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Strategy - Negative real rates likely to be a lasting feature in the Eurozone

René Defossez — 2015-06-15T05:52:42Z

According to René Defossez, Strategist at Natixis, it seems reasonable to assume that, to begin with, the European Central Bank will endeavour to keep the 10-year nominal swap as low as possible, which means that the breakeven swap will remain deep in negative territory. However, it is also likely that the breakeven swap will remain very volatile, maybe more so, given the change in the global environment...

Opinion - Central banks: toward a bipolar world

René Defossez — 2014-11-03T23:34:00Z

Should one expect a huge differential in interest rates? Undoubtedly. According to René Defossez, having said that, this differential should be far more pronounced at the short end of the curve than at the long end. The reason is that short rates will be influenced directly by monetary policy, whereas long rates will remain more or less protected by many factors...

Strategy - Recent changes in sovereign yields put under the microscope

René Defossez — 2014-08-31T23:36:52Z

Since the start of the year, yields for the 10-year TNote and Gilt have been more or less the same. At the same time, the yield spread between Bund and its UK and US counterparts has widened by 100bp, and is now not far off 150bp.

Strategy - 10-year yields for BTP, Bono and IGB at or below level for TNote: an anomaly?

René Defossez — 2014-06-19T06:02:05Z

Mario Draghi's communication skills have proved exceptionally effective. Since the famous “whatever it takes” in 2012, yields for peripheral sovereign debts have converged sharply towards levels for German debt. Yields for BTPs, Bonos and IGBs sit at record lows.

Strategy - EZ deflation risk not deterring buyers of inflation in primary

René Defossez — 2014-05-22T05:32:05Z

The strong demand in the primary market confirms what is already well known: whatever the inflation expectations, there is significant structural demand, notably from “buy and hold” investors such as pension funds, for bonds indexed to inflation.

Strategy - Can Fed check the TNote's downturn?

René Defossez — 2013-08-30T19:19:00Z

The rise in the yield of the 10-year TNote has been impressive since the start of May, up from 1.60% to 2.90%, its highest level since July 2011 (TNote contract has shed around 6%). The steepening of the US sovereign yield curve has been just as impressive, as the 10-2Y spread has widened to 250bp from around 140bp at the start of May.

Who's who - Sébastien Denry

2016-11-17T00:40:58Z

Sebastien Denry, Investment specialist Quant Equity, THEAM Sébastien Denry is an Investment Specialist at THEAM, the partner of BNP Paribas Investment Partners specialized in Protected, Indexed and Model-Driven management. Sebastien is in charge of the development of the Quantitative Equity (...)

News - Euronext in exclusive talks to acquire 20% of EuroCCP and to offer user choice clearing model for equity markets

2016-05-12T15:57:16Z

• MOU signed to finalise the acquisition of a 20% stake in EuroCCP for €14M (including contribution to regulatory capital) subject to closing adjustments • Euronext to create user choice for clearing of Euronext equity markets, through a preferred CCP model followed by interoperability • This (...)

News - ING completes sale of Taiwanese asset management business

2014-04-18T07:12:33Z

ING has completed the sale of ING Investment Management Taiwan, its Taiwanese asset management business, to Japan-based Nomura Asset Management in partnership with a group of investors. The transaction, which was announced on 10 January 2014, is in line with ING's earlier announced strategy to (...)

News - Swiss Re denies being in discussions with the Agnelli family or any of its investment vehicles

2014-03-12T23:21:45Z

Contrary to market speculation, Swiss Re is not in discussion with the Agnelli family or any of its investment vehicles regarding the possible acquisition of a stake in Swiss Re.

News - ING finalises agreement to make Dutch Defined Benefits Pension Fund financially independent

2014-02-28T09:34:38Z

ING announced today that it has finalised the previously announced agreement in principle to make ING's closed Defined Benefits (DB) Pension Plan in the Netherlands financially independent. The finalisation of the agreement releases ING from all future financial obligations arising out of this (...)

News - ING posts 2013 underlying net profit of EUR 3,255 million

2014-02-12T20:29:19Z

ING Group full-year 2013 underlying net profit of EUR 3,255 million, up 22.2% from full-year 2012 2013 net result EUR 3,232 million, or EUR 0.85 per share, including divestments, special items and discontinued operations 4Q13 net result of EUR 539 million, or EUR 0.14 per share, vs. EUR 0.39 (...)

News - Fitch Publishes Tikehau Credit Plus 'Strong' Fund Quality Rating

2014-02-02T19:23:52Z

Fitch Ratings has published Tikehau Credit Plus ‘Strong' Fund Quality Rating. The fund is France-domiciled and managed by Tikehau Investment Management (Tikehau IM).

