The Daily Dispatch

Weekly Special Feature March 12, 2021 JPMorgan to Launch ‘Cryptocurrency Exposure Basket’ of Bitcoin Proxy Stocks By: Danny Nelson—CoinDesk (Published on March 10, 2021) The debt instrument would lean heavily on MicroStrategy, The prospectus documents state the notes will pay out Square and Riot Blockchain stocks. based on the basket companies’ performance less a 1.5% deduction – essentially the fee. They cost a minimum of Just weeks after JPMorgan Chase published a report $1,000 minimum and have a maturation date of May 2022. warning that traditional financial companies are at risk of falling behind in digital finance, the largest U.S. bank is A search of JPMorgan’s history of regulatory filings looking to issue debt linked to cryptocurrency-focused indicates the mega-bank has never before issued notes companies. related to the performance of crypto companies. Representatives for the bank did not immediately respond J.P. Morgan Cryptocurrency Exposure Basket, the incoming to CoinDesk queries. debt instrument, is long on MicroStrategy (20%) Square (18%), Riot Blockchain (15%) and chipmaker NVIDIA ______(15%) with positions in 11 companies total. It does not Source: Danny Nelson (2021) ‘JPMorgan to Launch invest directly in cryptos, according to the prospectus. ‘Cryptocurrency Exposure Basket’ of Bitcoin Proxy Stocks.’ CoinDesk. Available at The basket companies “operate businesses that we believe https://www.coindesk.com/jpmorgan-to-launch- to be, directly or indirectly, related to cryptocurrencies or cryptocurrency-exposure-basket-of-bitcoin-proxy-stocks other digital assets, including as a result of bitcoin (BTC, (Accessed 12 March 2021) +0.38%) holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or bitcoin trading,” JPMorgan said in the prospectus.

The filing reveals yet another way Wall Street players are looking to give their clients access to the upside of a booming crypto market, which CoinGecko now estimates at $1.7 trillion. The Daily Dispatch

Weekly Special Feature March 12, 2021 Roblox Goes Public — What's Roblox? Ask Anyone With Kids. By: Mandalit Del Barco—NPR (Published on March 9, 2021) The company's CEO, David Baszucki, known as "Builder Man," co-founded Roblox in 2004 with Erik Cassel. Baszucki estimates three-quarters of American children age nine-through-12 hang out on Roblox every month.

"We're crushing it right now. And in the midst of COVID, we've seen an explosion of older players on the platform," Baszucki said during a conference for Roblox developers last summer. "So how do we make it possible for Roblox to connect with everyone in the world?“

Baszucki laid out his dreams for the company, including The world of Roblox has become a popular escape during the making movies with Roblox content, and creating a pandemic. Roblox "universal translator" for people around the globe to gather The online game platform Roblox plans to go public on in a collective virtual space. "This is ultimately the dream of Wednesday. During the pandemic, it's become a de facto so many of us for so many years, way back to the science playground, with more than 32.6 million people across 180 fiction community," he said. "We have our own personal countries playing every day. Like them, my nine-year-old has vision of the metaverse.“ been playing with her friends nonstop. They can't be with each other in person, but on Roblox, they enjoy online roller Last year, Roblox presented an online experience tied to the coasters and water slides together. They pretend to go to recent Wonder Woman film, and the platform hosted school, adopt pets and play dress up. Mostly, they follow several virtual concerts. For example, last November, players each other around in different environments, meeting put their avatars in the audience as they sang and danced friends along the way. alongside Lil Nas X's avatar.

"Roblox is a bit of a substitute babysitter when some In early January, Roblox announced it had already raised parents need a break at home," says P.J. McNealy, CEO of $535 million dollars for what it calls its "human experience Digital World Research who teaches at Boston College. He platform." It hosts games created by players themselves. says Roblox has benefitted during COVID by having a captive audience. He describes the platform as, "Minecraft Alex Hicks was just 13 when he went from playing Roblox meets Nintendo, which meets Lego and mobile phones games to designing them. Now 24, he has his own nearly enable a whole bunch of it.“ two-million dollar game development studio with 10 employees. They created the games "Robloxian High McNealy says the company started with a younger School" and "World Zero." "With other games, if you get demographic and is growing. Going public, he says, will bored, you'd stop playing it," he explains. "But with Roblox, allow Roblox to build a digital empire, beyond gaming. there's just a constant stream of titles to play and you can "This money will either give them an opportunity to build just see what your friends are up to. You go hang out with more content for the for the platform or to go to adjacent them. It makes you realize that this is probably the future of platforms like music or partnering with Spotify or movie social engagement." service," he says. "That's where this is going to go.“ The Daily Dispatch

