Macquarie Asia Infrastructure Conference Macau. 8-9 December 2008

Size: px
Start display at page:

Download "Macquarie Asia Infrastructure Conference Macau. 8-9 December 2008"

Transcription

1 Macquarie Asia Infrastructure Conference Macau 8-9 December 2008

2 Our Road Map Today RBS, Project Finance. Infrastructure What is it? What s happened so far in 2008? What about the future? What about the credit crunch and what it means for Borrowers? Project Bonds. Conclusions. RBS

3 A Global Leader For an unprecedented third time in a row, RBS named Global Project Finance House by Euromoney Best Project Finance Financial Advisory Bank Petrochemical Transport EMEA Project Finance Loans Mandated Arrangers Project Finance Loans Bookrunner 1 st 1 st Best Project Finance Arranging Bank PFI/PPP Oil & Gas Transport Telecoms Project Finance Borrowers Survey 2007 Americas Project Finance Loans Mandated Arrangers Project Finance Loans Bookrunners 2 nd 1 st Asia Pacific Global Project Finance Loans Mandated Arrangers Project Finance Loans bookrunner Project Finance Loans Mandated Arrangers 1 st 1 st 12 th Source: Thomson Financial Q Best Project Finance House Euromoney Awards for Excellence 2008, 2007 & 2006 Trade and Project Finance House of the Year The Banker Investment Banking Awards 2007 & 2006 Global Bank Arranger Infrastructure Journal Awards March 2008 Global Bank of the Year 2007 PFI Awards December 2007 Best Arranger of Project Finance Euromoney Loan Awards February 2008 Oil & Gas Arranger of the Year Infrastructure Journal Awards March 2008 Oil & Gas Adviser of the Year Infrastructure Journal Awards March 2008 Bank of the Year Americas PFI Awards January 2007 Best at Project Finance Middle East Euromoney, Awards of Excellence July 2007 RBS

4 Infrastructure what is it? It means different things to different people but generally accepted to be:- 1. Utilities energy transmission & distribution, water treatment & distribution.and generation 2. Transport airports; toll roads; railways; ports 3. Social hospitals; schools; prisons & government facilities Infrastructure 4. PPP/PFI 5. Telecommunications 6. Leisure and Recreation RBS

5 What s happened in 2008 so far.

6 Infrastructure Loans by (Selected) Sector in APAC The top 5 Infrastructure sectors are set to out perform last year s loan amounts (Q3) US$bn Power Transportation Leisure & Property Telecommunications Water & Sewerage Waste & Recycling Source: Thomson Reuters Telecommunications sector has seen the greatest growth on the back of power in India and Singapore. Loans issued at Q has already outstripped the entire 2006 and 2007 combined. RBS

7 Infrastructure Loans by Country in APAC The rise of India (Nov) US$bn Source: Thomson Reuters Australia Singapore India Philippines South Korea Macau Japan Indonesia Hong Kong China As at July YTD, Australia, India and China has an aggregate loans market share of 69%. India, China and Singapore has seen the sharpest growth in project finance loans. While India and China s infrastructure growth is likely to continue, Singapore s looks likely to decrease with the completion of Power Privatisation and the Integrated Resorts. RBS

8 What about the future?

9 Projected Demand for Infrastructure Financing Projected spending offers opportunities for private sector and innovation in capital markets but....india and China are challenging for International Companies and Banks Patience and Stamina are a prerequisite for emerging markets. Source: Merrill Lynch, Asia Development Bank, Fitch Ratings, Macquarie RBS

10 Which markets are most attractive? Assessment of Infrastructure Business Environment a report card Qtr Asia Pacific Infrastructure Business Environment Ranking Source: Business Monitor International Q1 08 Limits of potential returns : evaluation of sector s size and growth potential Risk to realisation of returns : evaluation of industry specific risks (political or economic) RBS

11 But hang on - What about the credit crunch?

12 When did Credit Begin to Crunch? 1.4 Residential Mortgage Lending Flow of Funds $Trillions Lending started to slow in April Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Source: Federal Reserve, RBS RBS

13 Before House Prices Became Affected Residential Mortgage Lending Flow of Funds Case-Shiller 20 MSA Home Price Index (Right Scale) $Trillions House prices peaked four months later House Price Index Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov Source: Federal Reserve, Bloomberg, RBS RBS

14 Asset-Back Commercial Paper continued to reach unprecedented heights Residential Mortgage Lending Flow of Funds 220 Asset-Backed Commercial Paper Outstanding 1.2 Case-Shiller 20 MSA Home Price Index (Right Scale) $Trillions House prices peaked four months later House Price Index $Trillions ABCP reached $1.2 trillion on 8 August Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Source: Federal Reserve, Bloomberg, RBS Jan-04 Oct-04 Jul-05 Apr-06 Jan-07 Nov-07 Aug-08 Source: Federal Reserve, RBS RBS

15 Before investors reduced exposure and SIVs became household words Residential Mortgage Lending Flow of Funds 220 Asset-Backed Commercial Paper Outstanding 1.2 Case-Shiller 20 MSA Home Price Index (Right Scale) $Trillions House prices peaked four months later House Price Index $Trillions ABCP reached $1.2 trillion on 8 August Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Source: Federal Reserve, Bloomberg, RBS Jan-04 Oct-04 Jul-05 Apr-06 Jan-07 Nov-07 Aug-08 Source: Federal Reserve, RBS RBS

