Fixed asset – Angil http://angil.org/ Fri, 17 Sep 2021 19:04:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://angil.org/wp-content/uploads/2021/06/icon-2021-06-29T195041.460-150x150.png Fixed asset – Angil http://angil.org/ 32 32 Two ETFs to consider inflation for protection with a targeted duration https://angil.org/two-etfs-to-consider-inflation-for-protection-with-a-targeted-duration/ https://angil.org/two-etfs-to-consider-inflation-for-protection-with-a-targeted-duration/#respond Fri, 17 Sep 2021 15:58:02 +0000 https://angil.org/two-etfs-to-consider-inflation-for-protection-with-a-targeted-duration/ Getting inflation protection is one thing, targeting duration is another. Both can be accomplished with the FlexShares iBoxx 3 years Target Duration TIPS Index Fund (TDTT) and the FlexShares iBoxx 5 years Target Duration TIPS Index Fund (TDTF). As consumer prices rise this year, fixed income investors can prepare for further moves with Inflation-Protected Treasury […]]]>

Getting inflation protection is one thing, targeting duration is another. Both can be accomplished with the FlexShares iBoxx 3 years Target Duration TIPS Index Fund (TDTT) and the FlexShares iBoxx 5 years Target Duration TIPS Index Fund (TDTF).

As consumer prices rise this year, fixed income investors can prepare for further moves with Inflation-Protected Treasury Securities (TIPS). However, for the savvy fixed income investor who wants to limit their time in TIPS in the event of falling consumer prices, TDTT and TDTF can accomplish just that.

“Inflation protection is a popular investment strategy for many investors,” said a FlexShares Fund Focus. “And in their quest for inflation-hedging investments, Inflation-Protected Treasury Securities, or TIPS, are often the first choice of investors.”

“However, investors using TIPS should consider the duration of these securities, a key measure of sensitivity to fluctuations in interest rates,” said FlexShares. “We believe that targeting a specific duration based on a portfolio’s interest rate exposure is essential to successfully hedge against the threat of inflation. That being said, TIPS present more challenges for duration management than most other fixed income investments. “

First, TDTT seeks to provide investment results which, before fees and expenses, generally match the price and return performance of the iBoxx 3-Year Target Duration TIPS Index. The underlying index reflects the performance of a selection of TIPS with a target adjusted average duration, as defined by the index provider, of approximately three years.

The second option, TDTF, seeks to provide investment results that generally match the price and return performance of the iBoxx 5-Year Target Duration TIPS Index. Like TDTT, the Underlying Index reflects the performance of a selection of TIPS.

tdtf ytd

Focus on Modified Adjusted Duration (MAD)

One of the advantages of both ETFs is that they do not rely solely on the advantages of simply owning TIPS. The secret sauce has to do with what FlexShares calls Modified Adjusted Duration (MAD).

“TIPS obligations require a unique duration metric called modified adjusted duration (MAD) to judge their performance against the larger fixed income market, ”said FlexShares. “MAD is the market’s estimate of the term of a TIPS bond based on inflation expectations at that time. Since inflation expectations are highly variable, the MAD of a TIPS bond can change quickly.

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PBOC injects $ 14 billion as Evergrande debt hurts oil market https://angil.org/pboc-injects-14-billion-as-evergrande-debt-hurts-oil-market/ https://angil.org/pboc-injects-14-billion-as-evergrande-debt-hurts-oil-market/#respond Fri, 17 Sep 2021 06:22:30 +0000 https://angil.org/pboc-injects-14-billion-as-evergrande-debt-hurts-oil-market/ (Bloomberg) – China has stepped up its injection of short-term liquidity into the financial system, a sign that authorities seek to ease market nerves, weakened by concerns over quarter-end financing needs and the crisis of the debt of the China Evergrande group. The People’s Bank of China on Friday injected 90 billion yuan ($ 14 […]]]>

(Bloomberg) – China has stepped up its injection of short-term liquidity into the financial system, a sign that authorities seek to ease market nerves, weakened by concerns over quarter-end financing needs and the crisis of the debt of the China Evergrande group.

The People’s Bank of China on Friday injected 90 billion yuan ($ 14 billion) in funds on a net basis through seven-day and 14-day repurchase agreements, the highest number since February. Today was the first time this month that the authorities added more than 10 billion yuan of short-term liquidity to the banking system in a single day.

The transaction comes as the crisis facing Evergrande is fueling concerns about the health of the country’s real estate and credit markets. Adding to the stress is a seasonal increase in demand for liquidity, as banks become less willing to lend towards the end of the quarter as they prepare for regulatory checks. Liquidity also tends to decrease at this time of year as a week’s vacation approaches in early October.

