Sunday 26th April 2015
NEWS TICKER: FRIDAY, APRIL 24th 2015:Luc Luyet, CIIA – Senior Market Analyst AT Swissquote says that yesterday, “the SNB surprised the market by announcing that the number of sight deposit account holders that are exempt from negative interest has been reduced. This decision doesn’t change much the domestic banks’ situation as the “20 times the minimum reserve requirement” rule is still running. On the other side, the institutions associated with the Confederation, such as the pension fund of the Confederation or the pension fund of the SNB, are no longer exempt of negative interest. Consequently, only the account holders of the national social security system are still fully exempt.” - High yield debt issuance remains buoyant. Issuance volume for the week ending April 17, 2015, slowed down a bit from the previous week, but remained strong. Junk bond, or high-yield debt, issuers continued to issue bonds as yields remained favourable. High-yield debt is tracked by the SPDR Barclays Capital High Yield Bond ETF and the iShares iBoxx $ High Yield Corporate Bond Fund. According to data from S&P Capital IQ/LCD, dollar-denominated bonds amounting to $10.75bn were issued across 16 transactions in the week ending April 17th. The issuance volume fell by 3.2% from the week ending April 10. Pricing was evenly spread across the week. The number of transactions fell from 18 to 16 week-over-week. Last week brought the total US dollar issuance of high-yield debt to $115.8bn in 2015 YTD, up some 15% from the same period in 2014, the bulk of which is refinancing of older debt - Moody's says EMEA auto ABS performance remained stable during the three-month period ending February 2015. The sector's average performance trend was positive in terms of delinquency ratios and cumulative losses. The 60+ day delinquencies decreased to 0.66% in February 2015 from 0.77% in February 2014, while cumulative defaults decreased to 1.06% from 1.20% over the same period. This decrease was due mainly to the good performance of the German and Dutch markets. The prepayment rate increased slightly to 13.49% in February 2015 from 13.30% a year earlier. As of February 2015, the pool balance of all outstanding rated auto ABS transactions was €27.55bn - According to Sino specialists Red Pulse, China’s State Council is considering allowing daily repatriation for QFII. Currently, RQFII enjoys T+1 repatriation while QFII is restricted to T+5. QFII is the largest channel for foreign investment into China with quota of USD150bn, however, only half of the quota is in use, like at least partly due to the five-day repatriation stipulation - Malaysia’s state pension fund will offer a Shari’a-compliant investment option for its members by 2017, Prime Minister Datuk Seri Najib Razak said today. Najib says it will create the largest Shari’a fund of its kind in the world. Malaysia has one of the world’s largest Islamic finance sectors and the authorities are keen to develop it further. They envision the industry accounting for 40% of the country’s total banking assets by 2020 compared with latest figures of around 23% released last year. The $160bn (MYR577.4bn) Employees Provident Fund (EPF) already invests about a third of its portfolio in stocks and bonds that comply with Islamic principles, which ban interest payments and pure monetary speculation. The fund reportedly hired consultants last year to study the feasibility of a state-backed pension fund focusing entirely on Shari’a-compliant investments. Additionally, local press reports says that Malaysia’s sovereign wealth fund Khazanah Nasional has received regulatory approval to issue a MYR1billion (around $275m) socially responsible Islamic bond - The NASDAQ OMX Group, Inc has declared a regular quarterly dividend of $0.25 per share on the company's outstanding common stock, an increase of 67% from the prior $0.15 per share quarterly dividend. The dividend is payable on June 26TH 2015, to shareowners of record at the close of business on June 12TH 2015 - Lazard Ltd today reported operating revenue1 of $581m for the quarter ended March 31st. Adjusted net income was $103m, or $0.77 (diluted) per share for the quarter. These results exclude a pre-tax charge of $63m relating to a debt refinancing2. Q1 2015 net income on a U.S. GAAP basis, including the pre-tax charge, was $56m, or $0.42 (diluted) per share. "Our Financial Advisory and Asset Management businesses continue their strong performance," says Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. "In the first quarter, we refinanced and repaid a portion of Lazard's long-term debt, significantly reducing our interest costs," adds Matthieu Bucaille, chief financial officer of Lazard. "Consistent with our capital management objectives, we have increased the quarterly dividend by 17%, the fifth increase in as many years." -

UK DMO to reopen 2062 index linked gilt

Thursday, 09 February 2012
UK DMO to reopen 2062 index linked gilt The United Kingdom Debt Management Office (DMO) says it has appointed a syndicate to sell by subscription the forthcoming re-opening of 0⅜% Index-linked Treasury Gilt 2062. Bookrunners on the transaction include Deutsche Bank, Goldman Sachs, RBS and UBS. http://www.ftseglobalmarkets.com/

The United Kingdom Debt Management Office (DMO) says it has appointed a syndicate to sell by subscription the forthcoming re-opening of 0⅜% Index-linked Treasury Gilt 2062. Bookrunners on the transaction include Deutsche Bank, Goldman Sachs, RBS and UBS.

The DMO has appointed a panel comprising exclusively wholesale GEMM firms from which
it has chosen syndicate members for the conduct of the programme of syndicated offerings
in 2011-2012.

The re-opening of 0⅜% Index-linked Treasury Gilt 2062 will be the eighth and final transaction in the 2011-12 programme, which has raised £30bn to date.



Syndicated offerings of index-linked gilts have raised £15.4bn to date, relative to a planned target of £18.9bn.

The DMO expects that the sale will take place in the week commencing February 20th, subject to market conditions. Further details about the conduct of the offer will be announced in due course.

Co-lead managers were invited among the DMO's Index-linked GEMMs panel members.

The DMO financing remit for 2011-2012 was published alongside the UK Budget on March 23rd last year and included the provision for a programme of up to eight syndicated offerings to be held in
period to raise some £31.6bn (cash).

The DMO also announced on the same days its intention to implement the programme of syndicated gilt offerings in 2011-2012 more evenly across the year than in the previous financial year via smaller and more regular operations than in 2010-11.

At the Autumn Statement on November 29th last year planned sales by syndicated offerings of
long-dated conventional and index-linked gilts were each increased by £0.3bn, to £13.8bn and £18.9bn respectively, taking total planned sales to £32.7bn (cash).

By early December the DMO announced that it expected (subject to market conditions) to
re-open 3¾% Treasury Gilt 2052 by a syndicated offering in the second half of January
 and to sell an index-linked gilt by syndicated offering in the second half of February
2012.

On January 6th 2 the DMO then  announced that the index-linked syndicated offering
planned for the second half of February would be a re-opening of 0⅜% Index-linked
Treasury Gilt 2062.

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