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Thinking big: debt management considerations for the EU's pandemic borrowing plan
December 9, 2020--If not handled correctly, the European Union's transition to take on a new role as an issuer of public debt risks crowding out existing markets. Managing that transition correctly is almost as big a challenge as spending the money itself.
The COVID-19 crisis is set to propel the European Union for many years to come into a role its members had not anticipated: significant issuer of public debt.
If the EU's budget and pandemic recovery package is approved, the 27-nation bloc will see its balance sheet transformed from occasional issuer to market stalwart. It will also take on a new role as market peer to some of the world's most experienced issuers. How it manages that transition, and whether it supports or crowds the existing markets for euro-area government debt, will be almost as big a challenge as spending the money itself.
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Source: bruegel.org
Soaring eurozone government debt reignites call for cancellation
December 8, 2020--Eurozone government borrowing has exploded to fund their response to the coronavirus pandemic, reigniting long-standing calls for the European Central Bank to ease the debt burden by canceling the sovereign bonds it holds.
The proposal was launched by academic economists as a response to the single currency area's last debt crisis in 2012. Senior Italian officials recently woke up the idea once again, suggesting that the ECB could cancel the debt purchased through its asset purchase program or exchange it for perpetual debt. bonds, which are never repaid.
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Source: usa-vision.com
Passive funds' share of European investment market jumps to 20%
December 8, 2020--Many fear 'kickback' payments linked to actively managed funds will limit growth in region
Index-tracking funds now account for a fifth of the European investment market for the first time, following a surge that has led to passive investing doubling its share of the pie over the past decade.
But some fear the continued existence of "kickback"” payments, which reward distributors for selling more expensive actively managed funds, will prevent Europe from following the trajectory of the US, where 40 per cent of money is passive.
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Source: FT.com
Passive funds' share of European investment market jumps to 20%
December 8, 2020--Many fear 'kickback' payments linked to actively managed funds will limit growth in region
Index-tracking funds now account for a fifth of the European investment market for the first time, following a surge that has led to passive investing doubling its share of the pie over the past decade.
But some fear the continued existence of "kickback"” payments, which reward distributors for selling more expensive actively managed funds, will prevent Europe from following the trajectory of the US, where 40 per cent of money is passive.
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Source: FT.com
New Amundi ETF on Xetra: 50 largest ESG companies in Germany
December 8, 2020--Since Tuesday a new Exchange Traded Fund of Amundi is tradable via Xetra and Börse Frankfurt.
With the Amundi DAX 50 ESG UCITS ETF DR (C), investors participate in the performance of the 50 largest companies in Germany, which were selected based on their market capitalisation, stock exchange turnover and ESG score.
Companies with business activities in controversial sectors-such as gambling, tobacco, nuclear power, steam coal, weapons or military equipment-are excluded.
The index is weighted by market capitalisation, with the maximum share of a company limited to seven per cent.
Name: Amundi DAX 50 ESG UCITS ETF DR (C)
Asset class: Equity ETF
ISIN: LU2240851688
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Source: Xetra
Vanguard to close European active ETF range
December 3, 2020--Quartet of factor funds had just $300m in assets
Vanguard is to close its four European actively managed exchange traded funds because of insufficient demand for the products.
The four Ireland-based ETFs have a combined £224m ($298m) in assets under management and provide exposure to four investment factors: value, momentum, low volatility and liquidity.
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Source: FT.com
New Xtrackers ETF on Xetra: ESG-compliant corporate bonds from the financial, utility and industrial sectors
December 2, 2020--Since Wednesday, a new Exchange Traded Fund issued by Xtrackers is tradable on Xetra and Börse Frankfurt.
The Xtrackers ESG USD Corporate Bond UCITS ETF 2C-EUR hedged enables investors to invest in fixed-interest corporate bonds denominated in US dollars worldwide, taking into account sustainability criteria.
Only bonds of financial, utility or industrial companies with an investment grade rating, which have a remaining term of at least three years and a minimum outstanding volume of 750 million US dollars are considered.
Each company must have an ESG rating of at least BBB and therefore meet the ESG criteria. Companies with significant business activities in the areas of alcohol, tobacco, gambling, adult entertainment, genetically modified organisms, nuclear power or weapons are excluded from the index.
Currency risks against the euro are minimised.
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Source: Deutsche Börse
Equivalence row looms over London ETF hub role
November 30, 2020--Delayed EU decision is raising frustration rather than fear in the City.
London's role as the most important hub in Europe's rapidly expanding $1tn exchange traded fund industry is clouded by uncertainty by the...
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Source: FT.com
DWS Reignites European ETF Price War with Fresh Round of Fee Cuts
November 30, 2020--German asset manager slashes charges on 21 products as it aims to make its index trackers more competitive
DWS has cut fees on 21 exchange traded funds in a bold move by the €745bn German asset manager that threatens to reignite the cut-throat price war among ETF providers in Europe.
DWS is majority-owned by Deutsche Bank and Blackrock, Vanguard, Lyxor, Amundi, UBS and Invesco have actually swapped punch and countertop punch in a brutal cost war over ETF charges over the past ten years, which has assisted to speed up the growth of affordable index tracking vehicles at the expense of earnestly managed shared resources.
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Source: ft.com
S&P Global to buy IHS Markit in all-stock deal worth $44bn
November 29, 2020--US rating agency S&P Global is to buy London-based market data and research company IHS Markit in an all-stock deal worth $44bn (£s;33bn) that will be the biggest corporate acquisition of 2020
It highlights the growing importance of big data in financial markets governed by information-hungry trading algorithms.
The deal, which IHS Markit's chief executive, Lance Uggla, told employees in a memo had been in the works for the last few months, will create a heavyweight in the increasingly competitive market in financial information. It highlights the growing importance of big data in financial markets governed by information-hungry trading algorithms.view more
Source: theguardian.com
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