Monday 2nd March 2015
NEWS TICKER, MARCH 2ND 2015: Turnover at Deutsche Börse’s cash markets at €125.5bn euros last month. Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €125.5bn in February (February 2014: €102.6bn). Of that, €113.4bn was attributable to Xetra (February 2014: €93.4 billion). The average daily turnover on Xetra stood at €5.7bn last month (February 2014: €4.7bn). Meantime, Börse Frankfurt reported turnover of €4.9bn was (February 2014: €4.7bn). Order book turnover on Tradegate Exchange touched approximately €7.2bn in February (February 2014: €4.6bn). Broken down by asset classes, turnover in equities reached about €107.1bn. Turnover in ETFs/ETCs/ETNs amounted to €15.9bn. Turnover in bonds was €0.7bn, and in structured products €1.5bn. Viewed by transactions, a total of 18.0m trades were executed on Xetra in February (February 2014: 16.7m). - Moody's has released a special edition of its compendium of Asian oil and gas research, following the collapse of crude oil prices in recent months. The compendium, covering both corporates and sovereigns in the region. "The steep drop in crude oil prices since mid-2014 will materially reduce the earnings and cash flows of Asian oil & gas companies and weaken their credit metrics in 2015," says Vikas Halan, a Moody's vice president and senior credit officer. "At the same time the low prices will benefit most Asia Pacific sovereigns, given the region's status as a net oil importer," adds Halan. Crude prices more than halved between June 2014 and January 2015, reflecting higher-than-expected oil production in the US and lower demand in emerging markets. At the same time, with the slowing growth in worldwide demand, oil markets will likely remain oversupplied in the next two years. The demand-supply imbalance may be exacerbated if China's economic growth slows sharply or if significant lifting of economic sanctions on Iran further increases oil volumes. Moody's has lowered its price assumptions for Brent crude to $55/barrel through 2015 and $65/barrel in 2016. - Businesses are increasingly collecting and using data from, and about, consumers. This includes the identity of their customers, what they consume, where they live and work and other demographic information. It also includes information on who they connect with, their interests and attitudes. The UK Competition and Markets Authority is calling for information in a fact-finding exercise to help understand fully how businesses collect and use this data for commercial purposes and the implications for firms and consumers. Response forms can be found on the authority’s website - According to local press reports, Malaysia-based healthcare group Qualitas Healthcare Corporation Ltd, will decide this week either to list on Bursa Malaysia or put itself up for sale. The estimated value for the firm is reportedly around MYR1.2bn and press reports say it is in active negotiations with at least three potential buyers – International law firm Ropes & Gray has advised Crescent Capital Partners Management Pty Limited (Crescent) on the successful establishment of the over-subscribed Crescent Capital Partners V (Crescent V). An AUD675m fund, Crescent V will seek to invest in middle market businesses primarily in Australia and New Zealand with a focus on companies worth between AUD50m and AUD300m - MEPs will this week focus on the €315bn investment plan to boost growth in Europe, discussing with experts its three pillars: an investment fund, an advisory hub and a project pipeline. On Monday afternoon the economic affairs and budget committees hold a hearing with experts to discuss the €315bn investment plan for Europe as proposed by the European Commission - permanent tsb (PTSB), the Irish retail bank, will be using SAS solutions to deliver quicker and more efficient credit-decisioning, says the bank. Analysing this data in real-time will enable the bank to make quicker decisions that reflect each customer’s circumstances - The Straits Times Index (STI) ended +1.03 points higher or +0.03% to 3403.89, taking the year-to-date performance to +1.15%. The FTSE ST Mid Cap Index declined -0.39% while the FTSE ST Small Cap Index declined -1.14%. The top active stocks were SingTel (+0.47%), DBS (-1.48%), OCBC Bank (-0.86%), Noble (-3.08%) and UOB (-0.04%). The outperforming sectors today were represented by the FTSE ST Consumer Goods Index (+0.68%). The two biggest stocks of the FTSE ST Consumer Goods Index are Wilmar International (+0.31%) and Thai Beverage (+2.14%). The underperforming sector was the FTSE ST Basic Materials Index, which declined -3.44% with Midas Holdings’ share price gaining +1.61% and Geo Energy Resources’ share price declining -1.57%. The three most active Exchange Traded Funds (ETFs) by value today were the STI ETF (-0.29%), IS MSCI India (+0.37%), SPDR Gold Shares (+1.10%).

