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Late to the party, London rushes to win SPAC listings
May 27, 2021--Britain is rushing out rules to make London's stock market attractive for 'blank cheque' listing vehicles as bankers ready a string of potential floats in Europe as interest in the U.S. fades.
Special purpose acquisition companies (SPACs) have been the biggest trend in global capital markets in 2020 and 2021, with investors pouring more than $300 billion into listing these shell companies before they identify and acquire a business-effectively writing a blank cheque. They offer target companies an easier, quicker listing route at a guaranteed price at a time when many IPOs have failed.
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Source: reuters.com
ESMA updates its Opinion on reporting information under the AIFMD
May 27, 2021--The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has updated the Opinion Collection of information for the effective monitoring of systemic risk under Article 24(5), first sub-paragraph, of the AIFMD , in the context of AIFMD reporting.
The ESMA Opinion provides details on a set of additional information that, in ESMA view, NCAs could require AIFMs to report on a periodic basis pursuant to Article 24(5), first sub-paragraph of the AIFMD.
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Source: ESMA
Refinitiv head David Craig to depart LSE
May 26, 2021--Executive who championed $27bn deal will leave group after less than a year in new role
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Source: FT.com
Russia's Economic Recovery Gathers Pace, Says New World Bank Report
May 26, 2021--Report also analyses how cost-effective social safety nets can become key to halving poverty
Russia's GDP growth is forecast at 3.2% in 2021, followed by 3.2% and 2.3% in 2022 and 2023, respectively, according to the World Bank's latest Russia Economic Report. Global economic recovery, higher oil prices, and soft domestic monetary conditions in 2021 are expected to support a recovery led by household consumption and public investment.
This baseline scenario assumes a gradual decline in new COVID-19 infections.
"In 2020, Russia's GDP contracted by 3.0%compared to contractions of 3.8% in the world economy and 5.4% in advanced economies," said Apurva Sanghi, the Lead Economist for the World Bank in Russia.
view the World Bank 45th Issue of the Russia Economic Report
Source: World Bank
Euro area investment fund statistics: first quarter of 2021
May 21, 2021--In first quarter of 2021, outstanding amount of shares/units issued by investment funds other than money market funds rose to €14,447 billion, up €710 billion on previous quarter
Net issues in quarter amounted to €290 billion, with €1,407 billion in gross issues and €1,117 billion in gross redemptions
Outstanding amount of shares/units issued by money market funds fell to €1,367 billion, down €49 billion on previous quarter
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Source: ECB
Ireland calls for review of fund liquidity after March 2020 crisis
May 19, 2021--Ireland's central bank has called on asset managers to "critically" review their practices to avoid a repeat of an episode at the height of the coronavirus crisis during which dozens of funds seized up.
The Central Bank of Ireland, the regulator of the country's €3tn fund sector, has instructed all asset managers with operations on the island to carry out a detailed review of their liquidity management processes to improve safeguards for investors.
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Source: ft.com
Official Statistics: Forecasts for the UK economy: May 2021
May 19, 2021--A comparison of independent forecasts for the UK economy in May 2021.
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Source: gov.uk
ESAs' report on the implementation and functioning of the securitisation regulation
May 17, 2021--The Joint Committee of the European Supervisory Authorities (ESAs - European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published today its analysis of the implementation and the functioning of the EU Securitisation Regulation (SECR), including recommendations on how to address initial inconsistencies and challenges, which may affect the overall efficiency of the current securitisation regime.
The Report is meant to provide guidance to the European Commission in the context of its review of the functioning of the SECR. It also provides initial inputs to the ongoing discussion on the efficiency of the securitisation framework given the role that securitisation could play in the recovery post the Covid-19 pandemic.
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SOURCE: ESMA
New Tabula ETF on Xetra: Access to US Inflation via US TIPS and Breakeven Inflation Rate
May 14, 021--Since Friday, a new exchange traded fund issued by Tabula has been tradable on Xetra and Börse Frankfurt.
With the Tabula US Enhanced Inflation UCITS ETF (USD)-EUR Hedged Acc, investors can rely on a strategy that for the first time enables protection against inflation risks and at the same time allows them to profit from rising inflation expectations.
Realised US inflation is mapped via a broadly diversified portfolio of inflation-protected US government bonds. Additionally, an investment into 7- to 10-year US inflation expectations is made.
This share class minimises currency risks against the euro.
Name: Tabula US Enhanced Inflation UCITS ETF (USD)-EUR Hedged Acc
Asset class: Bond ETF
ISIN: IE00BKX90X67
Ongoing charges: 0.34 per cent
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Source: Deutsche Börse
ECB-Meeting of 21-22 April 2021-Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 21-22 April 2021
May 13, 2021--1. Review of financial, economic and monetary developments and policy options
Financial market developments
Ms Schnabel reviewed the financial market developments since the Governing Council's previous monetary policy meeting on 10-11 March 2021.
Euro area government bond yields had decoupled from US Treasury yields – which had continued to increase in the course of March 2021 before retreating somewhat in April-and had remained broadly unchanged since late February 2021.
In part, this reflected the renewed rise in coronavirus (COVID-19) infections and the tightening of lockdowns in the euro area, which had affected near-term growth expectations. However, it also reflected the impact of the Governing Council’s monetary policy decisions in March and the preceding communication, convincing markets of the ECB’s determination to maintain favourable financing conditions. The ECB's recent measures had been effective in shielding euro area long-term rates from spillovers, with regard to both the risk-free yield curve and sovereign spreads.
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Source: ECB
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