Thursday, June 21, 2007

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 Top Stories


Man IPO Pricing Values U.S. Arm at Up to $5 Billion
 Source: CNBC
Man Group, the world's biggest listed hedge fund firm, has set the indicative price range for the flotation of its U.S. brokerage arm, MF Global, valuing the unit between $4.6 billion and $5 billion. More...

 Druckenmiller, Loeb Lead Hedge-Fund Winners in May (Update1)
Source: Bloomberg
Stanley Druckenmiller and Daniel Loeb beat their hedge-fund peers last month as corporate takeovers led the industry to some of its biggest market gains since 2003. More...

 End may be near for hedge fund tax break
 Source: CNNMoney.com
Tax-writing committees in Congress are weighing a curtailment of a little-known tax break that helps private equity firms and hedge funds cut their tax bills, according to a newspaper report published Thursday. More...

Hedge funds run by women do well
 Source: Reuters Italia
Investors looking for better performing hedge funds may want to try putting their money into portfolios run by women or minorities, a new industry benchmark launched on Wednesday shows. More...

More of Today's Stories continued below...  or  Today's Stories unabridged on the web

  Term of the Day & Related News

Derivatives
A derivative is a financial contract whose payoffs over a period of time are derived from the performance of assets, interest rates, exchange rates, or indices. This performance can determine both the amount and the timing of the payoffs. These payoffs can be in cash, as well as be the delivery of the underlying asset. The indices can range from a stock market index or the consumer price index (CPI) to an index of weather conditions.

Three classes of financial products fall under the heading of derivatives: derivative securities; exchange-traded derivatives; and over-the-counter (OTC) derivatives. More...
 

Related News:

Automation aimed at reducing derivatives backlog
 Source: FinancialNews-US.com
Markit Group, the over-the-counter derivatives trade processing firm, has launched a new system to check trades after a large backlog in processing led to a joint effort by regulators to tackle the issue. More...

 BNP Paribas sees strong growth in derivatives division
 Source: Gulf News Daily
France's biggest listed bank BNP Paribas said yesterday it was targeting strong growth in its derivatives division and aimed to hire 1,200 staff for its corporate and investment banking unit this year. More...
  Scholarly Article & Related News

Junk Bonds Then and Now
 by Glenn Yago & Susanne Trimbath
This chapter first presents a brief history of the high-yield securities market in the USA since the 1970s. It then discusses the etymology of the term ‘junk bonds’, and goes on to describe critical events in the high-yield market from the period 1989–1990 – which has often been characterized as the time of the beginning of the end for the market. The next part of the chapter discusses the capital access and high-yield financial innovations that led to the development of the high-yield securities market from the late 1970s, giving a comparative breakdown of the distribution of the main uses of high-yield proceeds in the periods 1983–1989 and 1990–1999, and a year-by-year breakdown of the use of proceeds from 1983 to 2000... More...
 
Related News:

Banks fear rout on risky US bonds
 Source: Telegraph.co.uk
Credit markets across the world were braced for trouble last night after Merrill Lynch abandoned efforts to save two Bear Stearns hedge funds, forcing the sale of $850m (£426m) of sub-prime mortgage bonds and other assets for debt repayment. More...

A Savvy Bet on Sallie's Debt?
 Source: BusinessWeek
Corporate buyouts can wreak havoc on the bonds of the companies that get snapped up. But they can also create an attractive opportunity for savvy investors.

Just consider Sallie Mae. When a consortium, led by private equity firm J.C. Flowers, announced a $25 billion deal to buy the student lender's holding company, SLM Corp. (SLM), back in April, bond holders started getting scared. Prices on some Sallie Mae debt issues dropped by 17% in the month following the news.  More...
  Top Stories by Category
  Book of the Day & Related News

   
Fixed-Income Arbitrage
by M. Anthony Wong
Price: $62.36
 
 
Book Description
An exposition to the world of relative-value trading in the fixed-income markets written by a leading-edge thinker and scientific analyst of global financial markets. Using concrete examples, he details profit opportunities--treasury bills, bonds, notes, interest-rate futures and options--explaining how to obtain virtually risk-free rewards if the proper knowledge and skills are applied.

Related News:

Putnam wins $600m AMP fixed income mandate
 Source: The Financial Standard
AMP Capital Investors Future Directions Fund has awarded Putnam Investments a global fixed income mandate worth around $600 million. More...

