Wednesday 25th May 2016
NEWS TICKER, WEDNESDAY, MAY 25TH: Investec Bank plc has arranged the long term refinancing of a portfolio of four UK projects totalling 40MW solar portfolio owned by Canadian Solar Inc (NASDAQ: CSIQ. The long term debt was provided by Bayern LB after Investec ran competitive process for Canadian Solar. Investec originally provided a short term bridging facility that funded the portfolio shortly after its connection to the electricity grid - The European Energy Exchange (EEX), in its capacity as the transitional common auction platform acting on behalf of Poland, could not execute today's auction of EU Emission Allowances (EUAs), because it would have cleared below the reference price. The reference price is calculated on the basis of the secondary market price during the bidding window. In accordance with the rules governing the auctions (EU Auctioning Regulation), the auction has been cancelled. The auction volume will now be evenly distributed over the next four scheduled auctions. The auction calendar will be adjusted accordingly and an updated version will be published soon. The European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and commodity products. At EEX, contracts on Power, Coal and Emission Allowances as well as Freight and Agricultural Products are traded or registered for clearing. Alongside EEX, EPEX SPOT, Powernext, Cleartrade Exchange (CLTX) and Gaspoint Nordic are also part of EEX Group. Clearing and settlement of trading transactions are provided by the clearing house European Commodity Clearing (ECC) - Commercial real estate investor Raven Russia has listed on the Channel Islands Securities Exchange (CISE). The firm is already listed on the LSE. Advisers to the transaction were UK legal advisers Berwin Leighton Paisner, Guernsey legal advisers Carey Olsen, broker N+1 Singer and listing sponsor Ravenscroft. The company has also announced a proposed fundraising of a minimum of £105.5m by way of a placing of new convertible redeemable preference shares with the intention that they will be listed solely on the CISE and traded on the SETSqx platform of the LSE - Allianz Global Investors says that that Deborah Zurkow, CIO and Head of Infrastructure Debt, is to take on a new, broader role, becoming head of the alternatives pillar within its global investment platform. Zurkow will join AllianzGI’s Global Executive Committee, effective June 1st. As head of alternatives, Zurkow will lead the continued build out of AllianzGI’s Alternatives capability, which comprises a diverse mix of both liquid and illiquid alternative investment solutions for clients. Since the creation of AllianzGI’s Alternatives pillar in December 2014, assets under management have doubled, growing from €7.9bn in December 2014 to €15.7bn by the end of Q1 2016. Andreas Utermann, chief executive officer and Global CIO at Allianz Global Investors, says, “Over the last few years, Deborah and her team have helped turn the idea of infrastructure debt as an asset class for institutional investors into a reality. In her new, expanded role, Deborah will be able to put her experience of developing innovative solutions that meet clients’ needs to work across the entire spectrum of Alternatives, one of the fastest growing parts of our investment platform, increasingly attractive to investors looking for alpha in era of financial repression.” In other related moves, Claus Fintzen will become CIO and head of Infrastructure Debt, reporting to Deborah Zurkow, assuming day to day responsibility of AllianzGI’s Infrastructure Debt team with immediate effect. Claus joined AllianzGI in 2012 along with Deborah and three other team members from Trifinium Advisors. As well as being instrumental in helping develop AllianzGI’s infrastructure debt platform, Claus brings 21 years of industry experience to the role – Aquila Capital is providing institutional investors with access to its latest diversified renewable energy portfolio (the Aquila Capital Renewables Fund III) via a bond solution. The securitisation, which already has been given an indicative investment grade rating by an ESMA-recognised rating agency, is targeting an A- rating thanks to the high quality of the underlying portfolio, its efficient structure and very modest structuring costs. Both the securitisation and a direct investment in the Fund provide investors with access to a conservative, broadly diversified portfolio of wind and photovoltaic plants in politically stable countries in Western Europe. The Fund is already invested in 13 operational renewable energy plants in Sweden, Germany, the United Kingdom and France, and benefits from a pipeline of potential investments in excess of €350m. Roman Rosslenbroich, chief executive officer and co-founder of Aquila Capital, says: ”We actively had the securitisation reviewed by a reputable audit firm with respect to its regulatory, legal and tax suitability for the Fund’s anchor investor - a leading German insurance company. Due to significant demand, we are now making this investment opportunity available to additional investors.” - UniCredit is entering into the Swiss ETF market by issuing two ETFs with SIX Swiss Exchange, for which it is also acting as market maker. This increases the number of ETF issuers on SIX Swiss Exchange to an unprecedented 22 and the product range on offer to a new record high of 1,240. The two newly listed ETFs on European convertible bonds offer investors a supplement to the diversification of their portfolios, while offering the advantages of on-exchange trading for what was previously an asset class that was heavily OTC-traded The ETFs are the Swiss franc denominated UC Thomson Rts. Bal. European Convertible Bond UCITS ETF ( LU1199448058) and the UC Thomson Rts. Bal. European Convertible Bond UCITS ETF (LU1372156916) –

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Macro gains offset by equity losses

Friday, 15 June 2012
Macro gains offset by equity losses Hedge funds post declines in volatile May; systematic macro post gains on fixed income http://www.ftseglobalmarkets.com/

Hedge funds post declines in volatile May; systematic macro post gains on fixed income

Hedge funds posted decline in May, with the HFRI Fund Weighted Composite Index posting a loss of -1.6%, says Hedge Fund Research, Inc., the indexation, analysis and research provider for the global hedge fund industry. This marks the third consecutive monthly decline, reducing the year to date gain for the index to 2.5% through May.  “During the volatile month of May, investors reacted to increased European bank and sovereign bond risk and weakening U.S. economic data by aggressively moving portfolios toward less risky exposures,” explains  Kenneth J Heinz, president of HFR. “This

risk-off response adversely impacted certain areas of equity-sensitive hedge fund exposures, while benefitting strategies tactically positioned to insulate portfolios and produce gains resulting from the strong trends and volatile environment which materialised. In the current environment, at some level, every hedge fund is a Macro fund.” 



Mirroring trends across financial markets, hedge fund performance during May was widely divergent across strategies, with macro funds posting their best monthly performance since April 2011, while equity hedge posted its largest decline since September 2011. The HFRI Macro Index gained 1.7% in May, bringing YTD gains to 1.9%, with significant contributions from systematic strategies and positions in fixed income, commodities and currencies, with limited aggregate exposure to equity market volatility. The HFRI Macro: Systematic Diversified Index gained 4.1% in May and has gained 2.9% year to date.

The HFRI Equity Hedge Index posted a decline of -4.1% in the month, paring its year to date gain to +1.8%, with declines across growth, energy and emerging markets strategies only partially offset by short bias funds, which gained over 7%. Event driven strategies fell by -1.4%, paring year to date gains to 3.1%, with weakness in activist, distressed and equity special situations funds. Falling yields and increased volatility failed to offset the impact of credit weakness as Relative Value Arbitrage funds posted a decline of -1.3%, the first decline for this strategy in 2012, narrowing year to date gains to 3.1%, for the global strategy.

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