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DB-Synthetic Equity & Index Strategy-Asia-Pac Weekly ETF Market Review-ETP AUM contracted by $1.7bn
July 24, 2013--Data in this report is as of 19th July 2013.
Market Review
Last week, Asia-Pacific region had mixed markets. Compared to the week before, from north to south:
Japan (Nikkei 225) +0.58%
South Korea (KOSPI2) -0.28%
China (CSI 300) -3.73%
Hong Kong (HSI) +0.40%
Singapore (FSSTI) -0.70%
Australia (S&P/ASX 200) -0.04%
New Product Launch Review
During this month, Deutsche Bank AG launched a fixed income ETF (SH8 SP) on Singapore Exchange tracking Markit iBoxx ABF Indonesia Government bond Index. This is the first ETF which provides exposure to Indonesian sovereign bonds. Previously, Deutsche Bank AG has issued one equity ETF (XMIN SP) with a focus on Indonesian equity markets. Further, Blackrock cross listed its three equity ETFs (1582 JP, 1581 JP & 1583 JP) on Tokyo Stock Exchange tracking MSCI Kokusai, MSCI EM IMI and MSCI Frontier Markets 100 Index respectively. These ETFs are primarily listed in the US.
ETP Weekly Cash Flows-Negative flows over the week
Last week, Asia-Pacific ETP market experienced cash outflows of -$62mn vs. +$36mn of inflows for the previous week, setting the YTD weekly flows average at +$386mn (+$11.2bn YTD in total cash flows). Equity ETFs lost -$197mn in cash outflows while fixed income ETFs brought in +$130mn of inflows over the last week. On country level, ETFs benchmarked to Taiwan received +$198mn of cash inflows while China focused equity ETFs recorded -$123mn of cash outflows. Leveraged long equity ETFs also recorded weekly outflows of -$168mn over the same period.
At ETP level, Polaris MSCI Taiwan Index Fund (006203 TT) recorded largest inflows (+$150mn) while Daiwa Topix ETF (1305 JP) experienced largest outflows (-$123mn) for the week.
Turnover Review -Floor activity down by 6.8%
Asia-Pacific ETP turnover totaled $12bn for the last week, 6.8% down from the previous week’s total. South Korea took the lead in the turnover ranking with $3.7bn turnover, followed by Japan ($3.4bn), China ($2.9bn) and Hong Kong ($1.6bn). Among equity ETFs, Emerging Country, leveraged long, Asia-Pacific developed country and short ETFs had total turnovers of $4.5bn, $3.8bn, $1.4bn and $1bn respectively. Within the commodity asset class, turnover in gold ETPs totaled $41mn.
Assets under Management Review-Assets shrink by $1.7bn
Last week, Asia-Pacific ETP AUM decreased by $1.7bn, and ended the week at $153.4bn. On a year-to-date basis, Asia-Pacific ETP market is up by $17.4bn or 12.8% above last year’s closing.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Asia
BlackRock raises concern over China's sovereign debt strength
July 24, 2013--The sanctity of Chinese government debt has been called into question following the shrinking of the country’s current account surpluses.
That is according to the latest update for BlackRock’s Sovereign Risk Index (BSRI), which compares and contrasts the relative strength of 48 different nations’ sovereign bonds.
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Source: CityWire
Hong Kong ETF turnover surges 80%
July 23, 2013--Trading of exchange-traded funds in the Hong Kong market increased 80% during the first half of 2013, compared with the previous six months, as investors flocked to access mainland Chinese stocks.
The average daily turnover of ETFs listed on Hong Kong Exchanges and Clearing reached HK$4.5 billion ($580 million) in the first six months of the year, compared with HK$2.5 billion in the second half of 2012, according to data published by local regulator the Securities Futures Commission on Friday.
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Source: Financial News
IISL appointed index provider for proposed CPSE ETF
July 23, 2013--The department of disinvestment, in consultation with Goldman Sachs AMC, has appointed India Index Services & Products (IISL) as the index provider for the proposed CPSE ETF (central public sector enterprises-exchange traded fund), according to a media report.
Earlier this year, the Cabinet gave its approval to form the CPSE ETF for PSUs. The government plans to raise Rs. 50 billion through ETFs as a part of its Rs. 400 billion divestment plan in the current fiscal.
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Source: India Infoline News Service
New ideas and education needed for ETF growth in Asia
July 24, 2013--Although inflows into Asia-Pacific ETF assets have risen by more than 50% in the past year, this is coming off a very low base.
The challenge for the various issuers is to convert interest into investment. According to the latest survey by Deutsche Asset & Wealth Management, 64% of investors say they are considering using Asian-listed ETFs as they trade in parallel trading hours to their respective market.
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Source: IP&E
SGX, POSB launch new Invest-Saver product
July 22, 2013--To encourage more Singaporeans to start investing early for retirement, the Singapore Exchange (SGX) and POSB have come up with a new product that allows one to invest in exchange traded funds while also saving for retirement.
SGX added that it is on the lookout for potential partnerships that can make long term investing more accessible for their customer base.
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Source: Channel News Asia
SGX proposes to add new Asian Index Futures
July 19, 2013--Singapore Exchange (SGX) proposes to add new Asian Index Futures contracts to provide global customers an extensive coverage into Asia's key markets.
These contracts will complement SGX's current suite of futures contracts including SGX MSCI Singapore, SGX MSCI Indonesian, SGX MSCI Taiwan, SGX Nikkei 225 (Japan), SGX FTSE China A50 and SGX CNX Nifty (India). The proposed new contracts comprise the following :-
SGX MSCI Thailand Index Futures, which covers a total of 28 component stocks from Thailand;
SGX-PSE MSCI Philippines Index Futures, which covers a total of 18 component stocks from Philippine, and
SGX MSCI India Index Futures which covers a total of 75 component stocks from India.
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Source: Singapore Exchange (SGX)
SGX consults public on closing price methodology for ETFs
July 19, 2013--Singapore Exchange (SGX) is proposing to publish closing prices for exchange traded funds (ETFs) and put in place a methodology to determine closing prices for ETFs that will reflect more closely, the prevailing market conditions.
This will allow investors of ETFs to have an up-to-date closing price for making investment decisions and portfolio valuation.
SGX is consulting the public on the proposed methodology for determining the closing prices of ETFs. SGX believes that this proposed methodology, together with a wider product range, improved liquidity and a more diverse retail and institutional participation, will promote a more vibrant ecosystem for ETFs.
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Source: Singapore Exchange (SGX)
Bourse dangles incentive to jumpstart ETFs
July 19, 2013--The Philippine Stock Exchange (PSE) has dangled a carrot to encourage investors to give exchange-traded funds (ETFs) a try.
In a statement, the PSE today said it will waive transaction fees on market makers, or those who generate buy and sell orders for shares in ETFs. The PSE imposes a transaction fee equivalent to 0.0005 percent of the value of a share bought or sold at the bourse.
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Source: InterAksyon.com
China's first gold ETFs raise $261 million, below expectations
July 19, 2013--China's first two newly launched gold exchange-traded funds have raised a total of 1.6 billion yuan ($261 million) in their initial funding round, coming in below expectations due to sliding gold prices and a recent credit-crunch scare.
The launch of China's first gold-backed ETFs is being closely watched to judge local investors' appetite for paper gold in a country where physical bullion is in great demand for weddings, gift-giving and as an investment tool.
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Source: Rueters
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