Opportunities In: Emerging European and Central Asian Capital Markets and Banking

Publication Date	May 2008
Publisher	IFR Market Intelligence
Product Type	Report
Pages	342
ISBN Number	not applicable
Product Code	IFR00004

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Summary

While Russia has grabbed a lot of attention from investors keen to share in its phenomenal recent growth, countries throughout central and Eastern Europe have also been forgoing ahead, offering excellent opportunities. The entire region is reaching a 'critical mass' where growth in each country, with few exceptions, is cross-fertilising growth in its neighbours. Kazakhstan has led the way, with its oil, gas and mineral boom transforming its own economy and, increasingly, those of its central Asian neighbours. Ukraine, too, has experienced a huge increase in foreign direct investment amid extensive banking sector reforms. The countries in central Europe and the Caucasus are also growing fast, in the main, and increasingly looking outward for expertise and investment.

Opportunities in: Emerging European and Central Asian Capital Markets and Banking is a comprehensive review of the economic and bankingsector reforms across the entire region, and the opportunities and challenges facing investors. It looks in turn at each country, examining their fundamentals, their economic relationship with Russia and other neighbours and, in particular, their banking sector reforms and funding requirements. Based on extensive primary research, this report should be essential reading for anyone keen to explore the huge potential across the region.

Countries profiled include:

Armenia
Latvia
Azerbaijan
Lithuania
Belarus
Poland
Bulgaria
Romania
Czech Republic
Slovakia
Estonia
Tajikistan
Georgia
Turkmenistan
Hungary
Ukraine
Kazakhstan
Uzbekistan
Kyrgyzstan

Content

C01 Regional Overview
- Introduction
- The Convergence Process
- On The Radar Of Convergence
- Near-Normal Countries
- Second Stage Growth
- First Stage Growth
- Growth Prospects
- Consumer Issues
- Comparative Incomes
- Russias Middle Class
- Middle Class Indicators
- Advertising Spend
- Car Ownership
- Mobile Phone Penetration
- Retail Services
- Comparative Wealth Spreads
- Consumer Lending And Spending
- Household Wealth
- Regional Differences
- Regional Economic
- Development
- The Role Of Natural Resources
- Mineral Wealth
- Foreign Exchange
- Trade And Current Account
- Balances
- Cross-Border M&A
- Countries To Watch
C02 Macroeconomic Perspective
- Market Comparison
- Intraregional Differences
- Market Liberalisation
- Euro Accession
- Trade Developments
- Public Debt
- Debt To Gdp
- Inflation
- Investment Flows
- The Banking Sector
- Banking Sector Case Study:
- Kazakhstan, Russia, Ukraine
- Compared
C03 Equity Markets
- Background
- Developments In The Regions
- Stock Markets
- Competition For Ipos
- Expanding Funds Markets
- Pension Funds
- Mutual Funds
- Russia
- Ukraine
- Romania
- Bond Issues
- The Case For Securitisation In The
- Region
C04 Russia
- Macroeconomics
- The State Budget
- Budget Priorities
- Gdp Breakdown
- Medium-Term Russian Economic
- Development Forecast
- Oil And Gas Prospects
- Balance Of Trade
- Fixed Investment
- Foreign Investment
- State Investment Plans
- State Funds
- Capital Inflow
- External Debt
- Inflation Issues
- Inflation Drivers
- Agricultural Markets
- Tariff Growth
- The Widening Gap Between The
- Ppi And The Cpi
- Dedollarisation
- Interest Rates And Liquidity
- Ruble Appreciation
- Cbr Policy Changes
- The Banking Sector
- 2008 Forecast
- State Banks
- Consumer Trust In Banks
- Consumer Finance Challenges
- Affect Of The Liquidity Crisis On
- Banks
- Impact On The Interbank Market
- Impact On Corporate Borrowing
- Cbr Support Of The Banking
- Sector
- Banking Sector Growth Prospects
- The Mortgage Market
- The Equity Markets
