Wednesday 8th July 2015
NEWS TICKER, TUESDAY, JULY 7TH: Moody's Investors Service (Moody's) has assigned definitive B2 rating to the €400m senior secured notes issued by Senvion Holding GmbH and guaranteed, among others, by Rapid TopCo GmbH, following a review of the final bond documentation. The corporate family rating (CFR) of B1 and the probability of default rating (PDR) of B1-PD of Rapid TopCo GmbH remain unchanged. The outlook on all the ratings is stable. - Interactive Data, a provider of fixed-income evaluated pricing, will provide hourly snaps from its continuous evaluated pricing feed to Algomi Honeycomb (Algomi). Interactive Data will provide evaluated prices to the Honeycomb platform for high-yield and investment-grade US and European corporate bonds. The data will be available to help Algomi buy-side clients to achieve increased pre-trade transparency and price discovery. “Our goal is to give our clients the ability to access pre-trade price data which can be used to help facilitate trades in increasingly illiquid markets,” said Usman Khan, Chief technology officer and co-founder of Algomi. “Our Honeycomb buy-side clients will have access to Interactive Data’s evaluated prices as an important additional reference point that can be considered when comparing dealer bid and offer levels for execution,” he adds. Interactive Data’s continuous evaluated pricing launched in 2014 against a backdrop of a fast-evolving fixed income market structure characterized by shrinking dealer inventories, reduced liquidity, and a changing broker/dealer landscape. The continued shift to electronic trading platforms requires a supply of independent, high-quality data that allows users to assess quote quality and enhance price discovery, in the absence of traditional protocols. Continuous evaluated pricing facilitates this activity. The provision by Interactive Data of fixed-income evaluated pricing to Algomi is another deal in a succession of agreements with electronic trading and software platforms. - Federated Investors, Inc (NYSE: FII), will report financial and operating results for the quarter ended June 30th after the market closeson Thursday, July 23rd. A conference call for investors and analysts will be held at 9am Eastern on Friday, July 24th. President and chief executive officer J Christopher Donahue and chief financial officer Thomas R Donahue will host the call - Zapp today announces that Barclays has joined the financial institutions, retailers, billers and payment providers offering ‘Pay by Bank app’ mobile payments to consumers. Barclays also plans to offer ‘Pay by Bank app’ payments to customers via their existing mobile banking app later this year. Security first Pay by Bank app transactions are protected by a consumer’s existing bank app security - Singapore Exchange (SGX) reported growth in securities, derivatives and commodities activities in June. Traded value was $25bn, up 20% year on year and up 8% month on month, while daily average value was $1.2bn up 20% from a year earlier and up 8% from a month earlier. ETF trading also rose 30% from a year earlier to $237m while trading of STI stocks accounted for 68% of total trading versus 51% a year earlier. A total 37 bonds raising $12bn were listed in on SGX compared with 45 issues raising $21bn a year earlier - Following a recent Morningstar Analyst Ratings Meeting, Morningstar has moved the Kames UK Equity fund to a Morningstar Analyst Rating of Bronze. The fund was previously rated Silver. Although the fund has a strong long term track record under the current manager, Stephen Adams, returns over the medium term versus peers have been weaker. In addition, the manager has recently taken on additional responsibilities within the group, having been promoted to head of equities. Adams has passed some UK team responsibilities to his colleague Philip Howarth, but has additional non-UK equity responsibilities in his new role. Concerns over these two issues have resulted in the rating change - The Straits Times Index (STI) ended 9.79 points or 0.29% lower to 3332.94, taking the year-to-date performance to -0.96%. The top active stocks today were UOB, which declined 0.47%, Singtel, which gained 0.47%, DBS, which gained0.05%, Global Logistic, which declined 0.40% and CapitaLand, with a 0.57% fall. The FTSE ST Mid Cap Index declined 0.45%, while the FTSE ST Small Cap Index declined0.68% - Moody's Investors Service today upgraded Europcar Groupe S.A.'s (Europcar or the company) corporate family rating (CFR) to B1 from B3 and probability of default rating (PDR) to B1-PD from B3-PD. Concurrently, Moody's changed the instrument rating on the €475m senior notes due 2022, the obligations of which have been transferred to the company from Europcar Notes Limited after the completion of Europcar Groupe S.A.'s initial public offering (IPO), to definitive B3 from provisional (P)B3 and upgraded EC Finance Plc's instrument rating on the €350m senior secured notes due 2021 to B2 from B3. The outlook on the ratings is stable - CACEIS Bank Luxembourg – London Branch has received regulatory approval to provide depositary services to alternative investment funds. This enables the CACEIS group to provide a full range of depositary and custody services to alternative investment fund managers operating in the UK market. CACEIS has a long history of servicing UK clients, and with this approval, will be able to directly support these clients in their home market.