Latest News

  • Monday, 02 March 2015 China's Non-manufacturing PMI Increased in February
    In February 2015, non-manufacturing purchasing manager index was 53.9%, up 0.2 percentage points over the previous month, and 3.9 percentage points higher than the threshold, indicating that China's non-manufacturing sector remains stable says the Chinese Department of Service Statistics of NBS at the China Federation of Logistics and Purchasing (CFLP). Read more...
  • Monday, 02 March 2015 Moody's: Severn Trent's credit quality to weaken on challenging regulatory price review
    Severn Trent Plc's (Baa1 negative) credit quality will deteriorate over the five-year regulatory period starting April 1st this year (AMP6) after the Water Services Regulation Authority's (Ofwat) decision to reduce the group's overall allowed return for AMP6 to 3.74% from 5.1% in AMP5, says Moody's Investors Service in an Issuer In-Depth report published recently. Read more...
  • Monday, 02 March 2015 FATCA IDES testing dates announced
    The FATCA International Data Exchange Service (IDES) will open testing from Tuesday, March 10th at 2:00am EDT to Thursday, March 12th at 5:00pm EDT. The test session will be open to financial institutions and tax administrations that have completed IDES enrollment by Thursday, March 5th 2015 at 5:00 p.m. EST. Read more...
  • Monday, 02 March 2015 Abraaj partners with EBRD, DEG & Proparco in Egypt and Tunisia
    Abraaj Group, a leading private equity investor operating in global growth markets, today announced the formation of the North Africa Hospital Holdings Group (NAHHG), a healthcare investment platform to provide health care in Egypt and Tunisia, in partnership with leading development financial institutions – the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwickungsgesellschaft mbH(DEG), and the Société de Promotion et de Participation pour la Coopération Economique S.A. (Proparco). Read more...
  • Monday, 02 March 2015 SEC suspends trading in 128 dormant shell companies
    The US Securities and Exchange Commission (SEC) says it has suspended trading in 128 inactive penny stock companies to ensure they don’t become a source for pump-and-dump schemes. Read more...
  • Monday, 02 March 2015 TMX Group appoints Cheryl Graden group head, Legal & Business Affairs
    TMX Group says it has promoted Cheryl Graden to senior vice president, group head of Legal and Business Affairs and Corporate Secretary, effective immediately. Graden has also been appointed an officer of TMX Group Limited and its subsidiaries. Read more...
  • Monday, 02 March 2015 Moody's: India's budget prioritises growth over fiscal consolidation
    Moody's says that India's budget, which prioritises growth over deficit reduction, is unlikely to materially change India's sovereign credit profile, which is supported by the economy's robust growth, but constrained by the government's weak fiscal metrics. Moody's sovereign rating for India is Baa3, with a stable outlook. Read more...
  • Monday, 02 March 2015 Can electronic solutions address ‘broken’ credit markets?
    A new report from consulting firm GreySpark Partners, looks at what it describes as “an unprecedented wave of innovation” is helping to reshape the corporate bonds trading market. Read more...
  • Monday, 02 March 2015 Baring Asset Management introduces strategic bond fund
    Baring Asset Management (Barings), the international investment management firm, today announces it has converted the Baring Global Bond Trust into a more flexible fixed income product – the Baring Strategic Bond Fund. The fund will be managed by Guy Dunham, head of Global Aggregate, who joined Barings in May last year, and Richard Balfour, Fixed Income Investment Manager. Read more...
  • Monday, 02 March 2015 Eight development banks report on sustainable transportation
    Eight Multilateral Development Banks (MDB) which in 2012 committed themselves to supporting sustainable transport, are reporting progress. In the first year of the MDB’s Rio+20 Commitments the institutions are on target to meet their goal of $175bn in support for more sustainable transport in developing countries over the ten-year commitment period (2012-2022). Read more...
  • Monday, 02 March 2015 SGX names Tan Boon Gin as new Chief Regulatory Officer
    Singapore Exchange (SGX) says it has appointed Tan Boon Gin as chief regulatory officer effective June 15th this year. Tan is currently director of the exchange’s commercial affairs department. Read more...
  • Monday, 02 March 2015 SIX Swiss Exchange launches Access Point connectivity option in London
    SIX Swiss Exchange launches its Access Point service in London. This additional connectivity option offers participants more flexibility to choose the ideal setup that meets their requirements, strengthens their solutions and allows them to take advantage of the outstanding liquidity across our wide range of attractive trading segments. Read more...
  • Monday, 02 March 2015 Secured lending on the up as remortgaging market falters
    The secured loan market continues to go from strength to strength according to the inaugural Enterprise Finance Secured Loan index. The £66m of secured lending in January represents a 2% monthly increase from December’s £65m and an 11% increase from January 2014. The actual amount lent on an annual basis has increased from £609m for the twelve months to January 2014 to £779m for the year to January 2015 – a rise of almost 28%. Read more...
  • Friday, 27 February 2015 UniCredit completes first BPO in Italy
    UniCredit says it has successfully completed the first Bank Payment Obligation (BPO) transaction ever carried out in Italy, for the payment of a commercial operation concluded between SPIG SpA, a producer of industrial cooling systems based in Arona, in the province of Novara, and one of its German suppliers, a UniCredit Bank AG customer. Read more...
  • Friday, 27 February 2015 SEC announces SME advisory committee meeting agenda on March 4th
    The Securities and Exchange Commission says the next meeting of its Advisory Committee on Small and Emerging Companies will focus on ways to increase the opportunities for investors in small and emerging companies to resell their shares, a concept referred to as secondary market liquidity. Read more...
  • Friday, 27 February 2015 ATS to launch liquidity and price discovery tool for the secondary bond market
    Alternative Trading System (ATS) upstart OpenBondX, says it plans to launch a liquidity and price discover protocol for the secondary bond market in the first quarter this year. The firm says it will offer unbiased access to liquidity from both non-traditional and traditional providers. Read more...

