L'Europe rappelle la Grèce à l'ordre
Le FESF débloquera aujourd’hui comme prévu 5,2 milliards d’euros. Mais la crise politique menace le versement des autres tranches d’aides financières.
Hausse de 0,3% des stocks des grossistes américains en mars
Les stocks des grossistes ont progressé moins que prévu en mars aux Etats-Unis, grevés par la plus forte baisse en près de deux ans de la valeur des stocks de pétrole. Ils sont ressortis en hausse de 0,3%, selon les chiffres publiés mercredi par le département du Commerce, alors que les économistes anticipaient une progression plus marquée, de 0,6%. En valeur, les stocks des grossistes se sont élevés à 480,44 milliards de dollars.
Fannie Mae ne se tourne pas vers les contribuables
Pour la première fois depuis le troisième trimestre de 2008, l’agence américaine de refinancement hypothécaire ne sollicitera pas une aide supplémentaire de la part des contribuables. Fannie Mae a fait état au titre du premier trimestre d’un bénéfice de 2,7 milliards de dollars, contre une perte de 6,5 milliards de dollars sur la période comparable de 2011.
La valeur de marché brute des dérivés OTC en hausse
Selon un rapport de la Banque des règlements internationaux (BRI), le montant notionnel total des dérivés de gré à gré (OTC) en circulation sur le marché a décliné au deuxième semestre 2011, pour se positionner à 648.000 milliards de dollars. Dans le même temps, la valeur de marché brute, qui mesure le coût de remplacement des contrats existants, a grimpé à 27.000 milliards de dollars. A noter que sur la période concernée, la population des dealers sous revue a augmenté.
Lisbonne veut s’en tenir à la consolidation budgétaire
«Soyons bien clair, il n’y a pas de croissance économique sans consolidation budgétaire», a déclaré mercredi le Premier ministre portugais Pedro Passos Coelho, à l’issue d’un sommet avec son homologue espagnol, Mariano Rajoy. Ce dernier a estimé que seule une Europe unie pourrait surmonter les difficultés actuelles.
Berlin lance une mise en garde à la Grèce
L’Allemagne a solennellement mis en garde la Grèce mercredi, par la voix de son ministre des Affaires étrangères. Selon Guido Westerwelle, la Grèce ne recevra plus aucune tranche d’aide financière si elle vient à interrompre sa politique de réformes. Le leader de la deuxième formation du pays, Alexis Tsipras, devait entamer dans la journée des consultations en vue de former un gouvernement, mission a priori vouée à l'échec. Les marchés manifestent leur inquiétude face à ce blocage; la Bourse de Paris a signé une nouvelle séance de baisse (-0,2%), tandis que Wall Street évolue également en territoire négatif. Sur le marché obligataire, le rendement du Bund allemand est passé brièvement sous le seuil de 1,5%.
Rendement et demande en baisse pour l'adjudication allemande à 5 ans
L’Allemagne a adjugé mercredi pour 4,032 milliards d’euros de nouvelles obligations (Bobl) à cinq ans, en deçà d’un objectif de cinq milliards, mais à un taux de rendement en baisse. Les nouvelles obligations à 0,50% de coupon ont été adjugées au taux de rendement moyen de 0,56% contre 0,8% pour l’adjudication du 12 avril dernier. Le ratio de couverture a été de 1,4 contre 1,8 précédemment.
Monier renonce à son émission obligataire
L’ex-Lafarge Roofing a annoncé mercredi le report de son émission obligataire sur le marché high yield en raison de conditions difficiles. Monier comptait émettre autour de 250 millions d’euros d’obligations à 7 ans afin de rembourser par anticipation une partie de ses autres créanciers qui ont accepté le mois dernier de prolonger la maturité de sa dette. La mise à prix des titres était initialement attendue vendredi dernier.
Report du vote sur le MES et le pacte budgétaire en Allemagne
Les parlementaires allemands ne se prononceront pas avant la mi-juin au plus tôt sur le pacte budgétaire et sur le mécanisme européen de stabilité (MES), indique Reuters. Le vote devait initialement se tenir le 25 mai.
Le déficit commercial de la France s’est réduit en mars
Le déficit commercial de la France s’est réduit en mars, à 5,721 milliards d’euros, après 6,279 milliards en février, selon les données CVS/CJO publiées par les Douanes. Les exportations FAB en données CVS/CJO sont ressorties à 36,491 milliards d’euros en mars contre 37,049 milliards en février. Les importations se sont inscrites à 42,212 milliards d’euros après 43,328 milliards un mois plus tôt.