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The European Review

By Patrick Artus, chief economist at Natixis

Countries’ attractiveness measured by business investment

Friday, 08 June 2012 Written by 
Countries’ attractiveness measured by business investment Countries’ attractiveness for companies can be measured indirectly, by looking at trends in cost-competitiveness, export market shares, production capacity and employment. But it can also be measured directly by looking at business investment: what proportion of investment by a country’s companies is carried out in that country or abroad? How much is invested by foreign companies in that country? We compare the United States, the United Kingdom, Germany, France, Spain, Italy, Sweden and Japan. The two measures of attractiveness rank the countries quite differently. If we measure attractiveness by business investment, the two most attractive countries are the United States and the United Kingdom, the two least attractive countries Italy and France. http://www.ftseglobalmarkets.com/

Countries’ attractiveness for companies can be measured indirectly, by looking at trends in cost-competitiveness, export market shares, production capacity and employment. But it can also be measured directly by looking at business investment: what proportion of investment by a country’s companies is carried out in that country or abroad? How much is invested by foreign companies in that country? We compare the United States, the United Kingdom, Germany, France, Spain, Italy, Sweden and Japan.

The two measures of attractiveness rank the countries quite differently. If we measure attractiveness by business investment, the two most attractive countries are the United States and the United Kingdom, the two least attractive countries Italy and France.

Countries’ attractiveness for setting up business

Attractiveness depends on cost-competitiveness, the tax system, the skill level of the labour force, corporate profitability, public infrastructure, etc. So it is a multi-faceted and complex variable.



It can be measured indirectly, by:

  • cost-competitiveness, in light of the trend in exchange rates measured by the real trade-weighted exchange rate. Currently the currencies of the United Kingdom, Italy and Spain are overvalued in real terms;
  • export market shares, in which losses have been very marked in Japan, the United Kingdom, France and Italy;
  • the trend in potential GDP and in production capacity in industry. Potential GDP has grown significantly in the United States, while production capacity has stagnated in the United Kingdom, Japan, Spain and Italy;
  • growth in employment excluding the civil service, which has been the most vigorous in Spain and the weakest in Japan.

If we use these criteria, the most attractive countries for companies are the United States, Sweden, Germany, Spain and France, while the least attractive are the United Kingdom, Italy and Japan.

Attractiveness measured by investment

However, for each country we also look at two direct measures of attractiveness for companies:

  • the proportion of the country’s business investment that is carried out in that country and not abroad. This proportion is low in Sweden, France, Spain and the United Kingdom;
  • the share of investment by foreign companies in GDP. This proportion is high in Sweden, the United Kingdom and Spain.

According to this investment criterion of attractiveness, the most attractive countries are the United States, the United Kingdom, Spain; the least attractive are France and Italy.

Which are the most attractive countries among the large OECD countries?

When you summarise both the indirect and the direct approaches, you realize that the United States tops the ranking, while France and Italy are found at the bottom.

Patrick Artus

A graduate of Ecole Polytechnique, of Ecole Nationale de la Statistique et de l'Adminstration Economique and of Institut d'Etudes Politiques de Paris, Patrick Artus is today the Chief Economist at Natixis. He began his career in 1975 where his work included economic forecasting and modelisation. He then worked at the Economics Department of the OECD (1980), before becoming Head of Research at the ENSAE. Thereafter, Patrick taught seminars on research at Paris Dauphine (1982) and was Professor at a number of Universities (including Dauphine, ENSAE, Centre des Hautes Etudes de l'Armement, Ecole Nationale des Ponts et Chaussées and HEC Lausanne).

Patrick is now Professor of Economics at University Paris I Panthéon-Sorbonne. He combines these responsibilities with his research work at Natixis. Patrick was awarded "Best Economist of the year 1996" by the "Nouvel Economiste", and today is a member of the council of economic advisors to the French Prime Minister. He is also a board member at Total and Ipsos.

Website: cib.natixis.com/research/economic.aspx

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