Spotlight: Osisko Gold Royalties - A leading growth-oriented royalty company

Aaron ALBER MARCH 27, 2024 15:55 CET

This report is (co-) sponsored with financial contribution provided by the subject of the report.

Investment Case: Osisko Gold Royalties Ltd operates as a precious metal royalty and streaming company. The company holds royalties and streams across a variety of base metal, gold and silver mines with precious metal royalties and streams forming the main focus. Investors participate in the success of a broadly diversified mining portfolio and have limited exposure to cost inflation and operational risks inherent to a traditional mining company. Osisko's business model ensures an extremely efficient cash deployment. It offers investors exposure to stable cash flows and high-quality assets in politically stable areas. In light of the residual economic risks and the monetary policy outlook as well as the ongoing geopolitical uncertainties and strong central bank demand we continue to expect a positive trend for gold over the course of the year. With its high leverage to gold, Osisko should benefit disproportionately.

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Albania Watch: February inflation lull or long-term trend?

Fjorent RRUSHI MARCH 21, 2024 13:57 CET

Inflation took a surprise tumble in February, hitting a 2-year low! But net core inflation remains sticky, and rising wages threaten to reignite price pressures. The central bank is taking a wait-and-see approach, keeping rates steady for now. However, we expect them to hike again later this year as inflation potentially heats up again. The battle against inflation is far from over. Will BoA be able to navigate this economic rollercoaster?

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Czechia Watch: CNB chooses the cautious path, cuts rates by 50bps

Vratislav ZAMIS MARCH 21, 2024 09:26 CET

In line with our forecast, interest rates were cut by 50bps at Wednesday's CNB meeting, taking the key rate to 5.75%. Five of the seven board members voted in favour of the decision. We expect the cuts to continue, with a further 50bps cut at the May meeting.

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Fed Watch: Big picture remains intact

Franz ZOBL MARCH 21, 2024 07:15 CET

The Fed keeps key rates constant and maintains a low profile on when to expect a first rates cut. Greater confidence in achieving price stability is still needed. Higher than expected inflation readings in January and February are no game-changer but rather part of a bumpy road towards the inflation target. Looking at the Fed's projections 75 basis points in rate cuts remain the base case for 2024 (unchanged to December). It is unlikely that key rates will be lowered at the next meeting in May. What will be done, however, is to slow the pace of quantitative tightening. The balance sheet will continue to decline, yet slowing the pace will allow the Fed to better assess when 'enough is enough'. For markets it was a dovish meeting given the hawkish positioning in advance.

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Kosovo Watch: Beyond GDP, economic momentum and a glimmer of political hope

Fjorent RRUSHI MARCH 20, 2024 15:46 CET

Kosovo's 2023 growth story centres on robust domestic demand, propelling a moderate 3.3% GDP rise. But there's a glimmer of hope beyond economics. The CEC's decision to hold elections in Serb areas offers a chance to thaw tensions. Could this political step pave the way for a brighter future for Kosovo's economy?

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Ukraine Watch: NBU cut its key policy rate contrary to all market forecasts

Oleksandr PECHERYTSYN MARCH 15, 2024 09:38 CET

The NBU cut its key policy rate by 50 bp to 14.5% and further reduced other key policy rates. This indicates that the NBU is approaching a "fine-tuning" regime in its monetary easing cycle. We maintain our key policy rate forecast of 13% at the end of 2024.

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The Green Deal - 03/24 (EN) #responsiblebanking

Jörg BAYER MARCH 14, 2024 13:17 CET

This months publication is all about green bonds vs SLBs. The former are increasingly holding their ground against SLBs, which is reflected not only in the record-breaking EUR primary market volumes, but also in investor demand and therefore in pricing. This trend can also be seen outside the public debt capital market in the SLL segment. Meanwhile, the ESG segment as a whole is facing increasingly more headwinds in the US.

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