Saturday 25th April 2015
NEWS TICKER: FRIDAY, APRIL 24th 2015:Luc Luyet, CIIA – Senior Market Analyst AT Swissquote says that yesterday, “the SNB surprised the market by announcing that the number of sight deposit account holders that are exempt from negative interest has been reduced. This decision doesn’t change much the domestic banks’ situation as the “20 times the minimum reserve requirement” rule is still running. On the other side, the institutions associated with the Confederation, such as the pension fund of the Confederation or the pension fund of the SNB, are no longer exempt of negative interest. Consequently, only the account holders of the national social security system are still fully exempt.” - High yield debt issuance remains buoyant. Issuance volume for the week ending April 17, 2015, slowed down a bit from the previous week, but remained strong. Junk bond, or high-yield debt, issuers continued to issue bonds as yields remained favourable. High-yield debt is tracked by the SPDR Barclays Capital High Yield Bond ETF and the iShares iBoxx $ High Yield Corporate Bond Fund. According to data from S&P Capital IQ/LCD, dollar-denominated bonds amounting to $10.75bn were issued across 16 transactions in the week ending April 17th. The issuance volume fell by 3.2% from the week ending April 10. Pricing was evenly spread across the week. The number of transactions fell from 18 to 16 week-over-week. Last week brought the total US dollar issuance of high-yield debt to $115.8bn in 2015 YTD, up some 15% from the same period in 2014, the bulk of which is refinancing of older debt - Moody's says EMEA auto ABS performance remained stable during the three-month period ending February 2015. The sector's average performance trend was positive in terms of delinquency ratios and cumulative losses. The 60+ day delinquencies decreased to 0.66% in February 2015 from 0.77% in February 2014, while cumulative defaults decreased to 1.06% from 1.20% over the same period. This decrease was due mainly to the good performance of the German and Dutch markets. The prepayment rate increased slightly to 13.49% in February 2015 from 13.30% a year earlier. As of February 2015, the pool balance of all outstanding rated auto ABS transactions was €27.55bn - According to Sino specialists Red Pulse, China’s State Council is considering allowing daily repatriation for QFII. Currently, RQFII enjoys T+1 repatriation while QFII is restricted to T+5. QFII is the largest channel for foreign investment into China with quota of USD150bn, however, only half of the quota is in use, like at least partly due to the five-day repatriation stipulation - Malaysia’s state pension fund will offer a Shari’a-compliant investment option for its members by 2017, Prime Minister Datuk Seri Najib Razak said today. Najib says it will create the largest Shari’a fund of its kind in the world. Malaysia has one of the world’s largest Islamic finance sectors and the authorities are keen to develop it further. They envision the industry accounting for 40% of the country’s total banking assets by 2020 compared with latest figures of around 23% released last year. The $160bn (MYR577.4bn) Employees Provident Fund (EPF) already invests about a third of its portfolio in stocks and bonds that comply with Islamic principles, which ban interest payments and pure monetary speculation. The fund reportedly hired consultants last year to study the feasibility of a state-backed pension fund focusing entirely on Shari’a-compliant investments. Additionally, local press reports says that Malaysia’s sovereign wealth fund Khazanah Nasional has received regulatory approval to issue a MYR1billion (around $275m) socially responsible Islamic bond - The NASDAQ OMX Group, Inc has declared a regular quarterly dividend of $0.25 per share on the company's outstanding common stock, an increase of 67% from the prior $0.15 per share quarterly dividend. The dividend is payable on June 26TH 2015, to shareowners of record at the close of business on June 12TH 2015 - Lazard Ltd today reported operating revenue1 of $581m for the quarter ended March 31st. Adjusted net income was $103m, or $0.77 (diluted) per share for the quarter. These results exclude a pre-tax charge of $63m relating to a debt refinancing2. Q1 2015 net income on a U.S. GAAP basis, including the pre-tax charge, was $56m, or $0.42 (diluted) per share. "Our Financial Advisory and Asset Management businesses continue their strong performance," says Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. "In the first quarter, we refinanced and repaid a portion of Lazard's long-term debt, significantly reducing our interest costs," adds Matthieu Bucaille, chief financial officer of Lazard. "Consistent with our capital management objectives, we have increased the quarterly dividend by 17%, the fifth increase in as many years." -