News - Fitch Affirms CPR Croissance Reactive 'Strong' Fund Quality Rating

2014-02-02T19:22:30Z

Fitch Ratings has affirmed CPR Croissance Reactive's ‘Strong' Fund Quality Rating. The fund is a flexible multi-asset global fund, managed by CPR Asset Management (CPR AM), a wholly owned subsidiary of Amundi Asset Management.

News - ING completes sale of stake in China Merchants Fund

2013-12-04T01:06:17Z

ING announced today that it has completed the sale of its 33.3% stake in China Merchants Fund, an investment management joint venture, to its joint venture partners China Merchants Bank Co., Ltd., and China Merchants Securities Co., Ltd. The transaction, which was previously announced on 8 (...)

News - ING completes sale of investment management business in South Korea to Macquarie

2013-12-02T18:04:31Z

ING announced today that it has completed the sale of its investment management business in South Korea to Macquarie Group, an Australia-based, global provider of financial services. As previously announced on 10 July 2013, the transaction does not have a material impact on ING Group (...)

News - ING prices offering of ING U.S. shares at USD 29.50 per share

2013-10-23T22:49:23Z

ING announced today the pricing of 33 million shares of common stock of ING U.S., Inc., its U.S.-based retirement, investment and insurance subsidiary. Based on the final price of USD 29.50 per share, the offering size is approximately USD 974 million (approximately EUR 706 million at current (...)

News - Fitch Affirms Austria at 'AAA'; Outlook Stable

2013-09-29T18:32:25Z

Fitch Ratings has affirmed Austria's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AAA' with Stable Outlook. The agency has also affirmed the Short-term foreign currency IDR at 'F1+' and the Country Ceiling at (...)

News - Fitch Affirms European Stability Mechanism at 'AAA'; Outlook Stable

2013-09-10T19:06:15Z

Fitch Ratings has affirmed the European Stability Mechanism's (ESM) Long-term Issuer Default Rating (IDR) at 'AAA' with a Stable Outlook and Short-term IDR at 'F1+'.

News - Fitch Affirms Denmark at 'AAA'; Outlook Stable

2013-09-05T06:07:31Z

Fitch Ratings has affirmed Denmark's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AAA' with a Stable Outlook. Fitch has simultaneously affirmed the Short-term foreign currency IDR at 'F1+' and the Country Ceiling for Denmark at (...)

News - Fitch Affirms Sweden at 'AAA'; Outlook Stable

2013-07-17T21:37:42Z

Fitch Ratings has affirmed Sweden's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'AAA'. The Outlook on both ratings is Stable. Fitch has also affirmed Sweden's Short-term rating at 'F1+' and Country Ceiling at (...)

News - Fitch Downgrades Major French Banks

2013-07-17T21:35:01Z

Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDRs) of Credit Agricole (CA), Societe Generale (SG), Groupe BPCE (GBPCE), Dexia and Dexia Credit Local (DCL) to 'A' from 'A+' and Short-term IDRs to 'F1' from 'F1+'. Fitch has also downgraded BNP Paribas' (BNPP) and CM11-CIC's (...)

News - Fitch Downgrades European Financial Stability Facility to 'AA+'

2013-07-16T06:07:31Z

Fitch Ratings has downgraded the European Financial Stability Facility's (EFSF) guaranteed and long-term debt Long-term rating to 'AA+' from 'AAA'. The EFSF's short-term (less than 12 months contractual maturity) guaranteed debt instruments' Short-term rating has been affirmed at (...)

News - Fitch Downgrades France to 'AA+'; Outlook Stable

2013-07-12T17:50:31Z

Fitch Ratings has downgraded France's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'AA+' from 'AAA'. The Outlook is Stable. At the same time, the agency has affirmed France's Short-term foreign currency IDR at 'F1+' and the Country Ceiling at (...)

News - ING to sell Investment Management business in South Korea to Macquarie

2013-07-10T20:56:23Z

ING announced today that it has reached an agreement to sell its investment management business in South Korea to Macquarie Group, an Australia-based, global provider of financial services. The transaction is not expected to have a material impact on ING Group results. Subject to regulatory (...)

News - Fitch Affirms Japan at 'A+'; Negative Outlook

2013-05-16T20:15:08Z

Fitch Ratings has affirmed Japan's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'A+' with a Negative Outlook. The Short-term IDR has been affirmed at 'F1+'. The Country Ceiling has been affirmed at 'AA+'. The affirmation of Japan's sovereign ratings in part reflects the (...)