Berenberg research notes

ECONOMICS

19/12/2014

Ökonomischer Kalender

Economic Calendar

  • Greek presidential elections: on the brink
  • Eurozone monetary data: slowly turning credit cycle
  • Global manufacturing PMIs: cheap oil effects?
View the Economic Calendar for the week starting on 22 December 2014

Equity Capital Markets

18/12/2014

Berenberg executes a multitude of transactions on the capital market

Having already successfully completed 51 equity placements with a total transaction volume of more than EUR 15bn since the beginning of 2013, Berenberg once more underlined its outstanding position in Equity Capital Markets (ECM). With 39 ECM transactions in the German speaking region alone since 2013, Berenberg is the #1 investment bank in Equity Capital Markets (by number of issues).

Berenberg is currently preparing various transactions which are not public yet.

Overview of ECM transactions

Economics

18/12/2014

Cover of the 2014 Euro Plus Monitor

EURO PLUS MONITOR 2014: LEADERS AND LAGGARDS

Once a year, we lean back and take an in-depth look at the adjustment progress and the fundamental health of 21 European countries. This year, we again find further significant improvements.  But the pattern is very uneven. The key insights of our 2014 Euro Plus Monitor, published jointly with the Lisbon Council.

Full study

FIXED INCOME RESEARCH

09/12/2014

Fixed Income Special: French High Yield Specialty Retail

The French economy currently suffers from slow growth and a lack of crucial structural reforms. However, retail sales growth has been consistently positive and above the Eurozone average. French high yield retailers therefore offer some very attractive investment opportunities given current spread levels and future economic prospects. In our latest research report, we analysed one of the largest French optical retailer, the largest French electrical retailer and the largest French jewellery and watches chain.

Companies covered in this study: 

  • Alain Afflelou
  • Darty
  • THOM Europe
Read more here...

Forecasts at a glance

Diverse Fahnen

Global summary: Rough patch in Europe

A weekly update by our economists

Read more

Debt Capital Markets

02/12/2014

Debt Capital Markets Team with a successful start in 2014

Last year, Berenberg successfully originated 13 primary market transactions, including Corporate, High Yield, Convertible, Covered and Government Bonds as well as private placements. Driven by this success and strong track record, Berenberg decided to establish a team of seven people in Frankfurt and Vienna to further foster the already significant position in the Debt Capital Markets.

During the first two quarters of 2014, Berenberg placed the first registered benchmark bond with a volume of EUR 500 million for Slovakia, followed by a EUR 275 million convertible bond including the tap for Grand City Properties S.A. and a further convertible for Cancom, a German company listed in the TecDax. Furthermore, we joined the syndicate in the new EUR 250 million high yield bond issue of the Greek company Intralot S.A.. Currently, further transactions are in execution and expected to be closed soon. 

Selected DCM transactions

Conferences

01/12/2014

12th Berenberg European conference

Our European conference at Pennyhill Park near London continues to grow this year, with 272 corporate representatives in attendance, up by 20% on last year and an almost tenfold increase since our inaugural conference in 2003. In the next four days, our clients will have the opportunity to see presentations across four sector-themed streams a day, and our events team will manage the logistics of over 2,000 meetings. 
 
2014 has been another exciting year for Berenberg Equities. The investment we have made in our team at a time when many of our competitors are scaling back has made us the fastest growing investment bank in European equities. We continue to pride ourselves on our reputation for providing client-focused, high-quality research, sales and execution services. With a team of 80 analysts, more than 50 equity sales people, and a coverage set to hit around 550 shares by year-end, we offer one of the broadest research products in the market.

FIXED INCOME RESEARCH

28/11/2014

Fixed Income Sector Study: The German real estate industry

The German real estate industry benefits from various megatrends, sound economic growth, and strong underlying structural factors. We see strong upside potential particularly for convertible bonds issued from German residential real estate companies.

Companies covered in this study:

  • Adler Real Estate AG
  • Deutsche Annington AG
  • Deutsche Wohnen AG
  • DIC Asset Management AG
  • GAGFAH S.A.
  • Grand City Properties S.A.
  • LEG Immobilien AG
  • TAG Immobilien AG
Read more here...

SchmiedingBlog

Picture of Dr. Holger Schmieding

SchmiedingBlog

In his webblog Berenberg's chief economist Dr Holger Schmieding writes about current market events - and his view on them.