- Outlook For Russian Equities
- Mid-Caps Outperform Blue Chips
- Getting Exposure To The
- Consumer Story
- Ipo Issuance
- Ipos In 2007
- Ipos In 2008 And Beyond
- State Ipos
- Mutual Funds
- Private Equity
- M&A
- The Bond Markets
- Liquidity Problems
- Bond Spreads
- Ratings Valuations
- Bond Performance
- Foreign Demand For Russian
- Bonds
- Syndications
- Consumer Sector Issues
- Income Growth
- Consumer Demand And
- Disposable Income
- Main Investment Issues
- Corruption On The Rise
- Moves To Encourage Investment
- New Government Structures
- Crisis 1998 Versus 2007
- Liquidity Crisis
- The Politics Of The New Regime
- Reform Programme
C05 Ukraine
- Macroeconomics
- Macro Performance
- Growth Factors
- The State Budget
- Privatisation Issues
- Public Debt
- Balance Of Trade
- Trade Background
- Import And Export Structures
- Trade Trends
- Services Sector Exports
- Gas Supply Price Outlook
- Fixed Investment
- Foreign Direct Investment
- Banking Sector Investment
- Investment Imperatives
- Energy Wastage
- Increasing Productivity
- Industrial Profile
- Inflation Issues
- Inflations Drivers
- Hryvna Exchange Rates
- Pension Tax
- Consumer Issues
- Rise Of The Middle Class
- Rising Average Income
- Spending Power
- Middle Class Banking Growth
- Measuring The Middle Class
- The Banking Sector
- Overview
- Impact Of The Liquidity Crisis
- Bank Debt
- Hard Currency Reserves
- Capital Regulations
- Foreign Borrowing Cap
- Banking Penetration
- Sector Expansion
- Increasing Foreign Ownership
- Growth In The Payment Card
- Market
- Bank Funding
- Loan Growth
- Mortgage Volumes
- Non-Performing Loans
- Reform And Regulation Risk
- The Need For External Capital
- Dollarisation Risks
- The Equity Market
- Background
- Stock Market Issues
- Market Regulator And Regulation
- Shareholder Structure
- Investment Vehicles
- Stock Market Performance
- Equities Prospects
- Pfts Development
- Planned Reforms
- Delisting Stocks
- Future Listings Potential
- Ipo Issuance
- Raising Money Abroad
- Active Pipeline
- Ipo Platform In The Works
- Domestic Mutual Funds
- Oligarch Stocks Outperform
- Ukraines Stock Market
- Adding Value
- Second Tier Performance
- The Bond Market
- State Eurobond
- Yield Curve Development
- Kievprime Offered Rate
- Limited Domestic Market
- Private Equity
- Opportunities For Gain
- Investment Issues
- Wto Accession
- Politics
C06 Kazakhstan
- Macroeconomics
- Economic Growth Drivers
- Gdp Growth Rate
- The State Budget
- Trade Balances
- Current Account
- Currency Reserves
- Investment Flows
- Monetary Policy
- Inflation
- Tenge Devaluation
- Oil Price Influence
- Economic Diversification
- Consumer Issues
- Wage Growth And Rising
- Disposable Incomes
- Poverty Reduction
- Curbs On Wage Growth
- The Banking Sector
- Banking Sector Structure
- Foreign Ownership
- Growth Prospects
- Bank Borrowing
- Bank Profitability
- Potential Slowdown
- Falling Depositor Confidence
- Refinancing Problems
- Support For The Banking Sector
- Nbk Policy
- New Liquidity Injections
- Ratings Downgrade
- Risks To The Kazakh Banking
- System
- Crisis Potential
- The Equity Market
- Bank Ipos
- Funding Issues
- Pension Funds
- The Kase Index
- The Bonds Market
- Foreign Borrowing
- The Local Bond Market
- Investment Issues
- Politics
- Kazakhstans Constitutional
- Reforms
- Business Climate
- The Oil Situation
- Construction Industry Issues
C07 The Baltic States
- Macroeconomics
- Inflationary Spirals
- Flat Tax Pioneers
- Lithuania Growth Leader
- Latvia Political Instability
- Estonia Best Placed
- The Equity Markets
- Market Performance
- The Bond Markets
- Ratings Downgrades
- Eurobonds Issued
- Consumer Sector Issues
- Increased Foreign Credit
- Property Inflation
- Economies Overheat Through
- Overlending
- Lending Slowdown
- Investment Issues
- Potential Effects Of Policies
- Devaluation Risk