16 Soon After, Libor Rates dislocated from benchmarks Which provided a double whammy for ABCP issuers who saw spreads AND Libor leap Asset-Backed Commercial Paper Outstanding 6 Residential Mortgage Lending Flow of Funds 1MO USD Libor 1.2 Case-Shiller 20 MSA Home Price Index (Right Scale) $Trillions House prices peaked four months later House Price Index $Trillions Soon after Libor spiked, disconnencted from its former Fed Funds benchmark 3 1MO USD Libor Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov Source: Federal Reserve, Bloomberg, RBS Jan-04 Oct-04 Jul-05 Apr-06 Jan-07 Nov-07 Aug-08 Source: Federal Reserve, Bloomberg, RBS RBS

17 RBS7944 The Result. Cumulative write downs announced between (Source Bloomberg) Wachovia Citigroup Merrill Lynch UBS Washington Mutual HSBC Bank of America JP Morgan Morgan Stanley RBS Credit Suisse Deutsche Bank ING Group Fortis Societe Generale Barclays Financial Institutions 17 in USD bn

18 So, what does this mean for Borrowers?

19 The Singapore Gencos - Story Tuas Power Sold to Huaneng Group for SGD4.235bn in March Bridge debt SGD2.25bn all in debt pricing c.100bps. Senoko Power sold to a Marubeni led consortium for SGD 4bn in Sept Bridge debt SGD2.9bn all in debt pricing c.200bps. Power Seraya sold to YTL for SGD3.8bn in December Bridge debt c SGD2.25bn rumored all in debt pricing c.300bps. RBS

20 What to expect and watch out for. Availability of debt is scarce and expensive relative to recent history. Banks are nervous of underwriting - MAC and Flex provisions are back in vogue. More conservative levels of leverage and higher standard of covenants will be applied. Banks costs of funds has dislocated from the funding benchmarks (LIBOR) market disruption clauses are being invoked new pricing benchmarks are being sought (Credit Default Swap rates?). Refinancing risks are considerably higher. RBS

21 A Change in Priorities for Sponsors Certainty of funds, rather than cost of funds should be the focus, especially for bid situations. Banks alone are unlikely to be able to fund mega projects. Equity and Debt need to assess refinancing risks. Multi sourcing is back - Governments, Local banks, Export Credit Agencies, SWF, Cash Rich Corporates/funds/Co Investors, HNWI and Non Core Assets are all potential and important sources of liquidity. Project Bonds? RBS

22 Project Bonds in APAC Australia Significant flow of AUD denominated monoline wrapped project bonds to Qtr AUD680mn Dalrymple Bay Coal Terminal - AUD1.6bn Reliance Rail. - Underlying BBB investment grade, credit enhanced to AAA. - Sold predominately to offshore investors. - Terms competitive with bank market especially for long tenors. No comparable deals in Asia why? - Bank debt historically cheaper and more flexible than Bond debt - Deals capable of being financed with Equity, Bank Debt, ECA funding. - APAC Investment community prefers name lending to SPVs. - Offshore investors have plenty of opportunities in their home markets. A recipe for change? RBS

23 What will banks expect? Is the Sponsor Group an existing or target relationship of the bank? Is the Industry/Country part of the strategy? Are we supporting Multiple bidders? Are we leveraging the capital to maximise return? - Mandated, Advisor, Equity, Debt, Hedging? - Likelihood of the deal proceeding? - Risk adjusted returns acceptable vs other uses of capital? - Pre hedging locked in? - Long term hedging locked in? - Other cross sell products what are they? - Long term take out rights locked in? Oh and does the deal stack up from a credit perspective!!! RBS

24 Conclusions The infrastructure market in APAC seems set fair for continued growth in the short to medium term. Opportunities abound but being focused and selective around sectors and countries is imperative for success. Sponsors with access to liquidity will have a significant competitive advantage especially in bid situations. Expect debt to be harder to come by, leverage levels to be lower, covenants to be tougher and pricing higher. Refinancing can no longer assumed to be upside for equity! Consider all options for raising finance - not just banks! RBS

25 Contacts Project & Export Finance, Asia Pacific Project & Export Finance, Australia UK / Europe Wayne Burdett Roddy Adams Phillip Hall Managing Director Executive Director Head of Infrastructure Finance Head of Project & Export Finance, Asia Pacific Project Finance, Australia Tel: Tel: Tel: wayne.burdett@rbs.com roddy.adams@rbs.com phillip.hall@rbs.com North America Jasper Wong Executive Director Project & Export Finance, Asia Anthony Edwards Project Finance, New York Tel: Tel: jasper.wong@rbs.com anthony.edwards@rbs.com RBS

26 The Royal Bank of Scotland plc Make it happen RBS

Asia s strongest brand in banking, banking the world s strongest economies

Asia s strongest brand in banking, banking the world s strongest economies Credit Suisse Investor Conference Peter Wong, Chief Executive, HSBC Asia-Pacific Asia s strongest brand in banking, banking the world s strongest economies 21 March 2011 www.hsbc.com Forward-looking statements