Hicks says the key is watching games, concerts or films Roblox after it files a direct listing of its stock. together at the same time online is key to that future. "And I think that's what Roblox really gets is the social aspect.“ This story was edited for radio by Nina Gregory and adapted for the web by Mandalit del Barco and Petra Mayer. Twenty-year-old Zoe Basil lives with roommates she first met on Roblox. She's a computer programmer who works ______on the platform's popular game "Adopt Me." She likes that Source: Mandalit Del Barco(2021) ‘Roblox Goes Public — anyone can publish a game on Roblox. "When you're just What's Roblox? Ask Anyone With Kids.’ NPR. Available at: like a 13-year -old making a game in your bedroom, you https://www.npr.org/2021/03/09/974893374/roblox- don't really have all these internalized rules and you kind of goes-public-whats-roblox-ask-anyone-with-kids (Accessed just make whatever you want and whatever comes to 12 March 2021) mind," she says. "It's kind of like outsider art. And I think that's awesome.“

In "Adopt Me," players can adopt cute animals. Roblox

Megan Letter is a Roblox superstar, who famously plays "Adopt Me" with her virtual pet unicorn, Honey. She has more than three million subscribers for her daily YouTube channel "Megan Plays." The 25-year-old influencer from Dallas has other YouTube channels and a merchandise line. She and her husband Zach also run their own studio where they developed the game "Overlook Bay.“

"My husband and I are really, really excited for Roblox to go public," she says. "Personally, we're planning to invest because Roblox is only getting bigger and bigger. We live and breathe Roblox, so to hear it's gonna go public, it's massive.“

Letter and so many others are eager to see what's next for The Daily Dispatch

MarchFeb. 2, 201712, 2021 Philippine Stock Market Update TODAY’S TOP NEWS

DITO launches in Visayas and Mindanao DITO Telecommunity Corporation, the country’s third major player in the telecommunications industry heralded its entry into the market by announcing that it will be providing free call and text as well as broadband services to 3000 front liners in ten areas in Visayas and Mindanao with the help of the local government units. Previous Close: 1 Yr Return: 6,719.18 19.54% Car sales in Philippines continue to slump Open: YTD Return: Car sales in February declined by 12% compared with the 6,734.40 -5.94% same month last year The joint report said that the industry sold 26,230 vehicles in February, lower than the 29,790 units 52-Week Range: Source: in the same month last year. 4,039.15 - 7,432.40 Bloomberg Foreign Exchange Duterte liberalizes satellite access As of March 11, 2021 President Rodrigo R. Duterte on Thursday signed an executive order (EO) liberalizing access to satellite US Dollar Philippine Peso technology after accusing telecommunication companies of 1 48.44 failing to improve their service. It amends EO 467, which required telecommunication companies to get a BVAL Reference Rates congressional franchise before using satellite facilities. As of March 11, 2021

Tenor Rate Ayala Corp. reports 2020 profit fall, Q4 recovery 1Y 1.849 Ayala Corp. on Thursday reported a net income of P5.8 billion in the fourth quarter of last year, which it said 3Y 2.899 included the impact of the partial reversal of some losses 5Y 3.477 incurred by Manila Water Co., Inc. and other provisions. 7Y 3.945 10Y 4.446 Converge ICT increases capex by 25% to P20B 20Y 5.126 Listed fiber internet provider Converge ICT Solutions, Inc. expects to spend P20 billion on its expansion efforts this Daily Quote year, as it targets to cover approximately 35% of households "The best way out is always through." by December. The budget will be used for the expansion of -- Robert Frost Converge’s backbone and the deployment of additional fiber- to-the-home (FTTH) ports. The Daily Dispatch

MORE LOCAL NEWS

SMC posts ‘sustained’ recovery in second half of 2020 ADB raises $307 million from panda bonds San Miguel Corp (SMC) posted a net income of P25.87 Manila-based Asian Development Bank has raised $307 billion in the second half of 2020, a reversal of nearly P4 million (two billion Chinese yuan) from the issuance of a billion in net loss seen in the first semester. The diversified five-year panda bond, proceeds of which will form part of conglomerate also said that its July-December profit was 15 the bank’s ordinary capital resources. The bond issuance was times higher than what it recorded in the same period in ADB’s first panda bond issue in more than a decade and its 2019. largest-ever borrowing in an Asian local currency.