“Avoiding a systemic liquidity crunch is the top priority for the PBOC and it has the means to do so,” wrote economists at Societe Generale SA led by Wei Yao in a research note. “A Lehman-style financial market meltdown is not our main concern, but a prolonged and severe economic downturn seems more likely.”

Concerns over Evergrande come at a time when the Chinese economy is already slowing. Aggressive movement controls put in place to curb Covid-19 outbreaks have hurt retail spending and travel, while measures to cool house prices have also taken their toll. On Wednesday, the country reported a slowdown in retail sales in August, along with weaker growth in industrial production and capital investment.

The PBOC seeks to strike a balance between stimulating the economy and ensuring that its liquidity injections do not lead to asset bubbles. Since July, the PBOC has refrained from injecting additional medium-term liquidity into the financial system as policy loans mature.

On Friday, the central bank injected 50 billion yuan through its seven-day reverse repurchase agreements, and an additional 50 billion yuan through 14-day contracts, which have not been used since February. Some 10 billion yuan matured on Friday.

“It is fair to say that the Evergrande situation and its repercussions on the wider real estate market will have a much greater direct impact on Chinese growth than any other regulatory crackdown,” said Alvin Tan, head of the foreign exchange strategy in Asia at Royal Bank. from Canada to Hong Kong. “I wouldn’t be surprised if the PBOC took action to contain the fallout in the money markets.”

The uncertainty over Evergrande prompts Chinese observers to rule out potential worst-case scenarios as they contemplate the pain the Communist Party is willing to tolerate. The pressure to intervene is increasing as signs of financial contagion increase.

Yet the PBOC’s operations have yet to lower money market rates. The seven-day repo rate, an indicator of the cost of interbank borrowing, jumped 12 basis points on Friday to 2.39%, its highest level since July.

“The PBOC is proving once again to the market that it will be favorable, but only if there is a need,” said Frances Cheung, rate strategist at Oversea-Chinese Banking Corp in Singapore.

More stories like this are available at bloomberg.com

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PGIM appoints Linda Gibson as CEO of QMA https://angil.org/pgim-appoints-linda-gibson-as-ceo-of-qma/ https://angil.org/pgim-appoints-linda-gibson-as-ceo-of-qma/#respond Thu, 16 Sep 2021 19:00:00 +0000 https://angil.org/pgim-appoints-linda-gibson-as-ceo-of-qma/ NEWARK, New Jersey – (COMMERCIAL THREAD) – PGIM, the $ 1.5 trillion global investment management firm of Prudential Financial, Inc. (NYSE: PRU), has appointed Linda Gibson as CEO of QMA, its quantitative equity and solutions specialist multi-asset of 119 billion dollars. Gibson has been with QMA since July 2019 as Chief Business Officer and will […]]]>

NEWARK, New Jersey – (COMMERCIAL THREAD) – PGIM, the $ 1.5 trillion global investment management firm of Prudential Financial, Inc. (NYSE: PRU), has appointed Linda Gibson as CEO of QMA, its quantitative equity and solutions specialist multi-asset of 119 billion dollars. Gibson has been with QMA since July 2019 as Chief Business Officer and will assume the role of CEO on October 15.

“Linda brings nearly thirty years of global leadership experience across multiple business functions and a solid understanding of the asset management industry,” said David Hunt, CEO of PGIM. “It’s an exciting time for the company. ”

“I am honored to lead this company into the next phase of its development,” said Gibson. “Over the past few years, we have built on our quantitative heritage to deliver increasingly diverse and personalized solutions to meet the evolving needs of our customers. I am firmly focused on building this progress. ”

Gibson joined QMA in mid-2019 after holding various executive positions at BrightSphere Investment Group, a publicly traded asset manager with more than $ 225 billion in client assets at the time of his departure.

Hunt added that current QMA CEO Andrew Dyson is stepping down for personal reasons unrelated to the company and both have assigned Gibson to the post in the past year.

The change in CEO comes as QMA announced it is rebranding PGIM Quantitative Solutions and the launch of a unit dedicated to defined contribution, PGIM DC Solutions.

Gibson said the company’s rebranding will take effect on September 28, and the name was chosen to reflect the close ties to parent company PGIM, one of the world’s largest asset managers, as well as its expanding capabilities and customized solutions in recent years. QMA Wadhwani will now be called PGIM Wadhwani, and its investment team will continue to work independently within PGIM’s Quantitative Solutions business.