More information

Liquidity Monitor. 1 August Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research

Liquidity Monitor. 1 August Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research Liquidity Monitor 1 August 20 Amy Auster Katie Dean Amber Rabinov Jasmine Robinson Economics & Markets Research 60 50 40 30 20 10 0 The Fed remains committed to shoring up liquidity in the market Daily

More information

II Simpósio Internacional PwC Inovação em Gestão Pública Abril 2011

II Simpósio Internacional PwC Inovação em Gestão Pública Abril 2011 www.pwc.com/br II Simpósio Internacional PwC Inovação em Gestão Pública Abril 2011 Agenda 1. PwC 2. Global PPP context 3. What is PPP 4. Payment Mechanisms and Demand Risk 5. Alternative Financing Models

More information

Macquarie Securities Group Stevan Vrcelj Group Head

Macquarie Securities Group Stevan Vrcelj Group Head 18 Macquarie Securities Group Stevan Vrcelj Group Head Macquarie Group Limited Operational Briefing 7 February 2012 Presentation to Investors and Analysts 19 Macquarie Securities Group 1. Current challenges

More information

Merrill Lynch Banking & Insurance Conference

Merrill Lynch Banking & Insurance Conference Merrill Lynch Banking & Insurance Conference October 8, 2008 London Brady W. Dougan, Chief Executive Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information

More information

4. MACQUARIE SECURITIES GROUP

4. MACQUARIE SECURITIES GROUP 4. MACQUARIE SECURITIES GROUP Roy Laidlaw Group Head Macquarie Group Limited Operational Briefing 5 February 2009 Presentation to Investors and Analysts 49 Three Divisions Macquarie Securities Group Sales

More information

Power your way to higher yields

Power your way to higher yields Schroder Asian Income SGD Class Power your way to higher yields * Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Income SGD Class (the Fund ) will

More information

Power. Schroder Asian Income. your way to higher yields. p.a.

Power. Schroder Asian Income. your way to higher yields. p.a. Schroder Asian Income POTENTIAL PAYOUTS 6% PAID MONT HLY* p.a. Power your way to higher yields * It is Schroder Investment Management (Singapore) Ltd s (the Manager s ) current intention to declare distributions

More information

Schroder Asian Income Monthly Fund Update

Schroder Asian Income Monthly Fund Update Schroder Asian Income Monthly Fund Update Fund Performance As at 30 September 2014, SGD 1 month Year to date Since launch* Schroder Asian Income Fund (Bid-Bid) (%) -1.7 8.4 35.2 Schroder Asian Income Fund

More information

4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market

4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market 4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market September 217 Derek Armstrong Credit Suisse Head of Debt Capital Markets, Asia Pacific These materials may not be used or relied

More information

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager

Global Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global

More information

Your gateway to Asia s strong growth potential. Schroder Asian Income

Your gateway to Asia s strong growth potential. Schroder Asian Income Your gateway to Asia s strong growth potential Asian economies rank amongst the fastest-growing and most dynamic globally. The region is set to remain as the world s growth engine for years to come. (the

More information

Oklahoma Independent Petroleum Association 2007 Capital and Technology Conference. October 30, 2005

Oklahoma Independent Petroleum Association 2007 Capital and Technology Conference. October 30, 2005 Oklahoma Independent Petroleum Association 2007 Capital and Technology Conference October 30, 2005 Market Backdrop Bulge bracket investment banks have been poor performers in 2007 STOCK PRICE PERFORMANCE

More information

AXJL WisdomTree Asia Pacific ex-japan Fund

AXJL WisdomTree Asia Pacific ex-japan Fund WisdomTree Asia Pacific ex-japan Fund ETF.com segment: Equity: Asia-Pacific Ex-Japan - Total Market Competing ETFs: AAXJ, DBAP, AXJV, FLAX Related ETF Channels: Asia-Pacific Ex-Japan, Smart-Beta ETFs,

More information

DEAL MAKING: REAL ESTATE

DEAL MAKING: REAL ESTATE Fees HEADLINES November, 1 INVESTMENT BANKING FEES Fees for global investment banking services in the real estate sector, from M&A advisory to capital markets underwriting, total US$. billion so far during

More information

Private Equity: Where Risk Meets Opportunity

Private Equity: Where Risk Meets Opportunity Private Equity: Where Risk Meets Opportunity Panel Detail: Tuesday, April 28, 2009 11:00 AM - 12:15 PM Speakers: Leon Black, Founding Partner, Apollo Management LP Jim Davidson, Co-Founder and Chairman,

More information

JPMorgan Funds Asia Pacific Income Fund. August 2018

JPMorgan Funds Asia Pacific Income Fund. August 2018 August 2018 AVAILABLE FOR PUBLIC CIRCULATION Important information 1. The Fund invests primarily in income generating securities of countries in the Asia Pacific region (excluding Japan), and may invest

More information

JPMorgan Funds Asia Pacific Income Fund. September 2018

JPMorgan Funds Asia Pacific Income Fund. September 2018 September 2018 AVAILABLE FOR PUBLIC CIRCULATION Important information 1. The Fund invests primarily in income generating securities of countries in the Asia Pacific region (excluding Japan), and may invest

