Americas ETP News
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Credit Suisse to sell bulk of Securitized Products Group to Apollo
November 15, 2022--Credit Suisse (CSGN.S) said on Tuesday it has finalised the sale of most of its Securitized Products Group and related financing businesses to U.S. buyout fund Apollo Global Management (APO.N) -a key part of a sweeping revamp for the Swiss bank.
SPG assets held by Credit Suisse are set to slide to $20 billion from $75 billion due to this deal and the potential sale of other parts of the SPG portfolio to third-party investors, it said.
A sale price was not disclosed but Credit Suisse said Apollo would be paying a premium and the deal would result in an improvement in a key capital ratio.
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Source: reuters.com
Simplify Announces Launch of the Simplify Short Term Treasury Futures Strategy ETF (TUA)
November 15, 2022--ETF further augments firm's innovative fixed income suite, provides investors with capital-efficient duration exposure, yield curve opportunities from the short end of the curve
Simplify Asset Management ("Simplify"), an innovative provider of Exchange Traded Funds ("ETFs"), today announced the launch of the Simplify Short Term Treasury Futures Strategy ETF (TUA).
TUA is designed with the twin goals of capital and yield curve efficiency, seeking to target the duration* of the ICE 10-Year US Treasury Index by investing in Treasuries and Treasury futures at the short end of the curve.
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Source: Simplify Asset Management Inc.
US Benchmark Series Announces Launch of the US Treasury 12 Month Bill ETF
November 14, 2022--Today, The US Benchmark Series, a brand of F/m Investments ("F/m"), a $4 billion multi-boutique investment advisor based in Washington DC, is proud to announce the launch of the US Treasury 12 Month Bill ETF (Ticker "OBIL").
The US Benchmark Series is a suite of US Treasury ETFs ("the Funds") designed to simplify access to the US Treasury market, holding the most current ("on the run") US Treasury security that corresponds to its tenor.
With OBIL being the latest maturity ETF to launch, joining the initial three ETFs which have raised approximately $300 million in AUM since their mid-August inception-the US Treasury 10 Year Note ETF (Ticker: UTEN); the US Treasury 2 Year Note ETF (Ticker: UTWO); and the US Treasury 3 Month Bill ETF (Ticker: TBIL).
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Source: F/m Investments
SEC Charges S&P Global Ratings with Conflict of Interest Violations
November 14, 2022--The Securities and Exchange Commission today charged S&P Global Ratings, a nationally recognized statistical rating organization (NRSRO) registered with the Commission, with violating conflict of interest rules designed to prevent sales and marketing considerations from influencing credit ratings.
The SEC's order finds that an issuer engaged S&P to rate a jumbo residential mortgage backed security transaction in July 2017. Over a five-day period in August 2017, S&P commercial employees-employees responsible for managing the relationship with the issuer-on several occasions attempted to pressure the S&P analytical employees-employees responsible for evaluating and assigning the rating-to rate the transaction consistent with preliminary feedback the analytical employees had given the customer that turned out to include a calculation error. Despite sending the communications through the compliance department as required by S&P's policies and procedures at that time, some emails sent by the S&P commercial employees to the S&P analytical team contained statements reflecting sales and marketing considerations. The order finds that, as a result of the content, urgent nature, high volume, and compressed timing of the communications, the S&P commercial employees became participants in the rating process during a time when they were influenced by sales and marketing considerations.
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Source: SEC.gov
DWS Expands Xtrackers ESG Suite with Dividend, Growth and Value ETFs
November 9, 2022--DWS, one of the world's leading asset managers, announced today the listing of three new exchange-traded funds (ETFs) that provide exposure to U.S. equity investment styles with ESG (environmental, social and governance) screened U.S. dividend, growth and value-oriented equities.
The products, which listed on the CBOE, BZX Exchange today are:
Xtrackers S&P ESG Dividend Aristocrats ETF (CBOE: SNPD)
Xtrackers S&P 500 Growth ESG ETF (CBOE: SNPG)
Xtrackers S&P 500 Value ESG ETF (CBOE: SNPV)
The new listings strengthen DWS’s ESG Xtrackers suite that, together with their competitive net expense ratios, ranges across most major equity and fixed income markets and can be used as core portfolio building blocks.
