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IMF Working paper-Official Demand for U.S. Debt: Implications for U.S. Real Interest Rates
April 18, 2014-- Summary: By constructing and estimating a structural arbitrage-free model of demand pressures on US real rates, we find that recent purchases of US government debt securities by the Fed and foreign officials have significantly affected the level and the dynamics of US real rates. In particular, by 2008, foreign purchases of US Treasuries are estimated to have had cumulatively reduced long term real yields by around 80 basis points.
The subsequent total impact of Fed purchases in 2008-2012 has been even larger: the quantitative easing (QE) has depressed real 10-year yields by around 140 basis points. Our findings also reveal that the Fed policy interventions and foreign official purchases affect longer term real bonds mostly through a reduction in the bond premium.
view the IMF working paper-Official Demand for U.S. Debt: Implications for U.S. Real Interest Rates
Source: IMF
SEC Proposes Rules for Security-Based Swap Dealers and Major Security-Based Swap Participants
April 17, 2014--The Securities and Exchange Commission voted yesterday to propose new rules for security-based swap dealers and major security-based swap market participants.
The proposed rules cover recordkeeping, reporting, and notification requirements for security-based swap dealers and major security-based swap participants and would establish additional recordkeeping requirements for broker-dealers to account for their security-based swap activities.
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Source: SEC.gov
Barclays and OFI Global Asset Management Will Partner to Launch the Barclays OFI SteelPath MLP ETNs
New ETNs Will Leverage OFI SteelPath's Expertise in MLPs to Provide Exposure to Midstream Assets While Reducing Correlation to Oil and Gas Prices
April 16, 2014--Barclays Bank PLC ("Barclays") and OFI Global Asset Management, which consists of OppenheimerFunds, Inc. and certain of its advisory subsidiaries, announced today the planned launch of the Barclays OFI SteelPath MLP ETNs (the "ETNs").
Barclays plans to apply to list the ETNs on the NYSE Arca Stock Exchange ("NYSE Arca") under the ticker symbol OSMS. If the application is approved, Barclays expects that the ETNs will begin trading on NYSE Arca on April 24, 2014.
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Source: MarketWatch
Treasury International Capital Data For February
April 15, 2014-- The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for February 2014. The next release, which will report on data for March 2014, is scheduled for May 15, 2014.
The sum total in February of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $167.7 billion. Of this, net foreign private inflows were $147.5 billion, and net foreign official inflows were $20.3 billion.
Foreign residents increased their holdings of long-term U.S. securities in February; net purchases were $84.8 billion. Net purchases by private foreign investors were $66.3 billion, while net purchases by foreign official institutions were $18.5 billion.
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Source: US Department of the Treasury
CBO-Updated Budget Projections: 2014 to 2024
April 14, 2014--As it usually does each spring, CBO has updated the baseline budget projections that it released earlier in the year.
CBO now estimates that if the current laws that govern federal taxes and spending do not change, the budget deficit in fiscal year 2014 will be $492 billion. Relative to the size of the economy, that deficit-at 2.8 percent of gross domestic product (GDP)-will be nearly a third less than the $680 billion shortfall in fiscal year 2013, which was equal to 4.1 percent of GDP. This will be the fifth consecutive year in which the deficit has declined as a share of GDP since peaking at 9.8 percent in 2009 (see the figure below).
view the CBO report-Updated Budget Projections: 2014 to 2024
Source: Source: Congressional Budget Office (CBO)
Blackrock's Former ETP Guru Dodd Kittsley to Join Deutsche Bank
Hire Marks a Win for Deutsche as It Looks to Increase Presence in U.S. Market
April 14, 2014--Dodd Kittsley, former global head of exchange-traded product research, is moving to Deutsche Bank AG.
Mr. Kittsley will join the German bank's Deutsche Asset & Wealth Management unit as managing director and head of exchange-traded product strategy in the Americas, according a spokeswoman for the firm.
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Source: Wall Street Journal
Six WisdomTree ETFs get CONSAR approval
April 14, 2014--According to Latin Asset Management estimates, Mexican Pension Managers (Afores) have around USD 12 billion invested
in cross-border ETFs listed on the Mexican Stock Exchange (BMV).
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Source: Fund Pro Latin America
TIAA-CREF to Buy Nuveen Investments in $6.25 Billion Deal
Acquisition Would Create Firm With $800 Billion Under Management
April 14, 2014--TIAA-CREF plans to buy rival Nuveen Investments for $6.25 billion including debt, a giant deal aimed at catapulting the firm into the big leagues of money management.
The deal, also the largest in the sector since the financial crisis, will vault the combined company into the 20 largest U.S. mutual-fund companies by assets, much closer to heavyweights BlackRock Inc., Vanguard Group and Fidelity Investments. The value of the deal includes debt.
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Source: Wall Street Journal
Bitcoin bound for 'guns and gold crowd'
April 13, 2014--Bitcoin is making its way from shadowy digital exchanges to the mainstream US retail fund market and even retirement accounts-much to the dismay of financial advisers.
SecondMarket, a New York-based trading platform that launched a Bitcoin fund for institutional and wealthy investors last year, intends to roll it out to less sophisticated investors in the fourth quarter.
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Source: FT.com
BlackRock fights to fix faltering active equities
April 13, 2014--BlackRock appears an indomitable force in the asset management industry, but the world's largest fund house has a chink in its armour that is proving difficult to fix.
The company, which last week laid out a succession plan for its chief executive Larry Fink,saw its asset base surpass $4tn for the first time last year,while its share price has risen by a fifth over the past 12 months.
But despite its recent successes, a closer look at the investment giant's 2013 results reveals a niggling weak spot: active equities.
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Source: FT.com
