FINANCIAL MARKETS AND EUROZONE CRISIS
|
|
- Reginald Giles Jackson
- 8 years ago
- Views:
Transcription
1 FINANCIAL MARKETS AND EUROZONE CRISIS GENERAL OVERVIEW MARCELLO MINENNA
2 A SINGLE CURRENCY, A SINGLE CURVE Trend of the 10 year interest rates over the period Choice of countries participating in the Euro Introduction of Euro Entry of Greece into the Euro Greece Portugal Ireland Italy Spain France Germany 2
3 A SINGLE CURRENCY, A SINGLE CURVE 1,00 Correlation between economic cycles of Germany and eurozone countries Period ,80 0,60 0,40 0,20 0,00 0,
4 A SINGLE CURRENCY, A SINGLE CURVE Correlation between regional and aggregate (national or UE) employment growth ,8 0,6 0,4 0,2 0 0,2 0,4 0,6 0,8 Provence Provenza (France) (Francia) Bavaria Baviera (Germany) (Germania) Lombardy Lombardia (Italy) (Italia) Catalonia Catalogna (Spain) (Spagna) Nazionale National UE 4
5 A SINGLE CURRENCY, A SINGLE CURVE Correlation between regional and aggregate (national or UE) employment growth ,9 0,8 0,7 0,6 0,5 0,4 0,3 0,2 0,1 0 Provence Provenza (France) (Francia) Bavaria Baviera (Germany) (Germania) Lombardy Lombardia (Italy) (Italia) Catalonia Catalogna (Spain) (Spagna) Nazionale National UE 5
6 A SINGLE CURRENCY, A SINGLE CURVE CONVERGENCE TRADE STRATEGY January 1996 Italy issues 2 years BTP with an 8% yield issue price 100 Germany issues 2 years BUND with a 2,5% yield issue price 100 January 1998 Italy issues 2 years BTP with a 5% yield issue price 100 Germany issues 2 years BUND with a 2,7% yield issue price 100 Forward purchase 2 years BTP 8% Forward sell 2 years BUND 2,5% Recieve 2 years BTP 8% Sell 2 years BTP 8% (+106 ) Buy 2 years BUND 2,5% ( 99 ) Deliver 2 years BUND 2,5% Net cashflows = 0 Net cashflows = + 7 6
7 A SINGLE CURRENCY, A SINGLE CURVE Collateral Discrimination before the crisis ( ) REPO MARKET SIDE ECB Banks give government bonds as collateral on repo market to obtain loans ECB SIDE Banks Banks provide funding Banks AAA A- BBB+ BBB- The ECB accepts all eurozone bonds at 100% of face value The ECB applies the same 5% haircut on all securities in the Eurozone below A The interbank market applies the same haircut All EU sovereign bonds are considered investment grade (above the BBB) and therefore NOT DISCRIMINATED
8 IMPLICATIONS OF THE FUNCTIONING OF THE EUROPEAN FINANCIAL SYSTEM Public Debt disintermediation by the retail investors Bank issued bonds held by households Obbligazioni bancarie in mano alle famiglie Sovereign bonds held by households Titoli di Stato in mano alle famiglie /12/ /06/ /12/ /06/ /12/ /06/ /12/ /06/ /12/ /06/2011 8
9 Average inflation in the Euro countries ,0% 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% 9 Germany Austria Finland France Belgium Italy Luxembourg Nederland Spain Portugal Greece Ireland IMPLICATIONS OF THE FUNCTIONING OF THE EUROPEAN FINANCIAL SYSTEM
10 IMPLICATIONS OF THE FUNCTIONING OF THE EUROPEAN FINANCIAL SYSTEM Real foreign exchange rate in the Eurozone in the pre crisis period ( ) 15% 10% 5% 0% 5% 10% 15% Germania Austria Francia Finlandia Belgio Irlanda Italia Spagna Grecia Olanda Portogallo Germany Austria France Finland Belgium Ireland Italy Spain Greece Nederland Portugal 10
11 IMPLICATIONS OF THE FUNCTIONING OF THE EUROPEAN FINANCIAL SYSTEM Percentage of Sovereign Debt held by foreign investors 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Germania Francia Italia Spagna Grecia Portogallo Irlanda Germany France Italy Spain Greece Portugal Ireland