Ayala Corp sets P196B capex for 2021 amid virus pinch Philippine economy seen to grow up to 8% Conglomerate Ayala Corp. will resume a more aggressive After suffering the worst contraction in decades last year, the capital spending this year with a budget of P196 billion Philippine economy is expected to grow by as much as eight primarily for emerging businesses, aiming to reclaim a percent this year, well above government targets, according growth trajectory that was disrupted by the pandemic. to Oxford Economics. Oxford Economics’ latest growth projection for the Philippine economy was an upward revision from its previous growth target of 7.7 percent.

Senators dispute need for tariff cuts EDC profit drops 6.6.% Several senators geared to challenge the proposal of the Lopez-led Energy Development Corp. (EDC) reported a 6.6 Department of Agriculture (DA) to ease import restrictions percent decline in net earnings to P11.5 billion last year due in a bid to lower persistently high prices of pork. to lower generation and spot market prices. EDC attributed the earnings decline to lower revenues and higher provision for income taxes amounting to P658 million. PSE may allow preferred shares – only IPO MANILA, Philippines – The Philippine Stock Exchange Forex buffer rises to $109 billion (PSE) plans to allow companies to debut on its bourse by The country’s gross international reserves (GIR) managed to offering preferred shares without having to list their climb to $109.1 billion in February from $108.67 billion in common shares. January on higher foreign exchange inflows, according to the Bangko Sentral ng Pilipinas.

DBM: P10B for vaccines already released to DOH MANILA, Philippines—A year after the pandemic landed Petron eyes restart of Ph oil refinery in H2 on the country’s shores, the Department of Budget and The Philippines’ lone oil refinery is seen coming back online Management (DBM) already released a total of P568 billion in the second half, a welcome sign that businesses are pricing to government agencies for programs and projects aiding in in economic recovery that inevitably brings with it fuel the fight against COVID-19, including P10 billion for mass demand. vaccination. The Daily Dispatch

TODAY’S TOP GLOBAL NEWS

Manila Water taps Megawide for new sewage plant Renault to sell its stake in Daimler to reduce debt Megawide Construction Corp. and Suez will design and French carmaker Renault said on Thursday it would sell all build a new sewage plant for Manila Water Corp. The plant of its 1.54% stake in Germany’s Daimler in order to speed will have a daily capacity of 60,000 cubic meters, with up de-leveraging of its automotive business. Megawide undertaking all civil works for the project. This marks the first project of Megawide with Manila Water and its first collaboration with Suez. Autogrill upbeat on long-term outlook TODAY’S TOP ASIAN NEWS Autogrill’s chief executive said on Thursday he was upbeat about its long-term prospects although the Italian caterer Grab in talks to go public in nearly $40b SPAC deal booked a 480 million euro loss last year when the pandemic emptied bars and restaurants it runs in airports and Grab Holdings Inc is in talks to go public through a merger motorways. with a special purpose acquisition company that could value the ride-hailing giant at nearly $40 billion, making it the largest ever blank-check deal, people familiar with the matter said on Thursday. Rolls-Royce plunges to worse than expected loss British engine-maker Rolls-Royce plunged to a worse than Aztech Global debuts on SGX mainboard at above IPO expected £4 billion pound (S$7.5 billion) loss in 2020 as the Aztech Global began its trading debut at $1.37 on the pandemic stopped airlines flying, but stuck to its outlook for Singapore Exchange's (SGX) mainboard on Friday (March cash outflow to improve in 2021. 12), 7 per cent or $0.09 above its initial public offering price (IPO) of $1.28 per share.

Baidu seeks up to $4.8b in HK second listing SoftBank-backed Coupang prices US IPO above target Search engine giant Baidu is seeking to raise as much as HK$28 billion (S$4.8 billion) in a second listing in Hong SOUTH Korean e-commerce giant Coupang Inc and a Kong, kicking off the second such share sale by a US-traded group of existing shareholders have raised US$4.6 billion in Chinese firm in the city this year. an enlarged offering, making it one of the biggest listings by an Asian company on a US exchange.

Sembcorp awarded 60 MWp solar project Qualcomm struggles to meet chip demand SEMBCORP Industries (Sembcorp) has been awarded a 60 megawatt-peak (MWp) solar project by the Housing & Qualcomm Inc is struggling to keep up with demand for its Development Board (HDB) and the Singapore Economic processor chips used in smartphones and gadgets, as a chip Development Board (EDB), through its wholly-owned shortage that first hit the auto industry spreads across the subsidiary, Sembcorp Solar Singapore. electronics business, industry sources told Reuters.