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Deutsche Börse Welcomes First IPO in the Prime Standard in 2010
Helikos S.E. to be first investment vehicle listed on the Frankfurt Stock Exchange
February 4, 2010--The Frankfurt Stock Exchange has seen this year’s first IPO of a company listed on the Prime Standard. The Luxembourg company Helikos S.E. carried out its initial public offering on 4 February. Helikos is also the first investment vehicle, a special purpose acquisition company (SPAC), to be listed at Deutsche Börse.
SPACs are shell companies newly formed for the purpose of acquiring companies or shares in companies within a specified period of time, thereby bringing the target companies to the stock exchange. The capital raised with the IPO is paid into a trust account and in the event that the transaction is not concluded, it can be paid back to the investors with interest.
According to the company, Helikos was formed for the purpose of acquiring one or more operating businesses with principal business operations in Germany. By effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with its target, Helikos will allow its target to raise capital and become a publicly traded company.
ISIN LU0472835155
Type of admission to trading: Initial Public Offering (IPO)
First trading day: 4 February 2010
Market segment: Prime Standard (Regulated Market)
Sector/Sub-sector: Financial Services/Private Equity Venture Capital
Issue price (per share+option in €): 10.00
Placement volume in shares: 20,000,000
First quoted price (per share in €): 9.50
Lead manager: Deutsche Bank AG (Sole Bookrunner, Manager and Designated Sponsor) HSBC Trinkaus & Burkhardt
AG Co-Bookrunner)
Lead broker: bid & ask Financial Services GmbH
Source: Deutsche Börse
Cyber fraudsters attack EU's carbon trading system
February 4, 2010--Online fraudsters have carried out a "widepread" cyber attack on the European Union's Emissions Trading Scheme (ETS), the EU commission said Thursday, promising a security review.
The scam involved fake emails asking users of the carbon trading registries to log on to a malicious website and disclose their user identification code and password, the commission said.
With this data the cyber attackers could carry out fraudulent transactions at their victims' expense, for example by stealing carbon emissions trading certificates.
Some fraudulent transactions were carried out," but the security of the Community Registry and transaction log "has not been compromised," the EU executive assured.
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Source: EU Business
Sales of SRI funds drop again, green fund sales hold steady
February 4, 2010--Retail sales of European SRI funds continued to slide in November last year when €121m was withdrawn from the sector, according to the latest available figures compiled for Responsible Investor by Lipper FMI, the investment data group.
The outflows were far lower than October, however, when €977m was wiped off the value of the sector in one month. Conversely, November sales of green themed funds (labelled by Lipper FMI as ‘RI Extended’ which includes funds with multiple exclusions, those following a norms-based strategy and themed climate change and microfinance funds) stayed positive with total sector inflows of €184.5m. That followed October 2009’s net asset increase of €512.7m, which suggested greater investor interest as the Copenhagen climate change summit approached. SRI funds or ‘RI Screened’ as they are labelled by Lipper FMI, are those that have undergone an ‘extra-financial’ ESG (environment, social and governance) screen in their stock selection process.
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Source: Responsible Investor
Preqin Research Report-Private Equity Investor Survey
February 4, 2010--There is no doubt that 2009 was a challenging year for fund
managers seeking to raise new funds. Fundraising over the course of 2009 was 61% down on the year before and 62%
down on 2007. Competition for commitments from investors is
set to remain intense over the course of 2010, with 1,561 funds on the road seeking an aggregate $698.5bn.
During December 2009, in order to assess LP appetite for
private equity in the year ahead, we surveyed a representative
sample of 106 significant institutional investors selected from
Preqin’s Investor Intelligence database of 4,000 investors in private equity. A considerable 40% of our sample had not made a commitment to a private equity fund over the course of the
year.
Moreover, many of those that had remained active had made commitments at a slower pace than in previous years. Despite this low level of investor activity, as shown in Fig. 2, 45% of respondents to our survey told us they are below their long-term target allocations, demonstrating that a signifi cant amount of capital has the potential to fl ow into the private equity asset class over the coming months and years. A further 42% of respondents to our survey are at their targeted levels of exposure. However, it is worth noting that 13% are currently exceeding their long-term target allocations to private equity.
view the Private Equity Investor Survey
Source: Preqin
EEX Power Derivatives/EPEX Spot: Power Trading Results in January 2010
February 4, 2010--Leipzig, Paris 4 February 2010. In the framework of their cooperation European Energy Exchange AG (EEX) and the French Powernext SA have integrated their Power Spot and Derivatives Markets.
In January 2010, a total volume of 133.9 TWh was traded on the joint subsidiaries
EPEX Spot SE and EEX Power Derivatives.
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Source: European Energy Exchange AG
EEX trading results for Natural Gas and CO2 Emission Rights in January
February 4, 2010--In January, the trading volume on the EEX Spot Market for
Natural Gas amounted to 885,696 MWh (Gaspool and NCG market areas) compared to 244,800 MWh in January 2009. On 27 January 2010 a volume of 153,312 MWh was reached, which has been the highest daily volume on the EEX Spot Market so far.
The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 11.70 per MWh and EUR 17.25 per MWh.
The volumes on the Derivatives Market for Natural Gas (Gaspool and NCG market areas) amounted to 1,079,750 MWh (January 2009: 1,124,220 MWh). On 29 January 2010, the open interest was 5,916,592 MWh. On 29 January 2010 Natural Gas prices for delivery in 2011 were fixed at EUR 17.85 per MWh (Gaspool) and EUR 17.98 per MWh (NCG), respectively.