 
 

 Seit 1993 berichtet Dr. Schmieding über die Finanzwelt.

 

 

Aktuelle Themen der Finanzwelt werden beleuchtet und kritisch hinterfragt.

Berenberg Impulse

07.11.2014

Anxious talk of the r-word - The euro crisis has given way to a European economic crisis, posing the threat of a recession.

This month's article turns the spotlight on Europe’s economic woes. Our author Florian Koch analyses the reforms undertaken by EU member states and comments on the latest measures taken by the European Central Bank.

Read more in the Berenberg Impulse of november

News

30/10/2014

Global Private Banking Awards: Berenberg named “Best Private Bank in Germany“ for the fourth consecutive year

Hamburg. Berenberg has, once again, been recognised as Best Private Bank in Germany at the 2014 The Banker & PWM Global Private Banking Awards. This is the fourth consecutive year that Berenberg has won in this category – the only bank in the history of the awards to have achieved this.

Read more

FIXED INCOME RESEARCH

28.10.2014

Sector special - container shipping - finally the auspicious land ahoy?

Six years ago, the shipping sector witnessed a downturn that entered history books of the industry. As of today, the environment is still tense and overcapacity remains a concern. However, Maersk already called out the bottom of the global trade cycle in late 2013 and Moody’s upgraded its industry outlook to stable in April 2014. Also Berenberg positions itself on the more bullish side of the market as half of the most relevant industry drivers indicate a moderate recovery while the others point to a more neutral development… 

 

Companies covered in this study: A.P. Møller - Mærsk A/S, CMA CGM S.A., Hapag-Lloyd AG

Read more here

Read the latest issue of Equities Highlights

This issue of Equities Highlights takes an in-depth look at the General Retail, Leisure and Logistics sectors, all of which have encountered opportunities and challenges.

View Equities Highlights - Issue 6 Focus on Germany

Past issues:
Issue 5 Online

Issue 4 FIFA World Cup issue.

Issue 3 UK coverage edition.

Issue 2 Innovation issue.

Issue 1 best ideas edition.

Weekly Insights

Berenberg’s weekly views and thought 
leadership articles from our investment 
professionals.

Latest news and market data on emerging market bonds and equities.
Weekly Market Update

Global Outlook
An uneven recovery
View the current macro presentation

Forecasts at a glance
uneven global recovery
Read the forecast

The latest news and views from our UK economist Rob Wood

Rob Wood regularly contributes to The
Telegraph newspaper. Click on the links below to read more about his views on the economy:

With the stroke of a pen, there was growth

UK has little to fear from stronger sterling

Russia will lose the most from sanctions

Putin, not the pound, is the big risk for UK manufacturers

Clarity is vital now rate hikes are approaching

A weaker euro will not solve French problems

Follow Berenberg economists on Twitter
@Berenberg_Econ 

Berenberg's chief economist Dr. Holger Schmieding is No. 1 for Europe again

In the annual Thomson Reuters Extel survey, financial professionals have chosen Berenberg chief Economist Dr. Holger Schmieding as the top-ranked analyst for Pan-European Economics & Macro. Read more

Get the latest economic updates from our award-winning economists here

AWARD

24/04/2014

PAM logo

Berenberg wins Investment Product or Service Innovation category at PAM Awards 2014

Berenberg has been recognised for its commitment to developing innovative investment management solutions by being named winner in the 2014 PAM Awards Investment Product or Service Innovation category, announced in March 2014. ...read more

Read up on all winners of this years' PAM awards in an article from thewealthnet.com 

Annual Report

April 2014

Annual Report 2013

Annual Report 2013

Berenberg finished the year 2013 with outstanding results - please find further details in our annual report. 

View our Annual Report here

Forecasts at a glance

Diverse Fahnen

Global summary: Rough patch in Europe

A weekly update by our economists

Read more

VIDEOS

16/04/2014

Fund manager comments

Our fund managers give an update on the current portfolio positioning in our latest videos.

Berenberg Funds Update

Money Transfer

SEPA - Single Euro Payments Area

The new SEPA directive came into force on 1st February 2014. The different national payment schemes for credit transfers and direct debits will be replaced with the new uniform SEPA payment scheme across all European countries. 

Instead of your bank account number and sort code, you will in future need the IBAN (International Bank Account Number) and BIC (Business Identifier Code). Both codes can be found on your account statements or your girocard.

Further information about SEPA

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