12 BEGINNING OF THE CRISIS Collateral Discrimination during the crisis REPO MARKET SIDE ECB Banks give government bonds as collateral on repo market to obtain loans ECB SIDE Banks Banks provide funding Banks AAA A- BBB+ BBB- ECB applies different haircuts on government bonds depending on rating and maturity e.g. haircut on fixed coupon: Rating Maturity AAA / A 2,5% 4,0% BBB+ / BBB 7,5% 9,0% The interbank market applies different haircuts e.g. haircut on fixed coupon: Country Maturity Germania 1,25% 2,5% Spagna 3,5% 7,75% EU sovereign bonds are considered DIFFERENT and therefore DISCRIMINATED
13 BEGINNING OF THE CRISIS Percentage of Sovereign Debt held by foreign investors 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Germania Francia Italia Spagna Grecia Portogallo Irlanda Germany France Italy Spain Greece Portugal Ireland
14 BEGINNING OF THE CRISIS 100% Banks exposure on national debt % Titoli di stato nazionali sul totale dell'esposizione sovereign nell'attivo bancario % of homecountry bonds wrt total exposure on sovereign bond 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% PORTOGALLO Portugal ITALIA Italy SPAGNA Spain Greece GRECIA 14
15 BEGINNING OF THE CRISIS Trend of the 10 year interest rates over the period Choice of countries participating in the Euro Introduction of Euro Entry of Greece into the Euro Greek debt crisis explosion Greece Portugal Lehman Brothers Bankruptcy Ireland Italy Spain France Germany 15
16 BEGINNING OF THE CRISIS Total Finantial Activities/GDP Italy Italia Germany Germania Spagna Spain USA Portogallo Portugal Giappone Japan Danimarca Denmark France Francia Regno U.K Unito Nederland Olanda 16
17 BEGINNING OF THE CRISIS Lira/Mark Exchange rate Italian Lira/German Mark; Sovereign bond spread and Sovereign CDS spread Period Tasso Exchange di Cambio rate Lira/Marco Lira/Mark Govt Spread (BTP Bund) CDS Spread (IT DE) % CDS % BTP Bund
18 THE COLLATERAL DISCRIMINATION AS AN ACCELERATOR OF THE CRISIS Correlation between Countries and Banks: the Italian case INCREASE OF THE CORRELATION 18
19 THE COLLATERAL DISCRIMINATION AS AN ACCELERATOR OF THE CRISIS Amount of collateral available to the banking systems December
20 THE COLLATERAL DISCRIMINATION AS AN ACCELERATOR OF THE CRISIS Amount of collateral available to the banking systems VS aids granted by the ECB December Italia Spagna Irlanda Portogallo Grecia Titoli governativi Titoli non governativi Aiuti concessi dalla BCE Sovereign bonds Non Sovereign bonds Aids granted by ECB 20
21 Percentage utilization of financial assets as collateral on the repo markets by issuer s nazionality (june 2012) 25% 20% 15% 10% 5% 0% Germania Regno Unito Francia Italia Eurozona (altri) Spagna Belgio USA Danimarca Giappone Germany UK France Italy UE (others) Spain Belgium USA Denmark Japan 21
22 Spread BTP BUND /08/ /06/2012 Focus on Italy Trend of the BTP BUND Spread vs implied default probabilities 0,45 0,4 0,35 0,3 21/12/2011; first LTRO; PD: 29,87% 0,25 29/2/2012; second LTRO; 0,2 PD: 23,99% 0,15 0,1 0, /04/ /12/ /02/ /04/ /06/ /08/ /10/ /12/ /02/ /04/ /06/ /08/ /10/ /12/ /02/ /04/ /06/ /08/ /10/ /12/ /02/ /04/ /06/ /08/ /10/ /12/ /02/ /11/2011; Greece Referendum ; PD: 33,71% 3/1/2011; BCE increases interest rates; PD: 16,55% 3/1/2011; BCE collateral discrimination; PD: 13,07% 15/9/2008; Lehman Brothers Bankruptcy; PD: 5,63% 22
