Latest news with #MiFIDII
Yahoo
5 days ago
- Business
- Yahoo
EssilorLuxottica: successful Euro 1 billion bond issuance
NOT TO BE RELEASED, PUBLISHED OR DISTRIBUTED DIRECTLY OR INDIRECTLYIN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS PRESS RELEASE This press release does not constitute a solicitation nor an offer to purchase the Bonds (as such term is defined below) in the United States of America or to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the US Securities Act of 1933, as amended (the 'Securities Act')). The Bonds may not be offered or sold in the United States of America or to, or for the account or benefit of, U.S. Persons unless they are registered or exempt from registration under the Securities Act. EssilorLuxottica does not intend to register any portion of the offering of the Bonds in the United States or to conduct a public offering of the Bonds in the United States. The Bonds were offered only to qualified investors as defined by Directive 2014/65/EU (as amended, 'MiFID II'). The Bonds may not be offered or sold to retail investors. No Key Information Document under Regulation (EU) No 1286/2014 (as amended, 'PRIIPS Regulation') has been nor will be prepared. For the purposes of this provision the expression "retail investor" means a person who is one (or both) of the following:(i) a retail client as defined in point (11) of Article 4(1) MiFID II; or(ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. EssilorLuxottica: successful Euro 1 billion bond issuance Paris, France (June 3, 2025 – 8:30 pm) – EssilorLuxottica (rated A2 positive by Moody's and A stable by S&P) successfully launched today a bond issuance for a total amount of Euro 1 billion maturing in January 2030, carrying a coupon of 2.625% with a yield of 2.76%. The order book peaked over Euro 2.5 billion, attracting quality institutional investors, demonstrating high confidence in EssilorLuxottica's business model and credit profile. The proceeds of this issuance will be used for general corporate purposes. Admission of the bonds to trading on Euronext Paris will be effective on the settlement date, which is expected to take place on June 10, 2025. Attachment DOWNLOAD THE PRESS RELEASEError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
How Indexing Is Driving the Erosion of the Small-Cap Premium
The small-cap premium is 'very likely dead,' and the forces that once drove it are 'either gone or overwhelmed,' according to Joachim Klement, head of strategy at Panmure Liberum. Speaking at ETF Stream's 2025 ETF Ecosystem Unwrapped event, Klement argued that the rise of index investing 'has created a self-reinforcing loop where the largest stocks get ever larger, and the small-cap premium erodes—perhaps permanently.' The small-cap premium concerns the historical tendency for small-cap stocks to outperform large ones over time. But as ETF Stream explored last year, the phenomenon has been weak since the 1980s and particularly so in the last decade. For Klement, the timing of its disappearance is no coincidence: It went hand-in-hand with the rise of benchmarking and index investing. This change in approach from the investment community has created an environment whereby small-caps exhibit lower elasticity of demand than large-caps—an observation also made by Simplify Asset Management's Mike Green in his recent interview with ETF Stream. Essentially, benchmarked investors are forced to hold the largest stocks in size or risk too large a tracking error. 'Trust me, no risk team likes that,' joked Klement. Given their lower elasticity, every marginal dollar into the stock market forces the price of large-caps up by a relatively greater degree, creating that 'self-reinforcing' cycle of size begets size, something Green argued makes the market vulnerable to a steep market crash. As further evidence, Klement highlighted a study which showed that stocks with high "index inclusion ratios"—in other words, those which are members of many indices such, as the Magnificent Seven—substantially outperformed companies with low inclusion ratios, a phenomenon that 'exploded' in the 2010s, as the below chart shows. Chart 1: The Index Inclusion Effect, 2000-2021—Source: Behmaram (2023) Index inclusion 'creates more automatic buying—independent of valuation—pushing prices higher. It's artificial demand,' Klement explained. 'The study even modeled a counterfactual: What if there had been no flows into index funds and ETFs over the last 25 years? The outperformance of high-index-inclusion stocks disappears,' he added. Despite the evaporation of the small-cap premium, Klement believes they still serve an important role in a diversified portfolio. For one, they tend to outperform coming out of recessions because they are 'more agile and quicker to adapt to changing conditions ... this cyclical behaviour offers diversification benefits and, for active allocators, opportunities to adjust exposure over time.' Second, 'Structural changes have suppressed small-cap valuations—especially in markets like the U.K., where regulatory shifts such as MiFID II have reduced liquidity.' With many asset allocators rotating away from the U.S. towards Europe and the U.K., 'Even a modest reallocation into small-caps could significantly move prices,' he said. This article was originally published at sister publication ETF | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
