GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT

Size: px
Start display at page:

Download "GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT"

Transcription

1 09 January 2015 GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT Rebound in clean energy investment in 2014 beats expectations Luke Mills

2 CONTENTS 1. Annual clean energy investment overview 2. Quarterly trends in clean energy: new investment 3. Quarterly trends in clean energy: funds in circulation 4. Clean energy indexes 1

3 ANNUAL CLEAN ENERGY INVESTMENT OVERVIEW

4 CLEAN ENERGY INVESTMENT TYPES & FLOWS 2014 ($BN) Asset and company mergers, acquisitions, refinancing, buy-outs etc Projects Equipment manufacturing/ scale-up +2 Technology development VC Corp RD&D Gov R&D PE Public markets new equity Total company investment Re-invested Renewable energy AF Digital energy & storage AF SDC Total investment M&A/buy-outs etc. Total transactions Note: Total values include estimates for undisclosed deals. AF = asset finance, SDC = small distributed capacity. 3

5 NEW INVESTMENT IN CLEAN ENERGY ($BN) 32% 17% $318bn -7% $294bn -9% 16% $310bn 0.5% $272bn $268bn 17% 36% $175bn $205bn $206bn 46% 46% $128bn $60bn $88bn Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for digital energy and energy storage projects (not reported in quarterly statistics). 4

6 NEW INVESTMENT IN CLEAN ENERGY BY REGION ($BN) -7% 16% 17% -9% 17% 0.5% 32% $79bn $99bn $113bn $126bn $154bn 36% $41bn $52bn $65bn $69bn $86bn $71bn 46% $19bn $13bn $28bn 46% $26bn $23bn $39bn $31bn $44bn $53bn $59bn $75bn $63bn $90bn $50bn $91bn $124bn $132bn $109bn $68bn $74bn $78bn $78bn EMEA AMER APAC Note: Total values include estimates for undisclosed deals. Includes corporate and government R&D, and spending for digital energy and energy storage projects (not reported in quarterly statistics). 5

7 ANNUAL HISTORICAL GREEN BOND ISSUANCE, BY TYPE, ($BN) ABS Project US municipal Labelled corporate Supranational, sovereign & agency Notes: Sovereign, supranational & agency includes bonds issued by issued by international financial institutions, agencies and provinces to finance green projects. Labelled corporate includes bonds issued by companies and explicitly labelled as green. US municipal refers to bonds issued by US municipalities to finance green projects. Project refers to project bonds backed by renewable energy projects. ABS refers to asset-backed securities whose cashflows come from a portfolio of underlying receivables such as loans, leases and PPAs associated with green projects. 6

8 QUARTERLY TRENDS IN CLEAN ENERGY: NEW INVESTMENT

9 NEW INVESTMENT IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 8

10 NEW INVESTMENT IN CLEAN ENERGY BY REGION Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q EMEA AMER APAC Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 9

11 NEW INVESTMENT IN CLEAN ENERGY IN EUROPE Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 10

12 NEW INVESTMENT IN CLEAN ENERGY IN THE US Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 11

13 NEW INVESTMENT IN CLEAN ENERGY IN CHINA Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 12

14 NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Wind Solar Biofuels Other Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 13

15 EMEA NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Wind Solar Other Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 14

16 AMER NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Wind Solar Other Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 15

17 APAC NEW INVESTMENT IN CLEAN ENERGY BY SECTOR Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Wind Solar Other Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 16

18 NEW INVESTMENT IN CLEAN ENERGY BY ASSET CLASS Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Asset finance* Public markets VC/PE Small distributed capacity *Asset finance adjusted for re-invested equity Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D, and spending for digital energy and energy storage projects (reported in annual statistics only). 17

19 PUBLIC MARKET NEW INVESTMENT IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average 18

20 TOP PUBLIC MARKET TRANSACTIONS OF THE QUARTER Q Organisation Stock exchange Sector Type of transaction New equity raised Total offering size CS Wind Korea Stock Exchange (KOSPI) Wind IPO $231.9m $231.9m Huaneng Renewables Hong Kong Stock Exchange (HKEX) Wind Secondary $225.3m $225.3m Greencoat UK Wind PLC/Fund London Stock Exchange Wind Secondary $200.2m $200.2m Bluefield Solar Income Fund London Stock Exchange Solar Secondary $192.3m $192.3m NextEnergy Solar Fund London Stock Exchange Solar Secondary $149.2m $149.2m 19