C08 Central Europe
- Belarus
  - Macroeconomics
  - Background
  - Gdp Growth
  - Inflation Controls
  - Trade Deficit
  - Gross International Reserves
  - Investment And Reform
  - Special Economic Zones
  - Foreign Direct Investment
  - Leading Industrial Sectors
  - The State Budget
  - Monetary Policy
  - Capital Markets
  - The Equity Market
  - The Bonds Market
  - Ratings
  - The Banking System
  - Background
  - Sector Breakdown
  - Investment Into The Banking
  - Sector
  - Banking Business
  - Regulation And Supervision
  - Investment Issues
  - Gas War With Russia
  - Relations With The Eu
- Bulgaria
  - Macroeconomics
  - The Currency Board
  - Surplus Past Requirements
  - Using Tax Revenues
  - Low Debt Levels
  - Widening Current Account Gap
  - Surging Inflation
  - The Equity Market
  - Popular Stocks
  - Ipos Make Bse A Standout In
  - Region
  - Bse Seeks Partner
  - The Bond Market
  - Government Debt
  - Corporate Bonds
  - Consumer Sector Issues
  - Lending Restrictions Lifted
  - Commercial Property
  - Development Mall
  - Mania
  - Cars And Houses
  - Investment Issues
  - The Political Scene
  - The Need For Greater
  - Transparency
  - Foreign Direct Investment
  - Labour Costs
  - Infrastructure
  - Anti-Corruption Progress
- Czech Republic
  - Macroeconomics
  - Reform Challenges
  - Rising Inflation, Rising Rates
  - Eu Membership Masks Political
  - Problems
  - Euro Adoption Prospects
  - The Equity Market
  - Stock Exchange Limitations
  - Stock Exchange Performance
  - The Bond Market
  - Consumer Sector Issues
  - Household Wealth
  - Retail Growth
  - Investment Issues
  - Foreign Investment
  - Labour Shortages And Reduced
  - Competitive Advantage
  - Credit Growth
  - Increase In Credit Cards
  - Transport And Tourism
- Hungary
  - Macroeconomics
  - Reform Issues
  - Foreign Investment
  - Strength Of Exports
  - Interest Rates And Inflation
  - Challenges
  - Eu Problems
  - Public Finance Improvements
  - Prospects For Financial
  - Restructuring
  - The Equity Market
  - Stock Market Performance
  - Structure Of The Market
  - The Bond Market
  - Primary Market
  - Secondary Market
  - Corporate Bonds
  - Eurobonds
  - Credit Ratings
  - Government Securities
  - Consumer Sector Issues
  - Consumer Lending
  - Investment Issues
  - The Effects Of Government
  - Measures
- Poland
  - Macroeconomics
  - Progressive Politics
  - Economic Progress
  - The Equity Market
  - Market Debuts
  - Impressive Returns
  - The Bond Market
  - Consumer Sector Issues
  - Real Estate
  - Vehicle Sales Recover
  - Investment Issues
  - Opportunities And Priorities
  - Outward Investment
- Romania
  - Macroeconomics
  - Gdp And Growth
  - Inflation And Devaluation
  - The State Budget
  - Leading Economic Sectors
  - Fdi And Investment
  - Trade Balance
  - Debt Levels
  - Privatisation Policy
  - The Banking System
  - Retail Credit Boom
  - Capital Markets
  - Stock Exchanges
  - The Rasdaq
  - Ipo Potential
  - State Investment Funds
  - The Bond Market
  - Consumer Issues
  - Wealth Distribution
  - Investment Issues
  - Construction And Real Estate
  - Political Power Struggles
  - Relations With The Eu
  - Business Climate
- Slovakia
  - Macroeconomics
  - Incoming Investment
  - The Labour Market
  - Euro Adoption Schedule
  - Political Changes
  - The Equity Market
  - Market Activity
  - The Bond Market
  - Ratings Agencies Reward Growth
  - Consumer Sector Issues
  - Overall Improvements
  - Growth In Credit
  - Investment Issues
  - The Effect Of Rising Wages On
  - Competitiveness
  - High-Tech Developments
  - Transport Investment
  - Potential Threat Of The Credit Boom
C09 Central Asia
- Kyrgyzstan
  - Macroeconomics
  - Politics
  - New Regime
  - The State Budget
  - State Debt
  - Inflation Challenge
  - The Banking Sector
  - The Equity Market
  - Stock Exchanges