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Source: European Energy Exchange AG (EEX)
Xtrakter: Capital Market Grows By 14.8% To USD 14.7, EURO 10.3 Trillion
February 4, 2010--Xtrakter, the fixed income specialist, released the following figures today: End of year fixed income new issuance was valued at USD 3.7, Euro 2.6 trillion for 2009, representing an 8.2% (USD 280, EURO 195 billion) rise on 2008 figures. During the same period asset backed new issuance accounted for 12.6% (USD 469, EURO 289 billion) of all issues and the size of the international capital market rose by 14.8% (USD 2.0, 1.4 EURO trillion) to a total of USD 14.7, EURO 10.3 trillion.
Yannic Weber, Chief Executive Officer, Xtrakter commented: “In line with market expectations, 2009 saw a rise in sovereign new issuance; this demand was primarily driven by the need to support differing liquidity schemes and stimulate the financial markets. As related economies start to recover, it is likely such liquidity measures will dry up and we will see an increase in corporate new issuance.”
The Euro was again the preferred currency in 2009 capturing 48.8% (USD 1.8, EURO 1.2 trillion) of total fixed income new issuance; US Dollar was selected for 37.9% (USD 1.4 trillion, EURO 982 billion) and Pound Sterling was chosen for 6.6% (USD 246, EURO 171 billion)
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Source: Xtracker
DB Index Research -- Weekly ETF reports -- Europe
February 2, 2010--Highlights
ETF Volume
Exchange based Equity ETF turnover rose by 18.7% on the previous week. Daily turnover for the previous week was E1.3bn. European fixed income ETF turnover rose by 18.1% to E238.7m.
In exchange based bond ETFs, db x-trackers II EONIA TR Index ETF has the highest daily turnover of E17.44m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E65.46m.
There were 22 new listings last week. Blackrock Fund Advisors issued eight new ETFs on London Stock Exchange followed by Credit Suisse AM which issued six new ETFs on Swiss Stock Exchange. Moreover, ETF Securities Ltd. issued four new ETFs on Borsa Italiana. Db x-trackers listed two new Bond ETFs and Comstage issued one new Bond ETF on Deutsche Borse. Source launched one new ETF on London Stock Exchange. All the new listings were primary listings except those issued by ETF Securities Ltd. and four out of eight issued by Blackrock Fund Advisors.
European Regional ETFs remained at the top position as leading product area with total turnover of E380m with 29.01% of total ETF turnover followed by Style ETFs with total turnover of E339m accounting for 25.88% of total ETF turnover. The DAX ETFs remain the dominant country products with total average daily volume of E150m across the fourteen listed products and accounting for 11.4% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 14.5% of turnover trading E189m per day with liquidity split across 17 ETFs and 44 different listings on 9 exchanges.
Market Share
The Deutsche Borse XTF platform has the largest market share with 37.0% of total turnover. The Euronext NextTrack platform has 19.7% market share. The LSE’s combined Italian Exchange and London market share is now 27.2%.
Assets under Management (AUM)
Total European Equity related AUM remained at about the same level at E111bn during last week. AUM for DJ Euro STOXX 50 ETFs was E21.7bn accounting for 19.5% of total European AUM. Fixed Income ETF AUM remained at about the same level at E36.7bn.
Overall, the largest ETF by AUM was Lyxor ETF DJ Euro STOXX 50, an Equity based ETF, with AUM of E4.9bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.3bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 29-Jan-10
January 2, 2010--Last week saw US$24.6 Mn net outflows from DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$75.0 Mn and Media with US$36.4 Mn while Basic Resources experienced net outflows of US$92.9 Mn.
Year-to-date, Utilities has been the most popular sector with US$176.4 Mn net new assets, followed by Oil & Gas with US$117.3 Mn net inflows. Food & Beverage ETFs have been the least popular with US$104.8 Mn net outflows YTD.
Visit Blackrock for more information. Credit Suisse Appoints Dan Draper Head of Exchange Traded Funds Mr. Draper joins Credit Suisse from Lyxor Asset Management, a division of Societe Generale, where he was Managing Director and Global Head of ETFs. Prior to joining Lyxor, Mr. Draper was the Director of UK and Ireland Business Development at iShares, a division of Barclays Global Investors. He received an M.B.A. from The University of North Carolina at Chapel Hill and a B.A. from The College of William and Mary. He is a CFA, CMT, CAIA and FRM charterholder and also serves on the Board of Advisors for the William and Mary Mason School of Business. If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: ETF Research and Implementation Strategy Team, Blackrock
Appointment reflects Credit Suisse's commitment to the expansion of its ETF platform
February 3, 2010--Credit Suisse today announced that Dan Draper, formerly a Managing Director and Global Head of Exchange Traded Funds (ETFs) at Lyxor Asset Management, will join Credit Suisse in its Asset Management business as Managing Director and Head of ETFs. He will start later this spring, be based in London and report to Oliver Schupp.
Oliver Schupp, Head of Beta Strategies in Asset Management and co-Head of the Bank's ETF Steering Committee, said, "Dan's extensive experience over the past decade in the development and trading of ETFs will be invaluable as we continue to grow this business. Our ETF business is a true One Bank collaboration, and together with our partners in the Investment Bank and Private Bank, we made significant strides in the expansion of our ETF platform in 2009. This included the launch of 16 new ETFs in Switzerland, where we are the largest player by AUM, as well as expansion across Europe with the launch of 17 ETFs in Italy and 16 ETFs in Germany. We also launched a physically backed Gold ETF in October 2009 which has attracted over $1.3 bn since launch."
Source: Credit Suisse AG