21 VC/PE NEW INVESTMENT IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals. 20

22 TOP VC/PE TRANSACTIONS OF THE QUARTER Q Organisation Country Sector Type of transaction Value Sunnova Energy United States Solar PE Expansion Capital $250.m BluEarth Renewables Canada Wind PE Expansion Capital $71.4m Lanzatech NZ New Zealand Biofuels VC Late Stage $60.m Gebr Schmid Germany Solar PE Expansion Capital $40.m Digital Lumens United States Efficiency: Built Environment VC Late Stage $23.m 21

23 ASSET FINANCING FOR NEW BUILD RENEWABLE ENERGY ASSETS Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage projects (reported in annual statistics only). 22

24 TOP ASSET FINANCE TRANSACTIONS OF THE QUARTER Q Project name Country Sector Type of transaction Capacity Value Dudgeon Offshore Wind Farm United Kingdom Wind Balance Sheet 402MW $2573m Wikinger Offshore Wind Farm Germany Wind Balance Sheet 350MW $1712m Sandbank Offshore Wind Farm Germany Wind Balance Sheet 288MW $1428m Burbo Bank Offshore Wind Farm Extension United Kingdom Wind Balance Sheet 258MW Undisclosed Xina Solar One STEG Plant South Africa Solar Term loan 100MW $1010m 23

25 QUARTERLY TRENDS IN CLEAN ENERGY: FUNDS IN CIRCULATION

26 FUNDS IN CIRCULATION IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals. Excludes spending for digital energy and energy storage projects (reported in annual statistics only). 25

27 TOP TRANSACTIONS FOR FUNDS IN CIRCULATION Q Organisation Country Sector Type of transaction Acquirer Value E.ON US Wind Portfolio Enbridge Acquisition United States Wind Balance Sheet Enbridge $650m Acciona Energia Internacional Spain Wind PE - Buy-out / corp spinoff KKR & Co $540m Pinyon Pines Wind Portfolio Refinancing United States Wind Term loan; Short term facility (revolver/loc) Berkshire Hathaway $406m Enel Green Power France France Wind Equity (company) Boralex $344m EDC Burgos Wind Farm Portfolio Refinancing Philippines Wind Term loan Energy Development Corp $315m 26

28 CORPORATE M&A TRANSACTIONS IN CLEAN ENERGY Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals 27

29 RENEWABLE ENERGY ASSET ACQUISITIONS & REFINANCING Q Q ($BN) Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q Four quarter running average Note: Total values include estimates for undisclosed deals 28

30 CLEAN ENERGY INDEXES

31 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ S&P Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15 Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan

32 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ S&P Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan

33 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ S&P Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan

34 NEX CLEAN ENERGY INDEX YTD NEX NASDAQ S&P Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 1 Jan

35 NYSE BNEF REGIONAL CLEAN ENERGY INDEXES YTD 300 3, , , , , Jan 06 Jan 07 Jan 08 0 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 NYSE BNEF AMER Index NYSE BNEF ASOC Index NYSE BNEF EMEA Index MSCI World & Emerging Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 100 on 30 December

36 NYSE GLOBAL CLEAN ENERGY SECTOR INDEXES YTD 4,000 4,000 3,500 3,500 3,000 3,000 2,500 2,500 2,000 2,000 1,500 1,500 1,000 1, Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Dec 05 Sep 06 Jun 07 Mar 08 Dec 08 Sep 09 Jun 10 Mar 11 Dec 11 Sep 12 NYSE BNEF Wind Index NYSE BNEF Solar Index NYSE BNEF EST Index MSCI World & Emerging Note: Values as of 01 January 2015; NASDAQ and S&P 500 rebased to 1,000 on 30 December

37 COPYRIGHT AND DISCLAIMER This publication is the copyright of Bloomberg New Energy Finance. No portion of this document may be photocopied, reproduced, scanned into an electronic system or transmitted, forwarded or distributed in any way without prior consent of Bloomberg New Energy Finance. The information contained in this publication is derived from carefully selected sources we believe are reasonable. We do not guarantee its accuracy or completeness and nothing in this document shall be construed to be a representation of such a guarantee. Any opinions expressed reflect the current judgment of the author of the relevant article or features, and does not necessarily reflect the opinion of Bloomberg New Energy Finance, Bloomberg Finance L.P., Bloomberg L.P. or any of their affiliates ("Bloomberg"). The opinions presented are subject to change without notice. Bloomberg accepts no responsibility for any liability arising from use of this document or its contents. Nothing herein shall constitute or be construed as an offering of financial instruments, or as investment advice or recommendations by Bloomberg of an investment strategy or whether or not to "buy," "sell" or "hold" an investment. 36

