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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SSgA expands LDI range of funds

Tuesday, 24 April 2012
SSgA expands LDI range of funds State Street Global Advisors (SSgA), the investment management business of State Street Corporation (NYSE:STT), has enhanced its liability driven investing (LDI) strategies with the launch of 10 leveraged gilt funds. The new derivative-based range includes Fixed Gilt Funds with set maturity dates of 2020, 2030, 2040, 2049 and 2060, and Index Linked Gilt Funds set to mature in 2022, 2032, 2042, 2055 and 2062. SSgA also offers physical-based Single Stock Gilt Funds in its LDI range. These include Fixed Gilt Funds with maturity dates of December 2049, December 2055 and January 2060; and Index Linked Gilt Funds with maturity dates of November in the years 2027, 2032, 2037, 2042, 2047, 2050, 2055 and 2062. http://www.ftseglobalmarkets.com/

State Street Global Advisors (SSgA), the investment management business of State Street Corporation (NYSE:STT), has enhanced its liability driven investing (LDI) strategies with the launch of 10 leveraged gilt funds. The new derivative-based range includes Fixed Gilt Funds with set maturity dates of 2020, 2030, 2040, 2049 and 2060, and Index Linked Gilt Funds set to mature in 2022, 2032, 2042, 2055 and 2062. SSgA also offers physical-based Single Stock Gilt Funds in its LDI range. These include Fixed Gilt Funds with maturity dates of December 2049, December 2055 and January 2060; and Index Linked Gilt Funds with maturity dates of November in the years 2027, 2032, 2037, 2042, 2047, 2050, 2055 and 2062.

The new funds funds are aimed at offering pension schemes and institutional investors a way to extend inflation- and interest-rate protection in their liability-matching portfolios. The leveraged nature of these funds help provide further flexibility for schemes by allowing a smaller initial investment, thereby freeing capital to allocate according to a portfolio’s growth objectives.“These new funds are part of a broader product build-out of our LDI offering. Combined with the existing set of physical bond strategies, including single stock bond funds, SSgA now offers pensions schemes and institutional investors exceptional breadth for extending inflation- and interest-rate protection on their liability-matching portfolios. The leveraged funds provide extra flexibility for schemes to focus on building asset growth in line with their overall investment objectives,” says Susan Raynes, head of the UK, Middle East and Africa at SSgA.

The Single Stock and Leveraged Gilt funds can be used in tailored combinations to suit the objectives and risk tolerances of a scheme. They complement SSgA’s conventional bond index funds, enabling investors to structure stable and cost-effective hedging portfolios.



 

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