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EPFR - fund flow & allocations data

Dealing with inflated expectations

By Cameron Brandt 15 Oct 2021

Global Nav

Expectations for economic growth, US job creation and the transitory nature of inflation all took a knock during the second week of October as supply chain issues and rising energy prices continue to bite. Headline inflation for the US in September exceeded 5% for the third month running while new job creation was less than half of the expected total while the IMF trimmed another 0.1% off its global growth forecast. Investors responded by beefing up their exposure to inflation protected securities, pulling money out of the riskier fixed income fund groups and positioning themselves for short-term gains driven by the latest corporate earnings season. Both High Yield and Emerging Markets Bond Funds saw over $1.5 billion redeemed during a week when commitments to Inflation Protected Bond Funds hit an 11-week high. Overall, the week ending Oct. 13 saw EPFR-tracked Bond Funds post a collective net inflow of just $77 million. Equity Funds took in $11.8 billion, with a third of that total going to funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates, and Balanced Funds absorbed $1.4 billion.

Topic Industry News

IGM Credit

Global ESG Issuance Trends Q3 2021 Edition

By Michelle Kwek 15 Oct 2021

IGM Global ESG issuance trends

Global issuance of green, social and sustainability bonds tracked by IGM remained robust, totalling USD 192bn on 270 tranches in Q3. Q3's ESG supply represented the 3rd highest quarter of issuance on record and the highest issuance for Q3 despite volumes stepping back from the record issuance seen in Q1 and Q2. In relative terms, the ESG issuance boom has in fact ensued and represented a record 18% share of total global issuance in Q3 versus 17% in Q2 and 16% in Q1. Green bonds dominated the scene in Q3 and represented an even larger 50% share of total ESG issuance at USD 97.11bn versus 43% or USD97.99bn in Q2. All major ESG types are on track for record issuance this year and have already surpassed all of 2020's supply. In terms of growth momentum, the clear stand-out is sustainability linked bonds where supply is now 10 times that of 2020. The 10 largest tranches in Q3 were predominantly from Europe or cross border* issuers of which all were SSAs. The largest ESG deal was however not in Euros but via the GBP 10bn raised from the UK's debut green gilt, which drew record demand of GBP100bn+ (including JLM interest of 10bn). Peak book GBP 100bn+. Regionally, ESG issuance now represents 26% of total European ESG issuance, 16% of APAC issuance and a near 10% of US issuance, with an increasing volume of corporates noted to be tapping the US ESG market.

Topic Industry News ESG

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 10.12.21

By Ryan Nauman 11 Oct 2021

 Ryan Nauman's Weekly Recap: COVID-19 Market Edition 10.12.21

Following the second straight poor jobs report, the Federal Reserve is in a tough spot – does it move forward with tightening policies to slow inflation at the expense of the labor market? Well, this week the other shoe drops when the September consumer price index is released. A strong inflation print will put the Fed in a difficult position during their November meeting. In addition to a busy week for economic data releases, the third quarter earnings season picks up steam next week highlighted by big banks announcing their earnings. I will be paying close attention to what the banks have to say not only about the health of their businesses but the health of the overall economy.

Topic Industry News

EPFR - fund flow & allocations data

Caution reigns in early October

By Cameron Brandt 08 Oct 2021

Global Nav

The first week of October saw US lawmakers sparring over the country’s debt ceiling, authorities in China scrambling to limit the wider damage property giant Evergrande’s debt crisis may cause, and central bankers from Canada to Poland wrestling with the tradeoff between economic growth and rising prices. Faced with this unappealing cocktail, investors’ risk appetite slipped several notches during the first week of October. High Yield Bond Funds posted their first outflow since the second week of July, Emerging Markets Bond Funds experienced net redemptions for the third straight week and over $1.2 billion flowed out of Alternative Funds while Inflation Protected Bond Funds absorbed over $1 billion for the third time in the past four weeks. Appetite for exposure to socially responsible (SRI) or environmental, social and governance (ESG) themes remains strong. SRI/ESG Equity Funds extended an inflow streak stretching back to mid-3Q20 and year-to-date flows into SRI/ESG Bond Funds climbed past the $79 billion mark. Dedicated Cryptocurrency Funds also remained popular, with flows the highest in over four years, during a week when US officials said they have no plans to ban digital currencies.

Topic Industry News

IGM Credit

IGM Global Credit Snapshot

By Andrew Perrin 06 Oct 2021

Global

IGM Global Credit Snapshot | Thursday, 6th October 2021 - Primary market switches to a flurry of activity, volumes surge despite broader market volatility. - Prospects of higher rates entice borrowers to tap markets sooner rather than later. - US IG ex SSA issuance exceeds even highest Street estimate, Average NIC falls to near flat. - US SSA issuance recovers strongly to represent 20% of total IG issuance. - APAC US$ IG volumes surge, conditions conducive with average NIC lowest since Dec 2020. - APAC high yield supply jumps, though Evergrande keeps a lid on Chinese HY property developers. - European primary market picks up pace sharply, Enel SpA sells largest ever SLB corporate offering. - European covered bonds register record supply with a focus on the ultra-long end of the curve. - For more specific regional highlights see below.

Topic Industry News

EPFR - fund flow & allocations data

Betting on big markets in late September

By Cameron Brandt 01 Oct 2021

GNN

The third quarter of 2021 ended with investors continuing to whistle in the dark, committing fresh money to EPFR-tracked Equity and Bond Funds despite multiple risks to global growth. These include political brinkmanship over the US debt ceiling, the energy squeeze hitting China and parts of Europe, the winding down of programs implemented to buffer the initial shock of Covid-19, the pandemic’s evolution and the sustained rise in both producer and consumer prices. The final week of September saw Equity Funds pull in another $9.1 billion, capping their fourth consecutive quarterly inflow, while Bond Funds attracted another $7.9 billion that lifted their year-to-date total north of the $670 billion mark. Both groups have now exceeded the totals for their full-year records, set in 2013 and 2019 respectively.

Topic Industry News

EPFR - fund flow & allocations data

Drive performance with EPFR Hedge Fund Flows data

27 Sep 2021

EPFR

Drive performance with EPFR Hedge Fund Flows data

Topic Industry News

Zephyr Portfolio Analytics

Ryan Nauman's Weekly Recap: COVID-19 Market Edition 09.20.21

By Ryan Nauman 20 Sep 2021

Nauman

The week ahead is heavy on housing data, which has been red hot due to low inventory, rising input costs, and high demand. Additionally, we will get the flash PMI readings for the manufacturing and services industries. The most widely watched release will be the release of the FOMC’s September meeting announcement and Federal Reserve Chairman Jerome Powell’s follow up press conference. Inflation (CPI) has slowed in recent months which follow’s the Federal Reserve’s (Fed) stance that high inflation is temporary. Will the recent cooling of prices take pressure off the Fed to start tapering asset purchases later this year? The tapering question, along with any new signals regarding interest rate hikes and economic projections will be the highlights of the announcement.

Topic Industry News