38 MARKETS Renewable Energy Energy Smart Technologies Advanced Transport Gas Carbon and RECs SERVICES Americas Service Asia Pacific Service EMEA Service Applied Research Events and Workshops Unique analysis, tools and data for decision-makers driving change in the energy system Noemi Glickman Marketing & Communications +44 (0)

INVESTING IN A TRANSITIONING SECTOR

INVESTING IN A TRANSITIONING SECTOR INVESTING IN A TRANSITIONING SECTOR Eurelectric conference Jon Moore, CEO NEW INVESTMENT IN CLEAN ENERGY 24-14 ($BN) 32% 17% $318bn -7% $294bn 16% -9% $31bn.5% $272bn $268bn 17% 46% 36% $175bn $25bn $26bn

More information

FIGHT, FLIGHT OR ADAPT: HOW UTILITIES ARE RESPONDING TO PV & STORAGE

FIGHT, FLIGHT OR ADAPT: HOW UTILITIES ARE RESPONDING TO PV & STORAGE 16 July 2015 FIGHT, FLIGHT OR ADAPT: HOW UTILITIES ARE RESPONDING TO PV & STORAGE Australian Clean Energy Summit Hugh Bromley PRODUCTS TO HELP YOU UNDERSTAND THE FUTURE OF ENERGY Solar Wind Other Renewables

More information

H1 2014 LEVELISED COST OF ELECTRICITY - PV

H1 2014 LEVELISED COST OF ELECTRICITY - PV H1 2014 LEVELISED COST OF ELECTRICITY - PV JENNY CHASE 4 FEBRUARY 2014 LCOE OF PV, FEBRUARY 2014 1 PV EXPERIENCE CURVE, 1976-2013 (2013 $/W) 100 Cost per W (2013 $) 1976 10 1985 2003 2006 1 2012 2013 Q3

More information

2015 PV MARKET OUTLOOK

2015 PV MARKET OUTLOOK 15 June 2015 2015 PV MARKET OUTLOOK ASEF, Manila Xiaoting Wang PV NEW BUILD BY YEAR, HISTORICAL AND FORECAST TO 2017 (CONSERVATIVE) 55.5GW 61.0GW 61.3GW 40.0GW 45.0GW 28.5GW 30.7GW 18.2GW 6.6GW 7.7GW 2008

More information

OFF-GRID SOLAR LIGHTING MARKET TRENDS

OFF-GRID SOLAR LIGHTING MARKET TRENDS OFF-GRID SOLAR LIGHTING MARKET TRENDS 4 th International Off-Grid Lighting Conference COPYRIGHT AND DISCLAIMER This publication is the copyright of Bloomberg New Energy Finance. No portion of this document

More information

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The

More information

Q1.14: Cleantech and Renewable Energy Investment Review

Q1.14: Cleantech and Renewable Energy Investment Review Q1.14: Cleantech and Renewable Energy Investment Review 02 Welcome to Taylor Wessing s analysis of clean energy investment activity in the first quarter of 2014. The year has started on a positive note,

More information

GLOBAL RENEWABLE ENERGY MARKET OUTLOOK 2013

GLOBAL RENEWABLE ENERGY MARKET OUTLOOK 2013 GLOBAL RENEWABLE ENERGY MARKET OUTLOOK 213 FACT PACK GUY TURNER HEAD OF ECONOMICS AND COMMODITIES APRIL 26, 213 GLOBAL RENEWABLE ENERGY MARKET OUTLOOK, 26 APRIL 213 1 INTRODUCTION This year s Global Renewable

More information

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index 14 January 13 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Søren Toft stof@danskebank.dk +45 45 12 53 Important disclosures and certifications are contained from page 12

More information

Market Briefing: Global Interest Rates

Market Briefing: Global Interest Rates Market Briefing: Global Interest Rates January, Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Please visit our sites at www. blog. thinking outside the box Table Of Contents Table Of Contents

More information

Q1 14 Global IPO update. January March 2014

Q1 14 Global IPO update. January March 2014 Q1 14 Global IPO update January March 214 Table of contents Section Content Slides 1 214 January March* highlights 4 7 2 Global IPO activity trends Global analysis Regional analysis Industry analysis Stock

More information

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015 Update on HKEx Equity Derivatives Market Derivatives Trading Global Markets Division 24 April 215 Exchange Participants Global Distribution Distribution of the Origins of HKFE Exchange Participants America

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

Performance 2013: Global Stock Markets

Performance 2013: Global Stock Markets Performance 213: Global Stock Markets January 4, 214 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of

