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The article reports on the proposals published by the Stock Exchange of Hong Kong and the Securities and Futures Commission of Hong Kong, China in 2008 to provide issuers of stock or debentures the authority to distribute paper application forms for public offerings without prospectuses as attachment.

The article reports on the performance of mezzanine commercial mortgage-backed paper in the real estate market as real and fast money accounts showed a risk-on sentiment influenced by positive economic data. A 56.5-million-U.S. dollar offering, with all five line items comprised of bonds from 2006 deals, is cited as one of the larger mezzanine bid lists. Meanwhile, strong performers from 2006-2007 yielded between five to six percent.

The article focuses on a white paper from JHP Capital which claimed that commercial mortgage-backed securities will perform well in a recessionary environment. The study also claimed that commercial mortgage backed securities (CMBS) have unfairly affected by turmoil in the residential subprime market and present a very good buying opportunity. Among the findings of the study are few defaults or credit losses will be seen by fixed-rate investment grade bonds and limited downgrade risk.

The article reports on the consultation paper launched by the Basel Committee in December 2012 that proposed tripling the risk weighting for asset-backed products in order for banks to hold more capital in case they become unsellable again.

The article explores reasons behind the slow uptake of creative fixed-income strategies among clients of defined contribution consultants. Topics discussed include the state of fixed-income portion of defined contribution portfolios, benefits associated with investing in a mix of alternative bond strategies to complement traditional options and recommendations from the Towers Watson paper "Unconstrained Bond Investing: Examining the Case for Absolute Return Strategies for DC Participants."

The article discusses a report from professional services firm Towers Watson which show that allocating a portion of conventional bonds into absolute return strategies could improve the outcome to many defined contribution plans in the U.S. Topics discussed include the growing popularity of absolute return investing, the continued decline of interest rates and bond yields, and the need for investors to consider the changing investments market.

Fund firms are pushing absolute return funds as a weapon to combat a rising interest rates and the potential increase in volatility [ABSTRACT FROM AUTHOR]

The article reports on the acquisition of European commercial mortgage-backed securities bonds worth 111 million U.S. dollars by Liberty International.

An interview with Matthew Eagan of Sayles & Co., Keith Berlin of Fund Evaluation Group, Mark Hudoff of Pacific Investment Management Company LLC (PIMCO) and Vita Marie Pike of GE Asset Management, is presented. When asked about fundamentals and market pricing for high-yield bonds, Eagan noted that the market is looking for a rise in default rates. Berlin thinks that the U.S. Federal Reserve is aggressive in terms of cutting borrowing rates and injecting liquidity to those areas that need it most. Hudoff explained the leveraged buyout paper on banks.

It is all too common today for comparisons between aggregated hedge fund indices and equity indices like the S&P 500 to be made [ABSTRACT FROM AUTHOR]

The article reports that investment advisor American Beacon Advisors is bullish on global markets, high-yield bonds and dividend equity expecting these areas to outperform in the face of rising interest rates and a potential increase in volatility.

The article reports on stability of the U.S. secondary commercial mortgage-backed securities (CMBS) market following previous volatility. Chris Callahan of financial services provider Credit Suisse acknowledged improvement in CMBS rates. It also discusses issuance of multifamily A1A bonds by the Federal National Mortgage Association or Fannie Mae and trading of generic AAA and mezzanine bonds. The perceived impact of this rate stabilization on primary market activity is also noted.

The article reports on the widening of spreads on the AAA-rated bonds of a conduit deal from a partnership between the banks UBS and Barclays due to an influx of new bond issuance.

The article reports that 10-year, 30 percent subordination A4 bonds from GSMS 2007-GG10 closed at swaps plus 160 as revealed by commercial mortgage-backed securities investors and traders.

The article reports that bonds from legacy commercial mortgage-backed securities transactions are expected to rally amidst the search by investors for a low interest rate environment.

The article discusses the negative impact of renewed concerns on Europe's financial health and the Maiden Lane commercial mortgage-backed securities (CMBS) collateralized debt obligation on the new-issue market, leading to widespreads on two conduit deals. The benchmark 10-year, AAA-rated super senior bonds of UBSCM 2012-C1 conduit deal, were priced at swaps plus 120--five basis points wider than price guidance and five basis points wider than similar bonds than JPMCC2012-C6.

The article reports on the sale of bonds by Wells Fargo and RBS from WFRBS 2011-C5, their 1.1 billion U.S. dollar commercial mortgage-backed securities deal. The sale met a healthy investor demand, despite a volatile market and uncertainty regarding the future of Greece's sovereign debt. The deal was divided into a senior public portion and a private, 144a portion.

The article reports on the recommendation from the Bond Dealers of America (BDA) for the Securities and Exchange Commission (SEC) to create an objective system that broker/dealers can use to set haircuts on securities they hold. It cites the SEC proposal to amend the net capital rule or 15c3-1. A two-tiered system is proposed by the SEC that will take 15% haircut on securities or implement written policies and procedures. According to the BDA, such a plan presents inherent conflicts of interest.

The article reports on the promotion and expansion of the new Tax-Advantaged Bond Strategy (TABS) of Eaton Vance, which it acquired from M.D. Sass Investor Services in December 2009.

