Emerging Markets Debt Turkey: The Investment Case
|
|
- Christian Mosley
- 5 years ago
- Views:
Transcription
1 Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 Emerging Markets Debt Turkey: The Investment Case Summary Turkey has underperformed peers on the back of a rating downgrade as well as political turbulence. We believe valuations have cheapened in external and local bond yields more than warranted by the change in fundamentals, making Turkish assets more attractive. Although volatility may remain elevated in the short term, Turkish assets could perform reasonably well in the mid-term helped by cheap valuations, high carry and clean positioning. Our view and outlook March 2017 The fundamental picture in Turkey remains a concern for investors. The country lost investment grade status, suffers from political problems and terrorist attacks, has a large current account deficit, high inflation and a large short term debt service. We think that the market has overreacted to some of these risks which resulted in forced selling and exacerbated negative pressure on asset prices. As valuations became more attractive relative to the change in fundamentals (Figure 1), we took the opportunity to initiate long exposures across hard currency and local debt assets in our EMD portfolios. We believe we are being compensated for the risks in the country and that investors did not price in some positive developments in the country such as improvement of the basic balance (Figure 2). Figure 1: Change in Turkey fundamentals in 2016 Figure 2: Basic Balance of Turkey GDP (% real change pa) 1.5 Consumer prices (% Reserves /GDP change pa; av) 1 Domestic demand (% Debt Service /GDP of GDP) 0.5 Inward foreign direct Budget balance (% of 0 investment /GDP GDP) -0.5 Public debt (% of Import cover (months) -1 GDP) Trade balance /GDP Primary balance (% of GDP) Current account Total External balance /GDP debt/gdp Total external Short Term External debt/reserves debt /GDP Short Term Debt /Reserves Turkey2015 dec 0 (10,000) (20,000) (30,000) (40,000) (50,000) (60,000) (70,000) Basic Balance of Turkey ($mm) Turkey2016 dec Source: EIU HSBC Global Asset Management as of December 31, 2016 Source: Bloomberg as of December 31, 2016 While there has been continued negative pressure since we put these positions on in our portfolios, we maintain our conviction as our analysis continues to indicate that we are compensated for the risks in the country as detailed below. document. This publication is intended for Professional Clients only and should not be distributed to or relied upon by Retail Clients. The information contained in this publication is not intended as investment advice or recommendation. Non contractual document.
2 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Spreads (bps) Turkey hard currency We find value in Turkey hard currency debt as we believe Turkey has the capacity to pay back their external debt outstanding as well as the ability to access capital markets to roll over maturities, even at higher US interest rates. High external financing is often pointed to as a risk for Turkey in an environment of higher US rates or Turkish lira (TRY) depreciation. However, we do not believe that external financing will be a threat because much of the short term external debt profile is in the private sector via banks which have hedged their FX liability. A majority of the outstanding debt has a 100% rollover ratio, limiting the concern over short term external debt. Turkey s economy is very much driven by the private sector and we believe private lenders will be able to distinguish between the more viable Turkish companies and those that are less robust. Additionally, while non-performing loans (NPL) are increasing, they are still very manageable. In our view, not every company will be supported by a state owned bank, preventing potential weakening of the Turkish banking sector over time. Figure 3: Turkey Relative Valuations 550 Turkey Spreads since Jan Turkey Spreads BB Spreads BBB Spreads South Africa Spreads Source: JP Morgan as of February 28, 2017 Valuations are attractive as spread levels spiked over 120 basis points from early July (before the failed coup attempt) through mid-january. We think relative valuations are also compelling as Turkey trades at wider valuation levels than other BB-rated countries due in part to the fact that many investors have been exiting the position. When looking at a comparable credit such as South Africa, it currently trades over 100 basis points tighter versus Turkey. We believe we are better compensated holding Turkey hard currency debt in our portfolios. South Africa is a country with a large current account deficit similar to the level of Turkey with political risks surrounding the succession of President Zuma and there is potential downgrade risk below investment-grade. South Africa is more crowded from a technical position as many investors moved out of Turkey into South Africa causing its spreads to tighten. Turkey local currency The Turkish lira (TRY) continues to offer an attractive investment opportunity given the high level of carry (yield currently over 11%) as well as a clean technical position as real money managers maintain an underweight position to the currency. document. The performance figures displayed in the document relate to the past and past performance should not be seen as an indication of future returns. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management accepts no liability for any failure to meet such forecast, projection or target. 2 Non contractual document
