The ultimate goal of many pension scheme sponsors and trustees is a full buyout, which allows them to transfer all of their pension liabilities over to an insurer. But with unfavourable market conditions making buyouts relatively more expensive, the longevity swap market is attracting interest as a means of reducing risk as a step on the journey towards the “end game”. However, Hugo James, CEO of PensionsFirst Capital, a subsidiary of pension risk management specialists, PensionsFirst Group, writes on Insurance ERM that finding the right deal requires transparency around the amount of risk that is being removed, as well as an appreciation of who is the ultimate recipient of the risk and the role of intermediaries in a longevity swap transaction.
In his most recent commentary for Real Deals, Graham Olive, Head of Acquisition and Strategic Finance for Northern Europe at Natixis, discusses the return of healthy leveraged finance markets. As concern for the availability of liquidity reaches new heights, the longer-term outlook for private equity investment is unknown. Add to this the pessimism surrounding the ‘refinancing wall’, and it becomes clear why the perception of leveraged finance markets is not always positive. However, in his analysis, Olive points to positive signs too – in particular, the significant progress that has been made in refinancing maturities and in institutional fundraising.
To read the full article, please click here
While Tradeweb builds out and enhances its many well-established dealer-to-institutional customer derivatives and fixed income trading platforms, it also designs entirely new marketplaces. Last week, we formally launched its new ETF trading platform, winning news coverage in tier one financial media across Europe, as well as in more focused English-language specialist publications. The new marketplace offers institutional investors a more efficient means of accessing liquidity for all European-listed ETFs, using the same request-for-quote trading protocol it first pioneered in the fixed income markets.
In terms of European media coverage, highlights include the FT, Ignites Europe, L’Agefi’s News Managers and Handelsblatt
Moorgate has produced a digital e-book for S&P’s annual Global Reinsurance Highlights book. This edition reviews the performance of reinsurers in 2011, highlights the trends currently effecting the marketplace, and considers the future of the sector in the face of Basel III and Solvency II
In an attempt to determine the financial industry’s thoughts on post-crisis challenges, BNY Mellon recently partnered with the Exporta group – publishers of Global Trade Review (GTR) and emeafinance – to carry out a comprehensive ‘Attitudes to Global Transaction Banking’ survey, open to banks, non-bank financial institutions, major corporates and SMEs. By publishing the results, BNY Mellon hope to spark dialogue and debate to move the industry forward. A detailed overview will feature in the year-end edition of GTR, due for publication in mid-November.
Click here to read the press release and see some of the results.
The latest edition of Infrastructure Finance Outlook (IFR), Standard and Poor’s Rating Services’ EMEA Infrastructure Finance newsletter, has been published. It includes all the recent news, updates, and research from S&P on Europe’s infrastructure sector. Highlight’s from this month include an articles on slipping European credit quality, and the impact of the 2008 financial crisis on the infrastructure sector’s efforts to raise funds from the capital markets.
A recent Standard & Poor’s report into the potential effects of the third phase of the EU Emissions Trading System that kicks in from January next year suggests that strict new limits on carbon emissions will increase carbon liabilities and drag on the earnings of Western European power generators. S&P estimates that in 2016 carbon emission liabilities could cost utilities as much as €2.5 billion. Following a targeted news outreach, Moorgate achieved coverage of the report’s findings in specialist titles Environmental Finance, Carbon News and New Energy World (may require subscriptions).
To coincide with Sibos 2012 in Osaka, Deutsche Bank has produced a detailed whitepaper highlighting some of the major talking points on the agenda, including: the impact of proposed regulatory change, the changing direction of global trade flows, the rise of Asia in global commerce and emerging payment opportunities in developing countries. One of Sibos’ aims is to evoke industry debate and “advance critical dialogue” – and this whitepaper gives deeper insight into some of the conference’s key themes.
To read the whitepaper, please click here
Having recently expanded its data offering of fundamental balance-sheet items across a large number of privately-held entities throughout Europe, we developed a news-generation strategy of four phases to help inform the market of the new capability.
While the first phase entailed announcing the commercial agreement behind the data expansion – and the extent of the data now available – the second phase mined the data itself to demonstrate its value. Examining the data alongside S&P Capital IQ’s Solution Architects, we were able to identify and illustrate a newsworthy trend – namely that private companies in Italy, Portugal and Spain are in many respects in stronger financial health than their publically-listed peers.
This observation formed the basis of a press release, which in turn formed the basis of a video produced in-house and a piece of technical analysis – the drafting of which was also assisted by Moorgate – distributed to clients.
Asked to manage a news announcement for S&P Capital IQ’s first fund launch as partner to La Francaise Asset Management, we embarked on a process of meticulous planning with all parties and agreed to take the lead setting up interviews with key publications prior to the launch.
On launch day we were gratified to see our labours bear fruit, and coverage swiftly followed from interviews with Ignites Europe (an FT service) and Citywire, as well as FTfm, Funds Europe, Investment Europe, Mondo Visione and RFP Connect, with more expected in November from an interview conducted with Creditflux.