Latest News

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    Preliminary agreement has been reached to combine Pioneer Investments and Santander Asset Management resulting in a global asset manager with €400bn in assets under management. The company will be called Pioneer Investments and will rank among the top 35 firms globally and top 10 in Europe by assets. Read more...
  • Thursday, 23 April 2015 Moody's places ALL's Ba3/A3.br ratings under review for downgrade
    Moody's América Latina has placed America Latina Logística (ALL)'s Ba3/A3.br corporate family and senior unsecured ratings under review for downgrade. The review will focus on ALL's new management strategy, its revised business plan and the company's perceived ability to improve credit metrics over the next couple of years. Read more...
  • Thursday, 23 April 2015 Moody's rates the province of Mendoza's 2015 short-term Treasury note program
    Moody's Latin America Agente de Calificación de Riesgo has assigned a (P)Caa1 (global scale local currency) and Baa3.ar (Argentina National Scale) ratings to the 2015 Short-Term Treasury Note Program of the Province of Mendoza. The ratings are in line with the provincial's long term local currency issuer ratings, which carry a negative outlook. Read more...
  • Thursday, 23 April 2015 ConnectAmericas, la primera red social empresarial de las Américas
    El Banco Interamericano de Desarrollo (BID) presenta ConnectAmericas, la primera red social empresarial de las Américas, que tiene por objetivo ayudar a las pequeñas y medianas empresas (PYMEs) de la región a expandirse a los mercados internacionales. Read more...
  • Thursday, 23 April 2015 Wisdom Tree Europe hires head of sales
    WisdomTree, an exchange-traded fund (ETF) and exchange-traded product (ETP) sponsor, and pioneer of dividend-weighted smart beta ETFs, announces the hire of Nizam Hamid as Head of Sales for WisdomTree Europe. Read more...
  • Wednesday, 22 April 2015 Brasil y España buscan duplicar intercambios comerciales e inversiones en diez años
    España y Brasil pretenden aumentar el volumen de intercambios comerciales y las inversiones bilaterales con el objetivo de duplicarlos hasta 2025, tal como recoge la Declaración Conjunta parta el Avance de la Alianza Empresarial. Read more...
  • Wednesday, 22 April 2015 Guatemala apuesta por el desarrollo de la Mipyme
    El viceministerio de desarrollo de la micro, pequeña y mediana empresa (Mipyme) del Ministerio de economía y el Banco Interamericano de Desarrollo (BID), apoyan la “Expo Internacional de Franquicias, Guatemala 2015”. Organizada por la Asociación Guatemalteca de Franquicias (AGF) durante los próximos 27 y 28 de abril, la Expo busca impulsar nuevas estrategias para el desarrollo de la Mipyme en el país y una incursión ágil y efectiva en los procesos de globalización. Read more...
  • Wednesday, 22 April 2015 SGX reports a 16% uptick in Q3 net profit to $88m, as revenue rises 20% to $199m
    Singapore Exchange (SGX) today reported net profit of $88m ($75.8 m) in Q3 of financial year 2015 (FY2015), higher by 16% year on year and 2% quarter on quarter. Revenues grew 20% year on year to $199.3 m ($165.6 m). Excluding Energy Market Company’s (EMC) revenue of $5.8 m, all businesses recorded higher revenues compared to a year earlier. Read more...
  • Wednesday, 22 April 2015 Euronext announces departure of CEO Dominique Cerutti
    Euronext today announced that Dominique Cerutti, CEO of Euronext and chairman of the managing board, will leave the company on July 15th. Cerutti, joined NYSE Euronext in 2009 as president and deputy chief executive officer, has decided to take a new position as chairman and CEO at engineering firm Altran. Read more...
  • Wednesday, 22 April 2015 México y Nueva Zelanda revisan su relación comercial
    El subsecretario de comercio exterior de la secretaría de economía de México, Francisco de Rosenzweig, ha recibido la visita del viceministro de economía y comercio de Nueva Zelanda, David Walke. Read more...
  • Wednesday, 22 April 2015 Market data, SEF confirmations and error trades in CFTC sights says Massad
    In a speech to the DerivOps North America 2015, CFTC chairman Timothy Massad highlighted market uncleared swaps – SEF confirmations and confirmation data reporting and error trades are now in CFTC sights. FYI - yesterday was the 40th anniversary of the establishment of the derivatives market regulator. Read more...
  • Wednesday, 22 April 2015 Strengthening oil sector underpins moderate real GDP growth in UAE says NBK
    Real economic growth in the UAE is projected to log in moderate rates of 3%-4% year-on-year (YoY) in 2015 and 2016, as a strengthening non-oil sector continues to offset weaker oil GDP growth, says NBK. Read more...
  • Wednesday, 22 April 2015 CrossBorder Capital says emerging markets “revving up” as liquidity improves
    Liquidity conditions across the world’s emerging markets are rapidly improving, amid increased central bank interventions and accelerating cross-border flows, according to data compiled by CrossBorder Capital in London. Read more...
  • Wednesday, 22 April 2015 New EMD fund from Standard Life Investments
    Global asset manager, Standard Life Investments, today announced the launch of a fourth strategy1 in the suite of Emerging Market Debt (EMD) products it currently has available to retail and institutional investors. The Emerging Market Debt Unconstrained Fund is to be co-managed by Richard House and Kieran Curtis who between them have 34 years of experience in managing EMD portfolios. Read more...
  • Wednesday, 22 April 2015 Permal chief investment strategist forecasts beneficial climate for long-term investors
    According to market watcher Isaac R Souede, chairman and chief investment strategist of Legg Mason affiliate Permal Group, in his Second Quarter Outlook the greatest tailwind driving global economic growth continues to be central bank stimulus. At the same time, markets are facing a headwind of uncertainty, which is leading to increased volatility. Read more...
  • Wednesday, 22 April 2015 Aviva Investors appoints Simon Young as UK Equities fund manager
    Aviva Investors, the global asset management business of Aviva plc has appointed of Simon Young as UK Equities Fund Manager. He is based in London and reports to Trevor Green, head of UK Equities. Young will work on Aviva Investors’ institutional UK Equity Fund and assist on the £992m retail UK Equity Income Fund. Read more...

MORE NEWS...
Key Stories from FTSE Global Markets
Wednesday, 01 April 2015

THE BUCK STOPS...WHERE?

Three decades ago it took an international team of monetary specialists to finally put a lid on the US dollar's five-year joy ride. Once again, the USD is off to the races, and, barring a similar intervention, could conceivably maintain its present trajectory for as long as the existing US-EU divergence remains in place. What are the possible consequences this time around? From Boston, Dave Simons reports. 

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ROUNDTABLE PARTICIPANTS

SAL SASSANO, vice president securities lending/repo finance, Alliance Bernstein
JAMES SLATER, executive vice president, global head of securities finance, BNY Mellon
TIM SMITH, executive vice president, Sungard Astec Analytics
JAMES TEMPLEMAN, global head of securities lending equity trading, Blackrock
Francesca Carnevale, editor, FTSE Global Markets (not pictured)
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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
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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?

Read more...
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