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財務インテリジェンスの利点へようこそ

Financial Intelligence: 最新

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  • IGM Credit, IGM FX and Rates

    China Insight: Implications of CGB Inclusion in The WGBI

    As widely expected, FTSE Russell on 24 Sep in the New York afternoon announced that China Government Bonds (CGBs) will be included into the World Government Bond Index (WGBI), effective Oct 2021. Major investment banks estimate that CGBs would receive a weighting of around 5.7% in the WGBI. Assuming AUMs benchmarked to WGBI index is around USD2.5tn, the inclusion would result in USD142bn inflows to the CGB market. Assuming the phasing-in will last for 20 months, same as the time frame set for Bloomberg Barclay's Global Aggregate Index inclusion, CGBs will receive USD7bn inflows per month as a result of WGBIs month-end rebalancing. Once included, China will become the second highest-yielding country in the WGBI (chart 1), which should be very appealing to yield-seekers.

    Topic industry-news

  • zephyr

    Ryan Nauman's Weekly Recap: COVID-19 Market Edition 09.21.20

    Data from the red-hot housing market continues during the upcoming week with the release of existing and new home sales. Both numbers should be strong, particularly new homes, as we found out this week the confidence for home builders is at record highs due to the increase in demand for new homes, as limited existing home inventory has pushed buyers to build. Additionally, the manufacturing and services PMIs for September will be released on Wednesday. After rising above the breakpoint level of 50, which signals expansionary conditions, the question remains will both PMIs continue to signal expansion. Ryan Nauman's Weekly Recap: COVID-19 Market Edition and subscribe to have it delivered to your inbox each week!

    Topic Industry News

  • EPFR

    Quants Corner - Factor flow: Augmenting the toolkit.

    EPFR subscribers have traditionally looked at the kinds of funds money is moving into. Active or passive? ETF or mutual fund? Equity or Bond? Energy or Technology? They have also looked at where: Pacific or Europe, Global or GEM. They have usually overlooked factors. Based on their prospectus, EPFR’s data team classifies funds by Style (Growth/Value/Blend), Size (Large/Mid/Small) and Social Responsibility (ESG/not ESG). However, merely by looking at past returns, it is also possible to also classify funds by Momentum, Reversal, Volatility, Beta and Oil Sensitivity. Finally, to add icing to the cake, it is possible to classify funds based on Flow. This blog details what happens, both in terms of additional information and for returns, when you break down money flow in terms of these factors.

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    China Insight: Liquidity Remains Tight, Despite Sizeable MLF

    PBOC on 15 September conducted a CNY600bn 1-year medium-term lending facility (MLF), more than enough to roll over the same type of facility (sized at CNY200bn) that expired in the same week. Despite the rate being unchanged at 2.95%, the facility size was large enough to stir up speculation over a possible re-emergence of a looser liquidity environment before and after the upcoming Golden Week holiday. However, what actually happened over the rest of the week suggested the surprisingly large MLF operation was mainly aimed at supporting market sentiment before the CGB auction held on 16 September. As soon as the auction was wrapped up, PBOC immediately showed its reluctance to let liquidity go any looser again. On 17 Sep, PBOC only conducted a small-sized 7-day OMO reverse repo, resulting in a re-emergence of net liquidity withdrawal.

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    The Context 09.21.20

    Read more from The Context and subscribe to have it delivered to your inbox each week!

    Topic industry-news

  • zephyr

    Ryan Nauman's Weekly Recap: COVID-19 Market Edition 09.14.20

    The week ahead will be highlighted by the Federal Reserve (Fed) meeting announcement and Chairman Powell’s follow-up press conference. It is well documented that the Fed plans on keeping interest rates low for the foreseeable future as the central bank has laid their monetary policy on the table so there shouldn’t be much anticipation in terms of their rate policy. However, many may want to listen to their economic forecasts and expectations moving forward. As for economic data, the week contains multiple releases from the red-hot housing market. Additionally, retail sales for the month of August will be released which will be widely watched as the pace of sales slowed in July. Finally, consumer sentiment will be updated, which is an important indicator for consumer spending and the potential health of the economy. Ryan Nauman's Weekly Recap: COVID-19 Market Edition and subscribe to have it delivered to your inbox each week!

    Topic Industry News

  • IGM Credit, IGM FX and Rates

    China Insight: Bond yields see upside risk as deleveraging in play

    Interbank liquidity tightening during August coincided significantly with the policymakers' introduction of a set of new regulatory measures targeted for property developers. PBOC and the Ministry of Housing and Urban-Rural Development (MOHURD) in mid-Aug had a meeting with major property developers in Beijing on the new rules set to monitor property developers' funding and financing outlook. The new rules include: (1) debt-to-asset ratio must not exceed 70% after contract liabilities; (2) net gearing must not exceed 100%; and (3) Cash-to-short-term debt ratio has to be not less than 1. Developers who fail to meet these requirements are required to submit an action plan by the end of Sep on how to reduce their debt levels within a year and meet all the above three requirements within 3 years. A significant fall in structured deposits and ordinary deposits since the beginning of the year (chart 1) suggests a lot of money has been poured into the real estate market again. That's reflected in the rapid rise in real estate FAI year-to-date (chart 2). Against this backdrop, policymakers have found it necessary to curb the pace of property developers' re-leveraging before it's too late.

    Topic Industry News

  • IGM Credit, IGM FX and Rates

    The Context 09.14.20

    Read more from The Context and subscribe to have it delivered to your inbox each week!