3 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Carry Turkey local currency (cont d) In our view, valuations are compelling given the sharp sell-off in the currency in the second half of 2016 resulting in the currency trading over 20% cheaper to its 5-year real effective exchange rate (REER) average. Given the cheap valuations, the attractive yield and clean technicals (Figure 5), we maintain a long position to the TRY in our EMD portfolios. The Turkish lira suffers from central bank credibility. Low real rates and political concerns surrounding President Erdogan s consolidation of power and constitutional referendum in April have made the market worry that the Central Bank will not act in the face of higher inflation and FX volatility. While the Central Bank continues to be reluctant to hike rates, we believe they will continue to support the currency as they have proven recently by tightening the funding rate by 200 bps. We believe the government will take supportive measures to boost the economy in light of the Turkish referendum in April. We have seen the currency rebound in the last month given a retracement in Trump trades, a weaker dollar globally as well as a flatter yield curve following the dynamic central bank policy response. Therefore, we have reduced some of the exposure to TRY but maintain a long/overweight exposure. maintain a long/overweight exposure. Figure 4: Turkish lira valuation Figure 5: Carry vs 5-yr REER adjustment 2,400 2,300 2,200 2,100 2,000 1,900 1,800 1,700 Turkish lira Source: JP Morgan as of February 24, % 10% 8% 6% 4% TRY BRL RUB ZAR COP MXN IDR INR PEN 2% CLP MYR PHP 0% PLN THB RON SGDKRW HUF ILS TWD -2% -80.0% -60.0% -40.0% -20.0% 0.0% 5y Nominal FX Adjustment Source: HSBC Global Asset Management, IMF, Bloomberg as of February 9, 2017 CNY Positioning to Turkey (as of 28 Feb 2017) Total Return Hard currency duration: 0.32 years Spread duration: 0.32 years Market value hard currency: 8.15% Local rates: 0.20 years Local currency: 3.77% Hard Currency Hard currency duration: 0.71 years (vs benchmark 0.44 years) Spread duration: 0.72 years (vs benchmark 0.45 years) Market value: 9.86% (vs benchmark 6.30%) Local Debt Local rates: 0.23 years (vs benchmark 0.15 years) Local currency: 7.90% (vs benchmark 6.36%) document. Allocation is as at the date indicated, may not represent current or future allocation and is subject to change without prior notice. The performance figures displayed in the document relate to the past and past performance should not be seen as an indication of future returns. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management accepts no liability for any failure to meet such forecast, projection or target. 3 Non contractual document
4 Important information? Contact Client Management Tel: +33 (0) Firm Disclosure This publication is distributed by HSBC Global Asset Management (France) and is only intended for professional investors as defined by MiFID. It is incomplete without the oral briefing provided by the representatives of HSBC Global Asset Management (France). The information contained herein is subject to change without notice. All non-authorised reproduction or use of this commentary and analysis will be the responsibility of the user and will be likely to lead to legal proceedings. This document has no contractual value and is not by any means intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the markets, according to the information available to date. They do not constitute any kind of commitment from HSBC Global Asset Management (France).Consequently, HSBC Global Asset Management (France) will not be held responsible for any investment or disinvestment decision taken on the basis of the commentary and/or analysis in this document. All data from HSBC Global Asset Management unless otherwise specified. Any third party information has been obtained from sources we believe to be reliable, but which we have not independently verified. The performance figures displayed in the document relate to the past and past performance should not be seen as an indication of future returns. The value of investments and any income from them can go down as well as up. Capital is not guaranteed. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. Investors are reminded that investments in High Yield issues represent a higher risk of default compared to Investment Grade issues. Investments in Credit Default Swaps (CDS) are less liquid than standard bond issues. Fluctuations in the rate of exchange of currencies may have a significant impact on performance. Investment in Financial Derivative Instruments (FDI) may result in losses in excess of the amount invested. This is because a small movement in the price of the underlying financial instrument may result in a substantial movement in the price of the FDI. The strategies can invest in sub investment grade bonds, which may produce a higher level of income than investment grade bonds, but carry increased risk of default on repayment. The value of the underlying assets are strongly affected by