The article reports on the plan of the bank Lehman Brothers to sell its fixed- and floating-rate commercial mortgage-backed securities (CMBS). It notes that under the sale, the bonds are offered on an all-cash basis to insurance companies, mutual funds and hedge fund investors. It is said that the paralysis being experienced by the market will likely heighten due to the uncertainty over the commercial real estate portfolio of the bank. One investor recommends the bank to sell its assets to private equity firms at the appropriate time.

The article reports on the agreement between Australia and New Zealand concerning the use of a single prospectus to offer shares, debentures or collective investment schemes to investors in both countries effective June 13, 2008.

The article focuses on the selection of hedge funds by the pensions for the growth of the bond portfolios. It mentions the statement of Todd Shupp of the investment consulting firm RVK regarding the difficulty in making generalizations concerning the management of opportunistic credit allocations. Moreover, the losses set by the financial crisis in 2008 and early 2009 is also discussed.

The article discusses the decision of the U.S. Federal Reserve to keep short-term interest rates low while gently paring back its bond-buying program. Issues examined include whether it was worth it when endowments and foundations reduced the duration of their portfolios, and the unemployment rate of 6.5 percent. Also included is a list of endowments and foundations that cut their duration in the last two years as of January 2014.

The article highlights the optimism of investment manager State Street Global Advisors (SSgA) towards ultra short term bonds and European blue chip stocks. SSgA will launch an e-mail campaign, which targets both retail and institutional investors, to promote its Ultra Short Term Bond Exchange Traded Fund. David Mazza, head of exchange-traded fund (ETF) investment strategy at SSgA, says investors will take a blank slate approach to fixed income.

The article focuses on the launching of a sale amounting to 2.2 billion U.S. dollars (USD) of multifamily commercial mortgage-backed securities (CMBS) by Fannie Mae as the largest in the debt market after the Max and Wave collateralized debt was opened by the New York Federal Reserve in 2012. The bonds on the lists, it says, have an average balance worth 129 million USD with 11 of the 17 rated BBB. It also notes the non-agency exposure of Fannie Mae at 468 billion USD of assets.

The article focuses on the deals being marketed by the commercial mortgage-backed securities (CMBS) primary market, as of January 2013. One of the deals is a Canadian offering, which is backed by 38 commercial properties. The deals have been priced at 10-year, AAA-rated bonds in swaps plus 72 basis points

The article focuses on the increase in trading volume in the secondary commercial mortgage-backed securities market. Data from Barclays showed that around 86 billion U.S. dollars of bonds changed hands in the secondary market in 2011, which is driven by macroeconomic events. Trader David Cook says that the Maiden Lane III liquidation was a success and indicated how much money was available for the product.

The article reports on the 609 million dollars floating-rate commercial mortgage-backed securities (CMBS) that Deutsche Bank priced on October 7, 2011 following widening spreads on various tranches. These tranches include 62.4 million dollar B class of bonds, rated AA, 67 million dollar C tranche, rated A and 41.9 million dollar D tranche, rated BBB. Identified factors impacting CMBS in 2011 include collateral and structure.

The article reports on the strong performance of senior European commercial mortgage-backed securities (CMBS) in 2011. According to Bank of America-Merrill Lynch, spreads on triple-A British CMBS reached 415 basis points in late July. Caroline Philips of Eurohypo points out that the secondary market's strong performance has positive implication for investors. She adds that little differentiation among bonds was made by the market during the initial months of the financial crisis.

The article presents the story of Rip Van CMBS, an investment-grade commercial mortgage-backed securities (CBS) investor. Aside from being a real estate investor, he considered himself as a bond buyer. The investor saw the market mature, with the influx for research analysts and rating agencies. He also focused on real estate investment trust (REIT) debt, B-notes and mezzanine funds.

The article presents the response of some financial executives to the question of how the decision of the U.S. Federal Reserve to restart a government bond buying program affected their outlook on clients' asset allocation. Lou Stanasolovich of Legend Financial Advisors states that the firm is purchasing double-short positions of long-term treasuries. John Serrapere of Arrow Investment Advisors states the company decided to invest in managed futures positions that re long-short commodities, long-short currencies and long-short bonds.

The article reports on the possibility that mutual and exchange-traded funds that invest in municipal (muni) bonds will not be affected when Harrisburg, Pennsylvania skips a 3.29 million dollars payment on its general obligation debt on September 8, 2010, according to industry insiders. Jim Colby of Van Eck Global think that the decision of Harrisburg will make bondholders forgo interest in muni bonds. Miriam Sjoblom of Morningstar thinks that the demand for muni bonds that started in 2009 has not been affected by the problem of Harrisburg.

The article focuses on the "ComplianceAlert" report of the U.S. Securities and Exchange Commission (SEC) which revealed improper valuation practices, lack of disclosure and improper fund board supervision among high-yield municipal bond funds. The sweep examinations found funds that increased the percentage of illiquid securities without proper shareholder disclosure. Funds with up to 70% of the portfolio in illiquid securities were discovered by examiners.

The article reports on the bond issues from two real estate investment trusts (REITs), namely ProLogis and AMB Property Corp. The issue from ProLogis is split into 500-million U.S. dollars of 30-year convertible notes and 600-million U.S. dollars of 10-year notes. The companies will use proceeds for international expansion.