e lending rate to poeple around 12% min. While they are paying to deposits a max of 5% half in $ and half in lbp.....
And BRR on lbp at above 11% plus spread. Meaning that lending at 14%. This is not acceptable at all. Banks are sucking the financial juice out of the lenders. BDL #bdl YOU CANNOT REMAIN SILENT. You are allowing a club(read cartel) to fix lending rates to lenders. NO
Why are we all still silent about this matter? Poeple should know how the BRR is calculated. Would the lebanese banking association tell us how? And that the basis ofvthe weighted average are the 180bn$ of deposits while the loans are around 50bn$. NO NO...
Read 5 tweets
Despite capital controls and the likely compression of imports, Lebanon’s external financing needs will remain high at $9-10bn per year. This assumes imports fall by 30%, LL at 2000, capital controls on FX deposits remain in place, no new inflows. That’s still around 18% of GDP.
At first glance, the BdL’s headline reserves figures seems sufficient to cover current account deficit financing and repayments of Eurobonds and BdL's USD CDs (principal and interest) coming due in 2020-21.
But chart also shows that none of those FX needs can be met once the banks’ negative net foreign asset position is taken into account. As @AndyKhalil1 eloquently puts it, #BdL cannot cover banks’ foreign liabilities using fake Lebanese dollars
Read 6 tweets

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