“Since joining, Linda and I have worked closely to position the firm for the future, as evidenced by the rebranding of the QMA and the smooth succession of firm leadership,” said Dyson. “She has been a tremendous partner in building QMA’s capacity and is the ideal candidate to lead PGIM’s quantitative solutions into the future.”

The evolution of PGIM Quantitative Solutions continues with the launch of its DC Solutions unit, an inter-PGIM initiative, which will focus on innovative retirement solutions based on cutting-edge research and leveraging the $ 214 billion in funding. ‘assets already managed by PGIM on behalf of DC Clients through several asset classes and vehicles.

“The marketplace increasingly demands a holistic approach to retirement income, which requires a range of new ideas and solutions, deployed in a flexible manner,” said Gibson. “We created PGIM DC Solutions to lead this effort and target market leadership in this new area. ”

The company recently hired retirement expert David Blanchett as the head of retirement research for defined contribution solutions. Blanchett was previously head of retirement research at Morningstar Investment Management. Dyson will remain as Special Advisor and Interim Head of PGIM DC Solutions until the end of March 2022.

ABOUT PGIM QUANTITATIVE SOLUTIONS

As PGIM’s Quantitative Equities and Multi-Asset Solutions specialist, PGIM Quantitative Solutions seeks to help solve complex investment problems with systematic solutions tailored across the risk / reward spectrum. Our modular portfolio construction simplifies our design of customer-specific solutions. We can customize down to the equity level for portfolio considerations, with product offerings that range from basic and systematic macro solutions to multi-asset portfolios and overlays. All of our options can be exploited to provide stable feedback flows uncorrelated with existing strategies.

PGIM Quantitative Solutions manages portfolios for global institutional clients, including corporate and public pension plans, endowments and foundations, multi-employer pension plans and sub-advisory accounts for others financial services companies. As of June 30, 2021, PGIM Quantitative Solutions had approximately $ 119 billion in assets under management. PGIM Quantitative Solutions also manages the asset allocation that underlies the slide to the Prudential Day One funds, launched in 2016, which currently have $ 5.5 billion in assets under management as of April 30, 2021.

ABOUT PGIM WADHWANI

PGIM Wadhwani LLP was founded in October 2002 under the name Wadhwani Asset Management (WAM) by Dr Sushil Wadhwani, CBE. Investment operations started in January 2003. PGIMW is a London-based asset management company authorized and regulated by the Financial Conduct Authority (219000), specializing in systematic / quantitative macro investing.

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the world’s 10 largest asset managers * with approximately $ 1.5 trillion in assets under management in the world. June 30, 2021. With offices in 17 countries, PGIM’s business provides a range of investment solutions to retail and institutional investors around the world across a wide range of asset classes, including public fixed income securities, Private fixed income, fundamental stocks, quantitative stocks, real estate and alternatives. For more information on PGIM, visit pgim.com.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any way with Prudential plc, incorporated in the United Kingdom, or Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information, please visit news.prudential.com.

* Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 companies surveyed) in terms of global assets under management based on the list of top Pensions & Investments fund managers published on 1st June 2020. This ranking represents assets under management by PFI as of March 31, 2020.

CONNECT WITH US:

Visit pgim.com

Join the conversation on twitter @PGIM



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400 Capital Management Completes $ 780 Million Residential NPL Securitizations https://angil.org/400-capital-management-completes-780-million-residential-npl-securitizations/ https://angil.org/400-capital-management-completes-780-million-residential-npl-securitizations/#respond Fri, 10 Sep 2021 18:57:00 +0000 https://angil.org/400-capital-management-completes-780-million-residential-npl-securitizations/ NEW YORK–(COMMERCIAL THREAD) – 400 Capital Management LLC (“400CM”, “400 Capital” or the “Firm”), an alternative credit asset manager specializing in structured credit with more than $ 5.2 billion in assets under management , announced the successful closing of two securitizations backed by $ 780.2 million of non-performing residential loans (“NPLs”) this summer. “400 Capital […]]]>

NEW YORK–(COMMERCIAL THREAD) – 400 Capital Management LLC (“400CM”, “400 Capital” or the “Firm”), an alternative credit asset manager specializing in structured credit with more than $ 5.2 billion in assets under management , announced the successful closing of two securitizations backed by $ 780.2 million of non-performing residential loans (“NPLs”) this summer.