More information

The Norwegian High Yield Bond Market. Marine Finance Forum New York, Nov 9, 2010

The Norwegian High Yield Bond Market. Marine Finance Forum New York, Nov 9, 2010 The Norwegian High Yield Bond Market Marine Finance Forum New York, Nov 9, 2010 Highlights The international high yield bond markets are active with record issuance volumes and decreasing yields The traditional

More information

SECTION 1. PREAMBLE 3 SECTION 2. EXECUTIVE SUMMARY 4 ABOUT US 6

SECTION 1. PREAMBLE 3 SECTION 2. EXECUTIVE SUMMARY 4 ABOUT US 6 CONTENTS SECTION 1. PREAMBLE 3 SECTION 2. EXECUTIVE SUMMARY 4 ABOUT US 6 Disclaimer notice on page 8 applies throughout. Page 2 SECTION 1. PREAMBLE The New Energy Outlook (NEO) is Bloomberg New Energy

More information

Performance 2015: Global Stock Markets

Performance 2015: Global Stock Markets Performance 21: Global Stock Markets November 12, 21 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of

More information

Disclaimer. purposes only. Not for distribution in the United States, Japan, Australia, Italy or Canada.

Disclaimer. purposes only. Not for distribution in the United States, Japan, Australia, Italy or Canada. 8 April 2011 Disclaimer THIS PRESENTATION MAY NOT BE DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, JAPAN, ITALY, AUSTRALIA, CANADA OR ANY OTHER COUNTRY IN WHICH THE DISTRIBUTION OR DIFFUSION

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

IPAA Private Capital Conference Houston, Texas January 29, 2015

IPAA Private Capital Conference Houston, Texas January 29, 2015 IPAA Private Capital Conference Houston, Texas January 29, 2015 These presentation materials do not constitute an offer or invitation by or on behalf of Energy & Infrastructure Capital, LLC or any of its

More information

Q2.15: Cleantech and Renewable Energy Investment Review

Q2.15: Cleantech and Renewable Energy Investment Review Q2.15: Cleantech and Renewable Energy Investment Review 02 Welcome to Taylor Wessing s analysis of clean energy investment activity in Europe in the second quarter of 2015 (Q2.15). Total investment in

More information

Stock Market Indicators: Historical Monthly & Annual Returns

Stock Market Indicators: Historical Monthly & Annual Returns Stock Market Indicators: Historical Monthly & Annual Returns July 31, 1 Dr. Edward Yardeni 51-97-73 eyardeni@ Joe Abbott 7397-53 jabbott@ Please visit our sites at blog. thinking outside the box Table

More information

The FTSE China Onshore Bond Index Series

The FTSE China Onshore Bond Index Series Research The FTSE China Onshore Bond Index Series ftserussell.com May 2015 China is now the world s largest economy (when measured by purchasing power parity (PPP) 1 ) and the largest trading nation 2.

More information

Small Cap Liquidity in 2013

Small Cap Liquidity in 2013 Small Cap Liquidity in 2013 A Year Over Year Comparative Analysis Weeden Program Trading Group January 2014 Disclosure: This publication is prepared by Weeden & Co.'s trading department, and not its research

More information

Analysts and Investors conference call Q1 2014 results 15 May 2014

Analysts and Investors conference call Q1 2014 results 15 May 2014 Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made

More information

An Overview of Offshore RMB Market. Nov 2013

An Overview of Offshore RMB Market. Nov 2013 An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international

More information

Performance 2016: Global Stock Markets

Performance 2016: Global Stock Markets Performance 216: Global Stock Markets July 22, 216 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of Contents

More information

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

Perspectives on Global Competitiveness in Solar Energy at the U.S Department of Energy

Perspectives on Global Competitiveness in Solar Energy at the U.S Department of Energy Perspectives on Global Competitiveness in Solar Energy at the U.S Department of Energy 1 Minimum Take-Aways from This Talk Q: How do you pronounce photovoltaic? A: fō-tō-vōlt-a-ic Q: Why is Germany leading

More information

Bond markets vote for global recovery

Bond markets vote for global recovery Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global

More information

Treasury Yield Curve (percent) 2-yr/10-yr Treasury Spread (bp) 10-year Corporate Spreads (bp) 5-yr Investment Grade Corporate CDS Markit (bp)