Don't fret when fixed-income investments fluctuate in value
 Source: Canada.com
Last year I inherited some money and wanted to put it into something safe and secure, and my adviser recommended that I invest in a portfolio of bonds and preferred shares. Lately my account's market value has started to slide. Do I have the right portfolio? More...
 
  Personal Interest


Citizen Kane tops greatest movie list
 Source: Telegraph.co.uk
Hollywood's elite has picked Citizen Kane as America’s greatest movie of all time in a vote by directors, actors, writers and critics.

Orson Welles’s story of a young idealistic newspaperman transformed by scandal and vice into a reclusive and regretful old man, which topped the American Film Institute’s 100 best movies produced by Hollywood studios, was closely followed by The Godfather and Casablanca in a poll of 1,500 respondents representing the cream of the movie industry. More...

 Ray-Ban maker Luxottica to buy Oakley for $2.1B
 Source: USA Today
Luxottica Group (LUX), the world's biggest eyewear maker, says it will buy U.S. sunglasses maker Oakley in an all-cash deal worth about $2.1 billion. More...
 

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   Top Stories (Continued)


Bear Stearns hedge funds adrift
 Source: The Sydney Morning Herald
CREDIT markets across the world are braced for trouble after Merrill Lynch abandoned efforts to save two Bear Stearns hedge funds, forcing the sale of $US850 million ($1 billion) of sub-prime mortgage bonds and other assets for debt repayment. More...

Beta Worship
 Source: The Huffington Post
At a hedge fund conference earlier this year, I heard presentations from peers on the state of the business. Appropriately, the location was Las Vegas, a place where the opportunity to lose your shirt runs 24/7 and the house takes it all in the end. The meetings were at one of the glitziest, newest hotels, and the raucous volley of slot machines and craps was never too far from our Powerpoint presentations. The gathering had all the signs of a hedge fund bubble about to burst: a luxe setting, lavish entertaining and invitation-only evenings at a velvet-roped nightclub. More...

 FAR Out! – E-Reporting Now Reality For Cayman´s Hedge Funds Industry
 Source: Mondaq
On 29 March 2007 the Cayman Islands Monetary Authority ("CIMA") confirmed full operation of Cayman's new electronic reporting system for the submission of annual returns for hedge funds licensed, registered and administered in the Cayman Islands heralding the start of a new modern and digital era of hedge fund regulation in the Cayman Islands. More...

Hedge Funds, Deutsche Bank Are Fined in French Probe (Update3)
Source: Bloomberg
Four hedge funds and Deutsche Bank AG were fined a combined 6.25 million euros ($8.4 million) by France's market regulator after an insider trading probe into a Vivendi Universal SA securities sale in 2002. More...

Hedge funds see carbon opportunities
 Source: AlBawaba.com
Rapidly developing carbon trading markets are creating a range of promising opportunities for hedge funds to participate in this new sector, says a report from Man Investments, the world’s largest provider of hedge fund investments. More...

Would you pay hedge fund fees to get talent?
 Source: Citywire
On Monday Citywire broke the news that hedge fund group RAB Capital is to launch two funds for the retail market.

On the face of it the funds look a compelling proposition. RAB is well respected in the hedge fund world and the managers running the forthcoming funds, Mark Darrel-Brown and Steven Thompson, have built an impressive record on their hedge fund. More...

Banks seek to keep the good times rolling
 Source: MSNBC
Deutsche Bank and Credit Suisse are preparing to roll out new offerings for their lucrative hedge fund clients, further underscoring the importance of the funds as a growing source of investment bank profits. More...

Hedge Fund Sets Openwave Surrender
 Source: TheStreet.com
 Hedge fund Harbinger Capital said Wednesday it likely will sell its shares in Openwave (OPWV - Cramer's Take - Stockpickr - Rating) if its tender offer for the software fails Thursday.

The hedge fund warned shareholders in an open letter that the company may return to "business as usual" once Harbinger is out of the picture.  More...


 Today's Stories unabridged on the web
 
 
   Today's Humor

At the banquet of Tom and Susan's 25th wedding anniversary, Tom was asked to give his friends a brief account of the benefits of a marriage of such long duration.

"Tell us, Tom, just what is it you have learned from all those wonderful years with your wife?"

Tom responded, "Well, I've learned that marriage is the best teacher of all. It teaches you loyalty, forbearance, meekness, self-restraint, forgiveness -- and a great many other qualities you wouldn't have needed if you'd stayed single."
 

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