23 Focus on Italy Management of Italian public debt 31/12/09; Debt Stock Stock: debito: mld mld 31/12/10; Debt Stock Stock: debito: mld mld 31/12/11; Debt Stock Stock: debito: mld mld < >20 maturity Average monthly yield 7,0 6,5 6,0 5,5 5,0 4,5 4,0 3, Amount placed 3,0 gen mar mag lug set nov gen mar mag lug set nov gen mar mag lug set nov gen mar mag lug set nov gen mar mag lug Titoli Short a breve term (<1Y) scadenza (<1Y) Titoli Medium Long a medio lungo term (>1Y) Rendimento 10 y average medio yield10y
VAKIFBANK GLOBAL ECONOMY WEEKLY
VAKIFBANK GLOBAL ECONOMY WEEKLY Is Italy Going To Be The New Weak Link After Greece? T. Vakıflar Bankası T.A.O 25 July 2011 No: 27 1 Vakıfbank Economic Research Introduction... Debt crisis which has threatened
More informationAPPLICATION PROCEDURES STEP BY STEP
APPLICATION PROCEDURES STEP BY STEP STEP ONE: a) APPLICATION ONLINE Once we receive your names and dates of birth you will receive an e-mail with the Access Code to proceed with the Application Online.
More informationEIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011
EIOPA Stress Test 2011 Press Briefing Frankfurt am Main, 4 July 2011 Topics 1. Objectives 2. Initial remarks 3. Framework 4. Participation 5. Results 6. Summary 7. Follow up 2 Objectives Overall objective
More informationFTSE Global Bond Index Series
FTSE Global Bond Index Series FTSE GLOBAL BOND INDEX SERIES The FTSE Global Bond Index Series is a series of fixed income indices covering the principal government bond markets and selected corporate markets.
More informationBest Practice framework EGB Market
Best Practice framework EGB Market Mathieu Gaveau ECB Bond Market Contact Group, 21 October 2014 EGBs: Primary Dealership Secure System The system of Primary Dealerships supports security, stability and
More information4 Further details of the responses received are presented below.
REPORT ON BOND EXCHANGES AND DEBT BUY-BACKS A SURVEY OF PRACTICE BY EC DEBT MANAGERS In June 2001 a questionnaire covering the practices followed by debt managers implementing bond exchange or buy-back
More informationHow To Get A Better Return From International Bonds
International fixed income: The investment case Why international fixed income? International bonds currently make up the largest segment of the securities market Ever-increasing globalization and access
More informationManaging the Fragility of the Eurozone. Paul De Grauwe University of Leuven
Managing the Fragility of the Eurozone Paul De Grauwe University of Leuven Paradox Gross government debt (% of GDP) 100 90 80 70 UK Spain 60 50 40 30 20 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008
More informationECB Financial Stability Review
Vítor Constâncio ECB Financial Stability Review May 214 28 May 214 Press conference presentation Rubric Recent developments Measures of banking system stress have eased further as banking union preparations
More informationM&G Corporate Bond Fund
Quarterly Review M&G Corporate Bond Fund Third quarter 2015 Fund manager Richard Woolnough Overview A general risk-off tone prevailed in the third quarter amid significant volatility in risk markets, driving
More informationAthens University of Economics and Business
Athens University of Economics and Business MSc in International Shipping, Finance and Management Corporate Finance George Leledakis An Overview of Corporate Financing Topics Covered Corporate Structure
More informationBond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank
Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration
More informationMTS INDICES. Transparent, tradable, real-time, independent the benchmark for European fixed income.