Treasury Yield Curve (percent) 2-yr/10-yr Treasury Spread (bp) 10-year Corporate Spreads (bp) 5-yr Investment Grade Corporate CDS Markit (bp) 5. Treasury Yield Curve (percent) 35 2yr/1yr Treasury Spread (bp) 4.5 4. 3 3.5 25 3. 2.5 2. 15 1.5 1..5 Treasury 'A' Financial 'A' Industrial 'A' Utility 5. 8 9 21 211 212 213 214 215 The Treasury yield

More information

Overview of RMB Internationalisation

Overview of RMB Internationalisation Overview of RMB Internationalisation Candy Ho Head of RMB Business Development, Asia Pacific Date: 8 May 2013 Why is RMB important? China overtook US as the largest goods trading nation in 2012 China:

More information

Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77

Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 New Environment for Refinancing in Russia Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 Excessive sterilization depressed liquidity Banking crisis stemmed from a decline

More information

TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL

TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL DATE 19/01/2012 TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL Research Seminar THE BEHAVIOR OF CARBON PRICES HEC Energy & Finance Chair and CDC Climat Paris, 27 January 2012 Carine Hemery (33)

More information

2014 Asia Securities Forum Presented by the Korea Financial Investment Association

2014 Asia Securities Forum Presented by the Korea Financial Investment Association 2014 Asia Securities Forum Presented by the K O R E A I. Korean Capital Market I. Current Status II. Prospects II. Korean Financial Investment Industry C O N T E N T S III. Capital Market Regulations 2

More information

Guggenheim Investments. European High-Yield and Bank Loan Market Overview

Guggenheim Investments. European High-Yield and Bank Loan Market Overview Guggenheim Investments European High-Yield and Bank Loan Market Overview August 2015 European High-Yield & Bank Loan Market Overview Please see disclosures and legal notice at end of document. 2 August

More information

Canadian Life Insurance Industry

Canadian Life Insurance Industry A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September

More information

June 2011 Including Quarterly Analysis

June 2011 Including Quarterly Analysis June 2011 Including Quarterly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian Securities Exchange Ltd BM&F

More information

HSBC Global Investment Funds Global High Yield Bond

HSBC Global Investment Funds Global High Yield Bond Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

BLOOMBERG NEW ENERGY FINANCE SUMMIT

BLOOMBERG NEW ENERGY FINANCE SUMMIT BLOOMBERG NEW ENERGY FINANCE SUMMIT NEW YORK 8 APRIL 2014 MICHAEL LIEBREICH CHAIRMAN OF THE ADVISORY BOARD TWITTER: @MLIEBREICH #BNEF2014 Michael Liebreich BNEFSummit 2014 Twitter: @Mliebreich #BNEF2014

More information

POLICY FEEDING RENEWABLE. How the Energy Bill might affect green electricity suppliers and also renewable generators

POLICY FEEDING RENEWABLE. How the Energy Bill might affect green electricity suppliers and also renewable generators FEEDING RENEWABLE POLICY How the Energy Bill might affect green electricity suppliers and also renewable generators Holly Tomlinson Regulation and Compliance Analyst for Ecotricity 18 th January 2013 Contents

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

More information

Recognized for work in Banking & Finance, Corporate/M&A, Dispute Resolution, Real Estate and Construction, and Restructuring and Insolvency

Recognized for work in Banking & Finance, Corporate/M&A, Dispute Resolution, Real Estate and Construction, and Restructuring and Insolvency Firm Highlights The American Lawyer: AmLaw Corporate Scorecard, 2013 Issuer s Counsel REIT Equity - 3rd (by number of issues), 4th (by proceeds) Mortgage-Backed Securities - 5th (by number of issues) Underwriter

More information

Disclaimer: Forward Looking Statements

Disclaimer: Forward Looking Statements Disclaimer: Forward Looking Statements This presentation/announcement may contain forward looking statements with projections regarding, among other things, the Company s strategy, revenues, earnings,

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information

Providing Trading Opportunities in a Sound Marketplace

Providing Trading Opportunities in a Sound Marketplace Providing Trading Opportunities in a Sound Marketplace Dec/2013 Classification of the Information Public USD Billion Million Active Market with Liquid Products Equities Market Market Cap of USD 1 trillion

More information

CHILE LEVELISED COST OF ENERGY

CHILE LEVELISED COST OF ENERGY CHILE LEVELISED COST OF ENERGY PRESENTED TO NRDC TYLER TRINGAS, ENERGY ECONOMICS APRIL 2011 Chile Levelised Cost of Energy, April 2011 1 CONTENTS Introduction Objectives Levelised Cost of Energy Model