More information

AAXJ ishares MSCI All Country Asia ex Japan ETF

AAXJ ishares MSCI All Country Asia ex Japan ETF ishares MSCI All Country Asia ex Japan ETF ETF.com segment: Equity: Asia-Pacific Ex-Japan - Total Market Competing ETFs: AXJL, DBAP, AXJV, FLAX Related ETF Channels: Asia-Pacific Ex-Japan, Total Market,

More information

A Brief Introduction to Securitization & Its Application in the Global Capital Markets

A Brief Introduction to Securitization & Its Application in the Global Capital Markets Securitization Colloquium Kellogg Graduate School of Management A Brief Introduction to Securitization & Its Application in the Global Capital Markets Financial Markets S. Sean Chen, Executive Director

More information

Richard Cooper Director, Head of Infrastructure Group nabcapital

Richard Cooper Director, Head of Infrastructure Group nabcapital INFRASTRUCTURE INTEGRATION AND ECONOMIC DEVELOPMENT IN THE HUNTER REGION Investing in demographic shift and urban infrastructure growth in the Hunter P A N E L L I S T Richard Cooper Director, Head of

More information

Zoe Cruz, Co-President Colm Kelleher, Chief Financial Officer

Zoe Cruz, Co-President Colm Kelleher, Chief Financial Officer Merrill Lynch Banking & Financial Services Investor Conference Zoe Cruz, Co-President Colm Kelleher, Chief Financial Officer November 13, 2007 Notice The information provided herein may include certain

More information

Capital Markets Update

Capital Markets Update Capital Markets Update The Forces Transforming Markets November 2007 The Past December 2006 April 2007 The Height of the Market November 2007 Changes in Risk Tolerance Spring 2007 Rating Agencies Tighten

More information

Monthly Bulletin May J.P. Morgan Luxembourg based fund ranges

Monthly Bulletin May J.P. Morgan Luxembourg based fund ranges Monthly Bulletin May 2018 J.P. Morgan Luxembourg based fund ranges Performance summary for Equity Fund Range EQUITY US A (dist) - USD 2.1-5.3 14.9 33.1 79.9 14.6 15.7-1.0 8.2 25.2 JPM America Equity A

More information

U.S. CAPITAL MARKETS DECK

U.S. CAPITAL MARKETS DECK U.S. CAPITAL MARKETS DECK SIFMA RESEARCH SEPTEMBER 217 Introduction The United States has the largest and deepest capital markets in the world according to the Federal Reserve, capital markets provide

More information

HSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund

HSBC Collective Investment Trust HSBC Asia Pacific ex Japan Equity Volatility Focused Fund Important information: The Fund invests mainly in Asia Pacific ex Japan Equity. The Fund is subject to the risks of investing in emerging markets. The Fund may invest in financial derivative instruments

More information

The Developing Asian Capital Markets

The Developing Asian Capital Markets The Developing Asian Capital Markets Is GDP growth correlated to equity returns? Source: Bloomberg Data GDP growth is not correlated with equity returns in Asia Unlike what we saw in the US, in Korea from

More information

Asia Bond Monitor March 2015

Asia Bond Monitor March 2015 June 1 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Malaysia accelerated to.1% year-on-year (y-o-y) in May from 1.8% y-o-y in April, mainly due

More information

JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting

JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting 26th February 2018 Richard Titherington, Managing Director Chief Investment Officer of Emerging Markets and Asia

More information

ACWX ishares MSCI ACWI ex U.S. ETF

ACWX ishares MSCI ACWI ex U.S. ETF ishares MSCI ACWI ex U.S. ETF ETF.com segment: Equity: Global Ex-U.S. - Total Market Competing ETFs: CWI, VEU, VXUS, IXUS, DBAW Related ETF Channels: Total Market, Broad-based, Vanilla, Equity, Global

More information

Asia Bond Monitor November 2018

Asia Bond Monitor November 2018 January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets L ast week, the Philippines raised USD. billion from the sale of -year global bonds priced at basis points above benchmark

More information

Capital Market Trends and Forecasts

Capital Market Trends and Forecasts Capital Market Trends and Forecasts Glenn Yago, Ph.D. Director, Capital Studies Milken Institute Los Angeles Fire and Police Pension System Education Retreat January 7, 28 1 Dow Jones U.S. Financial Index

More information

Angel Oak Capital Advisors, LLC

Angel Oak Capital Advisors, LLC Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations

More information

Schroder Asian Income Monthly Fund Update

Schroder Asian Income Monthly Fund Update Monthly Fund Update Fund Performance As at 30 April 2016, in SGD 1 month Year to date 1 Year 3 Years (p.a.) Since launch* (p.a.) Fund (Bid-Bid) (%) Fund (Offer-Bid) (%) 0.9 1.9-2.3 2.3 8.0-4.1-3.2-7.2

More information

Asia Bond Monitor November 2018

Asia Bond Monitor November 2018 7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on