- Turkmenistan
  - Macroeconomics
  - The State Budget
  - Foreign Direct Investment
  - Exports Remain The Engine Of
  - Growth
  - The Equity Market
  - Consumer Sector Issues
  - Political Issues
  - Opportunities For Reform
  - Strategic Developments
  - Gas And Oil Investment
  - Pipelines Development
- Uzbekistan
  - Macroeconomics
  - The Importance Of Cotton
  - Currency Background
  - Gdp And Growth
  - Inflation And The State Budget
  - Industry And Leading Production
  - Sectors
  - Fdi And Domestic Investment
  - Uzdaewooauto
  - Coca Cola
  - Gold Mines
  - Russian Investment
  - Domestic Investment
  - Currency Controls
  - Consumer Sector Issues
  - The Banking System
Tables And Figures
- T1.1: Gdp Per Capita, 200005 (Us$)
- T1.2: Top 20 European Cities Targeted By International Retailers, 2006, 2007
- T1.3: Structural Indicators Of Household Wealth, By Country, 200009e (bn, %)
- T2.1: Cis Gdp Per Capita, 200608f (Us$ Ppp)
- T2.2: Regional Outlook, 200708
- T2.3: Euro Adoption Schedule
- T2.4: Top Five Export And Import Products In Selected Countries, 2005 (%)
- T2.5: Bank External Debt, Jan 2008 (%)
- T3.1: Emea New Markets Issuance, 2007 Vs. 2006 (Us$M, %)
- T4.1: Federal Budgets, 2007, 200810 (Rb Bn)
- T4.2: Real Gdp Growth, By Industry Sector
- T4.3: Bcg Matrix According To The Economic Development And Trade Ministry (200810)
- T4.4: External Trade, 200507 (Us$Bn)
- T4.5: Sector Contributions To Fixed Investment, 2006h1 2007 (%)
- T4.6: Consumer Basket Breakdown, 2006 (%)
- T4.7: Electricity And Gas Price Increases, 200410e (% Y-O-Y)
- T4.8: Financial Data, Dec 2006oct 2007
- T4.9: Russian Banking Sector Statistics, 200607
- T4.10: Russian Banking Sector Indicators, Dec 2006sep 2007 (Us$Bn, %)
- T4.11: Top 5 State Banks Assets And Market Share, Dec 2006sep 2007 (Us$Bn, %)
- T4.12: Top 5 State Banks Deposits And Market Share, Dec 2006sep 2007 (Us$Bn, %)
- T4.13: Top 5 State Banks Retail Lending And Market Share, Dec 2006sep 2007 (Us$Bn, %)
- T4.14: Russian Banks Key Liquidity Indicator, 2004h1 2007 (%)
- T4.15: Postponed Bond Issuance, 2007 (Us$M)
- T4.16: Russian Banks Key Funding Indicators, 2004h1 2007 (%)
- T4.17: Russian Banking Sector Key Data, 200608e (Us$Bn, %)
- T4.18: Top 10 Private Banks With Largest Cross-Border Exposures, End-Dec 2006 (Us$M)
- T4.19: Structure And Growth Of Russian Corporate Debt, 1999h1 2007 (Us$Bn, %)
- T4.20: Top Banks By Amount Of Mortgage Loans, 2007 (Us$M)
- T4.21: Top Lenders By Increase In Mortgage Portfolio, 2007 (%)
- T4.22: Top Lenders By Share Of Mortgage Loans In Overall Retail Liabilities, 2007 (%)
- T4.23: Top Lenders By Average Amount Of Mortgage Credits, 2007 (Us$ 000) T4.24: Impact Of Credit Crises, 19822007
- T4.25: P/E Comparisons, By Sector, 200708e
- T4.26: Equity Multiples, By Country, 200608
- T4.27: Mid Cap Portfolio, Nov 2007 (Us$)
- T4.28: Small Cap Portfolio, Nov 2007 (Us$)
- T4.29: Rts-2 Index Constituents, 15 Sep14 Dec 2007 (%)
- T4.30: Top Stock Recommendations
- T4.31: Investment Options
- T4.32: Equity Issuance In Russia, 1996 2007 (Us$M, %)
- T4.33: Ipos And Equity Issuance, 2007 (Us$M)
- T4.34: Offerings By Market Segment, 2007 (Us$M)
- T4.35: Issues By Sector, 2007 (Us$M, %)
- T4.36: Ipo Performance Post Placement, 2007 (Us$, %)
- T4.37: Recently Completed And Announced Issues (Us$M)
- T4.38: Individual Income And Expenditure, Russia Vs. Uk, 2005 (Us$ Per Person)
- T4.39: Key Data, Aug 1998 Vs. Aug 2007
- T4.40: Fiscal Support For Banking Liquidity, Octdec 2007 (Rb Bn)
- T5.1: Real Gdp Growth Uses Of Income Breakdown (%)
- T5.2: Value Added Growth, By Sector, Jan 2006jan 2008 (%)
- T5.3: Economic Growth, 200211f (Us$Bn, %)
- T5.4: Public Debt Structure, End-Oct 2007
- T5.5: Consumer Price Index (% M-O-M Change)
- T5.6: Inflation Forecast, 200712e (% Y-O-Y Change)
- T5.7: Salary Growth, 200612f (Us$, %) T5.8: Salary Distribution, 200612f (Us$, %)