MTS INDICES Transparent, tradable, real-time, independent the benchmark for European fixed income. Transparent, tradable, real-time, independent MTS Indices MTS Indices (EuroMTS) are the first independent
More informationNF15 Bergamo, September 25-26, 2015
NF15 Bergamo, September 25-26, 2015 You manage the business, NF everything else Once again NF is among the most important Business to Business tourism events in Italy. This year we experienced also the
More informationSMEs access to finance survey 2014
EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence
More informationRegistered country information Vanguard Investment Series plc and Vanguard Funds plc
Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.
More informationUPDATE ON CURRENT MACRO ENVIRONMENT
1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1
More informationWhat if BAU would come true?
What if BAU would come true? Scanning transport CO 2 emissions in the EU Petri Tapio & Jyrki Luukkanen Finland Futures Research Centre The approach Introduction of general trends on EU15 level GDP Transport
More informationSovereign Contagion in Europe: Evidence from the CDS Market
Sovereign Contagion in Europe: Evidence from the CDS Market Paolo Manasse*, Luca Zavalloni** Bologna University*,Warwick University** Copenhagen Business School, Copenhagen, September 23, 2013 Plan of
More informationLEATHER GOODS: PRELIMINARY DATA 2015
LEATHER GOODS: PRELIMINARY DATA 2015 In the first eight months of 2015, the foreign turnover continued to consolidate: from January to August, Euro 4.2 billion worth of products were exported, recording
More informationSURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat
SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD
More informationWhy Treasury Yields Are Projected to Remain Low in 2015 March 2015
Why Treasury Yields Are Projected to Remain Low in 5 March 5 PERSPECTIVES Key Insights Monica Defend Head of Global Asset Allocation Research Gabriele Oriolo Analyst Global Asset Allocation Research While
More informationThe Eurosystem's Collateral Framework General Principles and Recent Developments
The Eurosystem's Collateral Framework General Principles and Recent Developments Evangelos Tabakis Eloi Espargilière DG-Market Operations Financial Market and Collateral Money Market Contact Group meeting
More informationHigh Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of June 30, 2013.
News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, July 30, 2013 - AllianceBernstein
More informationNASDAQ LadderRite USD Corporate Bond Indexes
NASDAQ LadderRite USD Corporate Bond Indexes OVERVIEW NASDAQ LadderRite USD Corporate Bond Indexes are diversified, laddered bond portfolios. Each NASDAQ LadderRite USD Corporate Bond Index tracks a diversified
More informationReporting practices for domestic and total debt securities
Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationAnalyzing Risk in an Investment Portfolio
Introduction Analyzing Risk in an Investment Portfolio October 16, 2012 PUBLIC TRUST ADVISORS Neil Waud, CFA Director Portfolio Management neil.waud@publictrustadvisors.com (303) 244-0468 Matthew Tight
More informationFinancial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003
Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Presentation of «Quantification of the Macro-Economic Impact of Integration of EU Financial Markets» by London
More informationRecent U.S. Economic Growth In Charts MAY 2012
Recent U.S. Economic Growth In Charts MAY 212 GROWTH SINCE 29 The Growth Story Since 29 Despite the worst financial crisis since the Great Depression and a series of shocks in its aftermath, the economy
More informationThe Norwegian economy
The Norwegian economy Slower speed ahead, but still growth Strong mechanisms support mainland economy Wriggle room to smooth business cycles Rune Bjerke CEO Just how bad is it? Slower speed ahead but still
More informationHigh Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of January 31, 2013.