Exclusive Capital Rebrands as EXCA Prime, Offering Unified Solutions for Institutional and Private Clients
LIMASSOL, Cyprus, May 29, 2025 /PRNewswire/ -- Exclusive Capital announced its rebrand to EXCA Prime, adopting a new name for its established trading ecosystem serving institutional and private clients. The move reflects EXCA Prime's commitment to EU-regulated excellence and introduces a clearer brand identity built around an intuitive, user-first experience. "EXCA Prime exists to give market participants the tools and speed they need to perform at the top of their game. With transparent pricing and high execution quality, EXCA Prime lets private investors and institutions operate with confidence in a regulated and transparent environment," said Viktor Madarasz, Founder & CEO of EXCA Prime. EXCA Prime Suite Offering EXCA Prime combines institutional-grade infrastructure with trader-friendly simplicity, built to serve both institutional and private investors. Regulated Trust & Dedicated Support Licensed by CySEC under MiFID II, with fully ring-fenced client funds and regular audits. Private clients benefit from investor protections under MiFID II, including negative balance protection, best execution standards, and access to the Investor Compensation Fund, while institutions confidently meet compliance standards. Multi-Asset Access for Every Strategy Trade CFDs on Forex, Metals, Indices, Energies, Cryptos and more, whether you're an independent investor looking to diversify or an institution managing multi-instrument exposure. Tailored Accounts & Scalable Support You can choose from multiple account structures with transparent spreads and leverage options. Institutional partners benefit from white-label services and brokerage technology. Reliable Execution Backed by Real Market Depth Experience ultra-low latency execution, complete market-depth powered by Tier-1 liquidity providers. About EXCA Prime EXCA Prime is the trading name of Exclusive Change Capital Ltd., authorised and regulated by the Cyprus Securities and Exchange Commission (Licence No. 330/17), operating under the EU Markets in Financial Instruments Directive (MiFID II). EXCA Prime delivers deep liquidity, advanced technology, and white-glove service to professional traders and institutions. Discover more at Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Logo: View original content to download multimedia: SOURCE EXCA Prime Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Syensqo Announces Pricing of 1.2 billion euro-denominated Bond Offering
Syensqo Announces Pricing of 1.2 billion euro-denominated Bond Offering Brussels, Belgium – May 21, 2025 - 18:30 CEST - Syensqo SA (the "Issuer") announces the pricing of senior fixed rate bonds (together, the 'Bonds'): EUR 600 million aggregate principal amount of 3.375% bonds due 2031 at an issue price of 99.674% EUR 600 million aggregate principal amount of 4% bonds due 2035 at an issue price of 99.789% The proceeds of the offering will be used for general corporate purposes. The bonds are expected to be listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange. Christopher Davis, Chief Financial Officer of Syensqo, commented: 'The transaction is another outstanding achievement for Syensqo, establishing the company as an issuer in the euro bond market and further strengthening our balanced financial profile. After our successful USD 1.2 billion bond issuance in 2024, we witnessed strong demand from a wide range of institutional investors, which is a testament to the capital markets' confidence in Syensqo's credit profile and growth strategy.' DisclaimerThis press release does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States or any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, purchased or sold in the United States or to U.S. issue, purchase or sale of securities in the offering are subject to specific legal or regulatory restrictions in certain jurisdictions. Syensqo assumes no responsibility in the event there is a violation by any person of such information contained herein shall not constitute or form part of an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be has not authorised any offer to retail investors of securities in any Member State of the European Economic Area ('EEA') nor in the United Kingdom (the 'UK').The securities referred to herein are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the EEA or in the UK. For these purposes, the expression 'retail investor' in the EEA means a person who is one (or both) of: (a) a retail client, as defined in point (11) of Article 4(1) of the Market and Financial Instruments Directive 2014/65/EU, as amended ('MiFID II') or (b) a customer, within the meaning of the Directive (EU) 2016/97 (as amended) where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II and the expression "retail investor" in the UK means a person who is one (or both) of: (a) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ('EUWA') or (b) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the 'FSMA') and any rules or