More information

ADRA Invesco BLDRS Asia 50 ADR Index Fund

ADRA Invesco BLDRS Asia 50 ADR Index Fund Invesco BLDRS Asia 50 ADR Index Fund ETF.com segment: Equity: Asia-Pacific - Large Cap Competing ETFs: N/A Related ETF Channels: Large Cap, Asia-Pacific, Equity, Depositary Receipts, Size and Style, Broadbased

More information

BANKS USE OF THE WHOLESALE GUARANTEE 1

BANKS USE OF THE WHOLESALE GUARANTEE 1 BANKS USE OF THE WHOLESALE GUARANTEE 1 Susan Black and Carl Schwartz, Reserve Bank of Australia Abstract At the peak of the financial crisis, the Australian Government announced that it would offer to

More information

For personal use only

For personal use only AMYF SERIES QUARTERLY UPDATE 1 OCTOBER 2016 31 DECEMBER 2016 SUMMARY AUSTRALIAN MASTERS YIELD FUND SERIES (AMYF SERIES) HIGHLIGHTS AMYF Series announced the following quarterly dividends and capital returns:

More information

ACWX ishares MSCI ACWI ex U.S. ETF

ACWX ishares MSCI ACWI ex U.S. ETF ishares MSCI ACWI ex U.S. ETF ETF.com segment: Equity: Global Ex-U.S. - Total Market Competing ETFs: CWI, VEU, VXUS, IXUS, DBAW Related ETF Channels: Total Market, Vanilla, Equity, Global Ex-US, Size and

More information

Asia Overview. September 23, 2005

Asia Overview. September 23, 2005 Asia Overview September 23, 2005 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such measures to the comparable GAAP figures are included

More information

Gary Smith Global Head of Official Institutions BNP Paribas Investment Partners - December 2011 FOR PROFESSIONAL INVESTORS

Gary Smith Global Head of Official Institutions BNP Paribas Investment Partners - December 2011 FOR PROFESSIONAL INVESTORS Global Head of Official Institutions BNP Paribas Investment Partners - December 2011 FOR PROFESSIONAL INVESTORS Reserve Management Puzzle Global Financial crisis creating an increased aversion to risk.

More information

Bank of America Merrill Lynch The Future of Financials Conference. November 6, Citi Investor Relations

Bank of America Merrill Lynch The Future of Financials Conference. November 6, Citi Investor Relations Citi Investor Relations Bank of America Merrill Lynch The Future of Financials Conference November 6, 2018 Francisco Aristeguieta CEO, Citigroup Asia Pacific Agenda Franchise Overview Asia Institutional

More information

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized PPI data update note 22 June 29 Assessment of the impact of the crisis on new PPI projects

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

VYMI Vanguard International High Dividend Yield ETF

VYMI Vanguard International High Dividend Yield ETF Vanguard International High Dividend Yield ETF ETF.com segment: Equity: Global Ex-U.S. - High Dividend Yield Competing ETFs: DWX, HDAW Related ETF Channels: Smart-Beta ETFs, Dividend, Broad-based, High

More information

UBS Investor Day 2004 Fixed Income, Rates & Currencies. Michael Hutchins, Global Head of FIRC

UBS Investor Day 2004 Fixed Income, Rates & Currencies. Michael Hutchins, Global Head of FIRC UBS Investor Day 24 Fixed Income, Rates & Currencies Michael Hutchins, Global Head of FIRC Diversified group of businesses Fixed Income, Rates & Currencies Fixed Income Rates FX, Cash & Collateral Trading

More information

IXUS ishares Core MSCI Total International Stock ETF

IXUS ishares Core MSCI Total International Stock ETF ishares Core MSCI Total International Stock ETF ETF.com segment: Equity: Global Ex-U.S. - Total Market Competing ETFs: VEU, VXUS, ACWX, CWI, DBAW Related ETF Channels: Total Market, Vanilla, Equity, Global

More information

AsianBondsOnline WEEKLY DEBT HIGHLIGHTS

AsianBondsOnline WEEKLY DEBT HIGHLIGHTS AsianBondsOnline WEEKLY 9 January 7 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Indonesia eased to.% year-on-year (y-o-y) in December from.6% y-o-y

More information

Queensland Treasury Corporation

Queensland Treasury Corporation QTC - 45 Queensland Treasury Corporation ROLE Founded in 1988, Queensland Treasury Corporation (QTC) is a corporation sole, constituted by the Under Treasurer in accordance with the Queensland Treasury

More information

AGF INTERNATIONAL ADVISORS CO. LTD.

AGF INTERNATIONAL ADVISORS CO. LTD. AGF INTERNATIONAL ADVISORS CO. LTD. Eli Nasrallah, CFA Regional Vice-President AGF Funds Inc. October, 2008 1 AGENDA 1. The financial sector what happened and where are we? 2. AGFIA s mandates the health

More information

Global Securities Lending Business and Market Update

Global Securities Lending Business and Market Update NORTHERN TRUST 2009 INSTITUTIONAL CLIENT CONFERENCE GLOBAL REACH, LOCAL EXPERTISE Global Securities Lending Business and Market Update Michael A. Vardas, CFA Managing Director Quantitative Management and

More information

Investment Grade Fixed Income Review

Investment Grade Fixed Income Review Investment Grade Fixed Income Review February 15, 2018 North Carolina Short Term Portfolio (STIF) December 31, 2017 STIF Allocation 1.40% 1.20% Monthly STIF Rate History 1.30% Repurchase Agreements 7.5%