interest rate fluctuations and by changes in the credit ratings of the underlying issuer of the assets. Important information for Luxembourg investors: HSBC entities in Luxembourg are regulated and authorised by the Commission de Surveillance du Secteur Financier (CSSF). HSBC Global Asset Management is the brand name for the asset management business of HSBC Group. The above document has been produced by HSBC Global Asset Management (France) and has been approved for distribution/issue by the following entities : HSBC Global Asset Management (France) RCS Nanterre. Portfolio management company authorised by the French regulatory authority AMF (no. GP99026) with capital of euros. Offices: HSBC Global Asset Management (France) - Immeuble Coeur Défense - 110, esplanade du Général Charles de Gaulle Courbevoie - La Défense 4 France. (Website: HSBC Global Asset Management (Switzerland) Limited Gartenstrasse 26, P.O. Box, CH-8002 Zurich, Switzerland (Website: Copyright HSBC Global Asset Management (France). All rights reserved. Non contractual document updated in March AMFR_Ext_145_ Non contractual document
5 Important Information for Swiss Investors: This document has no contractual value and is not by any means intended as a solicitation, nor a recommendation for the purchase or saleof any financial instrument. This document may be distributed in Switzerland only to qualified investors according to Art. 10 para 3, 3bis and 3ter of the Federal Collective Investment Schemes Act (CISA). The presented fund is authorised for distribution in Switzerland in the meaning of Art. 120 of the Federal Collective Investment Schemes Act. (Potential) investors are kindly asked to consult the latest issued Key Investor Information Document (KIID), prospectus, articles of incorporation and the (semi-)annual report of the fund which may be obtained free of charge at the head office of the representative: HSBC Global Asset Management (Switzerland) Ltd., Gartenstrasse 26, P.O. Box, CH-8002 Zurich. Paying agent: HSBC Private Bank (Suisse) S.A., Quai des Bergues 9-17, P. O. Box 2888, CH-1211 Geneva 1. Investors and potential investors should read and note the risk warnings in the prospectus and relevant KIID. Before subscription, investors should refer to the prospectus for general risk factors and to the KIID for specific risk factors associated with this fund. Issue and redemption expenses are not taken into consideration in the calculation of performance data. The fund presented in this document is a sub-fund of HSBC Global Investment Funds, an investment company constituted as a société à capital variable domiciled in Luxemburg. The shares in HSBC Global Investment Funds have not been and will not be registered under the US Securities Act of 1933 and will not be sold or offered in the United States of America, its territories or possessions and all areas subject to its jurisdiction, or to United States Persons.
Currency Hedged & Currency Overlay Share Classes HSBC Global Investment Funds (a Luxembourg domiciled SICAV)
Hedged & Overlay Share Classes HSBC Global Investment Funds (a Luxembourg domiciled SICAV) October 2016 This publication is intended for Professional Clients only and should not be distributed to or relied
More informationGlobal Liquidity What factors should you consider if you have excess cash in China?
Global Liquidity What factors should you consider if you have excess cash in China? Jonathan Curry, Global CIO, Liquidity Presentation only intended for professional investors as defined by MIFID.. 1 MMFs
More informationIndia. The surprising fixed income opportunity. February 2016
India The surprising fixed income opportunity February 2016 Presentation only intended for professional investors as defined by MIFID.. Content Why invest in India fixed income? Attractive market characteristics
More informationGlobal Emerging Markets Fixed Income
Global Emerging Markets Fixed Income Does Volatility Justify Allocation? February 216 Presentation only intended for professional investors as defined by MIFID. Non contractual document. 215 in summary
More informationBond Opportunities in 2009
2008: a year in review for credit and inflation linked-bonds The year was characterised by the financial and liquidity crisis, deleveraging of the economy, worldwide economic downturn and very high levels
More informationGlobal Emerging Markets Fixed Income
Global Emerging Markets Fixed Income Amanda La Marca Product Specialist, Emerging Market Debt only intended for professional investors as defined by MiFID US$ billions AMFR_Ext_103_2014 2013 inflows into
More informationHSBC EURO SHORT TERM BOND FUND
May 2018 Document only intended for professional investors as defined by MIFID. Performance and risk analysis Base 100 Performances Fund's performance against its performance benchmark over 1 year 100,20
More informationHSBC 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 information2015 FUZZY DAY CONFERENCE Facts that are Not Facts. The US dollar Safe Haven Myth and the United States Hedge Fund.
2015 FUZZY DAY CONFERENCE Facts that are Not Facts The US dollar Safe Haven Myth and the United States Hedge Fund Alessio de Longis 1 The Role of Currency in Institutional Portfolios, edited by Momtchil
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. March Summary. Market overview. market.