09/05/2012
Hedge funds lost 1% in April
The hedge fund sector lost 1% in the month of April, due to ongoing concerns about the euro zone debt crisis and the likelihood of a slowdown in global growth, according to estimates by the Bloomberg agency. In the first four months of the year, hedge funds gained 3.4%, compared with growth of 11% for equities with dividends reinvested. Multi-strategy hedge funds lost 0.9% in April, which limited gains in the first four months of the year to 0.9%. Long/short equity strategies lost 0.6% in April, but have gained 3.1% since the beginning of the year. Macro funds lost 1.2% in April, but have still gained 1.7% in the first four months of the year.
09/05/2012
Source releases an Exchange Traded Certificate on Brent
Source is launching the Source Brent Crude Exhanced T-ETC (acronym: BOIL), which the issuer says allows investors to adopt “optimised exposure to Brent crude oil,” via the S&P GSCITM Brent Crude Enhanced Total Return index.The Source Brent Crude Enhanced T-ETC is secured with money market instruments including US Treasury bonds. It is listed on the SIX Swiss Exchange, in US dollars. It is authorised for sale in Switzerland, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy (only for institutional investors), Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom.CharacteristicsName: Source Brent Crude Enhanced T-ETCISIN code: XS0766094972Domicile: IrelandBase and trading currency: USD/USDManagement commission: 0.49%
09/05/2012
ETP subscriptions in Europe are somewhat dispersed
European ETP finished the month of March with assets of EUR247bn, compared with EUR248bn in February, and have posted net inflows in each of the first three months of the year, for a total of EUR5.38bn. This put total assets up 9.4% in first quarter, Lyxor Asset Management (Société Générale group) stated in its publication “European ETP Asset Flow Trends.”While 2011 brought a strong concentration of subscriptions on a small number of exposures, largely to German and US equities and precious metals (particularly gold), the first inflows in 2012 were largely to different asset classes. Although regional equities dominated with nearly EUR1.7bn, these flows went largely to emerging markets overall, with more limited inflows to developed markets. Lyxor also reports that there have been net outflows from funds focused on European countries, pan-European equities, and from European sectoral ETFs.In the area of bonds, flows have gone largely to higher yields (corporate bond and high yield indices). Another major trend is that investors have been preferring commodity products (particularly energy and gold).Lyxor also states that as of the end of March, physical replication ETFs represented 47.74% of total assets in European ETPs, compared with 47.5% as of the end of December.
09/05/2012
Chinese government opens brokerage sector to foreign firms
Effective immediately, the Chinese regulator has increased the limit from 33% to 49% for the stake which foreign firms are allowed to hold in joint ventures in the brokerage industry. These joint ventures will soon be authorised to sell futures on commodities and financial products in China.Z-Ben Advisors reports that Morgan Stanley and JPMorgan are expected to be among the first firms to take advantage of this liberalisation, by increasing their stakes in joint ventures in China.
09/05/2012
Foreign investors increase stake in DAX index
Companies listed on the DAX index are now mostly owned by foreign investors, Les Echos reports. The proportion of shares held by non-resident investors in 30 blue chip Frankfurt stocks totals 55%, according to the consultant Ernst & Young. The percentage has increased by 14 points in seven years. The study finds that a majority of shares in a total of 17 groups are held by foreigners. Adidas, Munich Re, Allianz et Bayer are at the top of the rankings, with more than two thirds in foreign hands. However, the proportion of non-resident shareholders has declined at BASF, Deutsche Börse, Fresenius Medical Care and MAN.
