Time

🇺🇸 LA
----
--:--
🇺🇸 New York
----
--:--
🇬🇧 London
----
--:--
🇮🇹 Rome
----
--:--
🇮🇳 Delhi
----
--:--
🇨🇳 Beijing
----
--:--
🇰🇷 Seoul
----
--:--

Thursday, February 28, 2013

Gallileo


Gallileo

Gallileo is a 38-storey 136 m (446 ft) skyscraper in the Bahnhofsviertel district of Frankfurt, Germany. It was built from 1999 to 2003.

The towers architecture is made up of two towers linked by a connecting central core. The north tower is 136 m (446 ft) with 38 storeys, and the south tower is 114 m (374 ft). The core is the building's full height. Together with its 49,000 m2 (530,000 sq ft) floor space, it is the 14th tallest building in the city. Its name is an intentional misspelling of the scientist Galileo's name; the extra l comes from the building's other namesake, the nearby park Gallusanlage. Along with the nearby Silberturm, it served as the corporate headquarters of Dresdner Bank since 2008. A year later, after the takeover of Dresdner Bank by Commerzbank, the new owner plans to use only the Gallileo.

Gallileo has a glass facade with 400 individual windows forming an approximately 22,000 m2 (240,000 sq ft) large transparent outer skin. In the glass floors were the American artist James Turrell, integrated lighting, which make the building at night from the inside out glowing. These are not architecturally visible. The undersides of the floor slabs serve as reflective surfaces.

Shops, a bar, and the English Theatre Frankfurt are located on the ground floor.

General information
TypeCommercial offices
LocationGallusanlage 7
Frankfurt
Hesse, Germany
Coordinates50°06′34″N 08°40′16″E
Construction started2000
Completed2003
CostUS$180 million
Height
Roof136 m (446 ft)
Technical details
Floor count38
3 below ground
Floor area49,000 m2 (530,000 sq ft)
Lifts/elevators14
Design and construction
OwnerDresdner Bank AG
ArchitectNovotny Mähner Assoziierte
Main contractorBilfinger Berger SE
References
[1][2][3]


See also

List of tallest buildings in Frankfurt
List of tallest buildings in Germany


References

[1]^ Gallileo at Emporis
[2]^ Gallileo at SkyscraperPage
[3]^ Gallileo at Structurae


http://en.wikipedia.org/wiki/Gallileo

Frankfurt office

Wednesday, February 27, 2013

Turkey: Gold export story reaches an end

Turkey: Gold export story reaches an end

At USD 7.3 bn, January’s foreign trade deficit was slightly above the market expectations (USD 7.0bn). As a result, 12-month cumulative trade deficit increased to USD 84.2bn in January from USD 84.0bn in December. Similarly, 12-month cumulative non-energy trade deficit increased to USD 31.9bn from USD 31.6bn. On a seasonally adjusted basis, exports and imports increased by 2% m/m and 9% m/m, respectively. Imports excluding gold and energy rose by 6% m/m on a seasonally adjusted basis, according to our calculations. On a 3m/3m basis, imports increased for the first time since August 2012, signalling that the monetary easing of the CBRT has finally reflected on import figures. Based on broad economic categories, imports of consumption goods increased 7.6% y/y, intermediate goods by 3.4% y/y, and capital goods by 8.2% y/y.

'Big Box' Outlook (JLL)


'Big Box' Outlook

The ‘Big box’ outlook covers warehouse and distribution facilities of at least 250,000 square feet located around the United States.

View report

Tuesday, February 26, 2013

Global Office Rent Cycle MarketView and Charts (Q4 2012)

Global Office Rent Cycle MarketView and Charts (Q4 2012)

Prime Rent Performance Divergent in Q4 2012

Executive Summary

(Read More: Global Office Rent Cycle MarketView and Charts (Q4 2012))

▶ Occupier demand remains circumspect and still broadly focused on prime space.

Monday, February 25, 2013

White House: Military, school and health cuts will hurt Kansas if sequester not averted

White House: Military, school and health cuts will hurt Kansas if sequester not averted

Kansas will lose at least $79 million in funding for the state’s military bases and face about $10.8 million in cuts to education if Congress and the president can’t reach agreement to head off automatic budget cuts scheduled to begin Friday, according to a new White House report.

http://blogs.kansas.com/gov/2013/02/25/white-house-military-education-and-health-cuts-will-hit-kansas-if-sequester-is-not-averted/

First Insights: China: HSBC flash PMI drops surprisingly

Economics Research | Asia Ex-Japan
25 February 2013

First Insights: China: HSBC flash PMI drops surprisingly

The HSBC flash PMI dropped surprisingly to 50.4 in February from 52.3 in January (Consensus: 52.2; Nomura: 53.3). The new orders subcomponent fell to 50.9 from 53.1 in January and new export orders to 49.8 from 53.7. The output subcomponent fell to 50.9 from 53.1, while that for the stock of finished goods rose slightly to 49.8 from 49.6.

