Après le succès de l'emprunt syndiqué espagnol à 10 ans, le Portugal s'apprête à revenir sur les marchés

Après le succès de l'emprunt syndiqué espagnol à 10 ans, le Portugal s'apprête à revenir sur les marchés

La société immobilière Deutsche Annington a trouvé des financements pour accélérer la restructuration de transaction réalisée en 2006

Un peu déçus par la BoJ, les intervenants ont coupé hier leurs positions vendeuses sur le yen. Mais d'autres mesures d'assouplissement devraient suivre

Dans son étude sur le risque pays pour 2013, l'assureur-crédit Coface estime que la crise européenne est loin d'être terminée pour les entreprises

Hans Redeker, stratège monde de Morgan Stanley sur les changes, livre ses prévisions à «L'Agefi»

Outre l'allongement de la maturité de la dette, une ligne de crédit de précaution et des achats de la BCE sur le marché secondaire sont évoqués

Le Premier ministre David Cameron tente ainsi un coup de bluff pour obtenir des concessions sur la réforme de l'UE et de nouvelles exemptions

La Chine compte accélérer la construction d’un marché des capitaux plus fort et plus mature, selon le Shanghai Securities News qui cite le président de la Commission de régulation des marchés (CSRC), Guo Shuqing. Le développement d’un marché «à plusieurs couches», et la réforme des introductions en Bourse et des sorties de la cote sont les priorités ciblées par Guo Shuqing.

La part des achats de logements à Singapour réalisés par les étrangers devrait poursuivre sa chute au cours du premier semestre de l’année 2013 du fait des nouvelles contraintes imposées par les autorités locales, selon le journal qui cite des consultants. La part des étrangers dans les achats de logements locaux était de 6,3% en 2012, son plus faible niveau depuis 2003, après 17,6% en 2011.

Pékin annoncera la semaine prochaine une liste de banques autorisées à réaliser des prêts transfrontaliers en yuan dans la région test de Qianhai, selon le China Securities Journal. China Merchants Bank, CCB, HSBC, Standard Chartered, Hang Seng Bank, Bank of East Asia, BoC et ICBC seraient sélectionnées. Qianhai pourrait également accueillir des coentreprises entre des sociétés de courtage hongkongaises et chinoises.

Le Trésor espagnol a émis mardi sept milliards d’euros dans le cadre de son nouvel emprunt syndiqué à 10 ans, sa première émission syndiquée depuis près d’un an. L’emprunt offre un coupon de 5,40% à 365 points de base au-dessus de la courbe des swaps, a déclaré un responsable de l’une des banques chefs de file. Barclays, BBVA, Citi, Goldman Sachs et Santander étaient co-chefs de file de l’opération. Selon le ministre de l’Economie Luis de Guindos, la demande a dépassé les 24 milliards d’euros.

Les reventes de logements ont accusé une baisse inattendue de 1,0% en décembre, en raison d’une baisse de l’offre qui, selon l’Association nationale des agents immobiliers (NAR), ne remet toutefois pas en cause la tendance à la reprise du marché immobilier aux Etats-Unis. Le nombre annualisé de ventes de logements existants a été de 4,94 millions le mois dernier contre 4,99 millions en novembre.

Following the recent opening of representative offices of Pictet Aset Management (PAM) in Brussels and Amsterdam dedicated to fund sales, Hervé Thiard, CEO in charge of the institutional market for Pictet in France, is also becoming director for the Benelux region. Assets in Paris totalled EUR3.1bn as of 31 December 2012.New offices come as additions to the existing marketing services of PAM in Luxembourg, the banking headquarters of the Pictet group in the European Union. In his new role, Thiard will be supported by Bruno Hellemans, who since 2007 has been operational head of the investment fund market in the Benelux countries.PAM has not disclosed its asset levels in Benelux, which Newsmanagers understands, is higher than its levels in Paris.

The Hong Kong-based asset management firm Pacific Group has decided to convert one third of its hedge fund assets to physical gold, Bloomberg reports. The firm, founded by a former PaineWebber trader, is betting on a rise in the price of gold due to accommodating moneary policy on the part of central banks.Pacific Group has bought USD35m worth of gold ingots.