HSBC Fund Update March 2015 HSBC GIF Global Emerging Markets Bond Summary Market sentiment improved in February given supportive global developments including the interim agreement between Greece and its
More informationInflection Point. March Joseph Little, Chief Global Strategist
Inflection Point March 2018 Joseph Little, Chief Global Strategist Non-contractual document. This publication is intended for Professional Clients as defined by MIFID only and should not be distributed
More informationINSIGHT JAE LEE & ANISHA A. GOODLY JUNE 21, Improving Growth Rates in EM Economies
INSIGHT VIEWPOINT JAE LEE & ANISHA A. GOODLY JUNE 21, 2017 In our last white paper on Emerging Markets (EM) local currency debt (September 2016), we argued that we saw the asset class as an attractive
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationRisks from emerging markets Russian corporate event. Moscow, 19 June 2014 Stanley Myint Head of Risk Management Advisory
Risks from emerging markets Russian corporate event Moscow, 9 June 4 Stanley Myint Head of Risk Management Advisory Contents. Early Warning Signals. Most efficient hedging instrument Early Warning Signal
More informationEmerging Market Debt: Smoke but no fire
Emerging Market Debt: Smoke but no fire November 2014 Edwin Gutierrez, Head of Emerging Market Sovereign Debt Aberdeen Asset Management For Professional Investors only Not for public distribution Smoke
More informationPerformance improves in Q2 2017
1 Informed Investor Manager Monitor Q2 2017 by Marlène Hassine Konqui, Head of ETF Research and Clément Chaulot, Fund Analyst- Lyxor AM improves in Q2 2017 Q2 2017 Average % of active funds outperforming
More informationGlobal Equities New approaches for investing in global equities
Global Equities New approaches for investing in global equities February 2017 This publication is intended for Professional Clients only and should not be distributed to or relied upon by Retail Clients.
More informationEmerging markets FX and capital flows FX analyst Camilla Viland September 7th 2016
Emerging markets FX and capital flows FX analyst Camilla Viland September 7th 216 Stronger commodity currencies in 216 Argentine peso hammered EME trade weighted currencies JPMorgan indices, % change since
More informationMonthly Commentary Emerging Markets Debt
HSBC Global Asset Management November 2010 Monthly Commentary Emerging Markets Debt Emerging Markets Debt Core Supplemental information and characteristics for periods ending November 30, 2010 Month Year-to-date
More informationETF Flows Slow, But Fly Past Annual Record
Informed Investor: Money Monitor December 1 By Marlène Hassine Konqui, Head of ETF Research and Kristo Durbaku, ETF Research Analyst ETF Flows Slow, But Fly Past Annual Record European ETF market flows
More informationWhat happened last month?
1 Informed Investor: Money Monitor February 219 By Marlène Hassine Konqui, Head of ETF Research and Kristo Durbaku, ETF Research Analyst European ETFs flows accelerate Net new assets in the European ETF
More informationAccessing onshore China
Accessing onshore China Alan Yau Director, Institutional Client Management only intended for professional investors as defined by MiFID Old Chinese proverb: When out of doors, never show your silver Investing
More informationR I S K M A N A G E M E N T D I S C U S S I O N. October 2016
October 2016 Markets Today: Considerations for Public Sector Entities Markets have changed significantly over the last decade, specially after the 2008 crisis. Regulators around the world have increased
More informationThe Q2 Global Growth Scare is Overdone. Jan van Eck, CEO Charles Cameron, Investment Committee
August 2018 Research Outlook: The Q2 Global Growth Scare is Overdone Jan van Eck, CEO Charles Cameron, Investment Committee In this presentation, we discuss certain economic and market factors that we
More informationSenior Loans: Potential to provide stable returns in uncertain markets Graham Rainbow
Senior Loans: Potential to provide stable returns in uncertain markets Graham Rainbow Alcentra Limited is the investment manager of the Clareant European Loan Fund (the Fund ) and is part of the BNY Mellon
More informationETF flows slow again in an uncertain environment
1 Informed Investor: Money Monitor October By Marlène Hassine Konqui, Head of ETF Research and Kristo Durbaku, ETF Research Analyst ETF flows slow again in an uncertain environment Net new assets in the
More informationFlash Note Emerging market currencies
FLASH NOTE Flash Note Emerging market currencies Our EM scorecard gives good marks to real and rouble Pictet Wealth Management - Asset Allocation & Macro Research 9 February 2018 Our EM FX scorecard ranks
More informationHSBC Global Investment Funds - India Fixed Income
HSBC Global Investment s - India Fixed Income SG Share Class AC AC 30/04/2018 Objective and Strategy The aims to provide long-term total return (meaning capital growth and income) by investing in a portfolio
More informationWhat happened last month?
1 Informed Investor: Money Monitor November By Marlène Hassine Konqui, Head of ETF Research and Kristo Durbaku, ETF Research Analyst Strong rebound for European ETFs Net new assets in the European ETF
More informationMonthly European ETF Market Trends 2013 in brief
LYXOR ETF BAROMETER JANUARY 214 Monthly European ETF Market Trends 213 in brief Lyxor ETF Marlène Hassine Head of ETF Research +33 1 42 13 59 56 marlene.hassine@lyxor.com 213 has been another strong year
More information32 % 39 % of all active managers outperformed their benchmark vs. 44% in 2017.
