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.

Latest Video

The push and pull of willpower & politics

Friday, 25 May 2012
The push and pull of willpower & politics June will be a battle between political will and economics. While European leaders continue to insist that they want Greece to remain in the eurozone, they are continually being reminded of the economic reality that a break-up of the single currency is almost certain. What is becoming more apparent day by day is that the markets will simply not allow the likes of Greece to have their cake and eat it without paying for it too. Whether Europe’s politicians will listen to those market siren calls for change has yet to be determined. http://www.ftseglobalmarkets.com/

June will be a battle between political will and economics. While European leaders continue to insist that they want Greece to remain in the eurozone, they are continually being reminded of the economic reality that a break-up of the single currency is almost certain. What is becoming more apparent day by day is that the markets will simply not allow the likes of Greece to have their cake and eat it without paying for it too. Whether Europe’s politicians will listen to those market siren calls for change has yet to be determined.

If the Germans and French remain reluctant to put their money in the pockets by either using the ECB’s potential firepower or create a special eurobond then they could themselves become the very nemesis of the single currency that they tell us they are so desperate to keep. Even so, risk aversion continues to whittle down the markets; at the time of writing the index is at 5380, down some 25 points. Traders are watching term support trends at 5335, 5300 and 5275; hopeful bulls out there will be looking for resistance at 5490, 5615/45. This near term downward trend sees the index capped by a downward trend line that also puts some resistance at 5450. Over the longer term now that the index has broken below its 200 day moving average and its upward trend line a close below 5400 could been seen as very negative and we’re now in the ­territory of people not wanting to catch a falling knife.

While immediate market focus will remain on Europe and its affect on the macro picture, there are a couple of important pieces of data that UK investors should note. First, following a surprising improvement in April, unemployment numbers are likely to show a weakening labour market.  There’s little in the way of encouraging data from the UK at the moment, but last month’s data was the first ­indication that unemployment is ­starting to peak. Job creation has come largely from part time rather than ­permanent work and the tick downwards to 8.3% in the rate of unemployment is expected to rise back to 8.4%. Second, it will be interesting to see whether the upcoming Bank of England’s inflation report will encourage the central bank to stick to their hawkish guns or whether the ­confirmation of the double dip recession and a further downgrading of growth projections will result in a more dove-ish tone.



Other European indicators are not great either: Italian ten year yields have crossed back above 6% and for Spain back above 6.5%, meanwhile risk adverse investors piled into German bunds driving their cost of borrowing even lower. This is classic fear gripping the markets once again as the vicissitudes of 2012 look to be playing out in a very similar fashion to 2011. Financial markets detest uncertainty and at the moment they are riddled with them since Greece has been unable to form a government and has had to call for a new round of  elections on 17th June. Up until that point we can expect volatility to remain high and continued pressure to the downside.

The euro made a low of $1.2720 as the situation in Greece continues to deteriorate. Bears sold the single ­currency heavily after socialist leader Evangelos Venizelos announced that talks to form a coalition government had failed and that the public would have to go back to the polls next month. Gold continued to fall as traders dumped risky assets and piled into the safety of the US dollar. Spot gold traded as low as $1541 an ounce.  With little technical support seen until $1531 and no turn around in Greece on the horizon, the down trend looks set to stay firmly in place.

On top of all the European woes there’s also the growing concern that China is slowing down quicker than was previously thought. Add any downturn to the euro crisis and it has negative connotations for global growth.

As ever, ladies and gentlemen, place your bets...

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP

Related News

Related Articles

Related Blogs

Related Videos