James Senior, former head of marketing at Ignis, has joined Henderson Global Investors as consultant on marketing issues, Fundweb reports. Senior left Ignis in September 2012.

SEI Investments has announced the appointment of Kevin Bull as director in charge of development of strategic alliances, and Simon Pinner as director of sales, and the distribution team of the UK Asset Management unit.Bull previously worked at Hearthstone Investments, while Pinner was previously at Scottish Widows Investment Partnership (SWIP).Pinner will be responsible for about 50 British consulting firms, and will also assist with the team’s expansion in Europe.

“Everyone would like a single market to trade ETFs in Europe. But we are not the United States,” said Clemens Reuter, global head of UBS ETF, in an interview with Plus, the supplement of Il Sole – 24 Ore. UBS ETF has launched 61 ETFs on the Milan stock exchange. The firm has also created a support team dedicated to Italian clients.

Investment Week reports that as a part of its development in the United Kingdom, EFG Asset Management, an affiliate of the Swiss firm EFG International, is planning to launch a multi-asset class fund in April (government and corporate bonds, hybrid debt, equities, hedge funds, real estate, infrastructure and cash), with OEIC status, which will be managed by Hilary Wakefield, head of UK portfolio management.The fund will aim for returns of 8%, and volatility of 4-7%, with the Libor + 300 basis points as its hurdle rate.

Odey Asset Management is planning to offer a UCITS-compliant version of its European long/short hedge fund strategy, launched ten years ago, which will be domiciled in Dublin, Investment Week reports.According to Bloomberg statistics, the Odey European fund, whose assets under management total about USD1.8bn, posted returns of 24% in 2012. Since its launch, the fund shows gross annual returns of 13.4%.Odey is planning to launch other UCITS-comlpiant funds in the next few weeks, including a long/short equity fund.

The International Organization of Securities Commissions (IOSCO) on January 21 published a final report on Suitability Requirements with respect to the distribution of complex financial products, which sets out principles relating to the distribution by intermediaries of complex financial products to retail and non-retail customers.The report, which forms part of IOSCO’s ongoing drive to promote customer protection, introduces nine principles that cover the following areas related to the distribution of complex financial products by intermediaries: classification of customers, general duties irrespective of customer classification, disclosure requirements, protection of customers for non-advisory services, suitability protections for advisory services (including portfolio management), compliance function and internal suitability policies and procedures, incentives and enforcement."Although complex financial products may not be necessarily more risky than standard financial instruments, they typically have terms, features and potential investment risks that may make it difficult for many customers, even non-retail customers, to appreciate fully. The financial crisis that began in 2008 raised serious concerns that the growing complexity of financial products made the associated investment risks less apparent to customers,» IOSCO says in a statement.

In its monthly report for January, the Bundesbank states that investment funds whose shares are primarily held by retail investor have a more pronounced tendency than other funds to use subscriptions to build a mattress of liquidity in order to be able to better confront redemptions in periods of increased tension.The German central bank also estimates that from the beginning of 2007 until the end of September 2012, institutional investors placed EUR237bn in new money in institutional funds (Spezialfonds), with insurers being the most active in this area.

The Japanese Mizuho Financial Group last year decided not to invest as much as USD500m with SAC, the Wall Street Journal reports. The bank made the decision at a time when the US asset management firm was facing an investigation into insider trading allegations. SAC has seen large redemptions. This quarter, the firm will have to redeem USD1bn. An investment from Mizuho would have made it able to compensate for these redemptions and to attract other Asian investors.

Net inflows of EUR4.5bn in 2012 allowed Carmignac Gestion to offset poor results in 2011, when the asset management firm based in the Place Vendôme in Paris posted net outflows of over EUR6bn, of which EUR2.5bn were from the Carmignac Patrimoine fund, the firm’s flagship product, alone. Assets under management at the firm have returned well above EUR50bn as of the end of December 2012, at EUR53.7bn, compared with EUR45bn twelve months previously.This increase includes market effects, which, as an example, bring assets in the Carmignac Patrimoine fund above EUR28bn, with gains of 5.42% last year. For its part, Carmignac Emerging Patrimoine, which had EUR230m as of the end of 2011, as of the end of 2012 had assets under management of EUR1.8bn, after gains of 14.43%.