Chile – We look for stronger IP and retail sales data this week

25 February 2013

Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 25 Feb 2013 06:00 |

Chile – We look for stronger IP and retail sales data this week.

The focus this week will be on January industrial production and retail sales data, both due out on Thursday. We look for another month of performance divergence between manufacturing production and retail sales. Manufacturing production likely rebounded in annual terms in January, rising 3.6% y/y. In sequential (sa) terms, we look for a +1.9% m/m rebound in January, following a 2.2% monthly contraction in December. Real retail sales are estimated to have contracted in sequential terms in January, but should still post a strong 9.8% gain over a year ago.

Sunday, February 24, 2013

First Insights: China: Fuel price hikes add to inflationary pressures

Economics Research | Asia Ex-Japan | Nomura
25 February 2013

First Insights: China: Fuel price hikes add to inflationary pressures

China last night announced a hike in gasoline and diesel retail prices, effective today. Increases of 3.5% and 3.8% have been applied, respectively, adding RMB300 and RMB290 to the prices per ton. This is the second major price hike announced in five days – on 20 February we saw the largest hike in the rail freight tariff rate since 2003, which was unusual in terms of timing as tariff hikes in Q1 are not common.

Uncovering ‘Diamonds in the Rough’ in Today’s Credit Markets

Uncovering ‘Diamonds in the Rough’ in Today’s Credit Markets

Key Points:

· There are still good opportunities for yield and total return in the credit markets, but there has been a shift in where and how investors can find them.

· The credit markets have had a strong run since the market bottomed in 2009. Many investors searching for income have moved into riskier assets.

· A "diamond in the rough" is a credit that is under-covered, or not actively followed or researched by many investors. At PIMCO, we identify these opportunities through our top-down and bottom-up investment process.

· We’ve identified a number of sectors that appear poised for above-average growth. Housing is at the top of the list, and one of the few bright spots in the U.S. economy. Energy is another industry in which we’re seeing opportunity, and we are also bullish on select credits in emerging economies.

http://www.pimco.com/EN/Insights/Pages/Uncovering-Diamonds-in-the-Rough-in-Todays-Credit-Markets.aspx

Saturday, February 23, 2013

Lenders more willing to provide debt for commercial – survey

Real Estate News
Lenders more willing to provide debt for commercial – survey
22 February 2013

GLOBAL – The level of senior debt for UK commercial real estate projects could reach as much as £36bn (€41.4bn) in 2013 and new lenders could be willing to offer development financing for the property market, according to a survey conducted by the Real Estate Lending Forum (RELF).

http://www.ipe.com/realestate/lenders-more-willing-to-provide-debt-for-commercial-survey_50236.php

Friday, February 22, 2013

Survey shows spike in real estate debt interest by institutionals

Real Estate News
Survey shows spike in real estate debt interest by institutionals
21 February 2013

GLOBAL – Institutional investors' interest for real estate debt has jumped over the past 12 months, with more than one-third seeking to allocate capital to the asset class against 8% a year ago, research from Preqin shows.

The report found that, out of the more than 100 investors surveyed, 53% expect to make commitments to private real estate funds in 2013, while only 36% expressed similar views a year ago.

http://www.ipe.com/

Eco Analysis - China's stubborn housing inflation risks further policy tightening (W. Yao)

Eco Analysis - China's stubborn housing inflation risks further policy tightening (W. Yao)

China January housing inflation accelerated to the fastest pace since early 2011. This report justifies Beijing's renewed hawkishness on the housing market. Further acceleration of housing inflation will most likely trigger more policy tightening. Meanwhile, RBA Governor Stevens sounded rather upbeat on the economy in testimony to Parliament, and rather disinclined to cut rates in the short term. Key points were that there is a good deal of stimulus in the pipeline from previous easing, and that the high A$ has been a key factor in the current low rate setting. In response, the A$ strengthened nearly 1c and short-term rates rose.

Will Floating LNG Revolutionise The Natural Gas Industry?

Will Floating LNG Revolutionise The Natural Gas Industry?
Posted February 21, 2013

Floating liquid natural gas, the notion of performing gas liquefaction offshore on a floating vessel near the point of extraction, has seen a growth in interest since around 2006. Several companies prepared a Floating LNG concept and performed research to develop some non-existing, though indispensable, technological components. During the following years, the industry was marked by some long debates about whether the technology had progressed sufficiently for the deployment of the first unit. After years of discussion and investments, the first Floating LNG project, Shell’s Prelude, has finally been announced in 2011. Today the industry counts over 20 other FLNG projects and its business is sized to exceed 60 Billion USD for the next decade.

http://theenergycollective.com/celinerottier/189491/will-floating-lng-revolutionise-natural-gas-industry


Thursday, February 21, 2013

Asia Chart Alert: China: Property prices rose faster in January

Economics Research | Asia Ex-Japan
22 February 2013

Asia Chart Alert: China: Property prices rose faster in January

This should further pressure the government to tighten monetary and property market policies.

