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Zambia External Bondholder Steering Committee Reaches Agreement with Zambia on Debt Restructuring
LONDON, March 25, 2024 /PRNewswire/ — The Zambia External Bondholder Steering Committee (the “Committee“) is pleased to announce that it has reached a conclusive agreement (the “2024 Agreement“) with the Government of Zambia (the “Government“) on a restructuring of Zambia’s (i) US$750,000,000 5.375 per cent. Notes due 2022, (ii) US$1,000,000,000 8.500 per cent. Notes due 2024 and (iii) US$1,250,000,000 8.970 per cent. Amortising Notes due 2027 (collectively the “Eurobonds“).
This agreement follows the Government’s confirmation that the terms of the 2024 Agreement are compatible with Zambia’s Official Creditor Committee (the “OCC“) assessment of comparability of treatment and the IMF’s program parameters under the Second Review framework.
Since November 2023 when the OCC determined that the previous agreement-in-principle reached with the Government (the “November 2023 AIP“) did not meet the requirements of the comparability of treatment provisions set out in the memorandum of understanding (“MOU“), the Committee has continued to support the Government’s efforts to pursue a restructuring on terms close to those of the November 2023 AIP, recognising that some adjustments were required as that agreement was predicated on implementation of a restructuring before 31 December 2023.
While the 2024 Agreement provides some further debt relief beyond that provided for in the November 2023 AIP, these additional concessions will allow for the-standing default on the Eurobonds to be cured, will support the restoration of Zambia’s macro-economic and debt sustainability in the context of the IMF-financed program, and were required to ensure the support of all key stakeholders including the IMF and the OCC in a timely manner. Prompt implementation of a debt restructuring agreement with bondholders is not only in Zambia’s interests, but the wider creditor community as a whole.
The proposed restructuring terms set out in the 2024 Agreement are based on the same structure as the November 2023 AIP. Two new Eurobonds (further described as Bond A and Bond B in the Government’s press release) will be issued which provide future debt relief commensurate with Zambia’s economic progress in the next few years. While the 2024 Agreement requires both additional debt reduction and net present value relief compared to the restructuring terms agreed pursuant to the November 2023 AIP, it also includes enhanced repayment terms and higher coupons on Bond B, in the event that Zambia’s debt carrying capacity, as assessed by the IMF and World Bank’s Composite Indicator, moves to medium from weak or Zambia continues to meet or exceeds current IMF projections as measured by exports of goods, services and fiscal revenues measured in US Dollars. The 2024 Agreement also includes agreement on certain non-financial terms, including a most favoured creditor clause that will ensure that certain other creditors do not receive a better recovery in the restructuring on net present value terms, a loss reinstatement clause if Zambia were to default during the term of the IMF program, and certain ongoing information covenants for Zambia.
The Committee appreciates the collaborative and transparent discussions with the Government that have allowed for this conclusive agreement to be reached.
A spokesperson on behalf of the Committee said: “We are pleased to have finally reached a definitive and conclusive agreement with the Government that is supported by all stakeholders and which will, in due course, restore full international capital markets access to Zambia and encourage long-term investment in the country, to the benefit of all Zambians.”
The key elements of the 2024 Agreement are contained in the Government’s press release. Implementation of the 2024 Agreement is conditional on mutual agreement on deal documentation, and the objective is to fully implement the agreement as promptly as feasible.
The Committee encourages all holders of the Eurobonds to carefully consider the terms of the Government’s prospective offer in relation to the 2024 Agreement and to make their own independent appraisal of the merits and risks of participation.
Members of the Committee include the following asset managers (acting either directly or on behalf of funds or other accounts they manage): Amia Capital LLP; Amundi (UK) Limited; Farallon Capital Management, LLC; Greylock Capital Management, LLC; RBC BlueBay Asset Management.