More information

5-yr Investment Grade Corporate CDS Markit (bps) 500

5-yr Investment Grade Corporate CDS Markit (bps) 500 Treasury Yield Curve (percent) 2-yr/1-yr Treasury Spread (bps) % 7. 35 6. 3 25 5. 2 4. 15 3. 2. 1. Treasury Curve 'A' Composite 1 5-5. 1-yr 5-yr 1-yr 3-yr The Treasury yield curve is derived from available

More information

Cash-Maximiser (SGD) Notes issued by Macquarie Bank Limited

Cash-Maximiser (SGD) Notes issued by Macquarie Bank Limited Enhanced Notes Cash-Maximiser (SGD) Notes issued by Macquarie Bank Limited Denominated in SGD, 100% principal protected at maturity HSBC's authorised sales staff must go through this document with you

More information

NORTHERN TRUST CORPORATION

NORTHERN TRUST CORPORATION NORTHERN TRUST CORPORATION Steven L. Fradkin Executive Vice President & Chief Financial Officer Merrill Lynch Banking & Financial s Conference New York City November 13, 2008 2008 Northern Trust Corporation

More information

VEA Vanguard FTSE Developed Markets ETF

VEA Vanguard FTSE Developed Markets ETF Vanguard FTSE Developed Markets ETF ETF.com segment: Equity: Developed Markets Ex-U.S. - Total Market Competing ETFs: EFA, IEFA, SCHF, SPDW, IDEV Related ETF Channels: Developed Markets Ex-U.S., Total

More information

Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation

Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation Global Investment Outlook Russ Koesterich, CFA Managing Director, Global Allocation 6 Asset performance YTD Source: Thomson Reuters Datastream, BlackRock Investment Institute. Apr, 6 Note: Total return

More information

DWX SPDR S&P International Dividend ETF

DWX SPDR S&P International Dividend ETF SPDR S&P International Dividend ETF ETF.com segment: Equity: Global Ex-U.S. - High Dividend Yield Competing ETFs: HDAW, VYMI Related ETF Channels: Smart-Beta ETFs, Dividend, Broad-based, ESG, Dividends,

More information

INVESTMENT BANKING SCORECARD

INVESTMENT BANKING SCORECARD AVERAGE DEAL SIZE FOR US CORPORATE BONDS TOPS $1 BILLION This week's $17 billion USdollar denominated investment grade corporate debt offering from Medtronic ranked as the largest USdollar offering this

More information

Opportunities in Turbulent Markets:

Opportunities in Turbulent Markets: Opportunities in Turbulent Markets: Risk and Reward Budgeting in Below-Investment Grade Ty Anderson Global Head of High Yield Strategies When the tide goes out, we get to see who s not wearing a bathing

More information

Navigating the Fixed Income Minefield

Navigating the Fixed Income Minefield Navigating the Fixed Income Minefield Jeffrey Sherman, CFA Portfolio Manager DoubleLine Capital February 20, 2014 When all the experts and forecasts agree -- something else is going to happen. - Bob Farrell

More information

Equities - Shares & Depositary Receipts

Equities - Shares & Depositary Receipts This report has been prepared by Goldman Sachs Asset Management International ("GSAMI") for the calendar year ending 31 December 2017 (the Reporting Period ), in accordance with Article 65(6) of Commission

More information

KOL VanEck Vectors Coal ETF

KOL VanEck Vectors Coal ETF VanEck Vectors Coal ETF ETF.com segment: Equity: Global Coal Competing ETFs: N/A Related ETF Channels: Coal, Energy, Vanilla, Global, Equity, Sectors Find more ETFs with our ETF Screener and Database *Unless

More information

SINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS DECEMBER 31, 2017

SINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS DECEMBER 31, 2017 SINGAPORE FUND FLOWS SUMMARY QUARTER-END ANALYSIS DECEMBER 31, 2017 Total Net Fund Flows for Q4 2017 Still Positive, Bond Funds Experience a Seventh Consecutive Quarter of Net Inflows Unit trusts registered

More information

DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF

DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF Xtrackers MSCI Emerging Markets Hedged Equity ETF ETF.com segment: Equity: Emerging Markets - Total Market Competing ETFs: HEEM, RFEM, TLEH, HEMV, LVHE Related ETF Channels: Total Market, Emerging Markets,

More information

Financial markets in an interconnected world

Financial markets in an interconnected world Financial markets in an interconnected world Hyun Song Shin* Bank for International Settlements CFS Colloquium Seminar, Goethe University 23 March 2015 * Views expressed are my own, not necessarily those

More information

The World Economic & Financial System: Risks & Prospects

The World Economic & Financial System: Risks & Prospects The World Economic & Financial System: Risks & Prospects Dr. Jacob A. Frenkel Chairman & CEO Group of Thirty (G30).Bank Indonesia 7th Annual International Seminar Global Financial Tsunami: What Can We

More information

Asian fixed income. Rare value in an uncertain world. February For professional clients only. Not for further distribution.

