Nomura Adds Protection To Property Fund Basket

Nomura in London has put together a basket of property funds referencing diverse property investments in the U.S., Europe and Asia, and added a guarantee to protect 80% of the fund's highest net asset value.

  • 01 Dec 2006
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Nomura in London has put together a basket of property funds referencing diverse property investments in the U.S., Europe and Asia, and added a guarantee to protect 80% of the fund's highest net asset value. The fund uses constant proportion portfolio insurance to allocate assets between the fund basket and cash depending on the performance of the basket. Nomura takes the risk of a sharp drop in the value of the funds. It is open-ended which is also unusual for a capital-protected structure.

Garry Topp, director at Nomura in London, explained Nomura is also able to adjust the weightings of the funds within the basket and will do this based on research from Morgan Stanley. It chose the U.S. firm because it has property teams in Asia, the U.S. and Europe and produces global research. The basket consists of six property funds managed by Henderson Global Investors, Credit Suisse and Morgan Stanley. Topp said capacity will not be a problem and the firm expects to be able to raise around USD100 million.

There has been substantial investment in property in the European markets Nomura is targeting, but Topp noted a lot of the investment has been focused on single funds or domestic bricks and mortar. "We thought now was the time to bring a proper diversification story," he added.

  • 01 Dec 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 35,941.13 111 8.93%
2 Barclays 31,588.47 86 7.85%
3 JPMorgan 27,799.55 107 6.91%
4 Bank of America Merrill Lynch 27,706.86 75 6.88%
5 HSBC 21,949.38 82 5.45%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%