News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, February 26, 2013 - AllianceBernstein
More informationThe EU Stress Test and Sovereign Debt Exposures
Please cite this paper as: Blundell-Wignall, A. and P. Slovik (2010), The EU Stress Test and Sovereign Debt Exposures, OECD Working Papers on Finance, Insurance and Private Pensions, No. 4, OECD Financial
More informationTHE CDS AND THE GOVERNMENT BONDS MARKETS AFTER THE LAST FINANCIAL CRISIS. The CDS and the Government Bonds Markets after the Last Financial Crisis
THE CDS AND THE GOVERNMENT BONDS MARKETS AFTER THE LAST FINANCIAL CRISIS The CDS and the Government Bonds Markets after the Last Financial Crisis Abstract In the 1990s, the financial market had developed
More information4th ANNUAL CONFERENCE. "Italian and European Universities within. triggers of change"
4th ANNUAL CONFERENCE "Italian and European Universities within the Innovation Global Market: Reforms and triggers of change" Prof. Stefania Giannini Rector of University for Foreigners of Perugia October
More informationKINGDOM OF BELGIUM. Federal Government Debt. Federal Public Service FINANCE. General Administration of the Treasury
KINGDOM OF BELGIUM Federal Public Service FINANCE General Administration of the Treasury Federal Government Debt Annual Report 2010 2010 ANNUAL REPORT Federal Public Service Finance General Treasury Department
More informationHigh Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of April 30, 2013.
News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, May 28, 2013 - AllianceBernstein
More informationLow repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015
Low repo rate supports upturn in inflation Governor Stefan Ingves Bank & Finans Outlook 18 March 2015 Sweden - a small open economy in an uncertain world Large oil price fluctuations Negative interest
More informationThe table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:
Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
More informationFees for tax reclaims. Fees for partial / complete exemption from taxes. Legal fees³. Other miscellaneous fees
Account maintenance, safes, certification and enquiries ANNUAL ACCOUNT MAINTENANCE FEE 1 SAFE DEPOSIT BOXES Including secure e-banking access² 25 EUR Volume (dm 3 ) annual rental fee before tax + 17% VAT
More informationUnited States House of Representatives. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
United States House of Representatives Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt
More informationConsumer Over-indebtedness and Financial Vulnerability: Evidence from Credit Bureau Data
KDI International Conference on Household Debt from an International Perspective: Issues and Policy Directions Consumer Over-indebtedness and Financial Vulnerability: Evidence from Credit Bureau Data By
More informationJPMorgan Global Bond Fund. Global investing - A less volatile choice NEW. SFC-authorised global bond fund with RMB-hedged share classes*!
AVAILABLE FOR PUBLIC CIRCULATION NEW JPMorgan Global Bond Fund December 2015 Asset Management Company of the Year 2014 Fundamental Strategies, Asia + Important information 1. The Fund invests primarily
More informationPROTECTING YOUR PORTFOLIO WITH BONDS
Your Global Investment Authority PROTECTING YOUR PORTFOLIO WITH BONDS Bond strategies for an evolving market Market uncertainty has left many investors wondering how to protect their portfolios during
More informationCalculating the Unthinkable: Exchange Rate Effects of a Credit Event
Calculating the Unthinkable: Exchange Rate Effects of a Credit Event Arne Breuer and Oliver Sauter March 2013 1 Introduction Over the last few years, there has been an unusual level of insecurity in capital
More informationVanguard UK Short-Term Investment Grade Bond Index Fund
Vanguard UK Short-Term Investment Grade Bond Index Fund May 2013 LAUNCH BRIEFING Fund summary The Vanguard UK Short-Term Investment Grade Bond Index Fund expands the low-cost asset allocation building
More informationThe Case for International Fixed Income
The Case for International Fixed Income June 215 Introduction Investing in fixed-income securities outside of the United States is often perceived as a riskier strategy than deploying those assets domestically,
More informationThe investment fund statistics
The investment fund statistics Narodowy Bank Polski (NBP) publishes data reported by investment funds which have been defined in Art. 3 section 1 of the Act of 27 May 2004 on investment funds (Journal
More informationING Bank N.V. (NL) 4Y EUR Euro Stoxx 50 Autocallable Note
4Y Euro Stoxx 50 Autocallable te 8.00% potential annual yield Product term: 4 years maximum MiFID profile: see page 3 Capital non-guaranteed at maturity by the Issuer Description 4Y Euro Stoxx 50 Autocallable
More informationUse of the BIS international banking statistics
Use of the BIS international banking statistics FSB Data Gaps Workshop Basel 2-3 May 2012 Patrick McGuire Monetary and Economics Department Bank for International Settlements 1 Primary uses of BIS data
More informationHigh Income Fund, Inc.[NYSE: AWF] (the "Fund") today released its monthly portfolio update as of September 30, 2012.
