European high yield bonds have outperformed US high yield bonds recently due to stronger economic recovery in Europe. However, risks remain for European high yield from slowing global growth, particularly from China, and from a potential reversal in investor flows. Defaults have increased in the energy sector due to low oil prices, which poses ongoing risks, though energy makes up a smaller portion of the European high yield market than the US market. Overall liquidity risks remain elevated across fixed income markets.
As we enter the last quarter of 2013, US politicians are once again playing a game of brinkmanship; unfortunately one that could have dire consequences for the world’s economy. Politicians continue to entrench opposing positions rather than engage in positive action. It is highly unlikely that the entire US government will shut down as essential services will remain active, but nevertheless, investors dislike uncertainty and markets have been under pressure as the Third Quarter closed.
As we enter the last quarter of 2013, US politicians are once again playing a game of brinkmanship; unfortunately one that could have dire consequences for the world’s economy. Politicians continue to entrench opposing positions rather than engage in positive action. It is highly unlikely that the entire US government will shut down as essential services will remain active, but nevertheless, investors dislike uncertainty and markets have been under pressure as the Third Quarter closed.
Is the world heading towards an unprecedented zero-interest rate economy? In a globalized world like today’s, where economies are extremely interdependent,
relative prices are one of the most important key driver for increasing exports. An
appreciation of the domestic currency could scuttle export and bring the fragile economy
back to recession. This would happen if all the other countries decide to keep interest
rates steady. Is it rational to increase rates when all the others keep them steady? The
answer is clearly no. Following Dr. Keith Weiner’s theory of interest and price2
, a zero interest rate economy
can be regarded as a singularity point in Astrophysics. Once the interest rate falls to a
certain point known as “event horizon”, the theory says, then it cannot escape and rise.
Once that point is reached it becomes evident that (sovereign and private) debts cannot
be paid off, although the truth is that it was impossible to pay off them since the very
moment they were issued.
NN Investment Partners celebrates the 25th anniversary of NN Global Real Estate Fund and NN (L) European Real Estate. This milestone illustrates NN Investment Partners’ heritage in equity investing and commitment to real estate equities in particular.
Is the world heading towards an unprecedented zero-interest rate economy? In a globalized world like today’s, where economies are extremely interdependent,
relative prices are one of the most important key driver for increasing exports. An
appreciation of the domestic currency could scuttle export and bring the fragile economy
back to recession. This would happen if all the other countries decide to keep interest
rates steady. Is it rational to increase rates when all the others keep them steady? The
answer is clearly no. Following Dr. Keith Weiner’s theory of interest and price2
, a zero interest rate economy
can be regarded as a singularity point in Astrophysics. Once the interest rate falls to a
certain point known as “event horizon”, the theory says, then it cannot escape and rise.
Once that point is reached it becomes evident that (sovereign and private) debts cannot
be paid off, although the truth is that it was impossible to pay off them since the very
moment they were issued.
NN Investment Partners celebrates the 25th anniversary of NN Global Real Estate Fund and NN (L) European Real Estate. This milestone illustrates NN Investment Partners’ heritage in equity investing and commitment to real estate equities in particular.
Market Outlooks
We leverage a global network of investment consultants and researchers to deliver industry specific knowledge and dynamic tools, which allows our clients to make informed strategic investment decisions.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Scope Of Macroeconomics introduction and basic theories
[LATAM EN] Column on European High Yield
1. European high yield is
resilient, but risks are
looming
Tim Dowling
Head of Credit Investments & Lead Portfolio Manager
Global High Yield
2. High yield (HY) as an asset class encountered a challenging global environment in the third quarter, mostly
the result of a rise in risk aversion among investors. Risky assets such as HY bonds reacted negatively to
fears of a perceived global economic growth slowdown led by the world’s second largest economy, China.
HY returns were accompanied by an unusually large divergence
between regions. Returns in Europe significantly outperformed those in
the US, as the market welcomed a compromise outcome to the latest
phase of the Greek crisis and signs of a sustained economic recovery.
US returns were weak, particularly lower down the rating scale. The
underperformance of US HY bonds can be mainly explained by the
importance in the benchmark of issuers present in the energy and
material markets. More generally, energy, commodity and global
growth related credits underperformed on the back of increased
worries on Chinese, emerging markets and global growth and falling
commodity prices. From a credit quality point of view, there was a
clear risk-off trend: higher quality credits outperformed lower quality
credits.
In the past months, we witnessed a number of defaults in the US
energy sector. Low oil, natural gas and coal prices have caused
defaults in the energy and metals & mining sectors, and we believe
further defaults will follow. Fortunately, outside these sectors the
default rates remain low, but sentiment for US high yield is unlikely to
improve much in the near term as these sectors are sizeable. A key
trigger for a reversal would be a bottoming of commodity prices and
oil prices in particular.
