Wednesday 29th July 2015
NEWS TICKER, Wednesday, July 29th: Moody's: Yuexiu's ratings unaffected by Guangzhou land acquisitions. Moody's Investors Service says that Yuexiu Property Company Limited's has announced acquisition of two parcels of land in Guangzhou has no immediate impact on its Baa3 issuer and senior unsecured debt rating, the (P)Baa3 senior unsecured debt rating for its MTN program, or their stable outlook. Yuexiu Property announced it had acquired interests in two joint ventures that will develop two parcels of land in the Haizhu District of Guangzhou, Guangdong Province. - Moody's: Asian rated high yield bond issuance slows in 2Q 2015. Moody's Investors Service says that Asian high yield issuance in the region fell to $2.7bn in Q2 2015, well below the $4.5 registered in Q1 2015, and was at the lowest quarterly level since Q3 2013. - The Spanish Mercado Alternativo de Renta Fija (MARF) has admitted to trading a securitisation commercial paper programme by IM Fortia 1, a Securitisation Fund formed by Intermoney Titulización, Securitisation Funds Manager. The maximum outstanding amount of the programme is €400m.

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  • Wednesday, 29 July 2015 NEWS IN BRIEF/NEWS TICKER, Wednesday July 29th 2015
    Business, corporate and investment news from around the globe. This section is updated through the day. Read more...
  • Wednesday, 29 July 2015 Why institutional investors are rethinking their exposure to corporate credit
    Several years of falling interest rates, bond yields and credit spreads have created a wonderful tailwind for bond returns – although this also increased the value of pension fund liabilities and, at the same time, left some schemes reluctant to lock-in historically low yields through liability-hedging strategies. There’s a strong incentive for underfunded pension schemes to keep investing in return-seeking assets that aim to outperform their liabilities. Lisa Coleman, Global Head of Investment Grade Credit, JP Morgan Asset Management explains. Read more...
  • Wednesday, 29 July 2015 Global macro most favoured by hedge fund investors says Credit Suisse survey
    A mid-year hedge fund investor survey from Credit Suisse suggests that institutional investors’ appetite for alternative investments has not dimmed. The sentiment survey, which polled over 200 global institutional investors with some $700bn invested in hedge funds looks suggests that 93% of respondents will either maintain or increase their allocation to the sector. CTA/managed futures meanwhile look to be losing their popularity among institutional investors. Read more...
  • Wednesday, 29 July 2015 New Zealand Reserve Bank: more monetary easing on way
    The Reserve Bank today confirmed that at this stage some further monetary policy easing is likely to be required to maintain New Zealand’s economic growth around its potential, and return CPI inflation to its medium-term target level.Further exchange rate depreciation is necessary, given the weakness in export commodity prices and the projected deterioration in the country’s net external liabilities over the next two years, Governor Graeme Wheeler said in a speech to the ExportNZ/Tauranga Chamber of Commerce. Read more...
  • Tuesday, 28 July 2015 NEWS IN BRIEF/NEWS TICKER, Tuesday July 28th 2015
    Business, corporate and investment news from around the globe. This section is updated through the day. Read more...
  • Monday, 27 July 2015 NEWS IN BRIEF/NEWS TICKER, Monday July 27th 2015
    Business, corporate and investment news from around the globe. This section is updated through the day. Read more...
  • Friday, 24 July 2015 Gunvor Asian RCF tops $1bn following additional interest
    Gunvor Singapore Pte Ltd, a wholly-owned subsidiary of Gunvor Group Ltd, has increased its $911.7m syndicated revolving credit facility to $1.0627bn yesterday through accordion to accommodate additional interest in the facility. Read more...
  • Thursday, 23 July 2015 Euroclear UK and Ireland extends settlement hours
    Euroclear UK & Ireland, the UK securities depository which operates the CREST settlement system, is extending its settlement day for direct participant banks with effect from summer of 2016. The decision to extend the settlement day to 18:00 follows a review by the Bank of England in its role as settlement agent for the major pound sterling payment and settlement systems, CHAPS and CREST respectively. The objective is to better align the CHAPS and CREST settlement day with the typical business hours of many participants of these systems. Read more...
  • Thursday, 23 July 2015 NEWS IN BRIEF/NEWS TICKER, THURSDAY, July 23rd
    A ready round-up of today's credit, corporate and investment news. This section is updated through the day. Read more...
  • Thursday, 23 July 2015 FDIC and CDBO talk tough penalties against Banamex USA, Century City, CA
    The Federal Deposit Insurance Corporation (FDIC) says it will levy a civil money penalty of $140m against Banamex USA, Century City, California, for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws and regulations. In a concurrent action, the California Department of Business Oversight (CDBO) assessed a civil money penalty of $40m. The FDIC's penalty of $140m will be satisfied in part by the CDBO's penalty. Read more...
  • Wednesday, 22 July 2015 WFE survey: exchanges see rising investor interest in sustainability
    Investors are increasingly studying the sustainability practices and policies of companies as a factor in their investment decisions, a World Federation of Exchanges (WFE) survey says. The survey was recently conducted by the WFE’s Sustainability Working Group (SWG) and received responses from 56 exchanges (93%) out of WFE’s 60 member exchanges worldwide last year. Read more...
  • Wednesday, 22 July 2015 Former president and CEO of the Japan Exchange Group to support KKR's partnerships in Japan
    The investment firm KKR announces the appointment of Atsushi Saito, former president and CEO of the Tokyo Stock Exchange (TSE) and the Japan Exchange Group (JPX), as non-executive chairman of KKR Japan, effective from August 1st this year. Read more...
  • Wednesday, 22 July 2015 Moody's: English Housing Associations' finances under pressure in tougher operating environment
    English Housing Associations could struggle to maintain their current financial performance after recent government policy changes made their operating environment more challenging, Moody's Public Sector Europe says in a report "2015 Outlook Update - English Housing Associations: Sector Outlook Turns Negative Due to Adverse Policy Decisions" published today. Read more...
  • Wednesday, 22 July 2015 FTSE Russell launches first 50% Currency Hedged Index Series
    FTSE Russell, the global index provider, today announced the launch of the FTSE 50% Hedged Index Series, becoming the first index provider to introduce an index series that is 50% hedged to the US dollar. The new suite of international equity benchmarks is designed to help index users evaluate their currency exposures and hedging strategies when investing outside the US. Read more...
  • Wednesday, 22 July 2015 CISE to acquire GXG’s SME marketplaces
    The Channel Islands Securities Exchange Limited (CISE) is set to acquire the European marketplace for SMEs, the Danish-based GXG Markets A/S (GXG). The proposed transaction will be completed between CISE’s wholly owned subsidiary, The Channel Islands Securities Exchange Authority (CISEA) and the Swedish-headquartered GXG Global Exchange Group AB and GXG. Read more...
  • Wednesday, 22 July 2015 Maitland expands Africa footprint with fund admin lift out deal with Stanlib
    Global advisory and fund administration firm Maitland has concluded an agreement with STANLIB, one of Africa’s largest fund managers, to “lift out” its traditional institutional fund administration operations. Read more...