- T5.9: Monthly Household Budget, 2006 (Us$, %)
- T5.10: Middle Class Spending Power (%)
- T5.11: Middle Class Finance Patterns (%)
- T5.12: Middle Class, Key Indicators 2006 0f (%)
- T5.13: Ukraine Banking Sector Performance, Jansep 2007 (Us$M, %)
- T5.14: Bank External Debt Comparison, Oct 2007 (%)
- T5.15: Bank Key Funding Indicators, 2004h1 2007 (%)
- T5.16: Cross-Border Exposures Of Foreignowned Ukrainian Banks, 30 June 2007 (Us$M)
- T5.17: Major Banking Acquisitions, 200507 (Us$M)
- T5.18: Banking Sector Stocks On The Pfts Stock Exchange
- T5.19: Top Brokerages On The Pfts, 2007 (H M, Us$M)
- T5.20: Ukrainian Ipos/Pps, 200507 (Us$M)
- T5.21: Expected Ukrainian Ipos/Pps, 2008 (Us$M)
- T5.22: Performance Of 2007 Placements (Us$M, %)
- T5.23: Outstanding Sovereign Eurobonds
- T5.24: Outstanding Corporate And Municipal Eurobonds (Lpns)
- T5.25: Bonds Issued By Banks Prior To Summer 2007 Crisis, Jan 2007aug 2007
- T5.26: Key Implications Of Wto Accession For The Ukrainian Economy
- T6.1: Main Macroeconomic Indicators, 200408f
- T6.2: Economic Forecast Summary, 200515f
- T6.3: Trade Balances, 200007p (Us$Bn)
- T6.4: Investment Into Kazkhstan, 2005 15f (Us$Bn, %)
- T6.5: Inflation Rates, 200515f (%)
- T6.6: Currency Appreciation, 200515f (T/Us$)
- T6.7: Trade Forecasts, 200515f (Us$Bn)
- T6.8: Kazakhstan Development Agencies
- T6.9: Consumer Demand, 200515f (Us$Bn)
- T6.10: Personal Income Growth, 200515f (Us$, %)
- T6.11: Regional Country Comparison
- T6.12: Kazakhstan Banks Market Share, 2007 (%)
- T6.13: Banking Sector Key M&A Deals, 200307 (Us$M, %)
- T6.14: Banking Sector Dynamics, 200507 (Us$Bn, %)
- T6.15: External Borrowing, 200710f (Us$Bn, %)
- T6.16: Foreign Debt Comparison, 2007 (%)
- T6.17: Retail Deposit Trends, Fy2006aug 2007 (T Bn, %)
- T6.18: Banking Sector Forecasts, 2006 10e (Us$Bn, %)
- T6.19: Top 6 Kazakh Banks Large Ticket Foreign Funding Maturity Profile (Us$M)
- T6.20: Foreign Exchange Debt Distribution Profile, Q4 2007q4 2008f (Us$M)
- T6.21: Top Kazakh Banks Foreign Debt Repayments, 200812f (Us$M)
- T6.22: Kazyna Funds For Current Projects, (T M, Us$M)
- T6.23: Kazyna Funds For Sme Financing, (T M, Us$M)
- T6.24: Changes In Reserve Requirements (%)
- T6.25: Changes In Capital Adequacy Requirements (%)
- T6.26: Directives On Foreign Borrowing
- T6.27: Foreign Borrowing Limits As A Function Of A Banks Equity (T Bn)
- T6.28: Bank Lending Structure (%)
- T6.29: Bank Exposure To The Construction Sector, H1 2007 (Us$M, %)
- T6.30: Top Banks Risk Exposure, H! 2007 (%)
- T6.31: Kazakh Stock Market Activity, Nov 2007, Feb 2008
- T6.32: Kase Index, Sept 2007
- T7.1: Baltic States Key Economic Data, 200209f (m, %)
- T8.1: Fdi Into Belarus, 200306 (Us$M)
- T8.2: Banking Indicators, End-2004end- H1 2007 (%)
- T8.3: Bulgaria Key Economic Data, 200208f (bn, %)
- T8.4: Bse Trading By Market Segment, H1 2007 (Bgn)
- T8.5: Top 20 Bulgarian Public Companies By Market Capitalisation, 30 June 2007 (Bgn)
- T8.6: Domestic Debt Breakdown, 2005, 2006 (Bgnm, %)
- T8.7: Czech Republic Key Economic Data, 200105
- T8.8: Key Economic Indicators Real Gdp Growth, 200611(F) (%)
- T8.9: Eurobarometer Public Opinion Survey, August 2006
- T8.10: Breakdown Of Stocks Listed, By Sector, 2006 (Kc M, %)
- T8.11: Breakdown Of Stocks Listed, By Market Capitalisation, 2006 (Kc M, %)
- T8.12: Top 20 Companies By Market Capitalisation, 31 Dec 2006 (Kc, %)
- T8.13: Top 25 Bond Issues, 2006 (Kc M,%)
- T8.14: Bond Market Breakdown By Bond Type, 19932006 (Kc M)
- T8.15: Main Investors In The Primary Auction Of Czech Government Bonds
- T8.16: Secondary Market Trading Volumes (Kc Bn)
- T8.17: Largest Investment Projects, Sc And Tc, 2006 (Us$M)
- T8.18: Czech Republic Essential Data, 200308e
- T8.19: Hungary Key Economic Figures And Forecasts, 200509f
- T8.20: Poland Key Economic Data, 200105