News Release FOR IMMEDIATE RELEASE Contacts: Shareholder Contact: 1-800-221-5672 AllianceBernstein Global High Income Fund RELEASES MONTHLY PORTFOLIO UPDATE New York, NY, October 31, 2012 - AllianceBernstein
More information2011 EU-Wide Stress Test: Methodological Note - Additional guidance
9 June, 2011 2011 EU-Wide Stress Test: Methodological Note - Additional guidance Introduction 1. The European Banking Authority is conducting an EU-wide stress test in 2011 based on the methodology published
More informationInvesting in Asia s Debt Markets
Investing in Asia s Debt Markets Alexandre Bouchardy, CFA Head of Fixed Income Asia April 2013 Content How to Capture the Asian Growth Story Hard or Local Currency Bonds? Risk and Return Opportunities
More informationTelecom Italia Group May 2016
Telecom Italia Group May 2016 Telecom Italia Strategic Plan 2016-2018: investments TOTAL INVESTMENTS Italy (2016-2018) of which INNOVATIVE INVESTMENTS of which NEW GENERATION NETWORK INVESTMENTS ~12 billion
More informationConducting Monetary Policy with Large Public Debts. Gita Gopinath Harvard University
Conducting Monetary Policy with Large Public Debts Gita Gopinath Harvard University 1 Large Public Debts Net Government debt to GDP Greece 155 Japan 134 Portugal 111 Italy 103 Ireland 102 United States
More informationECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES
NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics
More informationNon-Government-Guaranteed Bonds in the Petroleum Fund - NBIM
Page 1 of 7 Non-Government-Guaranteed Bonds in the Petroleum Fund From 2002, the Government Petroleum Fund will be investing a large portion of the portfolio in non-government bonds. The benchmark index
More informationING Europe Invest Autocall 2020
5,00% potential annual yield Maturity: 4 years maximum Risk profile: see page 4 Capital not guaranteed at Maturity by the Issuer Risk class peculiar to ING Luxembourg* 0 1 2 3 4 5 6 Description ING Europe
More informationStandard & Poor's Puts Ratings On Eurozone Sovereigns On CreditWatch With Negative Implications
December 5, 2011 Standard & Poor's Puts Ratings On Eurozone Sovereigns On CreditWatch With Negative Implications Primary Credit Analysts: Moritz Kraemer, Frankfurt (49) 69-33-99-9249; moritz_kraemer@standardandpoors.com
More informationThe Approach of the Banking Regulator
Surveillance of Mortgage Credit The Approach of the Banking Regulator Workshop on Real Estate t Prices and Financial Stability 25th April 2014 Central Bank of Chile Eric Parrado Chairman Superintendency
More informationKames Absolute Return Bond Fund
Kames Absolute Return Bond Fund March 2014 Colin Finlayson Investment Manager, Fixed Income Kames Absolute Return Bond Fund Performance target: 3 month GBP LIBOR +2-3% p.a. net of fees over rolling 3 years
More informationDTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm
Germany and UK holding firm 29 May 2012 Contents Fair value highlights 2 Economic context 3 Market classifications 4 Office market forecasts 5 Retail market forecasts 6 Industrial market forecasts 7 Authors
More informationUNLOCKING VALUE IN EUROPEAN HIGH YIELD
UNLOCKING VALUE IN EUROPEAN HIGH YIELD 26 March 2015 Mike Della Vedova T. Rowe Price European High Yield Portfolio Manager About T. Rowe Price As of 31 December 2014 Figures Shown in Euros T. ROWE PRICE:
More informationInflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)
NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics
More informationEuropean Monetary Union Chapter 20
European Monetary Union Chapter 20 1. Theory of Optimum Currency Areas 2. Background for European Monetary Union 1 Theory of Optimum Currency Areas 1.1 Economic benefits of a single currency Monetary effi
More informationGovernor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy
Governor Erkki Liikanen Bank of Finland Monetary policy and its transmission to the economy 9.6.2015 1 1. Commitment to accommodative monetary policy benefits the economic outlook 2 Interest rate policy
More informationMethodology Overview