More information

3Q13: Cleantech and Renewable Energy Investment Review

3Q13: Cleantech and Renewable Energy Investment Review 3Q13: Cleantech and Renewable Energy Investment Review 02 Welcome to Taylor Wessing s analysis of clean energy investment activity in the third quarter of 2013. As we review this quarter s investment activity

More information

9M 2015 Results 11 November 2015. 9M 2015 Results 1

9M 2015 Results 11 November 2015. 9M 2015 Results 1 11 November 2015 1 Agenda 1 Greentech at a glance 2 3 2015 Outlook 4 Appendix 2 Agenda 1 Greentech at a glance 2 3 2015 Outlook 4 Appendix 3 Greentech at a glance Vision A leading GREEN PLAYER generating

More information

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index Volume development in January 14 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Philip Levin phle@danskebank.dk +45 26 19 26 17 Important disclosures and certifications are

More information

Assessing Sources of Funding for Insurance Risk Based Capital

Assessing Sources of Funding for Insurance Risk Based Capital Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types

More information

Green Bonds Turning Red Hot

Green Bonds Turning Red Hot 800 700 600 500 400 300 200 100 0-100 -200 2Q 2014 Green Bonds Turning Red Hot 2014 is shaping up to be a market defining year for green bonds. The value of green bond issuances year-to-date through September

More information

Bright Smart (1428 HK)

Bright Smart (1428 HK) Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities

More information

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology

OCTOBER 2010. Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology OCTOBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol ) Indexes Construction and Methodology SEPTEMBER 2010 Russell-Parametric Cross-Sectional Volatility (CrossVol) Indexes Construction

More information

Global Client Group The Gateway to AWM

Global Client Group The Gateway to AWM Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner

More information

Trends and Technology A Capital Markets Perspective

Trends and Technology A Capital Markets Perspective EQUITY I RESEARCH Trends and Technology A Capital Markets Perspective RBC Capital Markets, LLC Jonathan Atkin (Analyst) (415) 633-8589 jonathan.atkin@rbccm.com January 2013 All values in U.S. dollars unless

More information

Singapore Exchange. Optionality Opportunities in the Asian Gateway. Mr Rick Aston, SVP Head of Institutions Singapore Exchange Limited

Singapore Exchange. Optionality Opportunities in the Asian Gateway. Mr Rick Aston, SVP Head of Institutions Singapore Exchange Limited Singapore Exchange Optionality Opportunities in the Asian Gateway Mr Rick Aston, SVP Head of Institutions Singapore Exchange Limited SGX Market Record Volume Annual record volume in 2008: 61.8 million

More information

Goldman Sachs Electronic Trading India: Algorithmic Trading. FIXGlobal Face2Face Electronic Trading Forum - India

Goldman Sachs Electronic Trading India: Algorithmic Trading. FIXGlobal Face2Face Electronic Trading Forum - India Goldman Sachs Electronic Trading India: Algorithmic Trading FIXGlobal Face2Face Electronic Trading Forum - India 11 Agenda Goldman Sachs Algorithmic Trading solutions available in India How to access the

More information

ENERGY ENERGY CALENDAR ENERGY TRAINING CALENDAR OF EVENTS 2015 PUBLISHED JANUARY 2015. www.euromoneytraining.com/energy

ENERGY ENERGY CALENDAR ENERGY TRAINING CALENDAR OF EVENTS 2015 PUBLISHED JANUARY 2015. www.euromoneytraining.com/energy ENERGY CALENDAR ENERGY TRAINING CALENDAR OF EVENTS 2015 PUBLISHED JANUARY 2015 www.euromoneytraining.com/energy 2015 CALENDAR We are pleased to release our 2015 dates for energy training courses taking

More information

Meridian Energy broker presentation

Meridian Energy broker presentation Meridian Energy broker presentation 4 June, 2014 Meridian Energy will this week give a series of presentations to brokers and their clients on its business. The presentation is attached. For media queries,

More information

Conference Call Q3-2015/2016 GEROLD LINZBACH, CEO I DIRK KALIEBE, CFO. February 10, 2016 ON THE RIGHT TRACK

Conference Call Q3-2015/2016 GEROLD LINZBACH, CEO I DIRK KALIEBE, CFO. February 10, 2016 ON THE RIGHT TRACK Conference Call Q3-2015/2016 GEROLD LINZBACH, CEO I DIRK KALIEBE, CFO February 10, 2016 ON THE RIGHT TRACK On the right track Heidelberg is on track - the improvement in results due to the strategic realignment

More information

Fearnley Securities. 28 th Annual Marine Money Week. New Issuance through the Norwegian Bond Market. June 2015