Fig. 1: Property price growth and M2 growth

Housing and Core Inflation – It’s Complicated

Housing and Core Inflation – It’s Complicated

Laura Rosner - Market Economics
US Daily Spotlight | 22 Feb 2013 03:15 |

Markets were risk-off on Thursday, as equity markets sold off by more than 0.6% for the second day in a row, while the 10yr Treasury closed the day at 1.98%. Data for the day were unimpressive with jobless claims for the week suggesting only modest improvement in February payroll employment, existing home sales edging marginally higher and the February Philly Fed manufacturing index falling sharply (details of the report were less negative than the headline index implied). Meanwhile, core inflation was slightly stronger than expected in the January CPI report, mainly reflecting a rebound in core goods prices, but also modestly firmer increases in housing costs.

Asia Insights: Reasons not to be too bullish on China

Fixed Income | Asia Ex-Japan
21 February 2013

Asia Insights: Reasons not to be too bullish on China

· We reiterate our view that the consensus forecast for China’s economic growth is too optimistic. We expect GDP growth to slow in H2 to 7.3% y-o-y while the consensus expects it to be 8.1%.

· We list five recent developments that support our cautious view, including local governments lowering their 2013 GDP growth targets by 0.5 percentage points (pp), and the severe air pollution problems that could spur Beijing to rethink its growth model.

· The strength of coincident macro data may continue in Q1, but we believe leading policy indicators such as total social financing and M2 growth will soon moderate from currently high levels.

Oil and gas industry facing ‘a roller-coaster ride’

Oil and gas industry facing ‘a roller-coaster ride’
JOSH O’KANE
The Globe and Mail
Thursday, Feb. 21 2013, 6:00 AM EST

Canada is home to the world’s third-largest proven oil reserves and is the sixth-largest producer of oil.

But global economic conditions are pressuring fuel prices worldwide, and Canada’s oil and gas sector has the added frustration of a deficit in infrastructure that, among other things, is driving the price of western Canadian oil down by nearly $25 from benchmark West Texas Intermediate crude.

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/oil-and-gas-industry-facing-a-roller-coaster-ride/article8900814/

The Asian energy equation

The Asian energy equation

This article appears in full in the January/February issue of LNG Industry, to view the full article log-in here or you can register as a reader here.

If, as the International Energy Agency speculates, we are about to enter a ‘Golden Age of Gas’, the Asia-Pacific region will be a major player in it. In particular, the region’s robustly growing energy needs, of which natural gas will play no small part, means that it will become a major focus for both existing and prospective exporters of LNG for the rest of this decade and beyond.

http://www.energyglobal.com/

US LNG export capacity seen at 70 billion cu m/year by 2020: Goldman Sachs

US LNG export capacity seen at 70 billion cu m/year by 2020: Goldman Sachs
Houston (Platts)--20Feb2013/442 pm EST/2142 GMT

The US likely would build liquefaction capacity totaling 70 billion cubic meters/yr (6.77 Bcf/d) between 2016 and 2020, according to Goldman Sachs analysts.

http://www.platts.com/RSSFeedDetailedNews/RSSFeed/NaturalGas/6177738

Asian Real Estate, Asset Owners Return

Asian Real Estate, Asset Owners Return
LiveTradingNews.com
wire staff
report@livetradingnews.com

Asian Real Estate, Asset Owners Return

JLL

An estimated $110-B is expected to flow into Asian commercial real estate in Y 2013, making up about 25% of the global total, according to Jones Lang LaSalle NYSE:JLL

http://www.livetradingnews.com/asian-real-estate-asset-owners-return-105583.htm

Asia Chart Alert: China: The largest hike in the rail freight tariff since 2003

20 February 2013

Asia Chart Alert: China: The largest hike in the rail freight tariff since 2003

It reinforces our view that CPI inflation will rise above 3.5% in H2 and lead to two interest rate hikes.

Fig. 1: Rail freight tariff and its growth

Wednesday, February 20, 2013

2012: reserved growth with strong fundamentals - February 2013

http://www.realestate.bnpparibas.com/bnppre/en/market-research/overview/2012-reserved-growth-strong-fundamentals-february-2013-p_1567281.html

20/02/2013
Western Europe | Hotels
Property Report H2 2012

2012: reserved growth with strong fundamentals - February 2013

At € 6 billion invested during 2012, the hotel investment volume in France, Germany, Italy, Spain and the United Kingdom suffered a 5% drop compared to the previous year.