1 Informed Investor: Manager Monitor Q1 2018 Q1 2018: Difficult start of the year for active managers By Marlène Hassine Konqui, Head of ETF Research and Kristo Durbaku, ETF Research Analyst Slight decline
More informationKazakhstan s CDS and bond yields on the rise
RESEARCH AND KNOWLEDGE MANAGEMENT 22 September 2017 Kazakhstan s CDS and bond yields on the rise Tenge has weakened by 1.5% in the past two weeks to 340.4/USD on 21 September. NBK expects tenge to remain
More informationHSBC Global Investment Funds - India Fixed Income
HSBC Global Investment s - India Fixed Income SG Share Class AC AC 31/03/2018 Objective and Strategy The aims to provide long-term total return (meaning capital growth and income) by investing in a portfolio
More informationEmerging Markets Debt: Outlook for the Asset Class
Emerging Markets Debt: Outlook for the Asset Class By Steffen Reichold Emerging Markets Economist May 2, 211 Emerging market debt has been one of the best performing asset classes in recent years due to
More informationEuropean Equity Update
European Equity Update Matt Williams, Director, European Equities May 2017 Flow as a % of AUM Yield spread European equities are not popular Positioning Significant outflows from the region... driven by
More informationSeventh City of London Biennial Meeting 2013
Seventh City of London Biennial Meeting 2013 Looking Ahead with Optimism and Realism The World in Recovery: Global Currency Trends George Athanasopoulos Group Managing Director Co-Head of Global Foreign
More informationGlobal Convertible Bonds Investment Rationale
Marketing material for professional investors or advisers only Global Convertible Bonds Investment Rationale Strategy overview 10 year Schroders has been offering convertible bond strategies now for ten
More informationGlobal Emerging Market Equity. New approaches to investing in emerging market equity. December 2016
Global Emerging Market Equity New approaches to investing in emerging market equity December 216 This document is intended for Professional Clients only and should not be distributed to or relied upon
More informationWhere is the króna headed? Exchange rate will remain fragile in the short term. Good long-term outlook for the króna
The Icelandic króna April 28 Where is the króna headed? The ISK exchange rate bears the hallmarks of an overshooting that will readjust itself in the longer term. In the short term, however, the króna
More informationHSBC Global Investment Funds - India Fixed Income
HSBC Global Investment Funds India Fixed Income SG Share Class 30/04/2018 Fund Objective and Strategy The Fund aims to provide longterm total return (meaning capital growth and income) by investing in
More informationMorgan Stanley Investment Funds Global Balanced Risk Control Fund of Funds
Investment management For Marketing Purposes Only FACTSHEET DATA AS OF October 31, 2017 Morgan Stanley Investment s Global Balanced Risk Control of s Investment objective Seeks an attractive level of total
More informationCredit Suisse Swiss Pension Fund Index Q1 2018
Credit Suisse Swiss Pension Fund Index Q1 2018 Q1 2018: 1.33% Performance correction in Q1 2018 Negative contribution from all asset classes except real estate and mortgages Equity component shows a fall
More informationP R O F E S S I O N A L S O N LY. Milan IFTA Conference "Sailing to the Future" October 2017
P R O F E S S I O N A L S O N LY Milan IFTA Conference "Sailing to the Future" October 2017 Frédéric Leroux Global Fund Manager Head of Cross Asset Team 2 The Importance of Being a Risk Manager 3 Over
More informationSchroder ISF Global Conservative Convertible Bond. Schroder ISF Asian Convertible Bond
Marketing material for professional investors and advisors only. Convertible Bonds Schroder ISF 1 Global Convertible Bond Schroder ISF Global Conservative Convertible Bond Schroder ISF Asian Convertible
More informationThe case for lower rated corporate bonds
The case for lower rated corporate bonds Marcus Pakenham Fixed income product specialist December 3 Introduction Where should fixed income investors be positioned over the medium term? We expect that government
More informationCapital International Fund (CIF)
Capital International Fund (CIF) Simplified Prospectus CIF Global Equity Fund CIF All Country Equity Fund CIF European Equity Fund CIF Japan Equity Fund CIF Asia Pacific (All Countries) ex-japan Equity
More informationSKAGEN Tellus Statusrapport maj 2017
SKAGEN Tellus Statusrapport maj 2017 Key numbers as of 31 May 2017 SEK, net of fees May QTD YTD 1 years 3 years 5 years Since inception* SKAGEN Tellus 0,37 % -1,9% 0,61 % 7,46 % 5,66 % 5,71 % 5,54 % JPM
More informationHSBC Global Investment Funds Global High Yield Bond
Important information: The Fund invests primarily in non-investment grade and unrated bonds. For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses.