09/05/2012
Jupiter launches a European copy of its Strategic Fund
On 8 May, Jupiter announced the launch of the Jupiter Dynamic Bond fund, a sub-fund of its Luxembourg Sicav Jupiter Global Fund, which is available in retail and institutional share classes denominated in euros, US dollars, pounds sterling and Swiss francs. As announced (see Newsmanagers of 28 February), the fund is a copy of the British Jupiter Strategic Fund (GBP921m), which is also managed by Ariel Bezalel since June 2008, and which in the three years to 30 April 2012 has earned returns of 65.5%, compared with 41.3% for the sectoral IMA average of Sterling Strategic Bond funds. The British fund has also outperformed the iBoxx Stg Non-Gilts All Maturities Index by 28.4 points. The portfolio will generally include 60 to 80 holdings, foregrounding flexible strategies covering the full range of bonds, regions and ratings categories. The base currency is the euro. For shares in euros, holdings in other currencies will be hedged for currency risks at 80%. The fund will offer quarterly distributions, with the first scheduled for 20 September 2012. The fund has a sales license in the United Kingdom, Hong Kong, Singapore, Jersey, Sweden, Austria, Finland, France, Germany, Portugal, Guernsey, and the Netherlands. A license has been applied for in Belgium and Switzerland. Characteristics Name: Jupoter Dynamic Bond Benchmark index: Barclays Capital Euro – Aggregate Corporate Index Front-end fee: 5% Management commission: L share class: 1.25% I share class: 0.50% Minimal initial subscription: L share class: EUR/USD/GBP/CHF1,000 I share class: EUR/USD/GBP/CHF10m
09/05/2012
Threadneedle releases a UCITS-compliant hedge fund
The British asset management firm Threadneedle has released its new UCITS-compliant hedge fund Threadneedle (Lux) Global Opportunities Bond Fund, launched on 24 August 2011.The portfolio of the bond product, managed by James Cielinski, is divided into two parts: a “liquidity & carry portfolio,” which will account for 10% to 70% of assets, which will invest in high-rated bonds and credit derivatives with a short duration to maturity, while the active portion will use several strategies with long and short positions on the entire bond universe.The objective is to outperform the 1-month savings rate in US dollars by 450 basis points per year. CharacteristicsName: Threadneedle (Lux) Global Opportunities Bond FundISIN code: LU0640495429Management commission: 0.65%Performance commission: 15% with high watermark
09/05/2012
Investors require SEB Am to liquidate ImmoInvest
The open-ended real estate fund SEB ImmoInvest (DE0009802306), whose redemptions had been frozen for nearly two years, will be liquidated by 30 April 2017, in accordance with BaFin requirements, the German asset management firm SEB Asset Management announced on Monday. Redemption demands which had accumulated since 25 April exceeded available liquidity, and the corresponding orders were therefore not processed (see Newsmanagers of 2 May). Shareholders have thus voted with their feet in favour of a closure of the product, as the management firm had clearly given them a choice between a liquidation and a transition to protection under the new investor protection regime.SEB AM has announced that it will make half-yearly redemption payments, with the first, corresponding to 20% of assets (EUR6.35bn as of the most recent report) to be made in June 2012. Total subsequent payments will depend on liquid proceeds from sales of assets.The asset management firm states that the portfolio includes 132 properties in 18 countries and 64 cities. The performance of the fund since its launch in May 1989 was 219.7%, or 5.2% per year.
09/05/2012
Stoxx launches a range of minimum variance indices with Axioma
On 8 May, Stoxx Limited launched a range of 14 Stoxx+ minimum variance indices, each available in a constrained and an unconstrained version, developed on the basis of larger Stoxx regional or country indices, applying the Markowitz theory to construct a hypothetical portfolio with optimised risk. The model used to calculate the re-weighting of portfolios is provided by Axioma. The constrained versions are rebalanced once per quarter, while the unconstrained versions are rebalanced once per month.
09/05/2012
Swedbank Robur launches its first ETFs in Sweden
The Swedish asset management firm Swedbank Robur, an affiliate of the eponymous bank, on 7 May launched its first ETFs on the Stockholm stock exchange Nasdaq OMX. The funds are all related to the OMX Stockholm 30 GI index, which includes the 30 listings on the Swedish sotck exchange with the highest trading volumes. The first of these, Swedbank Robur ETF OMXS30, simply replicates the index. The second, Swedbank Robur ETF OMXS30 Bull 2, has a daily exposure of 200%. Lastly, Swdbank Robur ETF OMXS30 Bear -1 has a daily negative exposure of 100%. The Swedish ETF market is dominated by Handelsbanken and its affiliate XACT Fonder, which has been the only product on the market for a long time, the Swedish online news source Privata Affärer reports. Last year, SEB also entered the Swedigh market with its SpotR products. ETFs from Swedbank and XACT Fonder are physical replication products, while the products from SEB use synthetic replication.
09/05/2012
Election of François Hollande will not have an immediate impact on France's credit rating, says S&P
The financial ratings agency Standard & Poor’s, which in January withdrew France’s maximal credit rating of AAA, on 7 May announced that the election of François Hollande as president of the country will not have an “immediate impact” on the country’s credit rating or its outlook. “Standard & Poor’s does not take a political position on individual candidates or the outcomes of any elections as such,” the ratings agency says in a statement. France’s credit rating, currently AA+ for its long-term debt, has a negative outlook, which means that there is a “one in three chance” that the rating will be lowered this year or in 2013. The agency states that “the policy of a government has a direct impact on its credibility in terms of debt.” “Our sovereign (credit) ratings thus take into account our opinion of the likely consequences of policies chosen by elected political leaders on the structure of sovereign debt.” “We will analyse the political decisions of the president-elect of France and the new government, and take into account the results of the legislative elections in June,” Standard & Poor’s states.