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Source: dws.com
Innovator Launches the Equity Managed Floor ETFTM (SFLR), a Unique Core Portfolio Investment Strategy Designed to Address Tail Risk in Stocks
November 9, 2022--Innovator Equity Managed Floor ETF (SFLR) is a stock-based ETF that seeks to limit the potential for maximum losses, yet also offer upside participation and dividend income
Tail risk represents a unique concern amongst advisors
SFLR intended as a strategic, core equity solution that can serve as a long-term strategic allocation in a portfolio setting; Active ETF to be composed of stocks with an options overlay
nnovator Capital Management, LLC (Innovator), the Defined Outcome ETFs pioneer, today announced the listing of the Innovator Equity Managed Floor ETF (SFLR) on NYSE Arca. SFLR seeks to deliver investors U.S. equity upside and income potential, while limiting a shareholder's potential for maximum loss through a sophisticated options overlay.
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Source: Innovator Capital Management
CBO-Monthly Budget Review: Summary for Fiscal Year 2022
November 8, 2022--In fiscal year 2022, the federal deficit totaled nearly $1.4 trillion. That deficit was equal to 5.5 percent of GDP, down from 12.3 percent in 2021, but still larger than the 4.6 percent recorded in 2019-the most recent year not affected by the pandemic.
Summary
In fiscal year 2022, which ended on September 30, the federal budget deficit totaled nearly $1.4 trillion.
The marked decline in the deficit from the previous year reflected waning spending in response to the coronavirus pandemic and increased revenues driven by higher inflation and the continued recovery of economic activity.
In 2022, the deficit was equal to 5.5 percent of the nation's gross domestic product (GDP), down from 12.3 percent in 2021, but still larger than the 4.6 percent recorded in 2019-the most recent year not affected by the pandemic. The 2022 deficit was the third largest as a percentage of GDP over the past decade and greater than the 50-year average of 3.6 percent.
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Source: CBO (Congressional Budget Office)
Angel Oak Capital Advisors Launches Income ETF Focused on Residential Mortgage Credit Opportunities
November 8, 2022--Following the successful launch of the UltraShort Income ETF, Angel Oak continues the expansion of its ETF suite
Angel Oak Capital Advisors, an investment management firm that specializes in value-driven structured credit, is excited to announce the launch of the Angel Oak Income ETF (NYSE: CARY).
The firm's second actively managed exchange-traded fund provides investors with the opportunity to invest primarily across U.S. structured credit with a strong bias toward residential mortgage credit.
The Fund's significant allocation to structured credit combined with Angel Oak's experience in these fixed-income asset classes should drive significant yield at a moderate duration compared to other similarly rated corporate bond indices as well as broad fixed-income markets.
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Source: Angel Oak Capital Advisors, LLC
OECD-Latin America and the Caribbean: The green transition can be an economic and social game changer, says new report
November 7, 2022-- Climate change could significantly worsen long-term economic prospects and exacerbate inequalities in Latin American and the Caribbean (LAC). It is urgent to advance towards an ambitious and comprehensive green agenda to address its consequences and improve well-being for all.
An effective green transition in LAC could potentially add 10.5% more new jobs by 2030, says the Latin American Economic Outlook (LEO) 2022: Towards a green and just transition, presented today on the side-lines of COP27 in Sharm El-Sheik.
According to the 15th edition of the report, this year's economic slowdown, an unstable international context hit by Russia's war of aggression against Ukraine, increased inflationary pressures and reduced macroeconomic policy space make it harder for LAC economies to resume a path to sustainable growth and to protect the most vulnerable. For example, it is estimated that in 2022 vulnerable households in LAC faced an average price increase of 3.6 percentage points higher than the nationally representative household.
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Source: oecd.org
IMF Staff Country Report-Mexico: 2022 Article IV Consultation-Press Release and Staff Report
November 4, 2022--Summary:
Mexico's economy has recovered more gradually from the pandemic than many peers. Even so, inflation has accelerated and has become more entrenched, as elsewhere.
Domestic and external financial conditions tightened in the past year, while near-term growth prospects for the U.S., Mexico's main trading partner, have weakened.
The risks of capital outflows have risen. These new challenges compound Mexico's long-standing problems of low growth and high inequality.
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Source: IMF.org
