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Institutional Investors and Corporations Suggest that Inflation-Linked Corporate Bonds may Provide Solution to Both Parties and could Become an Interesting Substitute for Sovereign Debt
June 26, 2012--In a survey of institutional investors and members of corporate finance departments, EDHEC-Risk Institute sought reactions to the key conclusions of a study entitled "Optimal Design of Corporate Market Debt Programmes in the Presence of Interest-Rate and Inflation Risks", which was produced as part of the Rothschild & Cie research chair.
The results indicate that the research topic is perceived as highly relevant to current investor concerns and issuers of corporate debt. Respondents suggest that the issuance of inflation-linked bonds may provide a solution to both parties. For investors, inflation-linked corporate debt could be an ideal instrument for hedging their liabilities at a time when sovereign debt is no longer considered the default asset for pension funds’ asset-liability management.
For corporations, issuing inflation-linked debt would ultimately limit the firm’s risk and increase the value of its shares.
< href="http://www.edhec-risk.com/about_us/Press%20Releases/RISKArticle1048860368688218576/attachments/Press_release_Investor_Reactions_Inflation-Linked_Debt.pdf" TARGET="_top">read more
db X-trackers lists Pakistan and Bangladesh equity ETFs in London
June 26, 2012--Deutsche Bank's exchange-traded funds (ETF) platform,db X-trackers, has re-affirmed its position as a leader in emerging markets ETFs with the cross-listing in London of ETFs that provide exposure to the Pakistan and Bangladesh equity markets.
The db x-trackers Pakistan IM TRN Index ETF tracks the performance of large, mid
and small capitalization companies listed on stock exchanges in Pakistan.
The index currently has 25 constituents. The db x-trackers MSCI Bangladesh IM TRN Index ETF currently tracks the performance of 64 companies, again across the large, mid and small-cap range.
“With the largest number of emerging markets ETFs in Europe, db X-trackers is coming to be regarded as the ‘go to’ ETF provider for emerging markets exposure.
These London listings also demonstrate once again how ETFs are making difficult to- access markets more investable, with db X-trackers playing a key role in developing the market,” said Manooj Mistry, head of db X-trackers for the UK.
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Source: db X-trackers
'Financial diplomacy' new channel for global deals
June 26, 2012--An intense brand of "financial diplomacy" has taken root in global politics as economic crises worsen, with the United States a key player, the US Treasury's hard-nosed global envoy said Monday.
Lael Brainard, US Treasury under secretary for international affairs, said a parallel world to the traditional political diplomacy has developed with equally intense negotiations and tough market-driven deadlines.
"Diplomacy is the stuff of legend and lore," she told the Women's Foreign Policy group in Washington.
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Source: EUbusiness
STOXX launches EURO iSTOXX 50 Equal Risk Index
New index initiated by and licensed to Lyxor to underlie exchange-traded fund
June 26, 2012-- STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the launch of the EURO iSTOXX 50 Equal Risk Index.
The new strategy index applies an equal risk contribution (ERC) concept to the EURO STOXX 50 Index in order to spread the overall risk of the portfolio equally between the 50 index components. The new index, which is based on the Modern Portfolio Theory, aims to achieve maximum risk diversification.
The EURO iSTOXX 50 Equal Risk Index has been initiated by and licensed to Lyxor to underlie an exchange-traded fund, which will be listed on NYSE Euronext Paris today.
"The new EURO iSTOXX 50 Equal Risk Index applies a sophisticated and innovative equal risk contribution concept to the leading blue-chip index for the Euro-zone," said Hartmut Graf, chief executive officer, STOXX Limited. "Equal risk contribution concepts combine elements of minimum variance and equal-weight strategies, and offer market participants an alternative to those regarding overall portfolio risk, risk budgeting and diversification."
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Source: STOXX
ESMA proposes rules on derivatives, central counterparties and trade repositories
June 25, 2012--The European Securities and Markets Authority (ESMA) has launched a consultation on its technical standards under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which is aimed at improving the functioning of OTC derivatives markets in the European Union (EU).
EMIR aims to achieve this by reducing risks via the use of central clearing and risk mitigation techniques, increasing transparency via trade repositories (TR) and ensuring sound and resilient central counterparties (CCPs).
EEX spins off gas business into own company
June 25, 2012--The European Energy Exchange (EEX) will spin off the Natural Gas Spot and Derivatives Market into a separate company owned to 100 percent with the corporate name "EGEX European Gas Exchange". Five years after the launch of exchange gas trading in Germany, this step paves the way for cooperations in the field of natural gas trading.
In July 2007, EEX launched the Natural Gas Spot and Derivatives Markets in two German market areas. Since then, the offer in natural gas trading has been expanded continuously. Today, trading participants can conclude trading transactions on the Spot Market for delivery in the German GASPOOL and NCG market areas and the Dutch TTF market area around the clock. Moreover, EEX has established a reference price in short-term trading with the daily reference price which is also used by the German market area operators to settle control energy with all gas shippers in accordance with requirements by the Federal Network Agency.
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Source: EEX
Spain makes formal banking aid request
June 25, 2012--Spain formally requested a rescue loan of up to €100bn from its eurozone partners in a letter released Monday
No new figures were included in the letter, after reports by independent consultants last week said stricken Spanish banks could need up to €62bn to survive a severe, three-year financial slump.
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Source: FIN24
Michalik seeks to maintain momentum at db X-trackers
June 25, 2012--Deutsche Bank's ETF and exchange-traded commodities business, db X-trackers, was one of the only exchange-traded fund providers offering swap-based ETFs to emerge from the regulatory debate on synthetic versus physical ETFs last year with its market share almost intact.
It became the second-largest provider in Europe with €33bn of assets, and it is seeking to consolidate that position with a focus on boosting on-exchange liquidity in the European ETF market.
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Source: Financial News
New bond index ETF from PIMCO Fixed Income Source launched on Xetra
June 25, 2012--A new equity index fund issued by PIMCO Fixed Income Source has been tradable on Xetra since Monday.
ETF name: PIMCO German Government Bond Index Source ETF
Asset class: bond index ETF
ISIN: IE00B87LHK09
Total expense ratio: 0.15 percent
Distribution policy: distributing
Benchmark: Markit iBoxx € Germany Index
The PIMCO German Government Bond Index Source ETF enables investors to participate in the performance of German government bonds denominated in euros with a residual maturity of at least one year and an outstanding volume of at least €2 billion.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 985 exchange-listed index funds, while the average monthly trading volume stands at €12 billion.
Source: Xetra/FWB
Airmic, FERMA seek to certify risk managers
June 24, 2012--European risk management associations are looking at ways to put the status of risk managers on a par with other professionals such as lawyers and accountants.
The Federation of European Risk Management Assns. has embarked on a project to certify risk managers in Europe, while London-based Airmic Ltd. is seeking chartered status for risk managers in the United Kingdom.
Airmic and FERMA say they want to put risk managers on a level footing with other professions, and the New York-based Risk & Insurance Management Society Inc. says it is watching developments in Europe and continues to explore similar moves to raise the profile of risk managers in the United States.
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Source: Business Insurance
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