09/05/2012
Louis Gallois to join board at FSI
Barely one year after joining the board of directors at the strategic investment fund (FSI), Denis Ranque will be leaving his job as an independent administrator to undertake a personal project, Les Echos reports. The newspaper states that Louis Gallois, executive CEO of EADS, will succeed him.
09/05/2012
Arrow launches an ETF replicating a new Dow Jones index
Arrow Investment Advisors on 8 May admitted its first ArrowShares ETF to trading on the NYSE Arca platform. The Arrow Dow Jones Global Yield ETF (acronym: GYLD) replicates the new Dow Jones Global Composite Yield index. The index aims to reduce concentration risks by following five baskets of investments, each of which corresponds to an index of 30 shares which aim to provide an evenly-balanced exposure to traditional or alternative sources of revenues from several asset classes. The five sub-indices are: Dow Jones Global Equity Yield Index, Dow Jones Global Real Estate Yield Index, Dow Jones Global Alternative Yield Index, Credit Suisse Yield Enhanced Global CorporateIndex and Credit Suisse Yield Enhanced Sovereign Index.
09/05/2012
Van Eck preparing two ETFs of Saudi shares
On 3 May, van Eck filed with the SEC in a form N-1A its plans to launch the Market Vectors Saudi Arabia ETF and Market Vectors Saudia Arabia Small-Cap ETFs, funds specialised in Saudi equities which will replicate indices calculated by Structured Solutions AG. No acronym nor TER have yet been announced for the products.
09/05/2012
Assets under management at Dexia AM up
As of 31 March 2012, assets under management at Dexia Asset Management totalled EUR79.3bn, compared with EUR78bn at the end of 2011. Assets under management enjoyed positive market effects totalling EUR3.1bn in first quarter 2012, and positive cash inflows from institutional mandates and third parties, retail and private banking (excluding a planned outlfows of EUR2.6bn from an affiliate sold in 2010). Investor Services activities show an increase in assets under administration of 4% compared with fourth quarter 2011, to EUR2.148trn. This increase, which was sligthly slowed by unfavourable currency effects, is related to organic growth, the acquisition of new clients, and the evolution of major financial markets in which RBC Dexia Investor Services operates. The number of funds under administration, for its part, increased by nearly 3% in the same period.
09/05/2012
New members at French association of asset managers
Thierry Callaut has been replaced by Isabelle Habasque of OFI Asset Management on the board of directors of the French association of asset managers AFG from 19 April 2012. The companies Altimeo AM, Flornoy & Associés Gestion, Montmartre AM and Swell AM have also joined the association, while the companies AM Fine Services & Software, Ernst & Young, Société d’Avocats - Lefevre Pelletier & Associés and PCI-Procédures & Contrôle Interne have become correspondent members of the AFG.
09/05/2012
AFG releases a standardised request fro proposal questionnaire
The French financial management association (AFG) has released a standardised questionnaire designed as a reference tool for requests for proposals, the association has recently announced. The questionnaire was developed by an AFG working group in the commercialisation commission. French as well as foreign investors, especially institutionals, are incrasingly frequently asking asset management firms to present their activities in a questionnaire that treats the firm itself and/or the fund or its management expertise, the AFG explains. This is generally an advance investment audit procedure or an update to information for relationship management. The practice is particularly formal in the case of requests for proposals. Most of the information necessary for an investor to appraise an asset management firm is included, and possible additional questions are limited and much more targeted.
09/05/2012
Oswald Grübel joins Mead Park Management
Seven months after resigning from his position as CEO of UBS (see Newsmanagers of 26 September 2011), Oswald Grübel is joining the new New Yokr-based firm Mead Park Management, founded by four former investment bankers from Credit Suisse, Jack DiMaio, David Moffitt, Chriss Ricciardi, and Edward Dale, finews reports, relaying reports in Asset Backed Alert.Mead Park Management plans to invest up to USD2bn in troubled financial sector businesses, or to acquire them.
09/05/2012
Commodities: high and increasingly unstable prices
The 26th edition fo the CyclOpe report on commodities, which appears this Wednesday, highlights problems of instability, Les Echos, a partner of the publication, reports. The year 2011 was marked by considerable efforts to regulate these markets, with the G20 making an effort in April, making the volatility of commodities a core subject for debate. But all attempts to organise and regulate these markets have failed. In this environment, commodity prices are expected to remain high this year, although, barring geopolitical events in the case of energies and climate hazards in the case of agriculture, prices are not expected to exceed those of last year.
09/05/2012
Steep drop in earnings on structured products
Earnings on structured products on the Scoach derivatives markets fell sharply in April compared with the previous month, to a total of CHF2.12bn, compared with CHF3.21bn in March. All categories of products showed a net decline, according to statistics published on 7 May by the Swiss structured products association (SVSP).