London Regains World's Most Expensive Office Market Crown

LONDON REGAINS WORLD’S MOST EXPENSIVE OFFICE MARKET CROWN
19 Feb, 2013, London

- London leapfrogs Hong Kong to take top spot for first time since 2008
- Rio de Janeiro soars from 8th to 3rd with a rental uplift of 43% on previous year
- Global office rents increase by 3%

http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Country=GB&Language=EN&repId=c58100005p

U.S. LNG Exports: Increasingly A Reality

U.S. LNG Exports: Increasingly A Reality
February 19, 2013 |

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The past two months have been marked by a whole series of significant announcements in the U.S. LNG sector indicating that large-scale natural gas exports from the U.S. and Canada are firmly on track to become a reality. The headlines included three major long-term LNG supply agreements and the decisions by Chevron and Royal Dutch Shell to take equity stakes in LNG export projects. The announcements have several important implications and suggest that the LNG exports will not only have material consequences for the North American natural gas market but are already impacting pricing mechanisms of the entire international LNG trade.

http://seekingalpha.com/article/1202741-u-s-lng-exports-increasingly-a-reality

Tuesday, February 19, 2013

Chelsea Harbour

Chelsea Harbour

Chelsea Harbour is a mixed-use development in Central London, situated on the north bank of the River Thames, in the Sands End area. It lies within the eastern boundary of the London Borough of Hammersmith and Fulham and on the southwestern boundary of the Royal Borough of Kensington and Chelsea. It contains luxury apartments, a luxury hotel named Wyndham Grand, and offices and showrooms, surrounding a small marina. The development was designed by Architects Moxley, Jenner & Partners, - and built by P & O & Globe Investment Trust, through their subsidiary, Chelsea Harbour Ltd. The project management contractors were Bovis Homes Group and the development is now owned by Compco Holdings Ltd. The showrooms were originally named "Chelsea Garden Market", and are now known as the "Chelsea Harbour Design Centre". They consist of almost 66,000 sq.ft gross internal space with three large glazed domes over a galleria. The offices are in two buildings known as "Harbour Yard" and "The Design Centre East". They are marketed by Frost Meadowcroft and Edward Charles & Partners; occupiers including Guess.[1]


History

"Chelsea Harbour" was built on the site of an ex-British Rail Coal Yard and Victorian-era railway coaling dock on the River Thames. The 20-acre site lies between the Thames and Counter's Creek and is bounded to the west by an "active" railway line on an embankment. Chelsea Harbour was the biggest single construction project in the United Kingdom for decades. The original design was for 16 buildings covering some 14 acres. Only 12 buildings were completed due to a downturn in the UK economy during the construction period.


Construction

Remediation

When planning permission was granted on April 15th 1986 the whole site, including the lock, was derelict. Both the Coal Dock and the lock had been infilled with contaminated materials, which the had to excavated and disposed of. The design required the contractor to reduce the size of the Dock by 1/3rd from the north end, to form the 75-berth Marina; and to re-construct the lock chamber, lock-gates, and cill. Work on-site began in early May, 1986, and within twelve months the contractor had excavated the dock, constructed a new north wall, re-puddled the dock floor and renovated the Lock. The site was equipped with 14 tower cranes, and had approximately 1500 personnel onsite during most of the build phase. In April, 1987 a "commissioning Champagne Party" was held on two pontoons in the newly-flooded "marina" for all the staff directly involved.

Chelsea Harbour
Design Centre

Achievements

Between April 1986 and April 1987, the construction team clocked-up some impressive figures:
- 2,000 piles had been sunk over 30 metres down to the London clay without problems, despite some being within two metres of both a London Underground main electrical supply cable and of a huge Victorian-built storm sewer.
- 250,000 cu.Metres of earth had been excavated and removed from the site;
- 55 acres of floor space were built, using 70,000 cubic metres of concrete and 8,000 tons of steel; one continuous concrete pour on Chelsea Garden Market's foundations totalled over 400 cu.Metres, with mixer trucks queueing-up for several hundred yards along Townmead Road. To ensure an uninterrupted cement supply for the concrete, 5,000 tons of cement were stockpiled in a hulk moored in the London Docks; and a concrete supply company was bought outright, to devote priority of supply to project:
- the reinforced structural concrete frame of "Chelsea Crescent" (which contained 64 apartments as originally designed) was built in just eight weeks;
- three new bridges had been completed onsite, including the largest "thrust bore tunnel" in Europe (over Townmead Road), which was hydraulically-jacked into position under an operating rail line in a single weekend;
- two buildings had been completed to "shell & core" status, and the interior spaces were already being occupied by the contractors of incoming tenants;
- a further eight buildings were under construction including "Chambers" and "Chelsea Garden Market";
- The 18-storey "Belvedere" tower was "topped-out" within six months of the start of work. The constructors managed to pour a new floor every four days, with pre-fabricated sub-sections of Rebar built on the ground using "go; no-go"Jigs, using a quick-curing high-strength concrete. Flat soffits with no "downstand beams", and pre-fabricated, steel, wheeled jack-up Forms were placed-, removed-, and re-positioned by the building's tower crane (with the aid of temporary-support platforms cantilevered off the side of the structure), erected in what would become one of the Belvedere's lift shafts.

