Download PDF Introduction The supranational, sub-sovereign and agency (SSA) market sits on a highly niche portion of the general bond market, having composed of sovereign government issuers and private credit borrowers. The issuer landscape is made up of international institutions that have differing funding requirements, such as development banks, infrastructure Read more…
Download PDF Introduction In the business world, there are many words, some have strong meanings, others are buzzwords. Does the word “ESG” have a material impact in the asset management world, or is it just used as a marketing ploy? In this article, we seek to evaluate this question globally Read more…
Download PDF Illumina, Inc. (ILMN: NASDAQ) – market cap 01/10/2020: $45.5bn Grail – privately held Introduction On September 21st, 2020, the biotech pioneer Illumina agreed to buy the cancer screening start-up Grail in a $8bn deal. Illumina will pay $3.5bn in cash and $4.5bn in common stock to finance Read more…
Download PDF United States Last week the S&P 500 went up by 0.44% and closed at 3,348.44, whilst Dow Jones registered a weekly gain of 1.17%, finishing at 27,682.81. Hopes for another coronavirus-relief bill contributed to the recovery of the market after having four consecutive weeks of bearish trend. The Read more…
Download PDF Two years ago, in our article “Dollar repatriation? Different story told by cross-currency swap”, we have looked into the 2018 environment of the cross-currency basis market. This year has brought about a major funding crisis and that caused this topic to be worth revisiting since COVID-19 led to Read more…
Download PDF INTRODUCTION Nearly 2 years ago, we wrote our article titled “Investing in the ETF Era”, describing Exchange Traded Funds and their ever-expanding popularity and role in the world of finance (formulating a useful introductory reading to the world of ETFs). This trend hasn’t changed ever since then, Read more…
Download PDF Introduction Bullish tech valuations have companies flocking towards stock exchanges to make their debut on public markets. The IPO market is hot according to data from Zephyr, which says 53 companies worldwide went public in September1, a 331% increase compared to the same time last year. 22% Read more…
Download PDF CaixaBank (MCE: CABK.MC) – market cap as of 2/10/2020: €10.3bn Bankia (MCE: BKIA.MC) – market cap as of 2/10/2020: €3.55bn Introduction On the 18th of September, CaixaBank, a Spanish financial company, agreed to acquire in an all-share deal Bankia, a Spanish bank, valuing it at €4.3bn, a Read more…
Download PDF Introduction Tail-risk hedging strategies were once again on investors mouths, following the March 2020 drawdowns. April 2020 headlines were dominated by tail-risk hedge funds performance numbers and tenfold returns were not uncommon. By mainly incorporating complex option-based and CDS strategies, the funds look to minimize portfolio drawdowns in Read more…
Download PDF Introduction On July 17th 2020, in the midst of severe market volatility, Bill Ackman, the famed activist investor, raised the largest SPAC in history. With an IPO of $4bn, Pershing Square Tontine Holdings is just one of the many large SPAC fundraisings that have been conducted this year. Read more…
Download PDF United States Last week the S&P 500 went down by 0.63% and closed at 3,298.46, whilst Dow Jones registered a weekly loss of 1.75%, finishing at 27,173.96. These figures represent the fourth straight weekly fall for both indexes, the longest losing streak in over a year. Gloomy Read more…
Download PDF Introduction After stalling in winter and spring 2020 due to the coronavirus, M&A activity picked up over the summer, fuelled by a bullish stock market. The situation remains dire however: according to MergerMarket data, companies have struck €620bn worth of M&A deals in the three months Read more…
Download PDF NVIDIA Corporation (NVDA : NASDAQ) – market cap 24/9/2020: $305.1bn ARM Holdings – privately held by Softbank Introduction On the 13th of September, Softbank agreed to sell its UK subsidiary Arm Holdings to Nvidia in a $40bn deal. The cash-and-stock transaction will be the largest in the Read more…
Download PDF Introduction With the rise of High Frequency Trading (HFT), the market structure has evolved into a complex organism. The impact of HFT on markets in terms of altering dynamics, increasing volatility and in general, making markets fickler is indisputable. Whether this is for the better or worse for Read more…
Download as PDF SOFR On November 17, 2014, the Federal Reserve Bank established its own research group, the Alternative Reference Rates Committee, a commission composed by the major international banks, central counterparties and asset managers, with the support of the U.S. Department of Treasury, the U.S. Commodity Futures Trading Commission Read more…