The Creditor Committee is being advised by Newstate Partners and Weil Gotshal & Manges (London) LLP
Questions can be directed to:
Spencer Jones, Newstate Partners LLP, +44 20 3998 8199 or [email protected]
Annie Emery, Newstate Partners LLP, +44 20 3998 8187 or [email protected]
Andrew Wilkinson, Weil, Gotshal & Manges (London) LLP, +44 20 7903 1068 or [email protected]
For media enquiries: Greenbrook, +44 20 7952 2000, [email protected]
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BETHESDA, Md., Jan. 10, 2025 /PRNewswire/ — SAR, a data analytics company specialized in the securities litigation risk of U.S. public companies, today published the Securities Class Action Rule 10b-5 Exposure Report for 4Q 2024. According to the report, securities litigation exposure of public company defendants that trade in the NYSE and NASDAQ peaked during the fourth quarter of 2024, when records were set across the buoyant U.S. equity markets. During the bullish market conditions of 2024, shareholders claimed approx. $665.2 billion in market capitalization losses due to alleged violations of Rule 10b-5 – the most in the last five years.
According to the report, global quarterly Rule 10b-5 securities litigation exposure in 2024 was 17% greater than the average of 2023. Actual monetary settlements with investor plaintiffs last year were, on average, 23% greater than during the last six years.
SAR data and analysis indicate that the litigation exposure of U.S. public company defendants amounts to approximately $380.3 billion in 2H 2024. Shareholders claimed approximately $4.0 billion in market capitalization losses per securities class action filing, and approximately $2.0 billion per allegedly fraud-related stock drop in 2H 2024. The former metric increased by 32.1%, and the latter by 15.4% during the second half of 2024.
“Our data and analyses indicate that securities litigation exposure against U.S. public companies peaked in the fourth quarter of last year. This peak may be short-lived with an expected increase in volatility and new headwinds for U.S. equities given greater shareholder scrutiny of corporate disclosures. With average Rule 10b-5 settlements over 20% greater in 2024 than during the last six years, litigation activity is expected to increase in 2025,” said Anthony Kabanek, EVP of SAR.
According to the report, in 2023 and 2024 investor plaintiffs claimed $13.6 billion and $20.5 billion, respectively, in private Rule 10b-5 securities-fraud class actions that relied on short-seller research.
Key takeaways:
- 86 U.S. issuers were sued for alleged violations of Rule 10b-5 during 2H 2024. Based on allegations presented in the first-filed class action complaint against each defendant issuer, U.S. SCA Rule 10b-5 Exposure amounts to $259.4 billion. U.S. SCA Rule 10b-5 Exposure decreased -5.4% relative to 1H 2024.
- U.S. SCA Rule 10b-5 Exposure peaked in the 2nd and 3rd quarters, followed by a decline to trend in the 4th quarter of 2024.
- 9 Non-U.S. issuers were sued for alleged violations of Rule 10b-5 during 2H 2024. Based on allegations presented in the first-filed class action complaint against each defendant issuer, ADR SCA Rule 10b-5 Exposure amounts to $120.9 billion. ADR SCA Rule 10b-5 Exposure increased by 11.3x relative to 1H 2024.
- An anomalously high 4th quarter exposure among Non-U.S. issuers contributed to a remarkably volatile year for ADR SCA Rule 10b-5 Exposure.
- Rule 10b-5 private securities-fraud filing frequency and potential loss severity need not move in tandem. Global exposure increased by approximately 34% in the 2H 2024 relative to 1H 2024, while filing frequency remained relatively stable.
- 38 U.S. Large Caps were sued for alleged violations of Rule 10b-5 in 2H 2024, the same observed frequency as 1H 2024. The U.S. Large Cap SCA Rule 10b-5 Exposure amounts to $233.7 billion, a decrease of 10.1% relative to 1H 2024.
- 22 U.S. Mid Caps were sued for alleged violations of Rule 10b-5 In 2H 2024. The U.S. Mid Cap SCA Rule 10b-5 Exposure amounts to $19.8 billion, more than 3 times the amount in 1H 2024.
- 26 U.S. Small Caps were sued for alleged violations of Rule 10b-5. The U.S. Small Cap SCA Rule 10b-5 Exposure amounts to $5.9 billion, a decrease of 33% relative to 1H 2024.
- 9 Non-U.S. issuers that trade via ADRs in the U.S. public markets were sued for alleged violations of Rule 10b-5. The ADR SCA Rule 10b-5 Exposure increased by over 11.3x to ~$121 billion, relative to 1H 2024.