“400 Capital has a long history of investing in the residential credit markets. We are delighted to be able to work with our capital markets partners to open up alternative sources of funding for our investment vehicles, ”said Chris Hentemann, Managing Partner and Chief Investment Officer. “Transactions help the 400 Capital platform become a regular issuer in the capital markets across a range of asset types. ”

The Company has entered into the securitizations in order to obtain term financing, eliminate mark-to-market risk, reduce costs and create evolving fixed rate financing. Given the size of the loan pool, 400CM decided to offer two transactions with similar characteristics.

510 Asset Backed (“FTAB”) 2021-NPL1 closed on June 29 and was backed by NPLs with an outstanding capital balance (“UPB”) of $ 397.0 million. The tickets offered reached an 80% advance rate at UPB. The second transaction, FTAB 2021-NPL2, closed on August 11 and was backed at $ 383.2 million from NPL, with a UPB advance rate of 81%. The closings mark a significant milestone for the company and reflect the opportunities offered in this corner of the residential credit markets.

The agents responsible for the transactions are Rushmore Loan Management Services LLC and Columbus Real Estate Management LLC. The program administrator is Truman Capital Advisors, LP.

About 400 Capital Management LLC

400 Capital Management LLC is an employee-owned alternative credit asset manager led by four partners with over three decades of experience in trading, investing and managing risk in the credit and credit markets. securitized with an established investment history over several market cycles. Our management team has demonstrated its ability to generate returns, develop activities in the capital markets and systematically create innovative structures and securitization technologies used across the market. We provide access to a global platform of differentiated total return and absolute return alternative credit investment opportunities through multi-investor and separately managed account vehicles. We manage over $ 5.2 billion in client capital for global public and private pension plans, endowments, foundations, sovereign wealth funds, consultants, insurance groups, family offices and individuals wealthy qualified. Our team consists of 57 professionals with offices in New York and London.


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July’s mediocre return for hedge funds caps best return since 2009 https://angil.org/julys-mediocre-return-for-hedge-funds-caps-best-return-since-2009/ https://angil.org/julys-mediocre-return-for-hedge-funds-caps-best-return-since-2009/#respond Fri, 03 Sep 2021 20:09:38 +0000 https://angil.org/julys-mediocre-return-for-hedge-funds-caps-best-return-since-2009/ The Eurekahedge Hedge Fund Index (which is part of HFM) fell 0.27% in July, again lagging the equity market, but not by much. The MSCI ACWI (Local) rose 0.4% in July as the rollout of the COVID vaccine in developed markets allowed authorities to ease restrictions, supporting the global economic recovery. A man walks past […]]]>

The Eurekahedge Hedge Fund Index (which is part of HFM) fell 0.27% in July, again lagging the equity market, but not by much. The MSCI ACWI (Local) rose 0.4% in July as the rollout of the COVID vaccine in developed markets allowed authorities to ease restrictions, supporting the global economic recovery.

Solid performance since the start of the year for hedge funds

However, the spread of the Delta variant of the virus weighed on investor sentiment, suggesting that the recent momentum in the economy may not be sustainable. The Federal Reserve stressed that the US recovery is still on track, but added that it would only consider slowing down after the economy and labor market improve significantly.

For the first seven months of the year, funds reporting to Eurekahedge are up 7.85%, marking the largest return since the start of the year in July since 2009. Over 80% of the constituents of the year index are in the green for the year.

Final asset flow figures show performance-based gains of $ 2.2 billion and net outflows of $ 9.8 billion for June. Preliminary figures for July show $ 5.7 billion in performance losses and $ 17.1 billion in inflows for the global hedge fund industry. The industry had $ 2.4 trillion in assets under management at the end of July. In the first seven months, the industry racked up $ 84.6 billion in performance-related gains and $ 63.5 billion in entries.

Hedge fund returns by strategy

Long / short equity managers posted the highest performance-related losses in July at $ 4.2 billion, although they also racked up $ 4.9 billion in inflows. Hedge funds categorized as “other” saw the largest performance increase, at $ 600 million, with net outflows of $ 1.2 billion.

Since the start of the year, long / short equity funds and multi-strategy funds have posted the strongest performance-driven growth, with $ 32.9 billion and $ 11.4 billion, respectively. Arbitrage and multi-strategy funds saw the highest investor allocations at $ 19.6 billion and $ 14 billion, respectively.

HFM said in a separate report that the average bond / credit fund is up 5% year-to-date after a stable performance in July. However, the strategy saw inflows of $ 4 billion, HFM added. The company said inflation is still a major theme driving inflows into bond and credit funds.