Fearnley Securities. 28 th Annual Marine Money Week. New Issuance through the Norwegian Bond Market. June 2015 Fearnley Securities New Issuance through the Norwegian Bond Market 28 th Annual Marine Money Week June 215 IMPORTANT / DISCLAIMER: This presentation is prepared by Fearnley Securities, an Astrup Fearnley

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007

More information

NewWave GBP Currency ETN

NewWave GBP Currency ETN Price Corporate and Investment Banking NewWave GBP Currency ETN Valuation Date 31 December 2015 NewWave Exchange Traded Notes (ETNs) constitute unconditional, unsecured and unsubordinated obligations of

More information

MSCI Core Infrastructure Indexes Methodology

MSCI Core Infrastructure Indexes Methodology Index Methodology MSCI Core Infrastructure Indexes Methodology January 2015 msci.com Contents 1 Introduction... 3 2 Constructing MSCI Core Infrastructure Indexes... 3 2.1 Country and Constituent Selection...

More information

FINANCING PERSPECTIVE

FINANCING PERSPECTIVE C1 FINANCING PERSPECTIVE European Forum for Science and Industry Olivier Musset Energy Finance Société Générale DISCLAIMER This Presentation has been prepared by Société Générale Corporate and Investment

More information

US Flow of Funds: Equities

US Flow of Funds: Equities US Flow of Funds: Equities November 17, 215 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-663-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking

More information

Research Commodities El Niño returns grains and soft commodities at risk

Research Commodities El Niño returns grains and soft commodities at risk Investment Research General Market Conditions 20 May 2015 Research Commodities El Niño returns grains and soft commodities at risk Meteorologists now agree that El Niño has arrived and project that it

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

Financial Summary 3rd quarter of FY2012. January 29, 2013 Tohoku Electric Power Co., Inc.

Financial Summary 3rd quarter of FY2012. January 29, 2013 Tohoku Electric Power Co., Inc. Financial Summary FY2012 January 29, 2013 Tohoku Electric Power Co., Inc. Contents 1. Summary of the FY2012 Results 2. Electricity Sales 3. Large Industry Sector 4. Electricity Generated and Purchased,

More information

INDEX METHODOLOGY MSCI REIT PREFERRED. Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index.

INDEX METHODOLOGY MSCI REIT PREFERRED. Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index. INDEX METHODOLOGY MSCI REIT PREFERRED INDEX METHODOLOGY Index Construction and Maintenance Methodology for the MSCI REIT Preferred Index December 2014 DECEMBER 2014 CONTENTS 1 Introduction... 3 2 Defining

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

Quest for Growth Results for Q3, January-March 2003

Quest for Growth Results for Q3, January-March 2003 Quest for Growth Results for Q3, January-March 2003 1 Jan Keuppens joins Quest Management Investment Manager Quoted Portfolio of Quest for Growth Former technology analyst with AXA Investment Managers,

More information

Global Economic Briefing: Global Inflation

Global Economic Briefing: Global Inflation Global Economic Briefing: Global Inflation August 7, Dr. Edward Yardeni -97-7 eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the

More information

SMA Solar Technology AG Analyst / Investor Presentation Quarterly Financial Report January to September 2008

SMA Solar Technology AG Analyst / Investor Presentation Quarterly Financial Report January to September 2008 SMA Solar Technology AG Analyst / Investor Presentation Quarterly Financial Report January to September 2008 November 14, 2008 2 Disclaimer IMPORTANT LEGAL NOTICE This presentation does not constitute

More information

INDUSTRIAL AND COMMERCIAL BANK OF CHINA ICBC: Your Global Portal to RMB Market. July 2012

INDUSTRIAL AND COMMERCIAL BANK OF CHINA ICBC: Your Global Portal to RMB Market. July 2012 ICBC: Your Global Portal to RMB Market July 2012 Content General Introduction Investment in RMB Services Solution 1 General Introduction to Renminbi (RMB) RMB Renminbi (commonly abbreviated as RMB) is

More information

Financial Repression: A Driving Force for Mergers and Acquisitions?

Financial Repression: A Driving Force for Mergers and Acquisitions? Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past

More information

Market Briefing: S&P 500 Revenues & the Economy

Market Briefing: S&P 500 Revenues & the Economy Market Briefing: S&P Revenues & the Economy December 14, 2 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.