regulations made under the FSMA to implement the Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the communication may only be communicated to persons in the United Kingdom in circumstances where the provisions of section 21(1) of the FSMA do not apply to the Issuer and is directed solely at persons in the United Kingdom who (i) have professional experience in matters relating to investments, such persons falling within the definition of 'investment professionals' in Article 19(5) of the FSMA (Financial Promotion) Order 2005, as amended (the 'Financial Promotion Order') or (ii) are persons falling within article 49(2)(a) to (d) of the Financial Promotion Order or other persons to whom it may lawfully be communicated, (all such persons together being referred to as 'relevant persons'). This communication is directed only to relevant persons and must not be acted on or relied on by persons who are not relevant securities referred to herein may be held only by, and transferred only to, eligible investors referred to in Article 4 of the Belgian Royal Decree of 26 May 1994, holding their securities in an exempt securities account that has been opened with a financial institution that is a direct or indirect participant in the Securities Settlement System operated by the National Bank of Belgium. The securities are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any consumer (consumenten / consommateurs) within the meaning of the Belgian Code of Economic Law (Wetboek van economisch recht / Code de droit économique).Contacts Investors & Media Sherief BakrBisser AlexandrovLoïc FlamentRobbin Moore-Randolph +44 7920 575 989+33 607 635 280+32 478 69 74 20+1 470 493 2433 Perrine MarchalLaetitia Schreiber +32 478 32 62 72+32 487 74 38 07 Safe harborThis press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements. About Syensqo Syensqo is a science company developing groundbreaking solutions that enhance the way we live, work, travel and play. Inspired by the scientific councils which Ernest Solvay initiated in 1911, we bring great minds together to push the limits of science and innovation for the benefit of our customers, with a diverse, global team of more than 13,000 associates. Our solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices and health care applications. Our innovation power enables us to deliver on the ambition of a circular economy and explore breakthrough technologies that advance humanity. 2025 Calendar July 31, 2025: Q2 2025 results Nov 6, 2025: Q3 2025 results Useful links Earnings materials Strategy Share information Credit information Separation documents Webcasts, presentations and podcasts Annual Integrated Report Subscribe to our distribution list Attachment 20250521_Refinancing pricing_EN
Yahoo
21-05-2025
- Business
- Yahoo
Kraken Rolls Out Regulated Crypto Derivatives in Europe
Kraken is rolling out regulated crypto derivatives trading in Europe, compliant with the European Union's Markets in Financial Instruments Directive (MiFID II). The crypto exchange's perpetual and fixed maturity futures contracts will now be available for retail and institutional customers in the European Economic Area (EEA), the firm said on Tuesday. Permission to trade crypto derivatives came via a Cypriot investment firm called Greenfield Wealth, which Kraken acquired earlier this year, securing the exchange a license from the Cyprus Securities and Exchange Commission (CySEC). The crypto derivatives space has seen some significant moves lately, with big players like U.S.-listed Coinbase (COIN) acquiring leading trading platform Deribit. In Europe, exchanges such as Bitstamp and Gemini are entering the fold, while the MiFID II license held by FTX EU has been acquired by BackPack. Kraken also made a $1.5 billion acquisition of NinjaTrader to drive derivatives trading in the U.S. As well as its European license, Kraken acquired Crypto Facilities, a U.K. FCA-regulated crypto futures platform, in 2019. Kraken's joined-up approach means the contracts European clients will have access to already command a relatively high volume, roughly between $1 billion and $2 billion per day, according to Shannon Kurtas, head of exchange at Kraken. 'This is not offering access to a new trading venue or new contracts,' Kurtas said in an interview. 'These are existing contracts that have material volume trading on them and along with that comes established liquidity, better execution costs and fiat rails for getting collateral in and out efficiently and cheaply.' The recent introduction of Kraken's Embed crypto connectivity application means neobanks and fintechs in Europe can also offer derivatives, as well as spot, to their clients, Kurtas said. Picking up licenses in smaller and arguably more nimble jurisdictions like Cyprus and Malta has become a well-trodden path for Crypto firms with deep pockets. 'More nimble is probably a fair characterization,' Kurtas said. 'Also, there's been an established set of firms, particularly in the CFD space, who traditionally have offered retail access to FX derivatives and CFDs, and so there's kind of a nexus of individuals, firms and know-how, if you will, in the area for these products.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
