The United States of Oil (12 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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Millions of Barrels

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide12

The United States of Oil (11 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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11 of 12

In the Zone

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide11

The United States of Oil (10 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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10 of 12

From Ranch to Oilfield

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide10

The United States of Oil (9 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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Texas-Sized Potential

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide9

The United States of Oil (8 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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Boosting Yield

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide8

The United States of Oil (7 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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Separating the Mixture

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide7

The United States of Oil (6 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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6 of 12

Operating Around the Clock

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide6

The United States of Oil (5 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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The Business of CO2

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide5

The United States of Oil (4 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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Targeting Deep Oil

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide4

The United States of Oil (3 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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Priming the Permian Basin

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide3

The United States of Oil (2 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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2 of 12

Capturing Carbon

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide2

The United States of Oil (1 of 12)

The United States of Oil
By John Lippert - Apr 2, 2013

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Energy Upheaval

http://www.bloomberg.com/slideshow/2013-04-02/the-united-states-of-oil.html#slide1

Houston Makes Top 5 as Boom Lures Foreigners: Real Estate

Houston Makes Top 5 as Boom Lures Foreigners: Real Estate
By Dan Levy - Mar 26, 2013

International real estate investors are falling in love with Houston, a fast-expanding energy hub that’s luring buyers from Toronto to Tel Aviv seeking properties with lower costs and higher returns than buildings in the priciest U.S. cities.

Firms from outside the U.S. acquired $2.83 billion of Houston (OFCRAHOU) office buildings in the past three years, according to Real Capital Analytics Inc. They were the largest net buyers of any investor class, spending four times more than U.S. real estate investment trusts, which ranked second. Last year, Houston for the first time was among the top five global cities in an annual survey by the Association of Foreign Investors in Real Estate that dates back to 1994.

http://www.bloomberg.com/news/2013-03-26/houston-makes-top-5-as-boom-lures-foreigners-real-estate.html

KKR Said to Debut Real Estate Fund With $500 Million

KKR Said to Debut Real Estate Fund With $500 Million
By Devin Banerjee & Sabrina Willmer - Mar 13, 2013

KKR & Co. (KKR), the buyout firm run by Henry Kravis and George Roberts, is preparing to market its first fund dedicated to real estate investments with an initial $500 million committed to the pool, according to two people with knowledge of the matter.

http://www.bloomberg.com/news/2013-03-12/kkr-said-to-debut-real-estate-fund-with-500-million.html

Japan to Begin Test Production for Frozen Gas Locked in Seabed

Japan to Begin Test Production for Frozen Gas Locked in Seabed
By Tsuyoshi Inajima & Yuji Okada - Mar 11, 2013

Japan, which has almost no natural energy resources of its own, will begin the world’s first offshore drilling operation this week to extract frozen natural gas locked under the seabed.

http://www.bloomberg.com/news/2013-03-11/japan-to-begin-test-production-for-frozen-gas-locked-in-seabed.html

Texas Oil Production May Hit Record by 2020, Regulator Says

Texas Oil Production May Hit Record by 2020, Regulator Says
By Edward Klump

Texas is poised to more than double daily oil production by 2020, surpassing a 1972 record with surging output from the Eagle Ford shale and Permian Basin, the state’s petroleum regulator said.

http://www.bloomberg.com/news/2013-03-06/texas-oil-production-may-hit-record-by-2020-regulator-says.html

WTI Oil Trades Near Two-Day Low as U.S. Crude Stockpiles Climb

WTI Oil Trades Near Two-Day Low as U.S. Crude Stockpiles Climb
By Ben Sharples

West Texas Intermediate oil traded near the lowest level in two days after U.S. crude stockpiles rose almost five times more than forecast. The Brent pipeline system remained shut a fifth day.

http://www.bloomberg.com/news/2013-03-06/wti-oil-trades-near-two-day-low-as-u-s-crude-stockpiles-climb.html

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.

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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.

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.

EU Carbon Market Is at Risk of Total Collapse, Lawmaker Says

EU Carbon Market Is at Risk of Total Collapse, Lawmaker Says
By Ewa Krukowska - Jan 22, 2013

The European Union’s emissions trading system, the world’s largest, is at a risk of “total collapse” and a draft measure to fix it must become a top priority for governments, a member of the EU Parliament said.

http://www.bloomberg.com/news/2013-01-22/eu-carbon-market-is-at-risk-of-total-collapse-lawmaker-says.html