European high yield is not completely sheltered
In the current environment it is difficult to imagine that the European
HY debt category would be completely sheltered from the severe
headwinds facing its US counterpart. Indeed, lower oil prices will lead
to more defaults in the energy sector. However, this especially holds
for the US. The energy sector is about 15% of the US HY market,
whereas in Europe the exposure is not more than 2%.
Perhaps a greater risk to European HY are investment flows, which are
probably even more important for European than for US HY paper.
Whereas US HY has witnessed outflows this year and last, European
HY attracted +16% of assets under management in inflows so far in
2015, after inflows of +10% in 2014. Sentiment reversals and
subsequent investor outflows are of course potential headwinds for
HY paper in the US as well as in Europe. But given market
capitalization and historic inflows, they probably pose a bigger threat
to European HY. At a time with low market liquidity in spread products,
investor flows can carry a big impact. And while European paper has
outperformed US in the HY category, contagion risk has recently
increased.
The liquidity risk is – to a large extent – priced in. Part of the widening
in spreads reflects the need for more compensation to cover the
increased cost of entering or exiting the credit markets associated
with the decline in dealer-provided liquidity. Although the lower
liquidity conditions are not expected to result in any type of systemic
stress, volatility in fixed income returns will most likely be higher than
in the past. Considering that the factors creating lower liquidity
conditions in the fixed income markets are not about to reverse, the
larger, more liquid bonds are looking more attractive than the less
liquid types of paper. The premium required to own smaller issues has
increased and we think many of these smaller issues are very
attractive at today’s lower prices.
Impact of Chinese slowdown and Fed normalisation
It will be interesting to see if European HY can continue to outperform
its US peer. European earnings and macroeconomic data are still
resilient which offers support to European HY, as does the low
gov-ernment bond yields in the region. A big challenge for HY
investors is to assess the impact of the Chinese slowdown on
developed market economies. Limited danger is seen to US exports,
as they are a small percentage of GDP, and a greater threat to the
more export dependent European economy. Cheaper goods and
commodity prices in the developed markets benefit consumers, but
also depress an already low inflation environment.
Additional areas of uncertainty include the behaviour of Chinese policy
makers. For example, if the Chinese authorities choose to maintain the
exchange rate stable vis-à-vis the US dollar, they are likely to sell part
of their Treasury holdings, leading to an increase in US bond yields.
Other key concerns include the divergence in monetary policies, with
the Federal Reserve potentially tightening while the rest of the world is
easing, and the impact of that divergence on the US dollar and the US
economy. European QE could push bond buyers down the rating
ladder, preserving better technical market conditions in Europe than
the Fed-focused US.
Tim Dowling
Head of Credit Investments &
Lead Portfolio Manager Global
High Yield
3. About NN Investment Partners
NN Investment Partners is the asset manager of NN Group N.V., a publicly traded corporation. NN
Investment Partners is head-quartered in The Hague, The Netherlands. NN Investment Partners
manages in aggregate approximately EUR 184 bln* (USD 206 bln*) in assets for institutions and
individual investors worldwide. NN Investment Partners employs over 1,100 staff and is active in 16
countries across Europe, Middle East, Asia and U.S.
As of April 07, ING Investment Management has renamed to NN Investment Partners. NN
Investment Partners is part of NN Group N.V., a publicly traded corporation. Currently NN Group is
37.1% owned by ING Group. ING intends to divest the remaining stake in NN Group before 31
December 2016, in line with the timeline ING has agreed with the European Commission.”
*Figures as of 30 June 2015
Disclaimer
The elements contained in this document have been prepared solely for the purpose of informa-
tion and do not constitute an offer, in particular a prospectus or any invitation to treat, buy or sell
any security or to participate in any trading strategy. This document is intended for press use only.
While particular attention has been paid to the contents of this document, no guarantee, warranty
or representation, express or implied, is given to the accuracy, correctness or completeness thereof.
Any information given in this document may be subject to change or update without notice. Neither
NN Investment Partners B.V., NN Investment Partners Holdings N.V. nor any other company or unit
belonging to the NN Group, nor any of its officers, directors or employees can be held directly or
indirectly liable or responsible with respect to the information and/or recommendations of any kind
expressed herein. The information contained in this document cannot be understood as provision of
investment services. If you wish to obtain investment services please contact our office for advice.
Use of the information contained in this document is solely at your risk. Investment sustains risk.
Please note that the value of your investment may rise or fall and also that past performance is not
indicative of future results and shall in no event be deemed as such. This document is not intended
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