Saturday 1st August 2015
NEWS TICKER, FRIDAY, JULY 31ST: US bond markets expect a $900m issue from the Metropolitan St. Louis Sewer District as early as next year after its rate commission voted yesterday to back the district’s plan to tap the markets. The bonds will continue financing a $4.7bn capital program required by the Environmental Protection Agency (EPA) to keep sewers in St. Louis and St. Louis County from regularly overflowing into area creeks and rivers. Already, the district has put $600m toward sewer projects in St. Louis and St. Louis County. MSD customers can consequently continue to expect annual sewer bill hikes each summer. In 2012, the average customer paid $29 monthly. This month, bills rose to an average of $41. After this bond issue, the monthly sewer bill will cost the average household $61 by 2019 - JP Morgan has hired Lebo Moropa, giving the bank its first dedicated prime brokerage and equity finance presence in South Africa, reports Securities Lending Times. Former HSBC trader Moropa has joined the bank in Johannesburg and will focus on synthetic and cash prime brokerage and securities lending, including delta one and will report to Paul Farrell in London. Moropa was a delta one trader at HSBC and has worked for JP Morgan before– Apulia Finance has informed the Luxembourg Stock Exchange of its intent to issue a securitised paper, backed by residential mortgage loans originated by Banca Apulia. The issue date is August 6th and the deal is lead managed by BNP Paribas who is also joint arranger with Finanziaria Internazionale Securitisation Group. Swap counterparty in the transaction is Canadian Imperial Bank of Canada and the clearers are Euroclear and Clearstream. Funding is at three month Euribor with a spread of 0.40% before the step up date and 0.80% after the step up date. The deal is worth a combined €170m of which €153m are Class A asset backed floating rate notes due 2043; €6.79m Class B asset backed notes and €9,84m are Class C asset backed floating rate notes – all due 2043.

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Mercer launches FX transaction cost monitoring service

Wednesday, 25 January 2012
Mercer launches FX transaction cost monitoring service Mercer has launched a new and enhanced foreign exchange (FX) transaction cost monitoring service to ensure institutional investors are aware of how much transacting in foreign exchange is costing them. http://www.ftseglobalmarkets.com/

Mercer has launched a new and enhanced foreign exchange (FX) transaction cost monitoring service to ensure institutional investors are aware of how much transacting in foreign exchange is costing them.

Historically, FX costs have been opaque and very hard to manage and the new service is designed to help bring greater clarity and control of FX costs. The launch of this service reflects the growing interest that investors are paying to foreign exchange execution costs following recent lawsuits against a number of institutions alleged to have applied uncompetitive foreign exchange rates.  

Due to the opaque nature of FX markets there has been a lack of investor oversight on FX transactions often leading investors to pay more for trades than they should, which can erode the value of their assets considerably. Through Mercer’s new service, pension funds and other institutional investors can request reviews of all spot and forward FX transactions undertaken at multiple trading locations to determine the competitiveness of transactions undertaken on their behalf. It is Mercer’s experience that FX costs can be substantially reduced by undertaking an FX monitoring programme.



Ben Gunnee, European director at Mercer Sentinel, says: “Many investors focus their attention on the overall portfolio performance rather than drivers of cost. This often means that perfectly avoidable costs are incurred. Our enhanced FX service provides clear analysis and recommendations on how to address current excessive costs and prevent recurrence.”

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