MORE NEWS...
Key Stories from FTSE Global Markets

The Expert Panel

  • David Gurtz, Deputy Chief Investment Officer, Director of Risk Management, Massachusetts Pension Reserves Investment Management (PRIM) Board
  • Susan Peters, Chief Operating Officer, Scorpeo
  • Charles Rizzo, Senior Vice President, Chief Financial Officer For The John Hancock Family Of Funds And Chairman John Hancock Funds Risk Committee
  • Craig Starble, Chief Executive Officer, eSecLending
  • Chris Valentino, Director, Sales, EquiLend
  • Robert Zekraus, Director, Prime Services, Scotiabank Global Banking & Markets
  • Francesca Carnevale, Editor, FTSE Global Markets
Read more...

The decline in commodity prices and the rise in value of the US dollar is having a negative effect on the value of Latin American currencies. At the time of going to press the Colombian peso was at its lowest level against the US dollar in five years. The same is true for Chile, where the peso is at a six year low against the greenback following a severe drop in the price of copper. The list goes on.

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The (French) euro private placement market has seen the emergence of a range of unlisted deals, attracting international borrowers. A pan-European private placement (PP) market looks to be evolving. In France in particular the euro PP market has seen a broad range of deals from international borrowers. The direct lending market-where dedicated credit funds lend directly to predominantly sponsor-owned businesses—saw more than €10bn worth of transactions last year, covering some 200 plus deals. How far can this alternative funding market grow?

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Tuesday, 24 February 2015

A slow start for RMB issues

After a banner year for offshore RMB issuance volumes in 2014, with RMB587bn worth of securities issued, a quiet start to this year has set off alarm bells in some quarters. Others say that RMB can weather a downturn in January as the bonds have evolved from a simple one-way expectation of RMB appreciation to a more mature evaluation of credit quality and asset allocation diversification during the last twelve months. New research from FTSE Group thinks that the outlook is more balanced. Who’s right? The evidence looks rather mixed.

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Even eight years after the blow up in the financial markets, access to alternative sources of capital for borrowers, particularly SMEs, remains strained. Much has been talked about the emergence of a shadow banking market; but that market is highly selective and is in no way ubiquitous. The European private placement market offers some potential, but it remains highly fragmented, still defined by domestic rather than pan-European issuance. Now capital markets agencies across Europe have come together to help define the operation of a pan-European capital market union; one in which the emergence of a pan-European private placement market is one stepping stone. Can it be achieved?

Read more...
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  • Tuesday, 10 February 2015 16:51 Swap Markets Developments in 2015
    Changes in the functioning of the swap markets continue to hit the news—and generate controversy.  With recent stories focusing on international comity, proposed margin requirements…

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