Monday 3rd August 2015
NEWS TICKER, FRIDAY, JULY 31ST: US bond markets expect a $900m issue from the Metropolitan St. Louis Sewer District as early as next year after its rate commission voted yesterday to back the district’s plan to tap the markets. The bonds will continue financing a $4.7bn capital program required by the Environmental Protection Agency (EPA) to keep sewers in St. Louis and St. Louis County from regularly overflowing into area creeks and rivers. Already, the district has put $600m toward sewer projects in St. Louis and St. Louis County. MSD customers can consequently continue to expect annual sewer bill hikes each summer. In 2012, the average customer paid $29 monthly. This month, bills rose to an average of $41. After this bond issue, the monthly sewer bill will cost the average household $61 by 2019 - JP Morgan has hired Lebo Moropa, giving the bank its first dedicated prime brokerage and equity finance presence in South Africa, reports Securities Lending Times. Former HSBC trader Moropa has joined the bank in Johannesburg and will focus on synthetic and cash prime brokerage and securities lending, including delta one and will report to Paul Farrell in London. Moropa was a delta one trader at HSBC and has worked for JP Morgan before– Apulia Finance has informed the Luxembourg Stock Exchange of its intent to issue a securitised paper, backed by residential mortgage loans originated by Banca Apulia. The issue date is August 6th and the deal is lead managed by BNP Paribas who is also joint arranger with Finanziaria Internazionale Securitisation Group. Swap counterparty in the transaction is Canadian Imperial Bank of Canada and the clearers are Euroclear and Clearstream. Funding is at three month Euribor with a spread of 0.40% before the step up date and 0.80% after the step up date. The deal is worth a combined €170m of which €153m are Class A asset backed floating rate notes due 2043; €6.79m Class B asset backed notes and €9,84m are Class C asset backed floating rate notes – all due 2043.

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  • Friday, 31 July 2015 NY Fed plans to aggregate agency MBS holdings
    Beginning the week of August 17th the Federal Reserve Bank of New York (New York Fed) Open Market Trading Desk will begin a process to streamline the administration of the agency mortgage-backed securities (MBS) held in the System Open Market Account (SOMA) by consolidating some of these securities through a service offered by Fannie Mae and Freddie Mac called CUSIP aggregation. Read more...
  • Friday, 31 July 2015 DMO says it will issue a next steps update shortly on gilt and T-bill reference prices
    Further to an announcement on at the end of May regarding the future provision of gilt and Treasury bill reference prices, currently produced by the DMO on behalf of GEMMA and CREST respectively, the DMO says it will provide a brief update on next steps. Read more...
  • Friday, 31 July 2015 CISE halts acquisition talks with GXG’s SME marketplaces
    The Channel Islands Securities Exchange Limited (CISE) has ceased discussions regarding the acquisition of the European marketplace for SMEs, the Danish-based GXG Markets A/S (GXG). It was announced on July 22nd that an in-principle agreement for the transaction had been agreed between the CISE’s wholly owned subsidiary, The Channel Islands Securities Exchange Authority Limited (CISEA) and the Swedish-headquartered GXG Global Exchange Group AB and GXG. Read more...
  • Friday, 31 July 2015 Commodity capitulation continues
    Last week gold became the latest commodity to suffer a bout of serious selling. Unlike other commodities, gold saw a sell-off that appears to be linked to improving growth – and the imminent prospect of higher U.S. interest rates – rather than the excess supply, inventory overhang, and fears about falling Chinese demand that has hurt a number of other commodities. Nevertheless, the slump in gold adds to the growing malaise right across the commodities complex.John Bilton, managing director, head of Global Multi-Asset Strategy, Multi-Asset Solutions and Benjamin Mandel, executive eirector, Global Strategist, Multi-Asset Solutions at JP Morgan Asset Management explain the reasons why. Read more...
  • Friday, 31 July 2015 SGX reports SGD83m in share buybacks in July
    According to the Singapore Stock Exchange, there were a total of 124,510,600 shares repurchased by 27 stocks, with a total consideration of SGD82.3m, less than half that of June. This brings the year-to-date total consideration to SGD740.8m. However, this was up from July last year, which saw a total of 10,342,000 shares purchased, with a total consideration of SGD24.9m. Read more...
  • Friday, 31 July 2015 NEWS IN BRIEF/NEWS TICKER: FRIDAY, July 31st:
    News from the corporate, investment and capital markets. This section is updated through the day. Read more...
  • Friday, 31 July 2015 Bank of England to reform Pillar 2 capital requirements for the banking sector
    In January, the Prudential Regulatory Authority (PRA) published a consultation paper that contained proposals on its Pillar 2 policy. The idea was to enhance the transparency and accountability of the PRA’s approach to setting Pillar 2 capital requirements while at the same time ensuring that the approach is applied in a consistent and proportionate way across the population of relevant firms. The regulator was also looking to “facilitate effective competition between firms”. Read more...
  • Thursday, 30 July 2015 ESMA recommends third country passport for Guernsey and Jersey
    The European Securities and Markets Authority (ESMA) has today concluded that “no obstacles exist to the extension of the passport to Guernsey and Jersey”. ESMA has assessed six jurisdictions to date and said that Switzerland will remove any remaining obstacles with the enactment of pending legislation and that it had formed no definitive view on the other three (Hong Kong, Singapore, and the USA). Read more...
  • Thursday, 30 July 2015 US Federal Reserve appoints faster payments strategy leader
    The Federal Reserve System has appointed Federal Reserve Bank of Chicago senior vice president Sean Rodriguez as its Faster Payments Strategy Leader. Rodriguez will lead activities to identify effective approaches for implementing a safe, ubiquitous, faster payments capability in the United States.he will chair the Federal Reserve's Faster Payments Task Force, comprised of more than 300 payment system stakeholders interested in improving the speed of authorization, clearing, settlement and notification of various types of personal and business payments. In addition to leading faster payments activities, Rodriguez will continue to oversee the Federal Reserve's Payments Industry Relations Program. Read more...
  • Thursday, 30 July 2015 ESMA announces new consultative working group for investor protection committee
    Following the call for interest for the renewal of the Consultative Working Group for the Investor Protection and Intermediaries Standing Committee, ESMA today announces the composition of the new group. The Investor Protection and Intermediaries Standing Committee undertakes ESMA’s work on issues relating to the provision of investment services and activities by investment firms and credit institutions. Particular regard is made to investor protection, including the conduct of business rules, distribution of investment products, investment advice and suitability. Read more...
  • Thursday, 30 July 2015 NEWS IN BRIEF/NEWS TICKER, THURSDAY, July 30th.
    News from the corporate, investment and capital markets. The section is regularly updated. Read more...
  • Thursday, 30 July 2015 TASE General Meeting approves moves towards demutualisation
    The General Meeting of the Tel Aviv Stock Exchange (TASE) approved today (July 30, 2015) the proposed arrangement between TASE members and TASE, which will enable the execution of TASE's demutualization. The proposed restructuring will turn TASE into a profit-seeking corporation with a single-class equity structure. Shares will be allocated to TASE's existing members on the basis of an economic model, with certain adjustments as stipulated in an allocation table, found in the attached appendix. Read more...
  • 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...

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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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