Portfolio

Rise of interest rates, time for convertible bond

Nicolas Delrue -

Certain market environments give convertible bond investors even better deals than others. Traditionally known as “all-weather” assets thanks to their dual nature, a bond instrument, providing the downside protection, with an embedded call option, allowing for equity upside potential. In today’s macro context, we believe conditions are ripe for convertible… Read More »


US equity rally differs from market bubbles

-

The current bull run being seen in US equities is missing the hallmarks of previous market bubbles. Since the beginning of 2009, the S&P 500 has returned about 12.5% on an annualized basis before dividends, which pales in comparison to the returns experienced in the 1980s and 1990s: from the… Read More »



Look East for strong bond performance

-

It has been a remarkable past three years for the Asian fixed income market in terms of both investment performance and market growth. Particularly for the Asian dollar credit market, total return over the period, according to JPMorgan Asian Credit Index (JACI), was 17.49%. At the same time, the Asian… Read More »


Investors rotate into gold out of silver

-

Gold ETPs receive largest inflows since May 2017, while silver ETPs see largest outflows since July 2016. With gold holding its gains last week, investors increased their holding of the metal by US$64.7mn. A small miss in US ISM manufacturing figures and continued political volatility in the Trump Administration following… Read More »


EM Corporate Debt – Earning a Place at the Table

Jasper Sagoo -

Emerging Market (EM) corporates are as varied as the language, climate and cuisines of their home countries. We outline why we believe investors should consider a structural allocation to EM corporate debt, while also shedding light on why an allocation to this dynamic asset class makes sense in the current… Read More »


Is a bond sell-off around the corner?

-

We are mindful that investment grade and high yield bonds have been on a strong run from a risk/reward perspective, and in that context we have been looking at our weighting in this area. We have decided to clip back our exposure to European high yield across asset allocation portfolios.… Read More »


Don’t sell your long duration bonds

-

The major source of bond returns have come from coupons, not capital gains over the past seven years. ETF Securities expects a gradual flattening of the US Treasury yield curve, providing grounds for holding long duration bonds. Global yields are picking-upGlobal yields have bounced back from extremely low levels as… Read More »


The UK to enter the economic doldrums

-

A combination of weaker loan growth, sterling weakness, squeezed corporate margins and negative real wages are likely to push the UK into a period of very low growth in the coming year. UK corporates have seen a substantial deterioration in interest cover, and falling earnings caused by a weakening economy… Read More »


Launch of the buy-back programme for Saipem ordinary shares to cover the 2016-2018 Long-Term Incentive Plan

-

Today Saipem S.p.A. has launched the buy-back programme (the “Programme”) for Saipem ordinary shares approved by the Shareholders’ Meeting on April 28, 2017. The Programme regards the buy-back of the Company’s own shares to cover the 2017 allocation of the 2016-2018 Long Term Incentive Plan (the ‘Plan’), as approved by… Read More »