BRC Best Picks Methodology Overview May 2016 This structured products referenced do not constitute a participation in a collective investment scheme within the meaning of the Swiss Federal Act on Collective
More informationTurkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON
More informationEUF STATISTICS. 31 December 2013
. ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover
More informationChart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries
LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart
More informationFees and charges. Account maintenance, safes, certification and enquiries
Account maintenance, safes, certification and enquiries ANNUAL ACCOUNT MAINTENANCE FEE 1 CERTIFICATION AND ENQUIRIES Including secure e-banking access² 25 EUR Payment enquiries Correspondence sent by post
More informationGreek banks and corporate funding costs
NATIONAL BANK OF GREECE Greek banks and corporate funding costs January 214 Paul Mylonas CRO & Chief Economist National Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT Economic Analysis Department Roadmap
More informationEUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE
EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE Access to finance is key to business development. Investment and innovation are not possible without adequate financing. A difficulty in getting finance
More informationOutline. Two important components of the challenge related to the support of SFM. Setting the problem: why we need policy tools?
ERIAFF, EFI, CEPF, Euromontana, EUSTAFOR Workshop Inform-Prioritize-Collaborate: Cooperation of Regions on Innovation in Forest Management, Use of Wood and forest-related Services Bruxelles, 19 May 2014
More informationPRESS RELEASE Amsterdam, 23 July 2010
CORPORATE COMMUNICATIONS PRESS RELEASE Amsterdam, 23 July 2010 ING comfortably passes CEBS stress test Outcome reflects strong capital position and resilient balance sheet Under adverse stress scenario
More informationPUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS
PUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS 1. Introduction This note discusses the strength of government finances in, and its relative position with respect to other
More informationGuide to Inflation -Linked Bonds June 2013
Guide to Inflation -Linked Bonds June 2013 This communication is for investment professionals only and should not be distributed to or relied upon by retail clients. Guide to Inflation-Linked Bonds 1 Contents
More informationDomestic vs. Global Fixed Income
Domestic vs. Global Fixed Income New Zealand Fixed Income Research 1, 24 February 2012 Investors face an asset allocation choice between holding domestic or global fixed income. Each can play a similar
More informationCapital preservation strategy update
Client Education Summit 2012 Capital preservation strategy update Head of Institutional Fixed Income Investments, Americas October 9, 2012 Topics for discussion 1 Capital preservation strategies 2 3 4
More informationBonds and Yield to Maturity
Bonds and Yield to Maturity Bonds A bond is a debt instrument requiring the issuer to repay to the lender/investor the amount borrowed (par or face value) plus interest over a specified period of time.
More informationHOUSING FINANCE IN TRANSITION ECONOMIES
HOUSING FINANCE IN TRANSITION ECONOMIES OECD Workshop Warsaw, Poland December 5-6, 5 2002 Loïc Chiquier The World Bank 1 Challenge in Transition Economies! Key for growth, poverty, wealth (75 wealth),
More informationI. Increasingly similar issuance procedures and policies in the OECD area
* * I. Increasingly similar issuance procedures and policies in the OECD area Globalisation and increased competition have encouraged the convergence of OECD public debt policies OECD countries have broadly
More informationFL GM Overseas Bond Pension Fund Fund Factsheet September 2015
This factsheet has been produced to provide information for Trustees of Friends Life Group Managed Funds and their advisers only. It should not be distributed to, or relied upon by other retail clients.