Contracts

All the buildings - save for the Hotel - were built as "shell & core" contracts, with tenants leasing their spaces from Chelsea Harbour Ltd. through their letting agents, Town & City Properties (Development), and Savills. Once each building was wind and weather-tight, and connected to the external services, tenents commissioned their own contractors for the internal finishings. Bovis project-managed the construction of the Hotel from piling-level to roadway-level, and the remainder of the structure above-ground was completed by a client who had concluded a long lease with Chelsea Harbour Ltd.


Marina

The marina itself is not used commercially but contains luxury yachts and speedboats, and can be accessed from the Thames at high tide. The Lock availability was indicated by a huge hollow sphere rising-&-dropping on a mast topping The "Belvedere", visible for a long way both upstream and down, and connected to a tide gauge by the Lock Gate giving into the Thames. Judging from the present Google Earth view in November, 2012, the Development's Owners have apparently decided to reduce the number of available berths from the 1986-planned 75-, to around 50 places


Residents

Chelsea Harbour is close to Kings Road, Chelsea and it is reputed to be the residence of a number of UK and international celebrities. The nearby Harbour Club is a fitness and tennis club which owes much fame to its patronage by Diana, Princess of Wales.


Lots Road power station

An adjoining, large scale development is being planned on the site of Lots Road power station.


Racehorse

A racehorse named Chelsea Harbour (after the development) competed in the 2008 and 2009 Grand Nationals.


Imperial Wharf

The immediate vicinity has been enhanced by Imperial Wharf, a riverside development by St George PLC. The development contains a new London Overground station, Imperial Wharf, which opened on the 27th September 2009, providing direct rail links with Clapham Junction and Willesden Junction, as well as Southern services to Milton Keynes Central and East Croydon.


River bus services

River bus services are provided at peak hours by London River Services from Chelsea Harbour Pier, and offer transport to Putney and Blackfriars Millennium Pier.[2]


References

[1]^ http://www.frostmeadowcroft.com/property/10386/Chelsea-Harbour-Chelsea-Harbour-Drive-London-SW10-0XF
[2]^ "Boats from Chelsea Harbour Pier". Transport for London. Spring 2009. Retrieved 2009-09-29.


External links

* Official web site
* property/10386/Chelsea-Harbour-Chelsea-Harbour-Drive-London-SW10-0XF
* [1]
* http://en.wikipedia.org/wiki/Chelsea_Harbour
* http://www.dcch.co.uk/


Housing in London | Buildings and structures in London | Redevelopment projects in London | Redeveloped ports and waterfronts in the United Kingdom | Buildings and structures in Hammersmith and Fulham | Marinas in England |

London regains crown as most expensive market for office space -report

London regains crown as most expensive market for office space -report

By Ilaina Jonas

NEW YORK | Tue Feb 19, 2013 9:19 pm GMT

(Reuters) - London elbowed its way past Hong Kong to regain the title as the world's most expensive market in which to rent office space, while Rio de Janeiro jumped to the No. 3 spot from No. 8, according to a report by global real estate services firm Cushman & Wakefield.

http://uk.reuters.com/article/2013/02/19/uk-globalproperty-officerents-idUKBRE91I17N20130219

Saturday, February 16, 2013

Biggest Buyers Stampede From Junk Bonds on Loss: Credit Markets

Biggest Buyers Retreat from Junk Bonds

(Source: Bloomberg, February 15, 2013)

According to Bloomberg, major institutional investors pulled back from junk bonds as exchange-traded funds (ETFs) experienced record withdrawals, marking the first losses in eight months. The combined value of the five largest junk-debt funds fell 7% from January highs, with State Street’s $11.9 billion fund alone seeing nearly $1 billion in withdrawals over 12 days.

Analysts noted that institutions such as hedge funds and banks are shifting away from broad indexes, instead targeting specific bonds. Junk bond ETFs, which attracted $8 billion in 2012 amid strong returns, are now facing outflows as strategists forecast weaker performance in 2013. Prices have declined from record highs, with concerns that valuations are stretched after years of double-digit returns.

Prominent investors including Dan Fuss of Loomis Sayles and Howard Marks of Oaktree Capital warned that the market is “overbought” and called for caution. Bank of America strategists described the pullback as evidence of instability at current valuations.