    Topic industry-news

  • EPFR

    Quants Corner - China rising STAR - the new board is being talked up as a challenger to the US Nasdaq

    In mid-July of last year China launched the Shanghai Stock Exchange Science and Technology Innovation Board in Shanghai. Better known as the Star Market, the new board is being talked up as a challenger to the US Nasdaq. Twelve months later, the new board lists over 120 firms and is on its way to becoming one of Asia’s most valuable stock markets. Its ability to attract Chinese technology company listings and initial public offerings (IPOs) has been boosted by US threats to kick Chinese companies out of major American exchanges. But how real is Star Market’s challenge to Nasdaq? And just how high can it rise?

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    APAC US$ SUPPLY STATS: Issuance declines in August but by less than usual

    The month of August is a typically subdued affair in the APAC US$ primary bond market, with only the month of December producing less issuance volume in the past couple of years. However, while supply did indeed decline sharply from what was a busy month in July, the US$28.577bn of total issuance (including Japan) that did materialize in August 2020 did at least mark a decent jump from those previous year's volumes. That in a month which continued to offer regional issuers across the rating spectrum attractive funding opportunities, supported by a keenness of yield-hungry investors to add inventory in the low rate environment, consistent with a broader appetite for risk.

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    China Insight: USD/CNH Set to Bounce as Biden’s Lead Narrows

    USD/CNH reached as low as the 6.81 level at the beginning of this month. Recall, we said in the previous issue of this publication: "USD/CNH will be at 6.80 when 50% of a rollback of List 3 tariffs is fully priced and at 6.65 when 100% of a rollback is priced". Based on this assumption, we believe USD/CNH for now has already largely priced in a victory of Biden, who did say in early-August that he would remove the tariffs on China if he won the election in November. While FX players were still confident that Biden would defeat Trump in the election, we noted a few days ago Biden's clear lead over Trump as suggested by the betting odds (chart 1) no longer exists. As such, we won't be surprised if Biden fails to maintain his lead over Trump in some of the major polls before the first presidential debate takes place on 29 September. Because the market is very sensible, there is a good chance USD/CNH is already starting to price out some optimism over Biden's odds. Therefore, the risk of a bounce for USD/CNH from here should not be underestimated. In our view, 6.88-6.90 is reachable in the near term.

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    The Context 09.07.20

    Read more from The Context and subscribe to have it delivered to your inbox each week!

    Topic industry-news

  • EPFR

    Quants Corner - Fund Flows as Currency Allocator: Predicting the fall of the dollar?

    Can quantitative lightning strike twice? Srimurthy et al.[1] demonstrated the utility of fund flows as a predictor for equity markets at the country level. The model discussed in that paper uses flows into countries -- expressed as a percentage of assets invested by EPFR-tracked equity funds in those countries -- from funds that have a mandate to invest in more than one market, compounded over the latest available four weeks. What happens when you apply the same approach at the currency level? Interestingly, it works. The only change required is that the Eurozone be treated as one big country. To illustrate, we’ll look at the behavior of the US dollar over a period running from mid-June to mid-August. For the four weeks ending July 8, America’s currency enjoyed the highest cross-border equity flows among G10 currencies. Five weeks later, by August 12, the dollar had plummeted to the bottom bucket. This blog explores why this happened and what it might portend for the dollar in future...

    Topic Industry News

  • psn-sma

    Facts Behind PSN Separately Managed Account (SMA) Data

    Facts Behind PSN Separately Managed Account (SMA) Data

    Topic industry-news

  • IGM Credit, IGM FX and Rates

    China Insight: USD/CNH is Pricing Biden’s Removal of Tariffs

    Joe Biden said in an interview on 5 August that he would remove Donald Trump's tariffs on imports from China if he won the presidential election in November. Biden's remark was taken very seriously by the markets as he has been holding a clear lead over Trump in polls since the beginning of Q2. With specific regard to USD/CNH FX, a clean breach of July's month-low 6.9645 came immediately after Joe Biden said he would remove the tariffs on China. Since then, the pair has been pricing a potential rollback of the existing US tariffs on Chinese imports.

    Topic industry-news

私たちの専門

Portfolio Performance | Financial Intelligence

ポートフォリオパフォーマンス

生データを利用可能な情報と実行可能な情報に変換します。当社は、ポートフォリオの業績のあらゆる側面を網羅し、効果的かつ法令遵守のために最も正確でタイムリーなデータを提供しています。
Investment analysis and reporting | Financial intelligence

投資分析と報告

重要な決定を下し、市場で最も堅牢な投資分析ツールを使用してビジネスを推進します。社内のプロセスを改善するだけでなく、私たちの数学と研究能力は、あなたの話を顧客に伝えるのに役立ちます。
Market data insight | Financial intelligence

市場データと洞察

データと洞察力を駆使して、投資判断を迅速に行います。当社の一連のツールは、有名な市場アナリストの支援を受けて、世界の金融市場に独立した行動可能なインテリジェンスをもたらします。
Market research | Financial intelligence

市場調査

最先端の財務情報と重要な意思決定インテリジェンスでビジネス戦略を磨きます。私たちのカスタムデザインの研究、洞察、分析のプログラムは、あなたの目標を達成するためのツールを提供します。
Licensing and media partnerships | Financial intelligence

ライセンスとメディアのパートナーシップ

広告収入。トラフィック。ブランド認知。マーケティングの成功。これがメディアパートナーに提供するものです。私たちの名前、データ、広告の機会は、あなたの目標を達成するのに役立ちます。
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今後のイベント

23 Nov 2020 , 08:00

USA

Conference

FinovateWest Digital 2020

Theme
  • Business Intelligence