Asian fixed income. Rare value in an uncertain world. February For professional clients only. Not for further distribution. Asian fixed income Rare value in an uncertain world February 216 Content Asian fixed income returns in context Macro situation in Asia Market overview Key considerations in Asian fixed income 2 Asian fixed

More information

IXG ishares Global Financials ETF

IXG ishares Global Financials ETF ishares Global Financials ETF ETF.com segment: Equity: Global Financials Competing ETFs: DFNL Related ETF Channels: Broad-based, Vanilla, Global, Equity, Financials, Sectors Find more ETFs with our ETF

More information

SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS September 30, 2013

SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS September 30, 2013 SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS Net Inflow of Funds Into Unit Trusts Continued Decreasing, Bond Funds Lost The Throne And Turned To Suffer Net Outflows in 3Q2013. Unit trusts registered

More information

PAF Invesco FTSE RAFI Asia Pacific ex-japan ETF

PAF Invesco FTSE RAFI Asia Pacific ex-japan ETF Invesco FTSE RAFI Asia Pacific ex-japan ETF ETF.com segment: Equity: Developed Asia-Pacific Ex-Japan - Total Market Competing ETFs: FPA, EPP, SCIX Related ETF Channels: Smart-Beta ETFs, Total Market, Developed

More information

Term Deposits. Deposit Review May Background on Term Deposits

Term Deposits. Deposit Review May Background on Term Deposits Deposit Review May Term Deposits Simon Fletcher Head of Research (+61) 3 9670 8615 simon.fletcher@bondadviser.com.au Ethan Xing Quantitative Analyst (+61) 3 9670 8615 ethan.xing@bondadviser.com.au With

More information

Asian Insights Third quarter 2016 Asia s commitment in policies and reforms

Asian Insights Third quarter 2016 Asia s commitment in policies and reforms Asian Insights Third quarter 2016 Asia s commitment in policies and reforms One of the commonalities between most Asian governments is the dedicated commitment they have in using policies and initiatives

More information

Agenda. Introduction. Securities Strategy. Capital and Risk Management. Environment and Priorities

Agenda. Introduction. Securities Strategy. Capital and Risk Management. Environment and Priorities Philip J. Purcell, Chairman and Chief Executive Officer Stephen S. Crawford, Co-President Zoe Cruz, Co-President David H. Sidwell, Chief Financial Officer May 10, 2005 Notice The information provided herein

More information

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED Firm: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED Service Provider Headcount: Hidden Founded in Hidden Assets Under Management: Hidden Hidden

More information

Managing Risk in Electricity Markets

Managing Risk in Electricity Markets Managing Risk in Electricity Markets William Prajogo Singapore Exchange Agenda Introduction Benefits of an Electricity Futures Market How Electricity Futures Works Product Information Questions 1 Characteristics

More information

Asia. S&C s Hong Kong office operates as Sullivan & Cromwell (Hong Kong). SELECTED REPRESENTATIONS

Asia. S&C s Hong Kong office operates as Sullivan & Cromwell (Hong Kong). SELECTED REPRESENTATIONS Asia Sullivan & Cromwell has maintained a presence in Asia for nearly a century. Through high-quality legal service, S&C has established a distinguished legal practice across the continent. Today, more

More information

Asset Strategy for Matching Adjustment Business Challenges and Choices

Asset Strategy for Matching Adjustment Business Challenges and Choices This document is intended for use at the Insurance Investment Exchange event only. Not for onward distribution. Asset Strategy for Matching Adjustment Business Challenges and Choices June 2016 Agenda Background

More information

SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE

SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE SCHOOL DISTRICT OF PALM BEACH COUNTY, FLORIDA SERIES 2014 TAN SALE September 10, 2014 Palm Beach County School District TAN Cash flow Tax Anticipation Notes are short-term financings that allow the District

More information

Outlook and Strategy Income Funds

Outlook and Strategy Income Funds Q 3 Outlook and Strategy Income Funds Industry Recognitions for Asian Fixed Income Capabilities Organiser Award Asia Asset Management Best of the Best Performance Awards 2015: Asian Bonds (3 years) 1 Best

More information

Asia Update. April 26, 2005

Asia Update. April 26, 2005 Asia Update April 26, 2005 Notice This presentation is based on or derived from information generally available to the public and does not contain any material, nonpublic information. No representation

More information

Financial stability risks: old and new

Financial stability risks: old and new Financial stability risks: old and new Hyun Song Shin* Bank for International Settlements 4 December 2014 Brookings Institution Washington DC *Views expressed here are mine, not necessarily those of the

More information

Asia Pacific (ex-japan) HY Bonds League Table Report

Asia Pacific (ex-japan) HY Bonds League Table Report Asia Pacific (ex-japan) HY Bonds League Table Report 2017 A version of this report that includes the underlying data points is available on Debtwire s new Primary Issuance Service Table of Contents Page

More information

Eastspring Investments Asian Local Bond Fund

Eastspring Investments Asian Local Bond Fund Factsheet Singapore January 2018 All data as at 31 December 2017 unless otherwise stated Eastspring Investments Asian Local Bond Fund RATINGS Class A Morningstar Overall Rating QQQ FUND DETAILS Fund size