Meanwhile, credit-default swap costs rose slightly, signaling deteriorating confidence, while Heinz Co. bonds became the most actively traded following news of its $23 billion buyout by Berkshire Hathaway and 3G Capital.

Overall, junk bond ETFs are losing institutional support, with investors increasingly wary of inflated valuations and shifting toward selective opportunities rather than broad exposure.


정크본드 시장에서 대규모 투자자 이탈

(출처: Bloomberg, 2013년 2월 15일)

Bloomberg 보도에 따르면, 정크본드 시장의 주요 기관 투자자들이 빠져나가면서 ETF(상장지수펀드)에서 사상 최대 규모의 자금 유출이 발생했습니다. 이는 8개월 만의 첫 손실로, 상위 5개 정크본드 펀드의 총 가치가 1월 고점 대비 7% 하락했습니다. 특히 State Street의 119억 달러 규모 펀드는 12일 동안 약 9억 8,800만 달러가 빠져나갔습니다.

전문가들은 헤지펀드와 은행 같은 기관들이 광범위한 지수 투자에서 벗어나 특정 채권에 집중하고 있다고 분석했습니다. 2012년 156%의 수익률로 80억 달러가 유입됐던 정크본드 ETF는 2013년에는 약세 전망으로 인해 자금이 빠져나가고 있습니다. 금리 상승과 과도한 밸류에이션 우려로 가격은 고점에서 하락세를 보이고 있습니다.

Loomis Sayles의 Dan Fuss와 Oaktree Capital의 Howard Marks는 시장이 “과매수 상태”라며 신중한 접근을 강조했습니다. Bank of America는 최근의 자금 유출이 현재 밸류에이션에서 시장 불안정을 보여주는 신호라고 평가했습니다.

한편, 신용부도스왑(CDS) 비용은 소폭 상승해 투자심리 악화를 반영했으며, Heinz의 230억 달러 인수 소식으로 해당 회사 채권이 가장 활발히 거래되었습니다.

결론적으로, 정크본드 ETF는 기관 투자자들의 지지를 잃고 있으며, 투자자들은 광범위한 시장 노출보다 개별 채권 중심의 선택적 투자로 이동하고 있습니다.

Are High Yield Corporate Bond ETFs Worth The Risk?

Are High Yield Corporate Bond ETFs Worth The Risk?
by Daniela Pylypczak on February 15, 2013

Though equity markets may have started out 2013 with a bang as the Dow and S&P both hit multi-year highs, the fixed income space remains rather uncertain. With interest rates expected to stay at near-zero levels for the foreseeable future, investors have found it challenging to find meaningful yields. This task, however, is certainly not impossible as there are dozens of exchange-traded products that offer the potential for some big payouts [see 101 High Yielding ETFs For Every Dividend Investor].

http://etfdb.com/2013/are-high-yield-corporate-bond-etfs-worth-the-risk/

Thursday, February 14, 2013

Junk Bond ETFs: Are 5% Yields Worth the Risk?

Junk Bond ETFs: Are 5% Yields Worth the Risk?
February 14th at 6:18am by John Spence

High-yield corporate bond ETFs have been immensely popular but yields have been pushed so low that newcomers may not be getting adequately compensated for the risk of investing in speculative-grade debt.

http://www.etftrends.com/2013/02/junk-bond-etfs-are-5-yields-worth-the-risk/

Lend Lease drives office wedge in Docklands

Lend Lease drives office wedge in Docklands
Date
February 13, 2013
Read later

Simon Johanson
Property Editor for The Age

LEND Lease is set to launch a nine-level commercial building into a tight office market in Melbourne's Docklands after gaining planning approval on Tuesday.

http://www.smh.com.au/business/property/lend-lease-drives-office-wedge-in-docklands-20130212-2eazj.html

Tuesday, February 12, 2013

Chile's copper exports off to a good start in 2013

Metals - Chile

Chile's copper exports off to a good start in 2013
By Alexandra Demo-Dananberg - Tuesday, February 12, 2013

Chilean copper exports increased 8.52% to US$3.47bn in January, compared to US$3.20bn during the same month in 2012, according to figures compiled by the central bank.

http://www.bnamericas.com/news/metals/chiles-copper-exports-off-to-a-good-start-in-2013

Carbon Markets Threatened If EU Backload Plan Fails, CEPS Says

Carbon Markets Threatened If EU Backload Plan Fails, CEPS Says
By Mathew Carr

Europe will struggle to convince the rest of the world that carbon trading is the best way to tackle climate change if a plan to revive the price of the region’s permits fails, said the Centre for European Policy Studies.

High-Yield Bond ETFs: Too Risky After Big Rally?

Market Insight: Are High-Yield Bond ETFs Getting Too Risky?

Hello. Today, we are reviewing an insightful piece from ETF Trends that asks a critical question: Have high-yield bond ETFs become too dangerous for investors after their massive rally?