Media contact: [email protected]
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STOCKHOLM, Jan. 10, 2025 /PRNewswire/ — Swedish Orphan Biovitrum AB (publ) (Sobi®) (STO:SOBI) announces today that revenue for the full year 2024 was higher than previous estimate. Full-year revenue was approximately SEK 26,000 M, representing approximately 19% growth at constant exchange rate (CER) (1). Adjusted EBITA margin (1,2) was in the mid-30s per cent of revenues.
The main reasons for the increased revenue are higher sales than expected in Q4 across the Haemophilia portfolio and for Kineret.
- Altuvoct: Higher than expected rate of new patients switching to Altuvoct in markets where the product has been launched, mainly Germany and Switzerland.
- Elocta: Benefited from higher patient numbers across markets and in markets where Altuvoct is launched there were less switches than expected from Elocta. Favorable gross-to-net effects were also observed.
- Alprolix: Higher than expected number of new patients as well as increase in on-demand treatments across Europe.
- Kineret: Higher than expected sales driven mainly by positive gross-to-net adjustments and favorable order phasing but also supported by increased demand.
- The adjusted EBITA margin remained in the expected range as the stronger revenue performance was offset by negative mix effects on the gross margin as well as investments into our launch and pipeline products in the fourth quarter.
At the publication of the Q3 2024 report on 24 October 2024 Sobi stated the outlook for the full year 2024 to be: Revenue was anticipated to grow by a mid-teens percentage at CER and adjusted EBITA margin was anticipated to be in the mid-30s per cent of revenue.
Sobi will announce its fourth quarter and full year 2024 report on Wednesday 5 February 2025 at 8:00 am CET.
About Sobi
Sobi® is a specialised international biopharmaceutical company transforming the lives of people with rare and debilitating diseases. Providing reliable access to innovative medicines in the areas of haematology, immunology, and specialty care, Sobi has approximately 1,800 employees across Europe, North America, the Middle East, Asia, and Australia. In 2023, revenue amounted to SEK 22.1 billion. Sobi’s share (STO:SOBI) is listed on Nasdaq Stockholm. More about Sobi at sobi.com and LinkedIn.
Contacts
For details on how to contact the Sobi Investor Relations Team, please click here. For Sobi Media contacts, click here.
This information is information that Sobi is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 18:00 CET on 10 January 2025.
Gerard Tobin
Head of Investor Relations
[1] Alternative Performance Measures (APMs).
[2] Excluding items affecting comparability (IAC).
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Fintech PR
Knowledge Graph Market worth $6,938.4 million by 2030 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 10, 2025 /PRNewswire/ — The Knowledge Graph Market is expected to reach USD 6,938.4 million by 2030 from USD 1,068.4 million in 2024, at a Compound Annual Growth Rate (CAGR) of 36.6% from 2024–2030, according to new research report by MarketsandMarkets™.
The knowledge graphs ensure enterprise knowledge management through the rebuilding of complex data with interconnected nodes and relationships by providing a simpler way to navigate and retrieve information. It helps businesses build a fully comprehensive knowledge graph uniting disparate data sources, enables complex semantic search, context-aware recommendations, and data discovery. Knowledge graphs support better decision-making, foster innovation, and improve cooperation across teams by mapping relationships between organizational knowledge. They are particularly useful for large organizations, which depend on accessing and utilizing vast amounts of structured and unstructured data to be productive and competitive.
