Latest from IPE Magazine – Page 44
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FeaturesUK LDI woes raise wider European questions
Turmoil in UK Gilt markets has forced continental European pension industries to review their risk management strategies
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Opinion PiecesGuest viewpoint: Diversification and dislocation in a place called dystopia
What happened to my free lunch? They told me that diversification was there for the taking, yet there has been no zig to my zag. They promised me downside protection, but all I see is red. They said liquidity was a benefit, but never mentioned the bid/ask spread. Welcome to dystopia in the era of dislocation.
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FeaturesFixed income, rates & currency: The return of extreme volatility
The emergency measures swiftly enacted by policymakers and central banks in March 2020, as we locked our communities, schools and businesses down, unsurprisingly created huge volatility in financial markets.
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FeaturesAhead of the curve: Beefing up guardrails as risks rise in private credit
For US and European private credit firms, storm clouds are gathering.The recent rate hikes by the Federal Reserve, European Central Bank (ECB) and the Bank of England (BoE)have numbed activity in the leveraged loan and high-yield spaces.
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FeaturesQontigo Riskwatch - November 2022
*Data as of 30 September 2022. Forecast risk estimate for each index measured by the respective US, World and Emerging Markets Qontigo model variants
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Features
IPE Quest Expectations Indicator - November 2022
In general, political risk remained the same, except in the UK. The Russian offensive against Ukrainian civil infrastructure is useless. If it should succeed, Russia has no means to exploit it militarily. Ukraine is set to recover Kherson. In the EU, France is trying to cope with a vicious strike that blocks petrol deliveries, but its side effect is a push towards hybrid and non-petrol cars. Japan is worried over implicit North Korean nuclear threats. In the UK political risk has increased fast with a crisis caused by government tax plans that has sapped trust on several levels. The data indicate that analysts believe that the wave of interest rate increases is near (if not over) its top and that bonds are now becoming more attractive than equities for the first time in many years.
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Opinion PiecesAn uncertain outlook for UK pension journey plans
Following the Bank of England’s (BoE) emergency intervention announced on 28 September to stem the sell-off of long-dated UK government bonds, UK defined benefit (DB) pension funds were kept busy, as falling Gilt prices over the past weeks caused mark-to-market losses in liability-driven investment (LDI) strategies.
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Special ReportESG: Spotlight falls on ESG executive pay incentives
Executive pay is increasingly tied to sustainability targets and investors want to ensure incentives are properly designed
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Special ReportESG: Debate - Double or single materiality?
Two leading academics discuss the investment benefits of single versus double materiality
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Special ReportESG: Will Scope 3 lead to a tech exodus in public markets?
Could the roll out of Scope 3 reporting bring ESG funds’ love affair with tech to an abrupt end?
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Special ReportESG: Central banks nudge lenders to produce climate data
Lenders face a variety of challenges when measuring the environmental impact of their balance-sheet exposure
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Special ReportESG: Interview - Julian Poulter of The Inevitable Policy Response on ‘disorderly transition’
It is hard to stay positive about the climate transition when listening to Julian Poulter. The head of investor relations at Inevitable Policy Response (IPR), the climate policy forecast run by the Principles for Responsible Investment, has been working on climate change since 2009, when he was CEO of the Asset Owners Disclosure Project. But while many green-finance veterans are giddy about the snowballing interest in net zero, Poulter is feeling less bullish.
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Special ReportESG: Leading viewpoint - COP27 is the key moment to address the net-zero trilemma
World leaders gather in Egypt at a decisive time
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Special ReportESG: Leading viewpoint - write off ESG at your peril
ESG’s current travails are a mid-life crisis out of which something better and fitter will emerge
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Special ReportESG: Leading viewpoint - why a carbon footprint does not measure what you think it does
The concept of ecological footprinting turns 30
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Special ReportESG: Leading viewpoint - rethinking sovereign bonds
Sovereign debt markets are not fit for purpose
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Country ReportCountry Report – Pensions in France (October) 2022
The French pension system is in good health with a first-pillar pay-as-you-go system in surplus. But long-term forecasts are cause for concern, showing that the French state will have to raise expenditure on pensions from the current 13% to nearly 15% of GDP to maintain the system.
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Special ReportSpecial Report – Asia investment
Investors steadily withdrew from emerging Asia equity markets this year, taking nearly $30bn out of the markets in the seven months to the end of July, with six consecutive months of outflows. Tech-oriented Taiwan and South Korea were most affected and India was not unscathed.
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Asset Class ReportsEmerging market debt report
This year has seen hefty losses on the main emerging market debt indices, in both hard and local currency denominated bonds. Investors are left assessing whether these price moves are justified. Or has the market overreacted to US rate rises and the war in Ukraine, leaving markets as a whole underpriced?