More information

PRESENTATION TO LONDON INFRASTRUCTURE CONFERENCE

PRESENTATION TO LONDON INFRASTRUCTURE CONFERENCE ASX Release 29 April 2008 PRESENTATION TO LONDON INFRASTRUCTURE CONFERENCE The following presentation by BBW Chief Executive Officer, Miles George, is being presented at the Babcock & Brown Infrastructure

More information

2006 Municipal Outlook

2006 Municipal Outlook 2006 Municipal Outlook Economics and Demographics and Municipal Yields May 11, 2006 This report has been prepared by UBS Financial Services Inc. Contents Economics: Transition to Slower Growth...3 Monetary

More information

Membership 54% 18% 28% Bank Captive Independent & Mult Line

Membership 54% 18% 28% Bank Captive Independent & Mult Line Membership Bank Captive Independent & Mult Line 54% 18% 28% Business Fixed Investment & Equipment Financing Volume ($ Billions) New Business by Equipment Type Source: 2012 SEFA $14.0 $12.0 $10.0 $8.0 $6.0

More information

Vanguard Emerging Markets Stock Index Fund

Vanguard Emerging Markets Stock Index Fund Vanguard Emerging Markets Stock Index Fund Supplement to the Prospectus and Summary Prospectus Dated February 26, 2015 New Target Index Effective as of the start of business on November 2, 2015, Vanguard

More information

Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average)

Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average) Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average) World Advanced Economies Emerging Market Economies Notes: Nowcasts are in red. World is the PPP-weighted average of US,

More information

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015 HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS September 2015 Disclosure: This research is provided for educational purposes only and is not intended to provide investment or tax advice. All

More information

Half Year Financial Results

Half Year Financial Results 16 August 2012 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Manager Market Information Services Section New Zealand Stock Exchange Level 24,

More information

Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications

Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications Session 5b Aging Asia 5b.1) Aging Asia: Asset Rich, Income Poor? Key risks to retirement income security and investment implications Michael Dommermuth 26/06/2014 Sourced: Manulife Asset Management 1 Aging

More information

Dividend Yield (%) Component Weight (%) Mean Median Largest Smallest Largest Smallest 5.56 4.97 18.41 0.00 2.32 0.59

Dividend Yield (%) Component Weight (%) Mean Median Largest Smallest Largest Smallest 5.56 4.97 18.41 0.00 2.32 0.59 Stated Objective To represent the stock performance of 100 leading dividend-paying companies worldwide. Key Features Is derived from the developed-market portion of the Dow Jones Global Index. Stocks are

More information

2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04

2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04 2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04 Product Description This 5YR SEK Outperformance Bonus Certificate is linked to the

More information

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research What is your portfolio allocation? Do you have enough defensive assets? Key considerations Income, given

More information

Investec Power Finance. Solar Energy UK. Large-scale Solar Finance and Maximising your RoI

Investec Power Finance. Solar Energy UK. Large-scale Solar Finance and Maximising your RoI Investec Power Finance Solar Energy UK Large-scale Solar Finance and Maximising your RoI From start to finish: Construction finance and fundraising for new solar farms 8 October 2013 Disclaimer This document

More information

WEEKLY ASSET ALLOCATION REPORT

WEEKLY ASSET ALLOCATION REPORT WEEKLY ASSET ALLOCATION REPORT January 11, 2016 Stanley Yeung Quantitative Research Analyst Stanley.yeung@TrimTabs.com +1 (415) 324-5873 CONTENTS TACTICAL ASSET ALLOCATION 3 TRIMTABS ASSET ALLOCATION PORTFOLIOS

More information

45 th IAFEI World Congress

45 th IAFEI World Congress 45 th IAFEI World Congress Raffaele Jerusalmi CEO Borsa Italiana Director Capital Markets LSEG Milan, 15 October 2015 # of Companies* By # of Companies LONDON STOCK EXCHANGE HUB OF INTERNATIONAL BUSINESSES

More information

Conference Call Participants

Conference Call Participants Airfreight & Surface Transportation Airfreight & Logistics Market Underweight Railroads Market Weight Trucking Market Weight Truck OEMs & Suppliers Market Weight October 13, 2014 Conference Call on Rail

More information

Market Briefing: Trade-Weighted Dollar

Market Briefing: Trade-Weighted Dollar Market Briefing: Trade-Weighted Dollar August 16, 2016 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 4-664-1333 djohnson@ Mali Quintana 4-664-1333 aquintana@ Please visit our sites at blog.

More information

Performance 2015 S&P 500 Sectors & Industries

Performance 2015 S&P 500 Sectors & Industries Performance 21 S&P Sectors & Industries November 2, 21 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.

More information