- T8.21: Ipos On The Wse, 2007
- T8.22: Wse Periodical Statistics, 2007
- T8.23: Bond Market Trading, 200206
- T8.24: Bse Market Capitalisation (Ex- Rasdaq), End-Dec 2007 (m, %)
- T8.25: Stock Exchange Index Performance, 200007 (%)
- T8.26: Bse And Rasdaq Market Capitalisation, End-Dec 2007 (m)
- T8.27: Top 25 Romanian Companies By Market Capitalisation, End-Dec 2007 ()
- T8.28: Bse Main Market/Rasdaq Essential Data, 2007 (L M, m)
- T8.29: Potential State-Owned Company Ipos, 200809
- T8.30: Main Property Fund Holdings T8.31: Minority Sif Holdings In Banks (%)
- T8.32: Slovakia Gdp, Q3 2006q3 2007 (%)
- T8.33: Slovakia Key Economic Data, 200105
- T8.34: Bsse Basic Data, Sep 2007 T8.35: Sax Index Movement, Oct 2006 Sep 2007
- T8.36: Monthly Trading Summary, August 2007
- T8.37: Listed Securities,
- T8.38: Raiffeisen Subsidiaries In The Eu10 Countries, 2006 (m, %)
- T10.1: Armenia Key Indicators, 2002 08f (Us$,%)
- T10.2: Balance Of Payments, 200208f (Us$M, %)
- T10.3: External Debt And Liquidity, 2002 08f (Us$M, %)
- T10.4: Economic Structure And Performance, 200108f (Us$,%)
- T10.5: Composition Of Parliament, March 2007 (%)
- T10.6: Azerbaijan External Finances Uses And Sources, 2006e08f (Us$M)
- T10.7: Azerbaijan Key Economic Indicators, 200306 (M M, %)
- T10.8: Azerbaijan Election Results, Nov 2005
- T10.9: Key Banking Sector Indicators, 200306 (M M,%)
- T10.10:Georgias Top Banks Branch Networks, 2006
List Of Figures
- F1.1: Cis Countries Real Gdp Index, 2007
- F1.2: Us 10y And Ru-30 Yield Spreads, Feb 2000oct 2007
- F1.3: Financial Sector Growth, 2005
- F1.4: Gdp Y-O-Y Growth By Country, 19892008f (%)
- F1.5: Gdp Y-O-Y Growth Of Near-Normal Countries, 19952006 (%)
- F1.6: Gdp Y-O-Y Growth Of Second Phase Countries, 19952006 (%)
- F1.7: Gdp Y-O-Y Growth Of First Phase Countries, 19952006 (%)
- F1.8: Worlds Fastest Growing Ad Markets, 2006 (%)
- F1.9: Ad Spend Per Capita, 2005 (Us$)
- F1.10: Ad Spend Proportion Of Gdp, 2006 (%)
- F1.11: Passenger Car Density By Country, 2007 (Per 000 Adults)
- F1.12: Mobile Phone Ownership By Country, 19982007 (%)
- F1.13: Russian Retail Market Evolution, 200110e (Us$Bn)
- F1.14: Consumption Per Capita Of Baby Food, 2005 (Kg)
- F1.15: The Gini Index, 2005
- F1.16: Loans To Individuals As Proportion Of Gdp, 2006 (%)
- F1.17: Composition Of Wealth, By Region, 19952009e (%)
- F1.18: Portfolio Composition Of Household Wealth, By Country, 2006 (%)
- F1.19: Structure Of Household Debt, By Country, 2006 (%)
- F1.20: Regional Populations, 2006 (M)
- F1.21: Natural Resources Reserves In Cis Countries, 2006 (% World Total)
- F1.22: Foreign Exchange Reserves, 2000, 2006 (Us$Bn)
- F1.23: Trade Balance, 2006 (Us$Bn)
- F1.24: Current Account Balance, 2006 (Us$Bn)
- F1.25: Cross-Border M&A Deals, 2005, 2006
- F1.26: Value Of Cross-Border M&A Deals, 2005, 2006 (Us$M)
- F2.1: Nominal Gdp By Country, 1996, 2006 (Us$Bn)
- F2.2: Nominal Gdp By Region, 2006 (%) F2.3: Gdp Per Capita Comparison, 2006 (Us$)
- F2.4: Cis Gdp Per Capita, 1996, 2006 (Us$)
- F2.5: Private Sector Share Of Gdp, Mid- 2006 (%)
- F2.6: Number Of Start-Up Procedures By Country, 2007
- F2.7: Days Taken To Start A Business, 2007
- F2.8: Trade And Foreign Exchange Systems, 2006
- F2.9: Total External Debt, 1996, 2006 (% Of Gdp)
- F2.10: External Short-Term Debt, 2000, 2006 (% Of Fx Reserves)
- F2.11: Fiscal Balance, 2000, 2006 (% Of Gdp)
- F2.12: Total Public Debt, 200005, 2006 (% Of Gdp)
- F2.13: Inflation Dynamics, 200105, 2006 (Cpi, % Y-O-Y)
- F2.14: Gross Fixed Investment Y-O-Y Growth By Country, 19892006 (%)
- F2.15: Inward Fdi Stock, 2000, 2006 (Us$Bn)
- F2.16: Outward Fdi Stock, 2000, 2006 (Us$Bn)
- F2.17: Inward Fdi Stock, 2000, 2006 (% Of Gdp)
- F2.18: Outward Fdi Stock, 2000, 2006 (% Of Gdp)
- F2.19: Gross Fixed Investment, 200205, 2006 (% Of Gdp)
- F2.20: Banking Reform And Interest Rate Liberalisation, 2006
