Monday 4th May 2015
NEWS TICKER: FRIDAY, MAY IST: MYOB will return on Monday next to the ASX, selling 228.3mshares at $3.65 in the company’s IPO. The company raised AUD833.1m, giving it an implied market capitalisation of AUD2.13bn. Bain Capital will retain 58% of the firm’s stock. “We saw a significant level of participation from eligible retail noteholders in the offer, with approximately 57% of holders exchanging their notes into shares. We see this wide range of investor interest as a strong vote of confidence in MYOB.” MYOB chairman Justin Milne says. ASX trading in MYOB shares is set to begin on 4 May under the code MYO. MYOB was listed on exchange from 1999 to 2009 – The volume of US municipal bonds soared by 42.1% in April, according to Thomson Reuters’ data; the ninth straight monthly gain. Issuers brought $37.76bn to market in 1,210 issues, up from $26.58bn in 939 issues in April 2014. Low interest rates, and the reluctance of the US Federal Reserve to raise rates over the near term has resulted in a dash by municipal issuers anxious to secure low cost funding as many refinance their debts. Other than refinancing, new issuance per se looks to be tailing off. New money transactions declined by 5.6% to $12.68bn from $13.43bn, while combined refunding and new money transactions increased 42.5% to $7.17bn from $5.03bn in April last year. Negotiated bond sales increased 62.4% to $28.97bn from $17.84bn, competitive deals rose 15.4% to $8.62bn from $7.47 billion and private placements plunged 87.2% to $162mn from $1.26bn. Sales of revenue bonds increased 49.9% to $22.84bn in 421 deals from $15.24bn in 306 deals. General obligation bond volume jumped 29.9% to $14.73bn in 788 issues from $11.34bn in 633 issues. Tax-exempt deals were up 42.4% to $33.88bn, while taxable deals were 24% higher to $3.30bn.Fixed-rate issues increased to $36.75bn in 1,167 issues from $24.85bn in 891 issues the previous year. The volume of deals with bond insurance more than doubled in par amount wrapped to $2.54bn in 161 deals from $1.06bn in 104 transactions. California claimed the top spot among states with $21.47bn of issuance thus far in 2015, up from its No. 2 ranking in the same period of last year with $12.03bn. Texas dropped from first to second with $17.85bn, an increase from $12.31bn the year before. New York remained in third place with $11.91bn so far this year, up from $10.29bn year to date - This morning Lloyds Banking Group said that in Q1 it had made a net profit of £913m and underlying profit was up 21% on the same period last year, to £2.2bn. Moreover, the group said that it was raising its net interest income target above the original target of 2.55%. Graham Spooner, investment research analyst at The Share Centre, says: “These results are good news for investors as they are ahead of forecasts and demonstrate a continued improvement in the company’s performance. The part UK government owned bank additionally reported that it has been benefitting from a resurgent British economy which has led to reduced bad loans and fuelled demand for mortgages. Lloyds announced its first dividend in February since being bailed out and investors should acknowledge that the increasing signs of recovery will boost hopes for a significant dividend growth in the near future. Analysts have become a little more positive on the group and its long term restructuring plans, which appear to be happening faster than expectations. However … the sector [remains] under pressure, as a result of regulatory issues and ahead of the next government sale.” - The Straits Times Index (STI) ended 0.24 points or 0.01% higher to 3487.39, taking the year-to-date performance to +3.63%. The top active stocks today were SingTel, which declined 0.23%, OCBC Bank, which declined 1.84%, DBS, which gained 0.19%, UOB, which gained 0.29% and Keppel Corp, with a 1.02% fall. The FTSE ST Mid Cap Index gained 0.47%, while the FTSE ST Small Cap Index rose 0.18%. The outperforming sectors today were represented by the FTSE ST Real Estate Holding and Development Index, which rose 1.00%. The two biggest stocks of the Index - Hongkong Land Holdings and Global Logistic Properties – ended 2.02% higher and 2.23% higher respectively. The underperforming sector was the FTSE ST Consumer Goods Index, which slipped 1.04%. Wilmar International shares remained unchanged and Thai Beverage declined 3.38%.

FTSE and Cürex Group announce global partnership and launch real-time executable benchmarks for spot FX

Tuesday, 12 June 2012
FTSE and Cürex Group announce global partnership and launch real-time executable benchmarks for spot FX FTSE the global index provider, and Cürex Group, a developer of intellectual property and technologies that link institutional foreign exchange with global capital markets, have announced their worldwide partnership and the launch of the FTSE Cürex FX Index Series – a new range of independently calculated, 24/5 streaming, executable spot FX benchmark FIX for currency pairs and currency baskets. http://www.ftseglobalmarkets.com/

FTSE the global index provider, and Cürex Group, a developer of intellectual property and technologies that link institutional foreign exchange with global capital markets, have announced their worldwide partnership and the launch of the FTSE Cürex FX Index Series – a new range of independently calculated, 24/5 streaming, executable spot FX benchmark FIX for currency pairs and currency baskets.

 “FX is the World’s largest capital market and currency exposure affects investors in all asset classes. This new series of FX indices will be used by our clients world-wide as a better benchmark for managing currency risk and performance, and will support a wide range of passively managed FX currency funds and strategies,” says Mark Makepeace, chief executive of FTSE Group.

The FTSE Cürex FX Index Series is published in real time during the hours of the institutional OTC FX market, from 17:00 ET Sunday to 17:00 ET Friday.  Additionally, ‘snap’ indices are published every 15 minutes, 96 times per day, providing an independent, time-stamped valuation metric to enhance NAV calculation and fuel the creation of new currency risk management tools and investment products. Designed to be highly customizable, the index series enables market participants to combine any of the 192 pairs into custom calculated FX baskets.



New executable benchmark currency baskets include the flagship FTSE Cürex USD/G8 Index, an equally weighted, real-time index designed to provide an improved valuation of the US Dollar. The index consists of seven major currencies representative of global finance and commodity trading, plus the Chinese Renminbi – the most important emerging Asian reserve currency.  These new benchmark FX Indices also can be used to measure the performance of active currency strategies, and provide new tools for investors seeking to express a ‘risk on / risk off’ trade.

The FTSE Cürex FX Index Series has been built to FTSE’s renowned standards of index design, which emphasizes transparency, independence, innovation and strong governance. The indices are available directly from FTSE and via major global data vendors. 

“The FTSE Cürex FX Index Series represents a step forward in the evolution of the global foreign exchange marketplace.  As the most advanced series of executable FX benchmarks and custom FX Indices created to date, the FTSE Cürex FX Index Series enables unprecedented capabilities for both Buy-Side and Sell-Side leaders seeking to provide more competitive products and liquidity to the world’s capital markets.  We anticipate significant new product and risk management solutions to emerge for the benefit of international investors, asset owners and those who move capital across borders in their normal course of commerce,” adds William Dale, chairman and chief executive at Cürex Group.


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