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IGM Credit

What’s driving this quarter’s record ESG bond issuance?

22 Nov 2021

What’s driving this quarter’s record ESG bond issuance?

The global ESG bond market is on track to complete another impressive year in 2021, with large issue volumes and strong demand to date expected to continue. According to Informa Global Markets (IGM) data, the volume of new environmental, social and governance (ESG) bonds issued in the primary market has continued to set new highs into 2021...

Topic Industry News

EPFR - fund flow & allocations data

Shivers run through Europe and Japan as supply chains rattle

By Cameron Brandt 19 Nov 2021

GNN

The Japanese economy’s 3% contraction during the third quarter and the latest spike in natural gas prices pushed supply chain issues to the top of a lengthy list of investor concerns going into the second half of November. In the case of natural gas, the supply chain linking Europe with an increasingly assertive Russia is back in the spotlight. EPFR-tracked Europe Equity Funds posted their sixth outflow in the past nine weeks and Energy Sector Funds experienced their heaviest redemptions since mid-August as Russian troops built up along the Ukrainian border, Germany suspended certification of the Nord Stream 2 pipeline and the price of natural gas jumped to a four-week high. Tight energy supplies are a headwind for Japan, which imports nearly all of the oil it uses, and bread-and-butter supply chain issues ranging from lock downs in China to global shipping backlogs are also taking a toll. Japan Equity Funds recorded their biggest outflow since early March during the week ending Nov. 17.

Topic Industry News

EPFR - fund flow & allocations data

Earnings and inflation both roar in early November

By Cameron Brandt 12 Nov 2021

GNN

Four out of five US companies that have reported third quarter earnings exceeded consensus expectations. Meanwhile, three out of five US businesses report they raised prices in the past 90 days as headline inflation climbed to a 31-year high of 6.2% in October. Celebrate the pricing power of US companies? Accept that the Federal Reserve is behind the curve and allocate accordingly? Cling to the official narrative that inflation is transitory and will ebb as supply catches up with demand? Go green? Investors during the first week of November found themselves, as has been true for much of 2021, trying to square off a bewildering range of circles. From a fund flow perspective, the week ending Nov. 10 saw groups and themes that have fared well for most of 2021 continue to attract fresh money. Inflation Protected Bond Funds extended their current inflow streak to 51 weeks and $87 billion, Global Equity Funds extended a run of inflows stretching back to late 1Q20 and US Bond Funds took in fresh money for the 83rd time in the past 84 weeks. Equity Funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates pulled in over $5 billion and SRI/ESG Bond Funds posted a new weekly inflow record. Also hitting new highs were exchange traded funds (ETFs). Assets parked in the ETFs tracked by EPFR now exceed $10 trillion. These funds, which passively track an index, commodities or baskets of other assets and can be traded on stock exchanges, came into 2020 having hit the $7 trillion mark in early 4Q20. Since then, the pace of inflows has accelerated dramatically. Equity ETFs now account for a quarter of the assets held by all Equity Funds while 15% of all Bond Fund assets are lodged in ETFs.

Topic Industry News

EPFR - fund flow & allocations data

Investors feel the heat in early November

By Cameron Brandt 08 Nov 2021

GNN

The twin specters of inflation and the planet running hotter occupied investors going into November as the UN climate summit, COP26, got underway and central bankers in the US and UK met. SFlows to EPFR-tracked funds during the week ending Nov. 3 reflected the general focus on these themes. Ahead of the US Federal Reserve spelling out the tapering of its current asset purchasing program, at the rate of $15 billion a month, and the Bank of England’s Nov. 4 policy meeting, flows continued to rotate from fixed income to Equity Fund groups. During 3Q21, Bond Funds recorded an average weekly inflow of $16 billion versus $14 billion for Equity Funds. So far this quarter, flows into Equity Funds have averaged $20.5 billion versus $5 billion for Bond Funds. Investors looking for protection from inflation, or ways to keep ahead of its effects, also steered over $2 billion into Inflation Protected Bond Funds for the third time in the past four weeks, extended the current inflow streaks of Bank Loan, High Yield and Cryptocurrency Funds and boosted flows into Commodities Sector Funds to a 20-week high. Equity Funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates, meanwhile, chalked up their 65th consecutive inflow and largest since the second week of July. Year-to-date they have taken in twice as much money, in dollar terms, compared to their non-SRI/ESG counterparts. In % of AUM terms the gap is even more pronounced.

Topic Industry News

IGM Credit

IGM Global Credit Snapshot

By Andrew Perrin 04 Nov 2021

IGM

IGM Global Credit Snapshot | Thursday, 4th November 2021 - An Oktoberfest it was not, with primary market activity pulling back - Higher yields, inflation and expectations of reduced central bank support all undermine. - European primary market activity pulls back lead by unsecured FIG issuers; exception is high yield. - European corporate issuance falls significantly with NICS creeping up to highest average YTD. - APAC US$ primary market struggled to maintain fluidity, average NICS jump, cover ratios slip. - APAC China high yield supply grinds to a halt for 2nd time this year on property developer woes. - US IG issuance exceeded Street estimates however with record October volumes. - US IG ex SSA deals showing slight signs of investor fatigue, with highest average NIC this year. - For more specific regional highlights see below.

Topic Industry News

EPFR - fund flow & allocations data

Chasing earnings and keeping powder dry

By Cameron Brandt 29 Oct 2021

GNN

With four out of five US companies reporting third quarter earnings that beat expectations, US equity markets climbed to fresh record highs during the fourth week of October. Mutual fund investors climbed aboard the earnings bandwagon, steering $28 billion into EPFR-tracked Equity Funds. While focusing on the positive, however, those investors also shored up their defenses against inflation and the new taxes that may or may not emerge from the spending bills being pushed by US President Joseph Biden’s administration. Inflation Protected Bond Funds posted their second-largest weekly inflow so far this year, Bank Loan Funds took in fresh money for the 42nd time in the 43 weeks year-to-date and Cryptocurrency Funds chalked up their second record inflow since the beginning of the month. Staying close to cash proved popular, with Money Market Funds recording their biggest collective inflow since the fourth week of 2Q20. Overall, flows into those liquidity funds during the week ending Oct. 27 totaled $79.7 billion. Equity Funds absorbed $28 billion, Bond Funds $8.6 billion, Balanced Funds $2.4 billion and Alternative Funds $1.8 billion.

Topic Industry News

EPFR - fund flow & allocations data

Earnings growth wrestles inflation for control of market narrative

By Cameron Brandt 26 Oct 2021

GNN

Rising prices and higher-than-expected earnings shaped investor sentiment during the third week of October. Most of the companies reporting their 3Q21 numbers surpassed expectations. But their reports and forecasts were qualified by the shortages, input cost increases and supply chain issues they are facing. Investors responded by pouring nearly $25 billion into EPFR-tracked Equity Funds, with 10 of the 11 major Sector Fund groups recording inflows for the week, and by stepping up their search for inflation protection. Bank Loan and Inflation Protection Funds took in over $1 billion apiece, and Cryptocurrency Funds extended their current inflow streak.

Topic Industry News

EPFR - fund flow & allocations data

Quants Corner - Trick? Treat? Or contrarian FX signal?

By Vik Srimurthy 20 Oct 2021

QC

In late October the mind – at least in the US – turns to brews, potions and mixtures as Halloween looms and faux witches cauldrons dot suburban lawns. Read more...

Topic Industry News