Billion dollar hedge funds beat small funds in July

On an asset-weighted basis, hedge funds reporting to Eurekahedge fell 0.45% in July. Since the start of the year, the Eurekahedge Asset-Weighted Index has risen only 3.57%, indicating persistent problems for the largest hedge fund managers.

However, HFM said in a separate report that larger funds were ahead of smaller funds in July. Based on data from HFM, the best performing group was event funds with at least $ 1 billion in assets under management, which gained 12.1% for the first seven months of the year.

Although HFM owns Eurekahedge, the two companies have different performance data. HFM reports that global hedge funds posted an average return of 9% in the first seven months of the year, while Billion Dollar Club funds rose 7.2%.

Although event funds with at least $ 1 billion in assets were the most upward since the start of the year, they suffered a setback in July due to a weakening outlook for merger arbitrage due to of the collapse of the Aon AON / Willis Towers Watson agreement.


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A look at high yield credit yields https://angil.org/a-look-at-high-yield-credit-yields/ https://angil.org/a-look-at-high-yield-credit-yields/#respond Tue, 31 Aug 2021 21:40:00 +0000 https://angil.org/a-look-at-high-yield-credit-yields/ A properly diversified credit portfolio should be exposed to both high yield corporate bonds and bank loans given their comparable value NEW YORK, Aug.31, 2021 (GLOBE NEWSWIRE) – Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today presented its outlook for third-party bank and high-yield loans. quarter 2021. Entitled “A […]]]>

A properly diversified credit portfolio should be exposed to both high yield corporate bonds and bank loans given their comparable value

NEW YORK, Aug.31, 2021 (GLOBE NEWSWIRE) – Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today presented its outlook for third-party bank and high-yield loans. quarter 2021. Entitled “A Look at High Yield Credit Yields,” the report explains why now is the time for investors to conduct a relative valuation of corporate bonds and bank loans.

Among the highlights of the 16-page report:

  • Our credit spreads dashboard shows that discount margins on secondary loans are cheap relative to corporate bond spreads, which is due to benchmark rate differences as well as a risk of higher appeal on loans.

  • The buying risk considerably limits the upside potential in the short term. Investors can look to the primary market where the call protection is the longest and find that loan yields are comparable to the yields on corporate bonds of the BB and B rated groups.

  • We forecast average annual credit loss rates of 110 basis points in high yield companies over the next three to five years, below a historical average of 261 basis points. For loans, we estimate an average annual credit loss rate of 86 basis points, which is lower than for businesses due to a higher recovery rate.

  • Our forward-looking estimates of the credit loss rate translate into positive loss-adjusted credit yields for most credit segments, but reveal little room for maneuver for CCC-rated companies.

  • It is prudent to focus on the BB and B rated cohorts given record low returns and could help limit portfolio volatility if a correction materializes.

  • The real gross domestic product (GDP) of the United States in the second quarter registered an annualized growth of 6.6%. We expect sequential growth to slow from there until 2022: the impact of reopening businesses, which only happens once, will start to fade and the impact of fiscal stimulus will wane. will cool down, even with another spending program likely underway. This natural slowdown in activity as we go through a peak in growth could present challenges if growth slows more than expected.

  • Inflation is also likely to decline as much of the recent increase has come from categories suffering from temporary supply chain disruptions.

  • In this environment, different segments of high yield corporate bonds and bank loans offer unique opportunities, and a properly diversified credit portfolio should be exposed to both asset classes given their comparable value.

For more information, please visit http://www.uggenheiminvestments.com.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, with more than $ 255 billion1 in total assets through bond, equity and alternative strategies. We focus on the risk and return needs of insurance companies, private and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers and high net worth investors. Our more than 275 investment professionals conduct rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and under-tracked. This approach to investment management has enabled us to offer innovative strategies offering diversification opportunities and attractive long-term results.

1. The assets under management of Guggenheim Investments are at 30.30.2021 and include leverage of $ 16.3 billion. Guggenheim Investments represents the following affiliated investment management companies of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC and Guggenheim Partners India Management.

There are risks involved in investing, including the possible loss of capital. The potential impacts of the COVID-19 epidemic are increasingly uncertain, difficult to assess and impossible to predict, and can result in significant losses. Investments in fixed income instruments are subject to the possibility that interest rates will rise, causing their value to fall. High yield and unrated debt securities have a higher risk of default than investment grade bonds and may be less liquid, which can increase volatility.

One basis point is equal to 0.01%.