Bradesco Asset Management, the asset management affiliate of one of the largest banks in Brazil, has received a license to release its Luxembourg-registered Sicav Bradesco Global Funds in France, according to information received by Newsmanagers. The product range from the asset management firm, which is currently composed of three funds, is focused on its home market, Brazil. The largest product by assets (USD93.5m) is the Brazilian Equities Mid Small Caps, a Brazilian small and midcaps fund. Currently, its manager has a preference for shares which benefit from economic growth in the country. The second-largest fund by size if the Brazilian Hard Currency Bond Fund USD, a fund of Brazilian government bonds denominated in US dollars. “The choice of the US currency allows the fund to avoid a 6% tax on foreign investments in local bond funds,” Bradesco AM says. Lastly, the third fund is also a bond fund, but this one denominated in local currency. With assets of USD33.1m, the Brazilian Fied Income fund invests in Brazilian debt, issued by public and private issuers. It is also exempt from the 6% tax. With its first funds licensed for sale in France (two others will follow), Bradesco AM will be able to serve France from London, where the firm has constructed a team dedicated to international development. Ileana Salas, head for Europe and the Middle East, will be responsible for the French market. This effort in France comes as part of a foreign expansion by Bradesco AM. The funds have also recently been licensed for sale in the United Kingdom. The strategy was seeded in 2009 with the creation of the Luxembourg Sicav, and was followed in late 2010 by the opening of an office in London. The Sicav has about USD200m in assets, which is still a drop in the water compared with total assets under management by the Brazilian asset management firm, which had USD141bn as of the end of December, and has many pension funds among its clients.

Aberdeen Immobilien KAG on 21 January announced that its DEGI Europa fund, which must be liquidated by 30 September 2013, will on 25 January issue its fifth redemption. It will be paid at a rate of EUR0.60 per share.The next semi-annual payment will take place in July.The decision to liquidate the open-ended real estate fund was taken on 22 October 2010.

Assets in Swiss investment funds as of the end of Dcember 2012 totalled CHF711.9bn, down by CHF6.1bn compared with the previous month, according to statistics from the Swiss Funds Association (SFA). Year on year, however, Swiss funds were up by 13%, or slightly over USD80bn.In December 2012, inflows to bond funds totalled CHF1.5bn, while equity funds were up by CHF344.7m, but at the same time, money market funds saw outflows of CHF1.9bn.In 2012, UBS (market share of 22.74%) and Credit Suisse (16.25%) remained the largest fund providers on the Swiss market, followed by Pictet (6.99%), Swisscanto (5.83%), and the Cantonal Bank of Zurich (5.11%).

Sam Vecht and Henry Wigan will be responsible for managing a new emerging market absolute return fund for BlackRock in the United Kingdom, Investment Week reports.The portfolio of the long/short product will include a total of 40 to 70 equity positions on firms with market capitalisations of over USD1bn, and its benchmark will be the Libor 3-month. The management commission is set at 1%.

Ian Spreadbury will be the manager of the new Fidelity MoneyBuilder Income Reduced Duration fund, an institutional product available with a minimal subscription of GBP1m. The fund, aimed at wealth managers, will be an OEIC master-feeder fund which complies with the UCITS IV directive, and which is slated for launch by the end of the month, according to various British media.The manager will be able to use swaps and futures as an overlay to reduce the duration of the benchmark portfolio to two years (7.8 years for the MoneyBuilder Income), which is estimated to be the neutral point on the return curve for risk.Like the MoneyBuilder Income (GBP3.3bn), of which it is an alternative version, and which is managed by the same manager, the new fund will charge a management commission of 0.8%, and will carry no front-end or withdrawal fees.

According to various sources in the British media, the Swiss firm LGT Capital Partners has won a “multi-alternative” mandate on GBP280m in assets from the pension fund of Hertfordshire City Council. It is the largest mandate for alternative investment (nine asset classes) ever awarded by a British public pension fund.