- F2.21: Securities Markets And Non-Bank Financial Institutions, 2006
- F2.22: Ukraine Vs. Cee Peers Retail And Mortgage Loans, 2006 (Us$ Per Capita)
- F2.23: Domestic Credit By Country, 1996, 2006 (% Of Gdp)
- F2.24: Kazakh, Russian And Ukrainian Banking Asset Growth, 200407 (%)
- F2.25: Banking Indicators/Gdp, H1 2007 (%)
- F3.1: Returns On Cee Stock Market Indices, 2006, Q1q3 2007
- F3.2: Emea New Markets Issuance By Asset Type, 2007 (%)
- F3.3: Emea New Markets Issuance By Country, 2007 (Us$M)
- F3.4: Issued Amount By Country, 2003 07 (%)
- F3.5: Number Of Transactions By Country, 200307 (%)
- F4.1: Russia Industry Structure, 2005 (%)
- F4.2: Gdp Breakdown, Q2 2007 (%)
- F4.3: Contributions To Gdp Expansion, 2006q2 2007 (%)
- F4.4: Oil Production Breakdown, By Sector, 2004, 2007 (%)
- F4.5: Debt-To-Revenue Ratio For International Oil And Gas Companies, End-2006 (%)
- F4.6: Sector Growth Forecasts, 2007e 2011e (% Cagr)
- F4.7: Capital Stock/Gdp, 200108e (%)
- F4.8: Fdi Per Capita, 19902005 (Us$ 000)
- F4.9: Average Age Of Production Facilities, 19972004 (%)
- F4.10: Power Generation Installed Capacity, 2007, Vs. Capacity Demand, 200813e (Gw)
- F4.11: Net Capital Inflows, 19992006 (Us$Bn)
- F4.12: Cpi Sector Breakdown, 2006 (%)
- F4.13: Liquidity And Overnight Rates, May Oct 2007 (Us$Bn, %)
- F4.14: Liquidity Indicators, Janoct 2007 (Us$Bn)
- F4.15: Bank Provisions/Loan Book, 2006 H1 2007 (%)
- F4.16: Bank Provisions/Npls, 2006h1 2007 (%)
- F4.17: Retail Loan Market Structure (Excluding Mortgages), Jun 2007 (%)
- F4.18: Interbank Borrowing, 2004sep 2007 (Rb Bn)
- F4.19: Interbank Placements, 2004sep 2007 (Rb Bn)
- F4.20: S&P 500, Msci Em, Rts Index Comparison, 200007
- F4.21: Russian Equities And Key Drivers, 200407
- F4.22: Rts Companies Ebitda Growth, 200008f (% Y-O-Y)
- F4.23: Ipo Performance Post Placement, 2007 (%)
- F4.24: Russian Sovereign Yield Curve Vs Peers (%)
- F4.25: Liquidity And Overnight Rates, May Oct 2007 (Us$Bn, %)
- F4.26: Liquidity Indicators, Janoct 2007 (Us$Bn)
- F5.1: Ukraine Industry Structure (%)
- F5.2: Ukraine Export Structure, Jannov 2007 (%)
- F5.3: Ukraine Natural Gas Imports, Jan Sep 2007 (%)
- F5.4: Industrial Output, 2007, Jan 2008 (%)
- F5.5: Middle Class Size, 2007e2012e (%)
- F5.6: Banking Sector Funding Sources, 2003, 2007 (%)
- F5.7: 2009 Funding Sources Forecast (%)
- F5.8: Retail Loans, Cee Comparison, 2006 ( Per Capita)
- F5.9: Mortgage Loans, Cee Comparison, 2006 ( Per Capita)
- F5.10: Retail Deposits, Cee Comparison, 2006 ( Per Capita)
- F5.11: Corporate Deposits, Cee Comparison, ( Per Capita)
- F5.12: Distribution Of Banking Assets, July 2007 (%)
- F5.13: Stock Trades, By Sector, 2006 (%)
- F5.14: Pfts Trading Breakdown, 2007 (%)
- F5.15: Equity Trading, By Sector, 2007 (%)
- F5.16: Aggregate Equity Holdings By Domestic Mutual Funds, Q3 2005 Q2 2007 (Us$M)
- F5.17: Bg Index Returns, 2006, Jan7 Nov 2007 (%)
- F5.18: Pfts Vs. Second Tier Performance, Dec 2006jan 2008
- F6.1: Kazakhstan Industry Structure, 2005 (%)
- F6.2: Economic Growth Drivers, Q1 2006h1 2007 (%)
- F6.3: Gdp Growth, 200415f (%)
- F6.4: Gdp Per Capita, 200608f (Us$ Ppp)
- F6.5: Banking Sector Breakdown By Assets, 2007 (%)
- F6.6: Kazakh Bank Liabilities To Nonresidents, 2004june 2007 (T Bn)
- F6.7: Banking Sector Funding Structure, H1 2007 (%)
- F6.8: Banks External Funding (%)
- F6.9: Sme Loans As Share Of Total Loans, 200611m07 (Us$Bn, %)
- F6.10: Banking System Capital Adequacy, 2004oct 2007 (%)
- F6.11: Breakdown Of Loans By Currency, Kazakhstan Vs. Russia, 2006 (%)
- F6.12: Asset Growth Of Second-Tier Kazakh Banks, 2004h1 2007 (Us$Bn, %)
- F6.13: Npls Trend Per Sector, July 2007, Jan 2008 (%)
- F6.14: Ratios Of Npls And Provisions To Loans, H1 2007 (%)
- F7.1: Baltic Stock Exchange Movement, Jundec 2007 (%)
- F8.1: Belarus Economic Growth, 200307 (%)
