Friday 1st August 2014
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THURSDAY TICKER: 31ST JULY 2014 - Standard & Poor's says Argentina is in selective default on foreign-currency-denominated debt, after the government failed to make a $539m payment on $13bn in restructured bonds. Argentina had transferred the money to the paying agent, but a US judge would not allow its release unless hedge funds holding bonds not included in a restructuring also were paid. The latest default is expected to exacerbate problems in Argentina's recession-hit economy, analysts say. This is the second time Argentina has defaulted on its debt in the last thirteen years, after last-minute talks in New York with a group of bond-holders ended in failure. Vulture fund" investors were demanding a full pay-out of $1.3bn (£766m) on bonds they hold. Argentina has said it cannot afford to do so, and has accused them of using its debt problems to make profits - In a regulatory filing made public earlier this week, and US press reports, BlackRock has begun the process of establishing a Wholly Foreign-Owned Enterprise (WFOE) in Shanghai. The firm is reportedly creating an investment advisory WFOE which will give it significantly greater flexibility and speed in executing its Greater China strategies – Shares in Chinese footwear manufacturer Feike AG have been listed on the General Standard of the Frankfurt Stock Exchange. Ten million shares have been listed at an initial price of €7.50. ACON Aktienbank AG is supporting the issue. Scheich & Partner Börsenmakler GmbH is the specialist. This is the third Chinese company to list on the exchange according to managing director Michael Krogmann. “With the IPO we have achieved an important strategic milestone. This helps us to expand our competitive position and our brand awareness in the booming Chinese market for children’s footwear as well as to realise future growth plans”, says Andy Hock Sim Liew, CFO of Feike AG - Funding pressures stemming from reduced central government capital grants and the persistence of tightened long-term bank lending are likely to fuel the English housing association sector's continued use of capital markets over the next two years, says Moody's Investors Service in a new report published today. The new report English Housing Associations: Financial Disintermediation- A One Way Trip, is the third in a series on European sub-sovereigns' financing needs and access to market funding.

Latest News

  • Thursday, 31 July 2014 Threadneedle launches global multi asset income fund
    Threadneedle Investments has launched the Threadneedle Global Multi Asset Income Fund which combines two of the firm’s core strengths, multi-asset and income. Managed by Toby Nangle, the fund offers investors the ability to achieve income and the prospect to preserve and grow their assets over the medium to long term in a changing retirement landscape. Read more...
  • Thursday, 31 July 2014 EDHEC-Risk launches infrastructure debt valuation/data methodology
    A new paper entitled Unlisted Infrastructure Debt Valuation and Performance Measurement, drawn from the Natixis research chair at EDHEC-Risk Institute on the Investment and Governance Characteristics of Infrastructure Debt Instruments, proposes a valuation and risk measurement framework for illiquid infrastructure debt. Read more...
  • Thursday, 31 July 2014 TASE puts meat on the exchange's risk framework
    The Tel Aviv Stock Exchange (TASE) will adopt measures to consolidate the risk management framework employed in the TASE group at its last meeting that will strengthen the group’s ability to identify and respond to risks inherent in TASE’s activity and business environment in real time and meet internation standards and best practices. Read more...
  • Thursday, 31 July 2014 Korea Exchange/ KIBO MoU supports SME tech firms
    The Korea Exchange (KRX) has signed an MOU with the Korea Technology Finance Corporation (KIBO) to support the listing of quality small and medium-sized enterprises (SMEs) and venture companies that are oriented towards technological innovation. Read more...
  • Thursday, 31 July 2014 HKEx clarifies unclaimed dividend policy
    Any dividend unclaimed after a period of six years from the date of payment will be forfeited and the dividend will revert to HKEx, clarifies the exchange. Read more...
  • Thursday, 31 July 2014 HKFE announces revised margins for futures contracts
    Hong Kong Futures Exchange Limited (HKFE),says that with effect from the commencement of trading tomorrow, the minimum margins to be collected by an exchange participant from its clients in respect of their dealings in the following futures contracts will change. Read more...
  • Thursday, 31 July 2014 Fiduciary manager SEI expands European team
    SEI has appointed Paul Nevin as a director in SEI’s Institutional Group based in London, to support SEI’s defined benefit clients in the UK. Read more...
  • Thursday, 31 July 2014 Allocations to European private equity on the rise says Moody's
    The nascent European private debt investment market, which includes direct lending funds, has potential to significantly grow the level of assets under management (AUM), says Moody's in a new report published today. More than 60 new private debt funds in Europe were raising capital exceeding $33bn as of May 2014. Read more...
  • Thursday, 31 July 2014 NSX moves to comply with incoming FMCA oversight
    According to the NSX's latest regulation metrics, issued today, The Financial Markets Conduct Act (FMCA) comes into effect in stages this year, following a comprehensive programme of work focussed on improving the regulation of New Zealand’s financial markets. NZX is considering the amendments required to the various rule sets as a result of the legislative changes. Read more...
  • Thursday, 31 July 2014 NSX reports positive first half year growth
    Trading volumes remained strong, up 21.9% on the prior comparable period. While value traded in June was up 8.8%, total value traded in the half year of $17.6 billion was down on the prior period. NZX's funds management business also saw positive movement in both funds under management and units on issue, up 13.6% and 6.1% respectively. Read more...
  • Thursday, 31 July 2014 RBNZ issues its reporting calendar up to the first half of 2016
    The Reserve Bank of New Zealand has issued the release schedule for its quarterly Monetary Policy Statements (MPS), the intervening Official Cash Rate (OCR) reviews, and the six-monthly Financial Stability Reports. The schedule covers 2015 and the first half of 2016. Read more...
  • Wednesday, 30 July 2014 African pension funds a new capital source for private equity?
    Africa's growing pension funds are 'uniquely aligned' to unlock the continent's potential by providing capital to the private equity segment, says EMPEA, the emerging markets private equity association. Read more...