This material is distributed or presented for informational or educational purposes only and should not be taken as a recommendation of any particular security product, strategy or investment, nor as investment advice of any nature whatsoever. This document is not provided in a fiduciary capacity, may not be relied on for or in connection with making investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content hereof is not intended to be and should not be construed as legal or tax advice and / or legal advice. Always consult a financial, tax and / or legal professional regarding your specific situation.

This material contains the views of the author, but not necessarily those of Guggenheim Partners, LLC or its affiliates. The opinions contained in this document are subject to change without notice. The forward-looking statements, estimates and certain information contained in this document are based on proprietary and non-exclusive research and other sources. The information in this document has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Past performance does not represent future results. There is no representation or warranty as to current accuracy, nor is there any liability for decisions based on such information. No part of this material may be reproduced or referenced in any form without the express written permission of Guggenheim Partners, LLC.

Media contact
Gerard Carney
Guggenheim Partners
310.871.9208
Gerard.Carney@guggenheimpartners.com


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MetLife Investment Management Creates $ 6.4 Billion in Private Placement and Private Structured Credit Debt for H1 2021 https://angil.org/metlife-investment-management-creates-6-4-billion-in-private-placement-and-private-structured-credit-debt-for-h1-2021/ https://angil.org/metlife-investment-management-creates-6-4-billion-in-private-placement-and-private-structured-credit-debt-for-h1-2021/#respond Tue, 24 Aug 2021 20:45:00 +0000 https://angil.org/metlife-investment-management-creates-6-4-billion-in-private-placement-and-private-structured-credit-debt-for-h1-2021/ WHIPPANY, New Jersey – (COMMERCIAL THREAD) – MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced that it has issued $ 6.4 billion in private placement debt and private structured credit for the first half of 2021 in the context of 107 transactions. This included $ 1.2 billion […]]]>

WHIPPANY, New Jersey – (COMMERCIAL THREAD) – MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced that it has issued $ 6.4 billion in private placement debt and private structured credit for the first half of 2021 in the context of 107 transactions. This included $ 1.2 billion in investments made on behalf of unaffiliated institutional clients. MIM’s total private placement debt and private structured credit assets under management were $ 102.0 billion as of June 30, 2021.1

Nancy Mueller Handal, Head of Private Fixed Income & Alternatives at MetLife Investment Management, said: “Market activity in the first half of the year was strong, with issuers strengthening their financial position and institutional investors seeking a wider range of investment opportunities.

The origination of MIM’s private placement for the first half of 2021 included $ 4.0 billion, $ 1.5 billion and $ 848 million of corporate, infrastructure and structured credit transactions, respectively, and has added 52 new credits to the portfolio.

Company origination has remained well diversified by industry, led by more than $ 650 million in investments in the global sports market where MIM’s Private Capital group has been a leading player for over 15 years. years. Sports-related investments were primarily associated with professional sports leagues and franchises in the United States and Europe. The corporate set-up also included $ 495 million in leasing transactions (CTL) backed and secured by real estate assets and lease flows from high-quality tenants operating in a diverse set of industry sectors. MIM generated around $ 360 million in green bond investments, which were issued on three US credits and four European credits. Funding from British and European issuers made a significant contribution in the first half of 2021, representing nearly 40% of total company origination.

The infrastructure package included more than $ 470 million in investments in federal, municipal and university energy efficiency projects. Investment in social housing and renewable energy projects, totaling more than $ 140 million, further supported MIM’s responsible investment and sustainability goals in sourcing private assets.

Private structured credit continued to see attractive direct investment opportunities with more than three quarters of origination linked to direct collaboration with issuers. The origination included, among other sectors, investments in C-PACE (Commercial Property Assessed Clean Energy) and social housing, reinforcing MIM’s commitment to responsible investment.

We anticipate strong and continued activity in the second half of the year, and we look forward to supporting our community of issuers and investor clients with attractive and sustainable solutions that leverage our ability to discover and exploit exciting market opportunities, our global relationships and our in-depth industry and structuring expertise, ”said Mueller Handal.

About MetLife Investment Management

MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global manager of fixed income, private equity and real estate investments providing tailored investment solutions to institutional investors around the world. MetLife Investment Management offers public and private pension plans, insurance companies, endowments, funds and other institutional clients a range of tailor-made investment and financing solutions that aim to achieve a range long-term investment goals and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and, as of June 30, 2021, its total assets under management were $ 666.7 billion. 2

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world’s leading financial services companies. . Founded in 1868, MetLife operates in more than 40 markets around the world and occupies leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Forward-looking statements

The forward-looking statements contained in this press release, such as “commitment”, “continued”, “expect” and “‘Inc. described in its filings with the United States Securities and Exchange Commission. MetLife’s future results may differ, and it has no obligation to correct or update any of these statements.

