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The SPDR® S&P® International Financial Sector ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Developed Ex-U.S. BMI Financials Sector Index, an index that tracks the financial sector of developed global markets outside the United States. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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Wednesday, Nov 271:42 PMCCAR to be tougher in 2014, but banks in better shape too
Wednesday, Nov 271:42 PM| 1 Comment
- American Express (AXP +0.4%), Discover (DFS +0.3%), U.S. Bancorp (USB +0.2%), and Wells Fargo (WFC -0.1%) are best positioned to be allowed large capital returns (about 70%) after the Fed's early 2014 stress tests, says Credit Suisse's Moshe Orenbuch, while Ciitgroup (C +0.2%) and PNC Financial (PNC +0.9%) are likely to show the biggest improvement from last year.
- Overall, his team expects large cap bank capital returns to be 65% next year vs. about 48% in 2013. The median dividend payout ratio is expected at 22%, level with this year.
- Orenbuch notes the CCAR will be tougher this time around - notably by assuming a global, not just domestic meltdown, and assuming a significant reversal in the property market - with commercial real estate exposure particularly harshly judged.
- Balanced against that and likely winning, however, are far stronger capital positions of the banks, says Orenbuch.
- Financial and banking ETFs: FAS, XLF, FAZ, UYG, KRE, KBE, VFH, IYF, IPF, SEF, IAI, IAT, IYG, FXO, PFI, IXG, KBWB, RKH, QABA, KCE, FINU, RWW, KRU, RYF, KBWR, AXFN, PSCF, KRS, FNCL, FINZ, KBWX, KBWC
Wednesday, Sep 254:36 AMTop EU banks need to raise €70.4B to meet core-capital needs
Wednesday, Sep 254:36 AM| Comment!
- The EU's top 42 banks need a further €70.4B ($95B) of capital to comply with Basel III core-capital regulations, the European Banking Authority estimates.
- By the end of last year, the combined gap had been cut by €29.1B compared with six months earlier.
- The rules, which are due to come into effect in 2019, require that banks hold a core-capital buffer of at least 7% of their assets on a risk-weighted basis.
- Banks will also need to maintain a leverage ratio of 3% of their total non risk-weighted assets from 2018. The shortfall for this requirement is €106.6B.
- Banks include: BCS, HBC, DB, LYG, RBS, SAN
- ETFs: AXFN, KBWX, IPF, IXG, EUFN
Thursday, Jun 205:36 AMEurozone finance ministers are due to decide today when and how the European Stability Mechanism (ESM) can be used to bail out distressed banks, with the issue one of the vital elements in creating a European banking union. The Eurogroup will decide how much a government would have to contribute to a bailout in its own country, who would take haircuts, and whether the ESM would become a shareholder in an institution it rescued. |Thursday, Jun 205:36 AM| Comment!
Thursday, Jun 204:47 AMThe British banking sector needs to formulate plans to raise a combined £13.4B in order to meet Basel III capital requirements, the Bank of England's Prudential Regulation Authority said today. Banks had a total shortfall of £27.1B at the end of 2012 and have already drawn up programs to raise £13.7B, although some of the proposals need regulatory approval. RBS's (RBS) shortfall was £13.6B, Lloyds' (LYG) was £8.6B and Barclays (BCS) was £3B. However, the U.K. units of Banco Santander (SAN), HSBC (HBC) and Standard Chartered (SCBFF.PK) were in surplus. (PR) |Thursday, Jun 204:47 AM| Comment!
Monday, Mar 113:45 AMEurope's repo market dropped 11.9% to €5.6T in 2012, a report shows, suggesting that many banks are still relying on cheap loans from central banks rather than on each other and on investors for short-term financing. Report author Richard Comotto says the larger concern is that the repo market is contracting at a time when authorities would like to see the financial sector reduce its reliance on central banks. |Monday, Mar 113:45 AM| 1 Comment
Monday, Jan 75:02 AM"New, relaxed (Basel) liquidity rules suggest economies and banks may be weaker than thought," tweets Reuters' James McGeever. "And will new rules spur bank lending? Jury out on that." Markets don't seem to be too worried, though, with Stoxx Europe 600 Banks index +1.5%. (Previously) |Monday, Jan 75:02 AM| 1 Comment
Monday, Jan 74:04 AMCredit Agricole (CRARF.PK) leads major European banks higher, rising 4.7% after regulators ease Basel liquidity rules, followed by Deutsche Bank (DB) +4.3%, Unicredit (UNCFY.OB) +4.3% and Barclays (BCS) +3.7%. Also, SocGen (SCGLF.PK) +3.4%, HSBC (HBC) +0.75%, Lloyds (LYG) +1.9%, Santander (SAN) +2%, RBS (RBS) +1.5%, UBS (UBS) +2% and Credit Suisse (CS) +3.4%. Italy's Banca Monte dei Paschi di Siena (BMDPY.PK) +15%. |Monday, Jan 74:04 AM| Comment!
Tuesday, Jan 111:40 AM
Thursday, May 172012, 7:54 AMFitch's estimate of $566B in additional capital needs for the world's largest banks is likely to create a tradeoff for the lenders. A better capitalization ratio could lead to lower risk premiums, but more capital means ROE will suffer, maybe by more than 20%, thus reducing the bank's ability to attract investment. |Thursday, May 172012, 7:54 AM| 3 Comments
Thursday, May 172012, 4:43 AMThe world's 29 largest banks will need to raise an extra $566B in new capital by 2018 to meet tougher Basel III standards, according to a Fitch study. The extra capital would be a 23% increase on what banks held at the end of 2011, or roughly equivalent to three times their combined annual earnings. U.S. banks will be hit particularly hard by the relative capital requirements for risky activities. |Thursday, May 172012, 4:43 AM| 5 Comments
Saturday, Sep 102011, 8:15 AM
Monday, Aug 12011, 4:49 AMMajor European hedge fund Lansdowne Partners has reportedly sold its entire $850M stake in Goldman Sachs (GS), underlining concerns about banking prospects due to regulatory changes. The divestiture has echoes of Lansdowne's exit from the industry in 2008, ahead of the financial crisis. |Monday, Aug 12011, 4:49 AM| Comment!
Tuesday, Jun 72011, 6:42 AM