Monday 27th April 2015
NEWS TICKER: MONDAY, APRIL 27th 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." -

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History There are some markets and products where demand for accurate and concise analysis is at a premium. Berlinguer Limited was founded in 2003 to fill this void by providing high-touch, high quality products and services to the international banking and investment community. As a privately owned and managed company with no external shareholders Berlinguer and its staff are entirely focused on serving this key constituency to the best of their abilities. With the launch in 2004 of FTSE Global Markets Berlinguer has quickly established itself as one of the world’s principle independent financial publishing houses. Published 6 times a year, FTSE Global Markets offers the best comment and analysis on the world’s equity, debt and alternative investment markets. In a market place crowded by awards, league-tables, sponsored statements and advertorials there is a real demand for authoritative and independent information and analysis that is valued and can be trusted by key decision makers. FTSE Global Markets is now the source that investment institutions and professionals active in the global equity, debt and alternative investment markets turn to when it really matters. FTSE Global Markets provides coverage of people, firms, institutions and countries in both the developed and emerging markets. Every issue includes in-depth analysis of the key market issues for institutional investors. FTSE Global Markets provides an accurate, authoritative and independent platform which is trusted and valued by asset management firms, pension plan sponsors, mutual funds, insurance companies, government agencies, trustees, hedge funds, broking and trading firms, investment banks, consultancy and accountancy firms, data providers, law firms, regulators, securities services firms and stock exchanges. In 2011 FTSE Global Markets re-launched its website www.ftseglobalmarkets.com. In addition to all of the content from the current issue, it includes the latest news, blogs, videos and research as well as a fully searchable archive of over 3,000 online and printed articles. The research team at FTSE Global Markets provides in depth proprietary analysis and research on particular markets and topics. This is then published in the magazine, online and also as bespoke outbound research reports. As part of its 360° approach FTSE Global Markets produces high-touch, high level events, topical seminars and roundtables that bring together leading professionals and market makers who provide unique, incisive and forward-looking insights and analysis of the international financing and investment markets. The content is highly researched ensuring it is interesting and informative rather than dominated by sales pitches and anodyne overviews. This provides sponsors and speakers the ideal opportunity and forum to demonstrate their expertise and thought leadership capabilities. For more information visit www.ftseglobalmarkets.com/events. http://www.ftseglobalmarkets.com/

There are some markets and products where demand for accurate and concise analysis is at a premium. Berlinguer Limited was founded in 2003 to fill this void by providing high-touch, high quality products and services to the international banking and investment community. As a privately owned and managed company with no external shareholders Berlinguer and its staff are entirely focused on serving this key constituency to the best of their abilities.
 
With the launch in 2004 of FTSE Global Markets Berlinguer has quickly established itself as one of the world’s principle independent financial publishing houses.
 
Published 6 times a year, FTSE Global Markets offers the best comment and analysis on the world’s equity, debt and alternative investment markets.
 
In a market place crowded by awards, league-tables, sponsored statements and advertorials there is a real demand for authoritative and independent information and analysis that is valued and can be trusted by key decision makers. FTSE Global Markets is now the source that investment institutions and professionals active in the global equity, debt and alternative investment markets turn to when it really matters.
 
FTSE Global Markets provides coverage of people, firms, institutions and countries in both the developed and emerging markets. Every issue includes in-depth analysis of the key market issues for institutional investors.
 
FTSE Global Markets provides an accurate, authoritative and independent platform which is trusted and valued by asset management firms, pension plan sponsors, mutual funds, insurance companies, government agencies, trustees, hedge funds, broking and trading firms, investment banks, consultancy and accountancy firms, data providers, law firms, regulators, securities services firms and stock exchanges.
 
In 2011 FTSE Global Markets re-launched its website www.ftseglobalmarkets.com. In addition to all of the content from the current issue, it includes the latest news, blogs, videos and research as well as a fully searchable archive of over 3,000 online and printed articles.
 
The research team at FTSE Global Markets provides in depth proprietary analysis and research on particular markets and topics. This is then published in the magazine, online and also as bespoke outbound research reports.
 
As part of its 360° approach FTSE Global Markets produces high-touch, high level events, topical seminars and roundtables that bring together leading professionals and market makers who provide unique, incisive and forward-looking insights and analysis of the international financing and investment markets. The content is highly researched ensuring it is interesting and informative rather than dominated by sales pitches and anodyne overviews. This provides sponsors and speakers the ideal opportunity and forum to demonstrate their expertise and thought leadership capabilities. For more information visit www.ftseglobalmarkets.com/events.

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