End Notes

1 At estimated fair value. Includes all corporate and infrastructure private placement debt and private structured credit investments managed by MIM.

2 Total Assets Under Management includes all of MetLife’s general and segregated account assets and unaffiliated / third party assets, at estimated fair value, managed by MIM.


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PHILOSOPHY AND APPROACH – Pembroke https://angil.org/philosophy-and-approach-pembroke/ https://angil.org/philosophy-and-approach-pembroke/#respond Tue, 24 Aug 2021 04:45:23 +0000 https://angil.org/philosophy-and-approach-pembroke/ Investment philosophy Our investment and corporate philosophy has been constant since our founding in 1968. They are rooted in the concepts of growth, ownership and aligned interests. We believe owners are acting in the long-term best interests of their stakeholders. Pembroke is 100% owned by private partners who manage its investment portfolios, operations and client […]]]>

Investment philosophy

Our investment and corporate philosophy has been constant since our founding in 1968. They are rooted in the concepts of growth, ownership and aligned interests. We believe owners are acting in the long-term best interests of their stakeholders.

Pembroke is 100% owned by private partners who manage its investment portfolios, operations and client services. Our employees and their families are the largest non-institutional owners of the Company’s mutual funds and mutual funds, with more than C $ 100 million invested.

Pembroke specializes in managing portfolios of Canadian and US public companies that promise high and sustainable growth rates.

There are many important things to consider when identifying opportunities for growth that create wealth. Our active investment philosophy focuses on the strength and alignment of companies’ management teams, as well as their competitive strengths, market opportunities and the flexibility of their balance sheets.

Pembroke invests in long-term businesses and builds diversified portfolios across all industry sectors.

Investment approach

An investment with Pembroke begins with a discovery meeting with one of our customer service professionals, during which we begin to determine your financial needs, investment goals and risk tolerance.

Pembroke provides personalized advice, financial planning and wealth management services based on decades of experience. Strategic asset allocation and relevant strategies are reviewed, and your portfolio will be tailored to your specific goals.

Our goal is to create lasting relationships by matching your long term demands with our ability to add value.

Pembroke’s suite of strategies provide diversification by geography and asset class, and our solutions are accessible through segregated accounts, mutual funds and mutual funds. We offer Canadian, US and international equity strategies, balanced strategies that combine equity and fixed income, and fixed income strategies.

Customers have direct access to their Pembroke customer service professional as well as a private customer portal with account balances, performance information, transactions, reports and other resources.


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How increased government investment spending will contribute to economic growth https://angil.org/how-increased-government-investment-spending-will-contribute-to-economic-growth/ https://angil.org/how-increased-government-investment-spending-will-contribute-to-economic-growth/#respond Sun, 22 Aug 2021 18:09:15 +0000 https://angil.org/how-increased-government-investment-spending-will-contribute-to-economic-growth/ A 34.5% increase in capital spending planned by the government for fiscal year 22 and the recent ??Gati Shakti’s 100,000 billion program is expected to provide a much needed boost to economic recovery. Mint explains how larger capital expenditures (capex) can help the economy. What is capital expenditure? Public expenditure is of two types: revenue […]]]>

A 34.5% increase in capital spending planned by the government for fiscal year 22 and the recent ??Gati Shakti’s 100,000 billion program is expected to provide a much needed boost to economic recovery. Mint explains how larger capital expenditures (capex) can help the economy.

What is capital expenditure?

Public expenditure is of two types: revenue expenditure and capital expenditure. Expenditures incurred by the government for operating expenditures and liabilities are revenue expenditures. Salaries, wages, pensions, grants, interest on loans, grants to state governments, etc. fall within this scope. Capital expenditure is the money spent to create or acquire fixed assets – machinery, equipment, land, buildings, investments in stocks, health facilities, education, purchase of new weapons, etc. While capital expenditure creates assets for the future, income expenditure is recurrent in nature.

How important is the capital expenditure?

Creating capital assets, adding production facilities, and improving operational efficiency help an economy generate revenue and increase production capacity over the long term. Capital spending leads to the creation of productive assets, which in turn contribute to economic development, especially infrastructure. The creation of fixed assets creates value and has a multiplier effect on the economy. It promotes job creation and increases purchasing power and labor productivity. Increased public spending through increased contracting also provides a boost to private investment spending.

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Copex boost

What has been the evolution of investment spending?

