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Euro area securities issues statistics: October 2020
December 10, 2020--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 8.0% in September 2020 to 8.3% in October
For the outstanding amount of listed shares issued by euro area residents, the annual growth rate increased from 0.6% in September 2020 to 1.0% in October.
Debt securities
New issuance of debt securities by euro area residents totalled EUR 677.5 billion in October 2020. Redemptions amounted to EUR 690.9 billion and net redemptions to EUR 13.4 billion. The annual growth rate of outstanding debt securities issued by euro area residents increased from 8.0% in September 2020 to 8.3% in October.
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Source: ECB
LGIM rolls out first fixed income ETFs
UK's largest fund house is seeking to leverage expertise to make gains in rapidly expanding market
December 9, 2020--Legal & General Investment Management is launching its first fixed income exchange traded funds as the UK's largest fund house makes a bid to catch up with faster-moving rivals in the ETF market.
Of LGIM's $1.6tn of assets under management, just $7.5bn, less than 0.5 per cent, is in the form of ETFs-the world's 11th-argest asset manager began rolling out a stable of 28 equity and commodity funds in 2017.
It is now seeking to leverage its experience of managing $236bn of active and passive fixed-income assets to enter the rapidly expanding market for bond ETFs.
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Source: FT.com
Two World's First Solactive Fixed Income Indices Going Beyond Paris Aligned Benchmark Requirements are Utilized by Robeco
December 9, 2020--In early 2020, Solactive issued the world's first Fixed Income indices, which were entirely in line with the, by that time, provisional requirements for Paris Aligned Benchmarks set by the European Commission. The development of the indices marked a giant leap towards a low-carbon economy and a sustainable future.
Dutch Asset Manager Robeco utilized Solactive's expertise in the area of Paris-aligned fixed income indexing and co-designed an innovative family of climate indices, including both corporate and government debt. These new corporate bond indices exceed the requirements of the European Commission for Paris Aligned Benchmarks, and the government bond index not only reduces its carbon footprint but also includes a 7% annual self-decarbonization trajectory. Using these indices, Robeco is taking a global leadership role in Paris-aligned Fixed Income investments. The co-developed indices will serve as Robeco's guiding benchmarks for two actively managed strategies that are fully compliant with the Paris Agreement.
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Source: Solactive AG
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
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