- F8.2: Consumer Price Index Inflation, 200307 (%)
- F8.3: Balance Of Trade, 200307 (%)
- F8.4: Real Gdp Growth, Q1 2002q1 2007 (% Y-O-Y)
- F8.5: Bse Trading By Market Segment, H1 2007
- F8.6: Maturity Structure Of Government Securities, 2005, 2006 (%)
- F8.7: Bond Investors, 2005, 2006 (%)
- F8.8: Fdi Into Bulgaria, 19982005 (%, Us$M)
- F8.9: Source Of Fdi (%)
- F8.10: Economic Breakdown By Sector, 2005 (%)
- F8.11: Prague Stock Exchange Performance, 30 Dec 2004 21 Mar 2007
- F8.12: Prague Stock Exchange Performance, 15 Jan 2007 14 Jan 2008
- F8.13: Debt Securities In Eu Member States And Accession Countries, 31 Dec 2003 (m, Nominal Value)
- F8.14: Debt Securities In Eu Member States And Accession Countries, 31 Dec 2003 (As % Of Gdp, Endof- Period Stocks, Nominal Value)
- F8.15: Czech Republic Credit Rating, Jan 2008
- F8.16: Local Currency Debt Outstanding, 31 Dec 2005 (%)
- F8.17: Credit To Gdp Ratio, 1993 2005(%)
- F8.18: Individual And Corporate Credit Growth In The Eu8 Countries, 200305 Average (%)
- F8.19: Evolution Of Loan Portfolio Breakdowns In The Eu8 Countries, 200005 (%)
- F8.20: Bse Holdings, Q2 2007 (%)
- F8.21: Primary Bond Market Breakdown, 2007 (%)
- F8.22: Government Debt, By Instrument, 2007 (%)
- F8.23: Investment In Road Construction (Km)
- F8.24: Poland Gdp Growth, Q1 2005 Q2 2007 (Annual % Change)
- F8.25: Poland Construction Output Index, Janaug 2007, Y-O-Y
- F8.26: Poland Unemployment, 2004 Q2 2007 (000s)
- F8.27: Poland House Price Index, Jan 2006sep 2007 (% Y-O-Y)
- F8.28: Romanias Natural Gas Market, 2006 (%)
- F8.29: Gdp Growth, 200409e (%)
- F8.30: Foreign Exchange Rate Development, 2007 (, Us$)
- F8.31: Budget Balances, 200009e (% Of Gdp)
- F8.32: Fdi And Fixed Capital Investment, 200009e (%)
- F8.33: Trade Balance, 200009e (L M)
- F8.34: Top Five Romanian Banks By Assets, Sep 2007 (%)
- F8.35: Dynamic Of Financial Intermediation, 200407e (%)
- F8.36: Non-Governmental Loans And Deposits, 2004jun 2007 (%)
- F8.37: Regional Stock Exchange Valuations, 200609e (P/E Jan 2008)
- F8.38: Bse Regulated Market Capitalisation And Turnover, 2000 07 ()
- F8.39: Rasdaq Market Capitalisation And Turnover, 200007 ()
- F8.40: Construction Investments In The National Economy, H1 2007 (%)
- F8.41: Construction Sector Vs. Gdp, 2005 13e (%)
- F8.42: Slovakia Gdp, Q1 2002q1 2007 (%)
- F8.43: T-Bond Auction Yields, Jan 2000 Apr 2006 (%)
- F8.44: Maturity Structure Of Domestic Bonds (%)
- F8.45: Eurobond Spread Development Dec 2002sep 2006
- F8.46: Individual And Corporate Credit Growth In The Eu8 Countries, 200305 Average (%)
- F8.47: Evolution Of Loan Portfolio Breakdowns In The Eu8 Countries, 200005 (%)
- F8.48: Average Cagr Of Credit In The Eu10 Countries, 19982005 (%)
- F8.49: Share Of Credit Growth Attributable To Foreign Banks In The Eu10 Countries, 19982005 (%)
- F8.50: Foreign Bank Ownership, July 2007 (% Of Total Assets)
- F8.51: Structure Of The Financial Sector In The Eu8 Countries, 19962002 (Us$M)
- F8.52: Average Cagr Of Credit, 1993 2005 (%)
- F9.1: Kyrgyzstan Industry Structure, 2005 (%)
- F9.2: Breakdown Of Kyrgyz Parliament By Political Party, After Dec 2007 Elections
- F9.3: Turkmenistan Gdp Growth As % Of Previous Year, 19952006
- F9.4: Retail Trade Turnover As % Of Previous Year, 19952006
- F9.5: Uzbekistan Cotton Exports, 1987 2006 (000 Bales)
- F9.6: Government Budget Surplus/Deficit, 19962007e (% Of Gdp)
- F9.7: Gross International Reserves, 2000 06 (Us$M)
- F9.8: Gdp Growth And Industrial Production, 19952006
- F9.9: Car Sales, 2006 (%)
- F9.10: Gdp Per Capita Income At Ppp, 200408f (Us$)
- F9.11: Banks Share Of Total Sector Assets, 2006 (%)
- F10.1: Armenia Industry Structure, 2005 (%)
- F10.2: Azerbaijan Industry Structure, 2005 (%)
- F10.3: Georgia Industry Structure, 2005 (%)
- F10.4: Georgias Largest Banks By Total Deposits, End-2006 (%)
- F10.5: Election Results, 5 Jan 2008 (%)