The article points out a shifting tide in the junk bond market. After a long period of attracting yield-hungry investors, these high-yield ETFs are starting to lose momentum and are currently slipping toward key technical support levels.

A major red flag comes from Moody's, which notes that the safety covenants on these junk bonds have plummeted to all-time lows. This essentially means lenders have fewer protections if a company defaults. To make matters worse, investors are not being rewarded for taking on this extra risk. Because so many people are eager to buy these bonds, the extra yield they offer over safer investments has shrunk dramatically.

Looking at the charts, popular funds like HYG and JNK are teetering on their 50-day moving averages. If they fall below this line, we could see a deeper correction. For years, junk bonds offered the "best of both worlds"—a nice steady income combined with price appreciation driven by easy money from central banks. But today, with yields bottoming out around 6%, they are fully priced and have lost their upside potential.

Ultimately, the article warns that the Federal Reserve's low-interest-rate policy has forced investors into increasingly risky territory. With record-low safety protections and compressed yields, the high-yield bond market is flashing warning signs that shouldn't be ignored.

Sourced from ETF Trends: "High-Yield Bond ETFs: Too Risky After Big Rally?"
Read the full article here

Freeport LNG signs liquefaction tolling agreement with BP

Freeport LNG signs liquefaction tolling agreement with BP
February 11, 2013
By PennEnergy Editorial Staff
Source: Freeport LNG

Freeport LNG Expansion, L.P. (Freeport LNG) today announced that it had entered into a binding 20-year Liquefaction Tolling Agreement (LTA) with BP for 4.4 million tons per annum (mtpa), equivalent to the production capacity of the second train of Freeport LNG's proposed natural gas liquefaction and LNG loading facility on Quintana Island near Freeport, Texas. The LTA with BP will commence upon completion of construction of the second liquefaction train.

http://www.pennenergy.com/articles/pennenergy/2013/02/freeport-lng-signs-liquefaction-tolling-agreement-with-bp.html

Friday, February 8, 2013

Global Carbon Market Value Drops 35 Percent

February 7, 2013

Global Carbon Market Value Drops 35 Percent

The value of global carbon markets fell 35 percent to €62 billion ($84 billion) in 2012, largely due to an oversupply of credits, according to analysis from Thomson Reuters Point Carbon.

Vacancy rates a tale of two cities

Vacancy rates a tale of two cities

February 7, 2013
Carolyn Cummins
Commercial Property Editor

The lack of new buildings in Sydney and too many in Melbourne has led to a dramatic difference in office vacancy rates since July last year.

http://news.domain.com.au/domain/real-estate-news/vacancy-rates-a-tale-of-two-cities-20130207-2dzt2.html

Institutional Investors in Real Estate Target Debt Funds

Thursday, February 07, 2013 2:22:08 PM
Institutional Investors in Real Estate Target Debt Funds

Debt funds are being featured more prominently in the private real estate industry, data firm Preqin has claimed.

(February 7, 2013) -- Institutional investors are increasingly interested in the value that real estate debt can add to their existing portfolios, Preqin has revealed.

According to the data firm, a growing number of institutions believe that these funds can generate returns with a lower level of risk than equity investments in real estate. Consequently, a significant number of investors plan to commit to funds with a debt strategy in 2013.

http://www.ai-cio.com/channel/NEWSMAKERS/Institutional_Investors_in_Real_Estate_Target_Debt_Funds.html

Thursday, February 7, 2013

The Real Estate Debt Fund Market - February 2013

The Real Estate Debt Fund Market - February 2013

Recent years have seen debt funds feature more prominently in the private real estate industry, with many firms diversifying their businesses to include specialist debt platforms and a growing number of fund managers incorporating the acquisition or origination of real estate debt into their existing investment strategies. As the availability of bank financing has fallen in the US and Europe, many fund managers, alongside other non-traditional lenders, are increasingly stepping in to help fill the funding gap.

https://www.preqin.com/blog/101/6189/re-debt-fund-market

Wednesday, February 6, 2013

70 per cent of London offices sold in 2012 went to foreign buyers

70 per cent of London offices sold in 2012 went to foreign buyers

05 February 2013

Today Knight Frank unveiled its latest analysis and forecasts for the central London office market at the Dorchester Hotel. Key points were:

http://www.knightfrank.com/news/70-per-cent-of-london-offices-sold-in-2012-went-to-foreign-buyers-01595.aspx

Bill Winters, ex-investment banking head at JPMorgan, seems to be hiring

http://news.efinancialcareers.com/uk-en/133810/so-you-want-to-work-for-bill-winters/

Bill Winters, ex-investment banking head at JPMorgan, seems to be hiring
by Sarah Butcher
6 February 2013

Yesterday’s appearance of a tanned and erudite (if not entirely relaxed) Bill Winters in front of the UK Parliamentary Commission on Banking Standards, was a reminder that the popular JP Morgan banker hasn’t faded into obscurity as Jamie Dimon might have hoped.