MORE NEWS...
Key Stories from FTSE Global Markets

There’s a new paradigm in investor services. FTSE Global Markets spoke to Daron Pearce, Global Head, Investment Managers segment for Asset Servicing at BNY Mellon, about the evolution of the investment services business set and what is means, long term, for the bank’s clients. Backed by innovations in technology the company now mines a rich seam in ground-breaking client services based on sophisticated analytics that help its clients better understand the world in which they operate, and allows BNY Mellon to develop new tools and models that leverage their expertise to better service their own customers.

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High valuations and the prospect of a gradual rise in US interest rates look to be the main concern of investors right now. Given the oversubscription of even measly priced UK gilts and other sovereign bonds, it is clear that sovereign debt will remain the asset class of choice for pension funds. Given that understanding and failing a grand rotation back into equities, the issue is then whether rate rises reinforce the drift into developed market sovereign bonds at the expense of emerging markets.  Relative to equities flows government bonds remain at historic highs. Just how soon the US Federal Reserve will begin to raise rates now the question du jour. We look at some of the fallout once it happens

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Wednesday, 24 June 2015

A fix for fixed income?

With the corporate bond market still dealing with a pronounced demand-supply imbalance, newer protocols capable of connecting multiple sources of liquidity continue to grow in popularity—among them open or all-to-all trading solutions, designed to provide investors, dealers and other market participants with greater efficiency around fixed-income trades. Dave Simons reports from Boston.

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According to the latest survey from data provider Preqin, some 51 investors have increased their allocation to the hedge funds to over the $1bn benchmark, while 27 investors have seen their allocation fall below that level. There are now a total of 227 investors around the globe that have $1bn or more in assets invested in hedge funds, and collectively these investors have $735bn invested in the asset class, representing almost a quarter of the total capital invested in the industry (up 13%) on a year ago. Most of these were in America. What’s going on?

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Wednesday, 24 June 2015

Find me a prime

Will the current climate continue to favor the various small-time prime models that have emerged in the wake of the recent PB purge? Are these specialty firms capable of handling the ever-expanding field of small funds in need of a home? Dave Simons reports.

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