Notes from the CFA Institute Fixed Income Conference

The CFA Institute just held its 2012 fixed income conference in San Francisco.

Speakers shared a very broad range of perspectives on fixed income issues over the course of about a dozen sessions.

Session notes and observations (in no particular order) include:

Demographics and Deleveraging -- Rick Rieder, Blackrock

The Best Idea in Light of Demographic and Fiscal Challenges -- Scott Simon, PIMCO


New China Life Pursuing IPO Despite Challenging Market

New China Life is seeking to raise $2.3 billion in an initial public offering that would list the company on exchanges in Shanghai and Hong Kong. New China Life is seeking the capital in market conditions that have been challenging for many of its peers. China Life Insurance Company and Ping An Insurance have both seen their stock prices decline over 30 percent this year. China Pacific Insurance Group has dropped more than 20 percent this year. A successful New China Life IPO would value the...
Key Phrases: 

China's Annuity Market Developing Slowly

Despite the demographic challenges associated with an ageing society, individual annuities are non-existent in China. Some individuals in China do have access to what is referred to as an enterprise annuity . Enterprise annuities are a form of supplemental pension plan that is supported by the Chinese government. Enterprise annuities were enabled through legislation that went into effect in May of 2004. In order to offer enterprise annuities to employees, Chinese employers are required to...
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Goldman Sachs Near Deal to Buy Taikang Life from Axa

Reuters reports that an investment arm of Goldman is near to closing a deal to buy Taikang Life, China's number 4 life insurance company. The French insurer Axa currently owns a 15.6 percent stake in Taikang that is reportedly worth $1.05 billion. Goldman's bid for the assets competed with several other private equity companies. Source: Reuters
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Demographics and Longevity Risk

The CFA Institute recently published an interview with Amlan Roy in the March/April issue of CFA Magazine. Amlan Roy is the head of global demographics and pension research at Credit Suisse in London.