More informationFX Viewpoint. Tuesday, January 10, Asia Net portfolio capital inflow update
FX Viewpoint Tuesday, January 1, 217 Asia Net portfolio capital inflow update The net portfolio flow situation has improved in recent weeks (including in the opening week of this year). If the broad dollar
More informationPost QE2 The Dollar to rally? --- The verdict
Post QE2 The Dollar to rally? --- The verdict Suresh Kumar Ramanathan Regional Rates/FX Strategist suresh.ramanathan@cimb.com +6 03 2084 9775 June 2011 3 camps with 3 different views Gradual exit - Doves
More informationAsset Management Solutions for Global Corporations
Asset Management Solutions for Global Corporations For Professional Client and Institutional Investor use only Non-contractual document At HSBC Global Asset Management, we offer Global Corporate clients
More informationHSBC Portfolios - World Selection 4
HSBC Portfolios - World Selection 4 J Share Class ACHGBP 30 Sep 2018 ACHGBP 30/09/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning capital
More informationEM FX Doing the rounds Nordea Research, 14 February 2014
M FX Doing the rounds Nordea Research, 14 February 2014 Deanie Marie Haugaard Jensen Global Research +45 3333 3260 @deaniemhj Deanie.haugaard@nordea.com Near-term relief amid a stream of positive news
More informationHedge Funds. HSBC Funds of Hedge Funds Monthly Investment Report. September HSBC Alternative Investments Limited. For Existing Investors Only
Hedge Funds HSBC Funds of Hedge Funds Monthly Investment Report September 2013 HSBC Alternative Investments Limited For Existing Investors Only Contents 1. Investor Letter 3 2. Performance Overview 4 3.
More informationQ3 2017: A poor quarter for active managers
For professional clients only* 1 Informed Investor: Manager Monitor 2017 2017: A poor quarter for active managers By Marlène Hassine Konqui, Head of Research and Clément Chaulot, Fund Analyst 2017 Average
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More informationNOTICE TO SHAREHOLDERS OF. Nordea 1 European Opportunity Fund AND. Nordea 1 European Value Fund
NOTICE TO SHAREHOLDERS OF Fund AND It is brought to the attention of the shareholders of Fund and that the board of directors of (the Board of Directors ) has decided to merge the assets and liabilities
More informationDNB SICAV High Yield. Monthly report - March 2018
Monthly report - March 2018 140 120 100 80 60 40 20 0 (Net) BCGAXJPXC9 (Gross) Nov-15 May-16 Nov-16 May-17 Nov-17 Key figures Fund Index YTM 5.8 1.8 Effective duration 0.9 6.7 Credit duration 3.2 1.5 Volatility
More informationLatin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns
Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns October 11, 211 Agenda Latin America Sovereigns: Ratings Trajectory In A Weakening Global Environment
More informationIntragroup Margin Exemption Disclosure Under The European Market Infrastructure Regulation
Intragroup Margin Exemption Disclosure Under The European Market Infrastructure Regulation The European Market Infrastructure Regulation (EMIR) sets out minimum risk-mitigation techniques that apply to
More informationEmerging Markets Currencies Strategy (EMCS)
Emerging Markets Currencies Strategy (EMCS) In the late 1980s we postulated the concept of baby markets and that such infant markets lend themselves better to systematic trading than mature markets. In
More informationCapital Market Press Conference 2013 / Frankfurt, 5 December 2013
Capital Market Press Conference 2013 / 2014 Frankfurt, 5 December 2013 Key financial figures of KfW Group (IFRS) 2013: Solid business performance, decreasing profit, very sound capital basis 2011 2012
More informationMONTHLY BANKING MONITOR
TURKEY MONTHLY BANKING MONITOR NOVEMBER DECEMBER 7TH Global Developments Financial stress for EM rose in November, due to US elections and increase in the probability of a Fed rate hike in December BBVA
More informationFX Viewpoint. Wednesday, October 12, Asia Net portfolio capital inflow update
FX Viewpoint Wednesday, October 12, 216 Asia Net portfolio capital inflow update Corporate FX & Structured Products Tel: 69-1888 / 1881 Fixed Income & Structured Products Tel: 69-181 The net capital inflow
More informationAlternative Risk Premia strategies: what have we learned so far? Part 1 Diversifying but diverse
Alternative Risk Premia strategies: what have we learned so far? Part 1 Diversifying but diverse Strategy update: HSBC Multi Asset Style Factors June 2018 Authors Mathieu Guillemet, Portfolio Manager HSBC
More informationEastspring Investments Asian High Yield Bond Fund