More informationQuarterly Asset Class Report Institutional Fixed Income
Quarterly Asset Class Report Institutional Presentation To: Presented By: canterburyconsulting.com September 30, 015 Role in the Canterbury Consulting recommends and communicates asset-class strategy with
More informationA GUIDE TO FLOATING RATE BANK LOANS:
Contact information: Advisor Services: (631) 629-4908 E-mail: info@catalystmf.com Website: www.catalystmf.com A GUIDE TO FLOATING RATE BANK LOANS: An Attractive Investment for a Rising Interest Rate Environment
More informationACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013.
ACCESS TO FINANCE Improving access to finance is essential to restoring growth and enhancing competitiveness. Investment and innovation are not possible without adequate financing. Difficulties in accessing
More informationThe Eurozone and Greece: A Client Update
DIMENSIONAL FUND ADVISORS Special Posting The Eurozone and Greece: A Client Update June 2012 Events in the Eurozone, particularly Greece s future participation in the currency union, have been the overwhelming
More informationHealth Care in Crisis
Health Care in Crisis The Economic Imperative for Health Care Reform James Kvaal and Ben Furnas February 19, 2009 1 Center for American Progress Health Care in Crisis U.S. spends twice as much per capita
More informationInvestment insight. Fixed income the what, when, where, why and how TABLE 1: DIFFERENT TYPES OF FIXED INCOME SECURITIES. What is fixed income?
Fixed income investments make up a large proportion of the investment universe and can form a significant part of a diversified portfolio but investors are often much less familiar with how fixed income
More informationArshil Jamal President and Chief Operating Officer Canada Life Capital Corporation
Scotia Capital Financials Summit September 8, 2011 Arshil Jamal President and Chief Operating Officer Canada Life Capital Corporation Cautionary Note regarding Forward-looking Information This report contains
More informationManaging Risk/Reward in Fixed Income
INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring
More informationUnderstanding Fixed Income
Understanding Fixed Income 2014 AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Understanding Fixed Income About fixed income at AMP Capital Our global presence helps us deliver outstanding
More informationS&P ESG Pan-Europe Developed Sovereign Bond Index. June 2015
S&P ESG Pan-Europe Developed Sovereign Bond Index June 2015 Content 1 Introduction 2 RobecoSAM Country Sustainability Ranking 3 S&P ESG pan-europe Developed Sovereign Bond Index 4 Conclusion 2 Introduction
More informationThe Growing Importance of Fixed Income Analytics
Trusted by the Market. Driven by You. www.yieldbook.com The Growing Importance of Fixed Income Analytics Susan Y. Lin Managing Director Regional Head, Asia Pacific The Yield Book and Citi Fixed Income
More informationCLASSIFICATION OF EUROPEAN UNION COUNTRIES FROM DATA MINING POINT OF VIEW, USING SAS ENTERPRISE GUIDE
CLASSIFICATION OF EUROPEAN UNION COUNTRIES FROM DATA MINING POINT OF VIEW, USING SAS ENTERPRISE GUIDE Abstract Ana Maria Mihaela Iordache 1 Ionela Catalina Tudorache 2 Mihai Tiberiu Iordache 3 With the
More informationTHE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
More informationDiversify portfolios with U.S. and international bonds
Diversify portfolios with U.S. and international bonds Investing broadly across asset classes such as stocks, bonds and cash can help reduce volatility and risk within a portfolio. Canadian investors have
More informationThe Hong Kong debt market in 2011
FEATURE ARTICLE The Hong Kong debt market in 2011 by Monetary Management Department The Hong Kong dollar debt market presented a mixed picture against the volatile global backdrop, with tightening liquidity
More informationGuidelines for public debt management
2016 Guidelines for public debt management 2016 Public Debt Management Guidelines Contents FOREWORD... 3 2016 ISSUANCE PROGRAMME AND DEBT MANAGEMENT... 4 Preliminary considerations... 4 ISSUANCE PROGRAMME
More informationThe Debt Challenge in Europe. Alan Ahearne and Guntram Wolff October 2011
The Debt Challenge in Europe Alan Ahearne and Guntram Wolff October 2011 Outline The challenge: debt overhang and price adjustment. Large increase in private debt prior to the crisis. Balance-sheet adjustments
More information