Liquidity effects and FFA returns in the international shipping derivatives market

Mergers and acquisitions (M&As) are a key driver of corporate growth, productivity and competitive advantage. Yet many deals have not lived up to their expectations, falling far behind the desired synergy effects.

In this final talk of the autumn term, Andy Bevan of Fulcrum Asset Management talked us through his view of the fixed income market.

Infrastructure is the new buzzword in finance these days even though infrastructure has been important at least since the days when the Romans built their roads across Britain and Europe. The difference today is that increasingly the government says it cannot finance such infrastructure - roads, railways, power generation, telecoms, airports etc. The telecoms industry is already completely privately owned in most countries as are an increasing number of airports across the world. But governments everywhere are now looking ever more to public private partnerships (PPPs) to provide the annual funding (the annual revenues required to service bank loan and bond interest payments and capital repayments and equity dividends) as well as the actual financing (the arranging of bank loans, bond issues and equity share issues) to provide the cash up-front.