Factsheet Singapore February 2018 All data as at 31 January 2018 unless otherwise stated Eastspring Investments Asian High Yield Bond Fund RATINGS Class A Morningstar Overall Rating QQQ FUND DETAILS Fund
More informationMoving On Up Investing in Today s Rate Environment
Moving On Up Investing in Today s Rate Environment Presented by PFM Asset Management LLC Steve Faber, Managing Director Gray Lepley, Senior Analyst, Portfolio Strategies September 18, 2018 PFM 1 Today
More informationSKAGEN Tellus Status Report February 2017
SKAGEN Tellus Status Report February 2017 Key numbers as of 28 February 2017 EUR, net of fees February QTD 2016 1 years 3 years 5 years Since inception* SKAGEN Tellus 1,6% 0,7% 5,7% 5,5% 5,9% 4,7% 5,4%
More informationFX Viewpoint. Wednesday, September 28, Asia Net portfolio capital inflow update
FX Viewpoint Wednesday, September, 216 Asia Net portfolio capital inflow update Corporate FX & Structured Products Tel: 69-1888 / 1881 Fixed Income & Structured Products Tel: 69-181 The net capital inflow
More informationSKAGEN Tellus Statusrapport april 2017
SKAGEN Tellus Statusrapport april 2017 Key numbers as of 30 April 2017 (SEK, net of fees) April QTD YTD 1 years 3 years 5 years Since inception* SKAGEN Tellus 0,03% 0,03% 0,24% 9,31% 6,62% 6,06% 5,55%
More informationMarket Review: FX Themes, Valuation & JPY Flow Update
Market Review: FX Themes, Valuation & JPY Flow Update Derek Halpenny European Head of Global Markets Research European Central Bank 29 th January 2015 Bank of Tokyo-Mitsubishi UFJ Ltd A member of MUFG,
More informationLearning objectives. Investors should leave the presentation with an ability to discuss
Learning objectives Investors should leave the presentation with an ability to discuss the fundamentals and valuations of emerging markets economies in 2018 the key risks of emerging market debt in 2018
More informationFirst Quadrant Emerging Market Debt
First Quadrant Emerging Market Debt FQ Insight by Jeppe Ladekarl and Matthew Michelson, PhD Strategy Overview The First Quadrant Emerging Market Debt () strategy s objective is to provide riskcontrolled
More informationInvestec Structured Return Note. 10 January 2019
Investec Structured Return Note 10 January 2019 Table of contents Page Introduction and overview 3 Investec Structured Return Note pay-off 5 Return comparison to inflation, rates, equity and balance funds
More informationThe Outlook for Emerging Market Debt
The Outlook for Emerging Market Debt March 3, 2016 Rob Drijkoningen Global Co-Head Emerging Markets Debt Hemant Bedarkar Relationship Manager Rob.drijkoningen@nb.com Tel: +31 (0)70 777 95 30 Hemant.bedarkar@nb.com
More informationSchroder 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 informationGeneral debt-related data. page 3
18 19 1 3 4 5 6 7 8 9 3 31 3 33 34 35 36 37 38 39 4 41 4 43 44 45 46 47 MonthlyBulletin n 3 3 4 M a r c h 1 8 Publication manager: Anthony Requin Editor: Agence France Trésor Available in Arabic, Chinese,
More informationGLOBAL FIXED INCOME OVERVIEW
2016 Global Market Outlook Press Briefing GLOBAL FIXED INCOME OVERVIEW Edward A. Wiese, CFA, Head of Fixed Income November 18, 2015 Global Fixed Income Outlook: Summary Environment Developed market yields
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationMan AHL Diversified Markets EU
This material is of a promotional nature. Man AHL Diversified Markets EU FUND AIM Man AHL Diversified markets EU provides investors access to the AHL Diversified Programme. It aims to generate returns
More informationUSDKZT volatility hit a two-year low
RESEARCH AND KNOWLEDGE MANAGEMENT 22 November 2017 USDKZT volatility hit a two-year low USDKZT traded in the range of 330-334/USD in the past two weeks with a 30-day historical volatility touching a 2-year
More informationOpportunities 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 informationEuropean Smart Beta ETF Market Trends Q in brief
LYXOR ETF Research APRIL 217 OR PROFESSIONAL CLIENTS WITHIN THE MEANING OF MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE 24/39/EC. IT IS NOT DIRECTED AT RETAIL CLIENTS. 1 European Smart Beta ETF Market Trends
More informationInformation to the Unitholders
Luxembourg, November 3, 2017 Information to the Unitholders CREDIT SUISSE FUND MANAGEMENT S.A. Registered office: 5, rue Jean Monnet, L-2180 Luxembourg R.C.S. Luxembourg B 72 925 (the Management Company
More informationPublication for professional investors In-depth insights from NN Investment Partners
In-depth insights from NN Investment Partners FocusPoint The Case for Emerging Market Corporate Debt NN Investment Partners Corporate Emerging Market Debt team illustrates the attractiveness of emerging
More informationWhy are more sovereigns issuing in Euros?