The budget estimate for capital expenditure for fiscal year 21 was ??4.12 trillion. The same for FY22 is located at ??5.54 trillion, one of the highest allocations in over a decade. The last few years have seen a decrease in the budget allocation for capital expenditure – in FY05 it was 19.3% compared to 18.02% in FY08, 12.11% in FY10 , 12.15% in year 20, 13.55% in year 21 and 15.91% in year 22.

What is the impact in terms of development?

Better infrastructure leads to better connectivity, rapid and efficient movement of people and materials, an improved supply chain facilitating barrier-free economic activity, the availability of goods on time at affordable prices, the expansion of industries and ancillary services and improved rate of return for industry. The multiplier effect of central government capital spending is around 2.45, while that of state governments is around 2 versus 0.99 for revenue spending.

What does the Center offer?

The Union budget 2021-22 recorded a 34.5% increase in budgeted capital expenditure compared to fiscal year 21, i.e. a total expenditure of ??5.54 trillion. The government proposes to invest in the construction of national highways, roads, railways, urban infrastructure, sea and river routes, ports, etc. In addition, Prime Minister Narendra Modi announced on August 15 the ??Gati Shakti 100,000 billion program to help overall infrastructure growth.

Jagadish Shettigar and Pooja Misra are faculty members of BIMTECH.

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Fed’s Jackson Hole Cancellation Could Signal Low Mortgage Rates https://angil.org/feds-jackson-hole-cancellation-could-signal-low-mortgage-rates/ https://angil.org/feds-jackson-hole-cancellation-could-signal-low-mortgage-rates/#respond Sun, 22 Aug 2021 13:15:00 +0000 https://angil.org/feds-jackson-hole-cancellation-could-signal-low-mortgage-rates/ JACKSON HOLE, WY – MAY 28: An American Airlines Airbus A319 arrives at Jackson Hole Airport near … [+] Grand Teton National Park on May 28, 2021 in Jackson Hole, Wyoming. (Photo by AaronP / Bauer-Griffin / GC Images) GC Images Many people have had to cancel trips in recent weeks as a resurgence of […]]]>

Many people have had to cancel trips in recent weeks as a resurgence of the pandemic in mid-summer pushed Covid-19 infections and hospitalizations to record levels in many states.

Now the country’s central bankers are in the same boat, and this could be a signal that mortgage rates could stay near all-time lows in the weeks to come as the Federal Reserve considers when to start cutting a program purchase of assets that it began in 2020 to help the economy deal with the pandemic.

On Friday, the Federal Reserve Bank of Kansas City announced that it was canceling the Jackson Hole In-Person Economic Policy Symposium scheduled for August 26-28 at the Jackson Lake Lodge in Grand Teton National Park in Wyoming, saying the spread of the contagious hyper-delta variant made it too dangerous.

The annual gathering, set against the backdrop of the Teton Mountain of the Rocky Mountains, will be replaced by a one-day virtual conference on August 27.

“While we are disappointed that health conditions prevent us from being able to meet in person at Jackson Lake Lodge this year as we planned, the safety of our guests and the Teton County community is our priority,” Esther George, president and CEO of the Kansas City Fed, said Friday.

Investors in bonds, especially mortgage-backed securities, are on the lookout for any clues as to when the Fed may start slowing its purchases of Treasuries and mortgage bonds. After the Fed became the market’s biggest buyer in March 2020, accelerating competition pushed mortgage rates below 3% for the first time in July 2020.

According to data from Freddie Mac dating back to 1971, the average US 30-year fixed mortgage rate hit an all-time low of 2.65% in the first week of January. The rate last week was 2.86%, the mortgage securitizer said.

Fixed assets investors may make the Fed’s decision to cancel the rally in person as an acknowledgment that the United States is not yet out of the pandemic, and a sign that it will not rush to extricate itself from it. a monthly commitment to buy $ 80 billion in treasury bills and $ 40 billion in mortgage-backed securities.

After a national immunization program began to open up the economy earlier this year, the Fed’s federal rate-setting committee began discussing reducing asset purchases. The July meeting minutes released last week showed that most FOMC members wanted to start cutting back on their purchases in the second half of the year. This was before hospital intensive care units started filling up with Covid-19 patients who had refused the vaccine or were too young to be eligible.

“The Fed has reassured markets since last year that they will continue to buy bonds as long as there is concern that the pandemic slows the economy,” said Mark Goldman, mortgage broker at C2 Financial Corp. in San Diego. “Now we hear every day that hospitals are full, and that’s not a sign the economy is about to take off.”


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