Browse in-depth TOC on “Knowledge Graph Market “
344 – Tables
51 – Figures
359 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=217920811
Scope of the Report
|
Report Metrics |
Details |
|
Market size available for years |
2019–2030 |
|
Base year considered |
2024 |
|
Forecast period |
2024–2030 |
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Forecast units |
Value (USD Million) |
|
Segments Covered |
(solutions (enterprise knowledge graph platform, graph database engine, knowledge management toolset) services ( professional services, managed services) by model type (Resource Description Framework (RDF) Triple Stores, Labeled Property Graph (LPG)) by applications (data governance and master data management, data analytics and business intelligence, knowledge and content management , virtual assistants, self-service data and digital asset discovery, product and configuration management, infrastructure and asset management, process optimization and resource management, risk management, compliance, regulatory reporting, market and customer intelligence, sales optimization, other applications) by vertical (Banking, Financial Services, and Insurance (BFSI), retail and eCommerce, healthcare, life sciences, and pharmaceuticals telecom and technology, government, manufacturing and automotive, media & entertainment, energy, utilities and infrastructure, travel and hospitality, transportation and logistics, other vertical) |
|
Region covered |
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
|
Companies covered |
IBM Corporation (US), Oracle (US), Microsoft Corporation (US), AWS (US), Neo4j (US), Progress Software (US), TigerGraph (US), Stardog (US), Franz Inc (US), Ontotext (Bulgaria), Openlink Software (US), Graphwise (US), Altair (US), Bitnine ( South Korea) ArangoDB (US), Fluree (US), Memgraph (UK), GraphBase (Australia), Metaphacts (Germany), Relational AI (US), Wisecube (US), Smabbler (Poland), Onlim (Austria), Graphaware (UK), Diffbot (US), Eccenca (Germany), Conversight (US), , Semantic Web Company (Austria), ESRI (US) |
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By vertical, the BFSI segment to hold the largest market size during the forecast period.
The knowledge graphs serve as a strong foundation for relating customer data, transactions history, credit scores, and risk profiles within the BFSI (Banking, Financial Services, and Insurance) sector, allowing the exact relationship mapping and insights. These are also employed in fraud detection through real-time identification of hidden patterns and for regulatory compliance with standards such as AML (Anti Money Laundering) and KYC (know Your Customer), where data can be traced and is transparent. In banking, knowledge graphs facilitate credit risk analysis which makes the process of loan approval more efficient, in insurance by linking policies, claims data, and fraud indicators thus optimizing claims processing. All these will, when combined with other data points, produce AI-powered applications: personalized advice-based solutions on finances and intelligent virtual assistants, which will create operational efficiency and improved customer experience in BFSI.
Virtual assistants, self-service data, and digital asset discovery segment to have the highest growth during the forecast period.
Knowledge graphs are essential for building virtual assistants, self-service data platforms, and even digital asset discovery, for they build interconnected data networks that help in enhancing the searchability and insights. Virtual assistants use knowledge graphs to provide context-sensitive responses that improve user interactions and provide tailored recommendations. Self-service data platforms use knowledge graphs to allow business users to access and analyze complex datasets without technical help, which helps them to make better decisions. They make the identification and classification of digital resources, such as documents or media, easier through linking metadata and content relationships for the discovery of digital assets. This capability enables effective resource management, innovation, and improvement in user experience in areas such as content creation, research, and enterprise workflows.
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Asia Pacific is expected to witness the highest market growth rate during the forecast period.
The knowledge graph landscape is rapidly evolving in Asia Pacific, with initiatives across various domains. In December 2022, the National Library Board (NLB), Singapore, launched a Linked Data-based Semantic Knowledge Graph to merge resources from libraries and archives using BIBFRAME and Schema.org vocabularies for seamless updating and improved data quality. HydroKG in Australia merges hydrologic data from resources such as GeoFabric and HydroATLAS that allow for pinpoint queries on water bodies and river networks, enabling better environmental management. Japan uses knowledge graphs in manufacturing for supply chain optimization and South Korea uses it in telecommunications to enhance the customer experience through personalized AI.
Top Key Companies in Knowledge Graph Market
The major vendors covered in the Knowledge graph market are IBM Corporation (US), Oracle (US), Microsoft Corporation (US), AWS (US), Neo4j (US), Progress Software (US), TigerGraph (US), Stardog (US), Franz Inc (US), Ontotext (Bulgaria), Openlink Software (US), Graphwise (US), Altair (US), Bitnine ( South Korea) ArangoDB (US), Fluree (US), Memgraph UK), GraphBase (Australia), Metaphacts (Germany), Relational AI (US), Wisecube (US), Smabbler (Poland), Onlim (Austria), Graphaware (UK), Diffbot (US), Eccenca (Germany), Conversight (US), Semantic Web Company (Austria), ESRI (US), Datavid (UK), and SAP (Germany). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the Knowledge graph market.
Browse Adjacent Markets: Information and Communications Technology Market Research Reports & Consulting
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
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