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AUDIO: Monthly Market Update - April 2013Chief Currency Strategist, Simon Derrick, presents his latest views on the European and global economies. Author: Simon Derrick
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Upside Surprises in Brazil: A Closer Look at EquitiesReprinted with the permission of Global Finance Media, Inc. Foreign investments in local securities is expected to accelerate as the local economy is fueled by both a rise in consumer spending and corporate earnings, according to BNY Mellon Currency Strategist Michael Woolfolk. Author: Michael Woolfolk
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Why Latin American Currencies Will Stay Very StrongReprinted with the permission of Business News Americas Investor sentiment has played a critical role in the performance of emerging market currencies over the past 30 years. The relaxation of capital controls and deregulation of local financial markets helped stimulate cross-border capital flows. Positive sentiment typically led to indiscriminant waves of foreign investment into emerging markets, which often threatened to capsize local markets due to overinvestment. Negative sentiment typically led to indiscriminant waves of foreign divestment from emerging markets, which would lead to a collapse in local equity prices, currencies and even economies. Author: Michael Woolfolk
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Why Latin American Currencies Will Stay Very Strong (Spanish)Reprinted with the permission of Business News Americas Investor sentiment has played a critical role in the performance of emerging market currencies over the past 30 years. The relaxation of capital controls and deregulation of local financial markets helped stimulate cross-border capital flows. Positive sentiment typically led to indiscriminant waves of foreign investment into emerging markets, which often threatened to capsize local markets due to overinvestment. Negative sentiment typically led to indiscriminant waves of foreign divestment from emerging markets, which would lead to a collapse in local equity prices, currencies and even economies. Author: Michael Woolfolk
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VIDEO: Hedging Liabilities - Using Total Return Swaps to Hedge Nonqualified Deferred Compensation PlansWilliam Blank, Managing Director, BNY Mellon Capital Markets, a broker-dealer affiliate of BNY Mellon, shares our thoughts on a different method for hedging liabilities associated with nonqualified deferred compensation plans using total return swaps. Unlike traditional hedging alternatives, total return swaps are unfunded. This allows the company to retain the use of the deferred cash for more profitable business purposes. Author: William Blank
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Hedging Nonqualified Deferred Compensation PlansThis paper explores the various methods a plan sponsor can use to hedge its market-based nonqualified deferred compensation (NQDC) plans, the costs and benefits of each method, and the key decision factors. We conclude that using total return swaps (TRS) to hedge NQDC plan liabilities is an innovative, efficient and valuable strategy for plan sponsors looking to minimize volatility while retaining capital to reinvest in their businesses. Author: William Blank
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Regulatory Reform: The Shape of Things To ComeReprinted with the permission of Incisive Media Services Limited Transparency, reporting and ongoing regulatory reform are key issues in the derivatives marketplace. While many are aware of the Dodd-Frank Act, the full impact of the law remains unclear. Patrick Tadie, Global Head of Derivatives360, discusses the major challenges facing financial institutions in this new regulatory environment and outlines ways to prepare for these challenges. Author: Patrick Tadie
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Continuous Equity Financing with Forwards: A Practical Solution to Strategic Capital RaisingCompanies that need to raise equity capital might want to consider an alternative to traditional follow-on offerings. This white paper identifies the key factors and outlines the necessary steps issuers should consider when contemplating a continuous equity financing program. The paper also explores the rationale and mechanics of including a forward component in a continuous equity financing program. Author: Daniel de Menocal
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VIDEO: SAFE Programs - A Practical Solution to Strategic Capital RaisingDaniel de Menocal, Head of Equity Capital Markets for BNY Capital Markets, discusses an innovative way for public companies to raise equity capital. Sales Agency Financing for Equity (SAFE) programs provide a higher degree of flexibility and represent a practical alternative to secondary offerings. Author: Daniel de Menocal
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Currency Hedging - Impact of FX Risk on the Investment Process and Its Effect on PerformanceRecent research, conducted by London-based ClientKnowledge and commissioned by BNY Mellon, shows increasing interest on the part of institutional investors in currency hedging strategies focused on minimizing the impact of currency fluctuations on cross-border investments as well as understanding how this impacts returns. The research findings, summarized in this white paper, also indicate a growing tendency on the part of fund owners and fund managers to re-evaluate the costs and benefits of currency hedging strategies from an adjustment-of-risk perspective. Authors: Edward McGann, John Murray
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