Tuesday, February 5, 2013

The City That Oil Built Gets a Retrofit for The Latest Gusher

The City That Oil Built Gets a Retrofit for The Latest Gusher

02/5/2013

HOUSTON -- On the outskirts of this sprawling city's core, Royal Dutch Shell PLC is in the midst of a major expansion of its corporate offices.

http://www.energycorridor.org/news/news-list/news-item?title=the-city-that-oil-built-gets-a-retrofit-for-the-latest-gusher

Chile: Robust economic performance continued in December

Chile: Robust economic performance continued in December

Florencia Vazquez - Market Economics
Latam Macro Snapshot | 05 Feb 2013 14:03 | 42 Kb

Economic activity was reported to have advanced 4.7% y/y in December according to the monthly proxy for real GDP (Imacec) unveiled by the central bank. Performance stood fairly in line with our forecast and visibly ahead of the Bloomberg consensus (4.8% and 3.7% y/y, respectively).

First Insights: China: Government announces reform plan to improve income distribution

First Insights: China: Government announces reform plan to improve income distribution

The Chinese government announced its plan to reform income distribution today. This is an important reform plan which has been debated by the government for many years. Our comments:

High-Yield Bond ETFs: Rush for the Exits?

High-Yield Bond ETFs: Rush for the Exits?
February 5th at 1:00pm by John Spence

The cash outflows in the largest junk bond ETFs such as iShares iBoxx High Yield Corporate Bond (NYSEArca: HYG) and SPDR Barclays High Yield Bond (NYSEArca: JNK) have analysts wondering whether the pullback is a healthy correction after a strong rally, or a sign of something more serious in credit markets.

http://www.etftrends.com/2013/02/high-yield-bond-etfs-rush-for-the-exits/

Sabine Pass Liquefaction Closes USD 1.5 Billion Private Placement, USA

Sabine Pass Liquefaction Closes USD 1.5 Billion Private Placement, USA
Posted on Feb 4th, 2013

Cheniere Energy Partners said that its wholly owned subsidiary, Sabine Pass Liquefaction, has closed the previously announced private placement of $1.5 billion aggregate principal amount of its 5.625% Senior Secured Notes due 2021.


http://www.lngworldnews.com/sabine-pass-liquefaction-closes-usd-1-5-billion-private-placement-usa/

Sunday, February 3, 2013

First Insights: China: First annual capital account deficit since 1998

First Insights: China: First annual capital account deficit since 1998

China’s capital account recorded a deficit of US$117bn in 2012, the first capital account deficit since 1998. Net FDI inflows rose slightly to US$180bn in 2012 from US$179bn in 2011, but were offset by net portfolio and other financial outflows.

Chile: Policy minutes reflect increasing concerns about inflation

Chile: Policy minutes reflect increasing concerns about inflation

Florencia Vazquez - Market Economics
Latam Macro Snapshot | 01 Feb 2013 14:34 |

The minutes of the January monetary policy meeting showed that the central bank is less concerned about (diminished) external downside risks to growth and increasingly worried about the implications for inflation of the persistently robust economic performance (which have not yet materialized).

Is the Trend Our Friend?

Is the Trend Our Friend?

Julia Coronado - Market Economics
US Daily Spotlight | 04 Feb 2013 00:20 |

Last week’s US data provided some big headline surprises, but, on balance, provided some key signals on the state of the US recovery. While Q4 GDP surprised sharply to the downside with a small decline, December construction data on Friday already suggested a small upward revision to a flat reading. Smoothing through the Q3 and Q4 offsetting surprises, the message seems to be the underlying run rate of the economy through 2012 was about 1.5%, somewhat below our prior estimate closer to 2.0%. While January payrolls were close to expectations, benchmark revisions going back to March 2011 suggest a higher trend pace of hiring. Nonfarm payrolls averaged 181k in 2012 and 175k in 2011. This more robust estimate of hiring coupled with a gradual, steady decline in the unemployment rate suggests trend growth in the US may be slower than most current estimates.

Friday, February 1, 2013

Chile Sees 2013 Copper Production Boost Contributing to Global Surplus

Chile Sees 2013 Copper Production Boost Contributing to Global Surplus
Friday February 1, 2013, 4:00am PST
By Ragnhild Kjetland - Exclusive to Copper Investing News

Even as copper producers are halting or delaying large new projects, Chile — the world’s largest source of copper — is expecting record output to push global supply above demand for the first time since 2009, potentially depressing copper prices toward the end of the year.

http://copperinvestingnews.com/13768-chile-copper-production-boost-2013-contributing-global-surplus-bhp-anto-price.html