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New SPDR ETF on global convertible bonds launched on Xetra
May 24, 2018--A new exchange traded fund issued by State Street Global Advisors is tradable on Xetra and Börse Frankfurt as of Thursday.
The new bond index ETF gives investors access to the global convertible bond market. The reference index comprises investment grade and non-investment grade convertible bonds as well as instruments without a rating.
The convertible bonds can be fixed or floating rate. The index components must meet certain minimum size requirements in their national currency for inclusion in the reference index. The ETF uses a hedging strategy to minimise the exchange rate risk between the base currency of the index components and the euro.
Name: SPDR Thomson Reuters Global Convertible Bond UCITS EUR Hdg ETF (Acc)
Asset class: bond index ETF
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Source: Deutsche Börse Cash Markets
New Invesco ETFs on global corporate bonds launched on Xetra
May 24, 2018--Two new exchange traded funds issued by Invesco are tradable via Xetra and Börse Frankfurt as of Thursday
The new bond index ETFs enable investors to participate in the performance of floating rate corporate bonds.
The reference index comprises investment grade bonds issued by industrial companies, utilities and financial institutions worldwide. The bonds must also have been issued within the last 2.5 years, have an original term of at least 2.5 years and a residual maturity of at least one month.
The Invesco Euro Floating Rate Note UCITS ETF EUR Dist invests in euro-denominated bonds with a minimum amount outstanding of €500 million. The Invesco USD Floating Rate Note UCITS ETF EUR Hdg Dist invests in US dollar-denominated bonds with a minimum amount outstanding of US$500 million. This ETF uses a hedging strategy to minimise the exchange rate risk between the US dollar and the euro.
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Source: Deutsche Börse Cash Markets
New iShares ETF on US banking sector launched on Xetra
May 24, 2018--A new exchange traded fund issued by iShares is tradable on Xetra and Börse Frankfurt as of Thursday.
The equity index ETF enables investors to participate in the performance of the US banking sector. Companies must belong to the banking sector and be a member of the S&P 900 index in order to be included in the reference index.
The reference index is weighted by market capitalisation, with the weighting of the largest components capped at 7 percent and the remaining index components capped at 4 percent.
Name: iShares S&P U.S. Banks UCITS ETF
Asset class: equity index ETF
ISIN: IE00BD3V0B10
Ongoing charges p.a.: 0.35 percent
Distribution policy: accumulating
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Source: Deutsche Börse Cash Markets
ESMA updates Benchmarks Regulation Q&As (May 2018)
May 24, 2018--The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers on the Benchmarks Regulation (BMR).
The overall BMR Q&A provides a new answer regarding the following topic:
How prospectuses should include reference to the register of administrators and benchmarks.
The purpose of this Q&A is to promote common supervisory approaches and practices in the application of BMR. It aims at providing investors and other market participants with clarifications on the applicable requirements.
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Source: ESMA
Account of the monetary policy meeting of the Governing Council of the European Central Bank
May 25, 2018--May 24, 2018--Held in Frankfurt am Main on Wednesday and Thursday, 25-26 April
1. Review of financial, economic and monetary developments and policy options
Financial market developments
Mr Cœuré reviewed the latest financial market developments since the Governing Council's monetary policy meeting on 7-8 March 2018.
With regard to recent bond market developments, a gradual decline in the ten-year German government bond yield, which started in mid-February, had pushed yields back to levels not far from those observed for most of 2017.
In the week leading up to the current meeting there had been a partial reversal of this downward trend. However, yields still remained well below the levels that had been observed earlier in 2018. By contrast, the ten-year US Treasury bond yield had resisted broad downward pressure and was approaching levels around 3% for the first time in more than four years. As a result, the yield spread between ten-year German Bunds and US Treasuries was at its widest since the late 1980s.
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Source: ECB
Aquis Exchange lays the ground for London listing
May 24, 2018--Aquis Exchange, founded by City veteran Alasdair Haynes, is lining up an initial public offering that could value the trading venue at around £75m and give it the funds needed to compete with larger rivals.
London-headquartered Aquis, which launched in November 2013 and has built up a roughly 2% market share in European equity trading, is initially looking to raise around £12m, according to people familiar with the matter.
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Source: ukdaynews.biz
World Bank-Russia's Economic Recovery Continues, Modest Growth Ahead
May 23, 2018--Russia's economic recovery continues, amidst relatively high oil prices, enhanced macroeconomic stability, gradual monetary loosening, and ongoing momentum in global economic growth, says the World Bank's latest Russia Economic Report (no. 39 in the series). However, the country's growth prospects for the period 2018-20 remain modest.
Russia's growth is forecast at between 1.5% and 1.8% over the next three years. In the short-term, however, this forecast may be adjusted because of changing oil prices-which were projected to average US$ 65/bbl in 2018 and 2019, and US$ 66/bbl in 2020, but which may increase further, especially in the short-term.
view the World Bank The Russian Economy: Modest Growth Ahead report
Source: World Bank
Commission releases 2018 Convergence Report: Review of Member States' progress towards euro adoption
May 23, 2018--The 2018 Convergence Report assesses Member States' progress towards joining the euro area.
The report covers the seven non-euro area Member States that are legally committed to adopting the euro: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden.
It finds that these Member States generally display considerable nominal convergence, but none of them currently meet all the formal conditions for joining the euro area.
Two of these Member States, Bulgaria and Croatia, fulfil all of the convergence criteria, except for the exchange rate criterion as they are not members of the Exchange Rate Mechanism (ERM II).
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Source: European Commission
European Semester 2018 Spring Package: Commission issues recommendations for Member States to achieve sustainable, inclusive and long-term growth
May 23, 2018--The European Commission presents today the 2018 country-specific recommendations (CSRs), setting out its economic policy guidance for Member States for the next 12 to 18 months.
Europe's economy is growing at its fastest pace in a decade, with record employment, recovering investment and improved public finances. According to the Commission's 2018 Spring forecast, growth in the next two years will slow slightly but remain robust.
The current favourable conditions should be used to make Europe's economies and societies stronger and more resilient. The country-specific recommendations proposed today build on the progress already made in recent years and aim to capitalise on the positive economic outlook to guide Member States to take further action.
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Source: European Commission
IMF-Russian Federation: Staff Concluding Statement of the 2018 Article IV Mission
May 23, 2018--The Russian economy is recovering from a two-year recession. Over the past few years, the authorities have implemented a strong macroeconomic policy framework, which has reduced uncertainty and helped weather external shocks.
However, Russia's convergence to advanced economy income levels has stalled and its weight in the global economy is shrinking. A wide range of structural issues remains unaddressed and that is where the authorities need to focus in order to accelerate growth. Last year's high-profile failure of several large private banks underscores the importance of completing the cleanup of the banking system. Those failures have expanded the state's footprint in the sector, raising questions about the adequacy of financial statements and underscoring the need to strengthen supervision further. The fiscal rule has helped to anchor the fiscal path and shield the economy from disruptive swings in oil prices.P>view more
Source: IMF
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