More information

SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS December 31, 2014

SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS December 31, 2014 SINGAPORE FUND FLOWS SUMMARY QUARTER END ANALYSIS Total Net Fund Inflow Slid, Bond Funds Encountered A Significant Net Outflow In 4Q2014 Unit trusts registered for sale in Singapore, in aggregate, registered

More information

Overview of ETF Market in Hong Kong

Overview of ETF Market in Hong Kong Overview of ETF Market in Hong Kong Calvin Tai Head of Trading Division HKEx 19 June 2012 Agenda Overview of HKEx s ETF Market Participants of HKEx s ETF Market ETF Listing Process 2 HKEx is one of leading

More information

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy

HSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back

More information

Indonesia Economic Outlook and Policy Challenges

Indonesia Economic Outlook and Policy Challenges Indonesia Economic Outlook and Policy Challenges Daniel A. Citrin Asia and Pacific Department, IMF April 3, 28 Global Financial Stability Map: risks have risen; conditions have deteriorated October 27

More information

GCOW Pacer Global Cash Cows Dividend ETF

GCOW Pacer Global Cash Cows Dividend ETF Pacer Global Cash Cows Dividend ETF ETF.com segment: Equity: Developed Markets - Large Cap Competing ETFs: N/A Related ETF Channels: Equity, Smart-Beta ETFs, Dividend, Broad-based, Large Cap, Fundamental,

More information

Infrastructure Investing: Agenda

Infrastructure Investing: Agenda Global Infrastructure A New Alternative Asset Class Edward Keating Product Specialist, Global Infrastructure December 2007 Lazard Asset Management LLC This presentation and all research and materials enclosed

More information

OBOR KraneShares MSCI One Belt One Road Index ETF

OBOR KraneShares MSCI One Belt One Road Index ETF OBOR KraneShares MSCI One Belt One Road Index ETF ETF.com segment: Equity: Global Infrastructure Competing ETFs: NFRA, TOLZ, IGF, GII, PAVE Related ETF Channels: Vanilla, Theme Investing, Global, Equity,

More information

The Australian Economy and Financial Markets. Chart Pack February 2017

The Australian Economy and Financial Markets. Chart Pack February 2017 The Australian Economy and Financial Markets Chart Pack February 7 The Australian Economy and Financial Markets Contents Graphs World Economy Australian GDP Growth and Inflation Household Sector Business

More information

David Craig CHIEF FINANCIAL OFFICER

David Craig CHIEF FINANCIAL OFFICER David Craig CHIEF FINANCIAL OFFICER 14 November 2007 Commonwealth Bank of Australia ACN 123 123 124 MORGAN STANLEY ASIA PACIFIC SUMMIT 2007 SINGAPORE Disclaimer The material that follows is a presentation

More information

DTH WisdomTree International High Dividend Fund

DTH WisdomTree International High Dividend Fund WisdomTree International High Dividend Fund ETF.com segment: Equity: Developed Markets Ex-U.S. - High Dividend Competing ETFs: IDV, HDEF, EFAS, FIDI Related ETF Channels: Developed Markets Ex-U.S., Smart-Beta

More information

FSM Managed Portfolios Monthly Investment Outlook July 2016

FSM Managed Portfolios Monthly Investment Outlook July 2016 FSM Managed Portfolios Monthly Investment Outlook July 2016 1 Table of Contents Market Performance Review P.3 Portfolio s Performance Review P.4 Portfolio Holdings Performance P.6 Brexit Commentary P.10

More information

Investor and Analyst Briefing

Investor and Analyst Briefing Investor and Analyst Briefing David Willis Group Executive 8 September 2000 Disclaimer The material contained in the following presentation is intended to be general background information on Westpac Banking

More information

EMQQ Emerging Markets Internet & Ecommerce ETF

EMQQ Emerging Markets Internet & Ecommerce ETF Emerging Markets Internet & Ecommerce ETF ETF.com segment: Equity: Emerging Markets Internet Competing ETFs: N/A Related ETF Channels: Technology, Internet, Vanilla, Emerging Markets, Equity, Sectors Find

More information

Franklin Templeton Fixed Income Group. Franklin Templeton Investment Funds Franklin Asia Credit Fund - I (acc) USD. Data as of 30 November 2018

Franklin Templeton Fixed Income Group. Franklin Templeton Investment Funds Franklin Asia Credit Fund - I (acc) USD. Data as of 30 November 2018 Franklin Templeton Fixed Income Group Data as of 30 November 2018 Franklin Templeton Investment Funds - I (acc) USD Table of Contents Summary...3 What are the Key Risks?...4 Discrete Performance... 5 Historical

More information

New Dimension for Offshore Investment

New Dimension for Offshore Investment New Dimension for Offshore Investment 1 September 2015 Dr. Kongkiat Opaswongkarn Chief Executive Officer Asia Plus Group Holdings PCL Why Invest Globally? PROS Diversification Products (Equities / Fixed

More information

For professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House

For professional advisers only. Schroders. for Bonds. Strength. in bonds. Best Large Fixed-Interest House For professional advisers only Schroders for Bonds Strength in bonds Best Large Fixed-Interest House Why Schroders for bonds? Experience: Schroders has a long and successful history, commencing in 1804.

More information