MORE NEWS...
Key Stories from FTSE Global Markets

Risk parity is a term that has become associated with multi-asset strategies where the risk is naively allocated equally across asset class.  Unfortunately this simplistic view of risk parity has distorted its real potential and has caused some in the investment community to force any such multi-asset strategy into its own box. This is unfortunate because risk parity is a technique that should be more properly called risk weighting and is just another form of asset allocation argues Edgar E Peters, partner and co-director of Global Macro at First Quadrant, LP.

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Backed by Lebanon’s Bank Audi, in less than two years of operation Odeabank has stomped the banking league tables in Turkey (from 49th to 14th place, with assets of TYR16.1bn at the end of the 2013 reporting period. The bank’s performance is set against a volatile, yet still vibrant economy. In June Odeabank’s general manager Hüseyin Özkaya met with Francesca Carnevale to talk through the salient trends in the bank’s fast growth trajectory. Özkaya remains buoyant about the prospects for the economy, stating; “As much as the first half of 2013 was positive in terms of the financial indicators in the Turkish economy, the second half was equally negative with the sharp worsening in the risk appetite towards developing countries. Within this framework, even though short term uncertainties make it difficult to predict, we still project that the risk premiums will improve in the second half of 2014.”

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Turkey’s stock exchange, Borsa Istanbul (BIST), has been on the rise in recent weeks following a turbulent few months. Francesca Carnevale spoke to Huseyin Zafer, the exchange’s director of finance and communications about its near term outlook and strategy.

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Thursday, 31 July 2014

Turkey at the tipping point?

Upcoming elections in Turkey (the first round is scheduled for August 10th) will likely see current premier Recep Tayyip Erdoğan (who has led the country as premier for the last 12 years) assume the presidency. What might happen once he takes on the presidential mantle? No one in the country will go on the record in commenting on the election and its possible aftermath. It is certainly a tipping point in the country’s outlook. The elections come at a time when Turkey looks to have exhausted its patience and momentum in its efforts to join the European Union; it is looking to establish itself as a viable capital markets and investment hub for its near region and where the government is possibly losing its status as a democratic model for the Middle East. How might foreign investors react to the inevitable shifts in government and foreign policy that might now ensue? Francesca Carnevale looks at the possible outcomes.

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Short & Leverage (S&L) exchange traded product (ETP) and exchange traded funds (ETFs) investors have cut their exposure to equities as outflows overwhelmed inflows in US, Europe and Japan ETPs. BOOST ETP’s, latest S&L ETP report suggests $60bn of assets under management (AUM) is held in S&L ETPs as at the end of June, down 1.7% from the end of May and up 3.5% from the end of December 2013. Outflows in US debt ETPs also exceeded inflows into German debt ETPs. Bearish repositioning by S&L investors has underpinned flows in equity and debt ETPs, with Japan recording $780m in redemptions of long ETPs, according to the firm.

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