Why are more sovereigns issuing in Euros? CHOOSING BETWEEN USD AND EUR- DENOMINATED BONDS Antonio Velandia Rodrigo Cabral Financial Advisory & Banking March 2018 Agenda Foreign currency risk The currency
More informationFX Viewpoint. Wednesday, September 14, Asia Net portfolio capital inflow update
FX Viewpoint Wednesday, September 14, 216 Asia Net portfolio capital inflow update Corporate FX & Structured Products Tel: 69-1888 / 1881 Fixed Income & Structured Products Tel: 69-181 Risk of the short
More informationFX Viewpoint. Tuesday, January 17, Asia Net portfolio capital inflow update
FX Viewpoint Tuesday, January 17, 217 Asia Net portfolio capital inflow update The net portfolio inflow environment in Asia remains largely supportive and should bolster the regional currencies if the
More informationMorgan Stanley Investment Funds Asia Opportunity Fund
Investment management For Marketing Purposes Only FACTSHEET DATA AS OF October 31, 2017 Morgan Stanley Investment Funds Asia Opportunity Fund Investment objective Seeks long-term capital appreciation by
More informationConfronting the Global Crisis in Latin America: What is the Outlook? Coordinators
Confronting the Global Crisis in Latin America: What is the Outlook? Policy Trade-offs May for 20, Unprecedented 2009 - Maison Times: Confronting de l Amérique the Global Crisis Latine, America, ParisIADB,
More informationHSBC Portfolios - World Selection 2
HSBC Portfolios - World Selection 2 J Share Class ACHGBP 31 Oct 2018 ACHGBP 31/10/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long term total returns (meaning income
More informationMonitorING Turkey ING BANK A.Ş. Further fiscal support in the Medium Term Plan. Emerging Markets 4 October 2017
q ING BANK A.Ş. ECONOMIC RESEARCH GROUP MonitorING Turkey October 17 Emerging Markets October 17 USD/TRY MonitorING Turkey Further fiscal support in the Medium Term Plan In 17, accelerated spending and
More informationEUR-USD USD-JPY AUD-USD USD-SGD GBP-USD** XAU-USD** Spot Support
FX STRATEGY 0 December 0 The comments represented in this publication are made on the basis of a week outlook Contents EUR USD Pg USD JPY Pg AUD USD Pg USD SGD Pg 5 GBP USD Pg 6 XAU USD Pg 7 Interest rate
More informationOutlook 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 informationCredit Suisse Swiss Pension Fund Index Q2 2017
Credit Suisse Swiss Pension Fund Index Q2 217 YTD 217: 3.94% Q2 217: 1.15% Positive second quarter, with slowdown in June Significant positive contribution from Swiss equities in reporting quarter Sharp
More informationROMANIA March Gemloc Conference
ROMANIA 12-14 March 2014 Gemloc Conference Stefan Nanu General Director Treasury and Public Debt Department Ministry of Public Finance Diana Popescu Deputy General Director Treasury and Public Debt Department
More informationChallenges to monetary policy in the EMEs
Challenges to monetary policy in the EMEs A view into the Brazilian Case Governor of the Banco Central do Brasil Ilan Goldfajn November 18th, 2017 Outline Benign international conditions and Emerging Markets
More informationMexico: Dealing with international financial uncertainty. Manuel Sánchez
Manuel Sánchez United States Mexico Chamber of Commerce, Chicago, IL, August 6, 2015 Contents 1 Moderate economic growth 2 Waiting for the liftoff 3 Taming inflation 2 Since 2014, Mexico s economic recovery
More informationSpecial Edition. Special Edition. of the Credit Suisse Swiss Pension Fund Index
Special Edition Special Edition of the Credit Suisse Swiss Pension Fund Index Pension Fund Index loses 1.83 percent in January 2015 January s negative performance is also reflected in the asset allocation
More informationCITI Bank Bangkok branch. Set B Capital Item1 Capital Structure Table 2 Capital of Foreign Banks Branchs Unit : THB. Item June 30, 2009
CITI Bank Bangkok branch Set B Capital Item1 Capital Structure Table 2 Capital of Foreign Banks Branchs Unit : THB Item June 30, 20 1 Assets required to be maintained under Section 32 17,753,449,882.45
More information