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Government Debt Issuance in the Euro Area:The Impact of the Financial Crisis-IMF Working paper
January 28, 2011--This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding practices competitive auctions of debt instruments with a fixed coupon, long maturity and local currency denomination (DLTF).
Exploiting the cross-country panel data dimension of the data, we conclude that the crisis and related changes in the macroeconomic environment and investor sentiment can account for a significant proportion of the deviation. The negative effect of the crisis on DLTF debt issuance was especially pronounced in high deficit and high debt euro area countries, and has forced governments to assume additional risk.
view the working paper-Government Debt Issuance in the Euro Area:The Impact of the Financial Crisis
Source: IMF
SPDR ETFs - State Street Global Advisors
Starting from January 27th 2011, 12 new SPDR ETFs will be listed on the ETFplus market
January 27, 2011--Borsa Italiana welcomes on the ETFplus market a new issuer: SPDR ETFs listed 12 new ETFs.
2 equity Europe ETFs:
SPDR MSCI EUROPE ETF-FR0000001885
SPDR MSCI EUROPE SMALL CAP ETF -FR0010149880
10 equity sectors (Europe) ETFs:
SPDR MSCI EUROPE UTILITIES ETF-FR0000001646
SPDR MSCI EUROPE TELECOM SERVICES ETF- FR0000001687
SPDR MSCI EUROPE MATERIALS ETF-FR0000001794
SPDR MSCI EUROPE INFORMATION TECH ETF -FR0000001695
SPDR MSCI EUROPE INDUSTRIALS ETF- FR0000001778
SPDR MSCI EUROPE HEALTH CARE ETF-FR0000001737
SPDR MSCI EUROPE FINANCIALS ETF -FR0000001703
SPDR MSCI EUROPE ENERGY ETF-FR0000001810
SPDR MSCI EUROPE CONSUMER STAPLES ETF-FR0000001745
SPDR MSCI EUROPE CONSUMER DISCRETION ETF-FR0000001752
Source: Borsa Italiana
Hedge funds lured by exchange-traded funds
January 27, 2011--While exchange-traded funds have traditionally been marketed to retail investors as a cost-effective and easy way to access baskets of stocks, they are becoming increasingly popular with sophisticated European investors such as hedge funds.
The attraction of ETFs lies in the fact that they can be easily traded and can facilitate long or short exposure to underlying assets that may be hard to invest in directly and offer cheaper hedging opportunities.
John Lowry, chairman of alternative investment firm ML Capital, said: “There has been a significant uptake in the use of ETFs as an investment tool. We are seeing a growing trend for some managers to utilise ETFs to get 100% of their exposure to underlying markets – there is definitely a growing trend to dedicated ETF-based hedge funds.”
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Source: Financial News
Sarkozy says he and Merkel will never abandon euro
January 27, 2011--French President Nicolas Sarkozy passionately defended the euro against skeptics at the World Economic Forum on Thursday, saying he and German Chancellor Angela Merkel would never let the currency fail.
Sarkozy spoke as financial executives attending the Davos gathering voiced cautious optimism that the euro zone's debt crisis could be resolved without contagion spreading to Spain or investors being forced to take unbearable losses.
"To those who would bet against the euro, watch out for your money because we are fully determined to defend the euro," Sarkozy said in a keynote speech. "Mrs Merkel and I will never -- do you hear me, never -- let the euro fall."
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Source: Reuters
Bank researchers call for doubling equity safety net
January 27, 2011--The new Basel III rules requiring banks to hold more capital are too weak and should be doubled to provide optimal protection against future economic shocks, researchers at the Bank of England have concluded.
The discussion paper issued on Thursday calculates that forcing banks to hold twice as much equity against potential losses would cut economic output by 6 per cent over a long period. But the authors, led by David Miles, an external member of the Bank committee that sets interest rates, argue the additional stability is worth it.
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Source: FT.com
EU extends hacker-induced emissions trading halt
January 27, 2011-- The EU extended a freeze Thursday on trading in carbon credits ordered after hackers broke into national trading registries and stole and then sold millions of euros worth of polluting rights.
"Security comes before trading," said Maria Kokkonen, spokeswoman for European Union climate action commissioner Connie Hedegaard.
"It's going to take time," she told AFP, with only internal trading in the best-protected national registries targeted for resumption next week.
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Source: EUbusiness
Lyxor celebrates 10th anniversary of first ETF launch on the Paris stock exchange
January 27, 2011--Lyxor Asset Management, a subsidiary of Société Générale, launched it's first ETF – linked to the CAC40 Index – on the Paris stock exchange back in January 2001. Ten years later, the firm's exchange listed index funds have enjoyed considerable growth in France and Europe for both institutional and retail investor clients, with more than two million transactions and nearly EUR95 billion traded on NYSE Euronext in 2010, representing some 5.81% of total trades.
A leading player in the ETF industry since 2001, Lyxor AM targets the best investment opportunities matching its clients’ needs and has extended its ETF offering in all asset classes. In 2010, Lyxor AM was the first issuer to launch an ETF on European dividends as well as the first ETF in the S&P 500 index on the Paris Stock Exchange, and offers the widest range of ETFs on sector indexes.
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Source: ETF Express
European SRI fund sales jump €1.3bn in a month - green fund sales drop
Green themed and norms-based retail funds lose €382m in same period.
January 27, 2011--Sales of European SRI retail funds jumped by a healthy €1.3bn during November, 2010, significantly boosted by inflows into a trio of SRI-labelled, French-domiciled cash funds, according to the latest available figures compiled for Responsible Investor by Lipper FMI, the investment data group.
‘RI screened’ funds, as they are labelled by Lipper FMI, have undergone an ‘extra-financial’ ESG (environment, social and governance) screen in their stock selection process.
The biggest seller for the month was French fund manager Amundi’s Tréso ISR fund with estimated net sales of €1.2bn. In second place was French manager Natixis’ Fonsicav with new assets of €335.3m. Third was Aviva’s French-domiciled ISR Court Terme (SRI short-term) fund with receipts of €322.2m.
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Source: Responsible Imvestor
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending Week Ending 21-Jan-2011
January 26, 2011--For the week ending 21 January 2011, there were US$808.4 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in banks with US$166.7 Mn followed by automobiles and parts with US$132.3 Mn net inflows while chemicals experienced net outflows of US$16.7 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$976.9 Mn net inflows. Banks has seen the largest net inflows with US$227.9 Mn, followed by technology with US$110.5 Mn net inflows while chemicals experienced the largest net outflows with US$34.8 Mn.
As of 21 January 2011, there is US$10.9 Bn AUM invested in the STOXX sector ETFs which is more than double the US$5.1 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
Clearstream’s BRIC strategy strengthens with settlement access to Brazil
January 26, 2011--Settlement link to Brazil is already fully operational
Partnership with Itaú Unibanco ensures best understanding of local market requirements
Clearstream network of 50 domestic markets worldwide is the largest amongst international central securities depositories
Settlement link to India being assessed to complete BRIC coverage
Clearstream, the post-trade service and global liquidity provider within Deutsche Börse Group, is the first international central securities depository (ICSD) to include Brazil in its cross-border settlement network. The company now offers settlement and custody services for all asset classes denominated in Brazilian Real. The link, which went live on 21 January, gives Clearstream customers the opportunity to develop post-trade solutions for the Brazilian market using Clearstream as their single point of access. Itaú Unibanco is Clearstream’s local partner and will act as sub-custodian.
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Source: Clearstream
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