Jollibee Foods Corp. (JFC, -2.

96%) JFC to Refinance Smashburger’s US$ 80 million loan

• In its disclosure on Thursday, JFC said that it signed a commitment letter with Smashburger’s
parent SJBF LLC for the payment of the loan that’s set to Mature on May 15, switching to long-
term, less expensive and less restrictive, financing for the loan.
• This comes following JFC’s earlier disclosure of its acquisition of a further 45% stake in
Smashburger for US$ 100 million. The transaction is expected to be completed in the next one to
two months. Full story here. (http://bworldonline.com/jollibee-refinance-smashburgers-80-m-
loan/)

ECB Surprises with Dropping its Pledge to Expand Stimulus

• The ECB on Thursday did the unexpected by dropping its pledge to expand monthly bond
purchases, signalling its confidence in Europe economy’s ability to reignite inflation. The ECB
committed to continuing the current quantitative easing measures until the end of September, but
had dropped verbiage of an ‘easing bias’ wherein they bond-buying program may be increased in
‘size and/or duration’ if the outlook for inflation deteriorates.
• The shift in tone was widely unexpected by economists, noting that they expected the ECB to
keep its policy tone unchanged considering the emergence of new risks to this outlook.
• Some, however, welcomed the change in the ECB’s messaging, noting that it paves the way for
officials to set a more definite course towards exiting its extraordinary stimulus program. Full
story here (https://www.bloomberg.com/news/articles/2018-03-08/ecb-tweaks-policy-language-in-
sign-of-confidence-in-the-economy)

Focus Shifts of BoJ Policy Stance

• Economists expect the BoJ to keep asset purchases and yield-curve control setting unchanged
as Japan’s central bank reviews monetary policy in its regular meeting.
• Focus is now on any indication of when the BoJ will look to exit from its stimulus program, and
what the timings are around it; BoJ watchers also look forward to hearing the central bank’;s
views on a stronger yen.
• Negative interest rates are seen to be kept in place, with a yield target of 0% for 10-year
government bonds. ETF holdings of the BoJ is expected to be kept at six trillion yen a year, with
REIT holdings seen to be kept at 90 billion year a year. Full story here
(https://www.bloomberg.com/news/articles/2018-03-08/boj-decision-day-guide-focus-on-kuroda-
s-long-term-outlook)