Fixed Income – Page 59
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Asset Class Reports
Emerging Market Debt: Grade deflation
Take out the 2008-09 crisis, and the past 18 months have seen emerging market credit rating downgrades outnumber upgrades for the first time in over a decade. Joseph Mariathasan asks if the loss of momentum in ratings convergence is a sign of weakening fundamentals or a return to old prejudices
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Asset Class Reports
Emerging Market Debt: Default judgement
The US Supreme Court judgement that led to Argentina’s eighth debt default is an alarming precedent for both emerging and developed sovereigns, argues Rani Mina
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News
ATP half-year investment return doubles to 9.4% aided by equities
Group halves hedging losses to DKK741m, down from DKK1.5bn losses seen during first six months of 2013
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NewsDanish roundup: Industriens Pension, Sampension, Lærernes Pension
All three pension providers see strong returns, partially aided by strong domestic stock market growth
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NewsGovernment Pension Fund Global cites 'particularly strong' EM equity returns
Sovereign fund warns banks it will push for separation of chairman and chief executive in systemically important institutions
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News
PKA doubles stake in troubled tyre recycler as part of rescue deal
Loss booked by Danish pensions firm in Q2 reported to be DKK830m, following initial investment of DKK1bn
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News
Norwegian oil fund to publish voting intentions from 2015
Government Pension Fund Global to publish intentions for ‘selected companies’
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News
French investors launch Europe’s first project bonds for digital infrastructure
Deal to give Axione Infrastructures €189.1m for rollout of superfast broadband
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News
Nordic pension funds lament reporting impact on asset allocation
Ilmarinen, SEB say quarterly reporting, short-term peer comparisons ‘detrimental’ to strategies
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News
PIMCO warns of sustained periods of uncertainty in fixed income market
Deputy CIO predicts ECB will be forced into asset purchases if it takes 2% inflation target ‘seriously’
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News
ATP to boost real estate allocation with Danish, Northern European buys
Pension fund targets inflation-adjusted cashflows from prime real estate
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News
Achmea shifts portfolio from government bonds to credit
NETHERLANDS – Insurer divests nearly €800m in Dutch, German and French government bonds.
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News
Advisory panel sends pension reform recommendations to French government
FRANCE – Government-commissioned report recommends limit on pensions indexation
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News
European Parliament approves new rules for ratings agencies
EUROPE – New legislation limits number of unsolicited sovereign ratings per year.
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News
Inflation index changes could have 'huge implications' for pension funds
UK – NAPF policy director wary of ‘rewiring’ how retail prices index is calculated.
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News
UK's debt office should issue amortising bonds, says Hymans Robertson
UK – DMO should listen to market demand when considering issuance of new maturities.
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News
Pension fund for doctors re-allocates bonds to Germany, Netherlands
SPH also maintains cash overweight in equity portfolio to protect coverage ratio of 128%.
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News
UK government's issuance of CPI-linked bonds 'inevitable', banks say
Respondents to F&C survey ‘overwhelmingly’ agree DMO is likely to issue CPI-linked bonds.
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News
Figures show CPI shift could reduce pension by third
Department for Work and Pension figures see £61bn savings from shift for scheme sponsors.
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News
AGI warns on German Bunds
EUROPE – Allianz Global Investors (AGI) has cautioned against exposure to German Bunds, arguing that the European Union’s bailout package means the country will further lose its status as a investment safe haven.
