March 23, 2017, 4:19 pm
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1 Philippine Peso = 0.0734 UAE Dirham
1 Philippine Peso = 2.50949 Albanian Lek
1 Philippine Peso = 0.03558 Neth Antilles Guilder
1 Philippine Peso = 0.31359 Argentine Peso
1 Philippine Peso = 0.02586 Australian Dollar
1 Philippine Peso = 0.03578 Aruba Florin
1 Philippine Peso = 0.03998 Barbados Dollar
1 Philippine Peso = 1.60144 Bangladesh Taka
1 Philippine Peso = 0.03636 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.81791 Burundi Franc
1 Philippine Peso = 0.01999 Bermuda Dollar
1 Philippine Peso = 0.02791 Brunei Dollar
1 Philippine Peso = 0.13752 Bolivian Boliviano
1 Philippine Peso = 0.06154 Brazilian Real
1 Philippine Peso = 0.01999 Bahamian Dollar
1 Philippine Peso = 1.30971 Bhutan Ngultrum
1 Philippine Peso = 0.2047 Botswana Pula
1 Philippine Peso = 400.15991 Belarus Ruble
1 Philippine Peso = 0.03993 Belize Dollar
1 Philippine Peso = 0.0267 Canadian Dollar
1 Philippine Peso = 0.01991 Swiss Franc
1 Philippine Peso = 13.21387 Chilean Peso
1 Philippine Peso = 0.13802 Chinese Yuan
1 Philippine Peso = 58.19308 Colombian Peso
1 Philippine Peso = 11.00959 Costa Rica Colon
1 Philippine Peso = 0.01999 Cuban Peso
1 Philippine Peso = 2.04997 Cape Verde Escudo
1 Philippine Peso = 0.50217 Czech Koruna
1 Philippine Peso = 3.55787 Djibouti Franc
1 Philippine Peso = 0.13817 Danish Krone
1 Philippine Peso = 0.94183 Dominican Peso
1 Philippine Peso = 2.18305 Algerian Dinar
1 Philippine Peso = 0.29073 Estonian Kroon
1 Philippine Peso = 0.36178 Egyptian Pound
1 Philippine Peso = 0.44773 Ethiopian Birr
1 Philippine Peso = 0.01858 Euro
1 Philippine Peso = 0.04143 Fiji Dollar
1 Philippine Peso = 0.01613 Falkland Islands Pound
1 Philippine Peso = 0.01615 British Pound
1 Philippine Peso = 0.08972 Ghanaian Cedi
1 Philippine Peso = 0.87448 Gambian Dalasi
1 Philippine Peso = 183.64981 Guinea Franc
1 Philippine Peso = 0.14678 Guatemala Quetzal
1 Philippine Peso = 4.10714 Guyana Dollar
1 Philippine Peso = 0.15521 Hong Kong Dollar
1 Philippine Peso = 0.46944 Honduras Lempira
1 Philippine Peso = 0.13689 Croatian Kuna
1 Philippine Peso = 1.36698 Haiti Gourde
1 Philippine Peso = 5.73056 Hungarian Forint
1 Philippine Peso = 265.6806 Indonesian Rupiah
1 Philippine Peso = 0.07248 Israeli Shekel
1 Philippine Peso = 1.30582 Indian Rupee
1 Philippine Peso = 23.60584 Iraqi Dinar
1 Philippine Peso = 648.01121 Iran Rial
1 Philippine Peso = 2.1615 Iceland Krona
1 Philippine Peso = 2.56386 Jamaican Dollar
1 Philippine Peso = 0.01416 Jordanian Dinar
1 Philippine Peso = 2.25079 Japanese Yen
1 Philippine Peso = 2.05477 Kenyan Shilling
1 Philippine Peso = 1.38449 Kyrgyzstan Som
1 Philippine Peso = 79.38237 Cambodia Riel
1 Philippine Peso = 9.20748 Comoros Franc
1 Philippine Peso = 17.98921 North Korean Won
1 Philippine Peso = 22.24865 Korean Won
1 Philippine Peso = 0.00608 Kuwaiti Dinar
1 Philippine Peso = 0.01639 Cayman Islands Dollar
1 Philippine Peso = 6.30382 Kazakhstan Tenge
1 Philippine Peso = 163.68179 Lao Kip
1 Philippine Peso = 30.08595 Lebanese Pound
1 Philippine Peso = 3.03738 Sri Lanka Rupee
1 Philippine Peso = 1.79892 Liberian Dollar
1 Philippine Peso = 0.25325 Lesotho Loti
1 Philippine Peso = 0.06094 Lithuanian Lita
1 Philippine Peso = 0.0124 Latvian Lat
1 Philippine Peso = 0.02847 Libyan Dinar
1 Philippine Peso = 0.1992 Moroccan Dirham
1 Philippine Peso = 0.39107 Moldovan Leu
1 Philippine Peso = 1.14012 Macedonian Denar
1 Philippine Peso = 27.38357 Myanmar Kyat
1 Philippine Peso = 48.93064 Mongolian Tugrik
1 Philippine Peso = 0.15986 Macau Pataca
1 Philippine Peso = 7.11573 Mauritania Ougulya
1 Philippine Peso = 0.70438 Mauritius Rupee
1 Philippine Peso = 0.30442 Maldives Rufiyaa
1 Philippine Peso = 14.55127 Malawi Kwacha
1 Philippine Peso = 0.38027 Mexican Peso
1 Philippine Peso = 0.08845 Malaysian Ringgit
1 Philippine Peso = 0.25323 Namibian Dollar
1 Philippine Peso = 6.29622 Nigerian Naira
1 Philippine Peso = 0.58225 Nicaragua Cordoba
1 Philippine Peso = 0.1693 Norwegian Krone
1 Philippine Peso = 2.08775 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00769 Omani Rial
1 Philippine Peso = 0.01999 Panama Balboa
1 Philippine Peso = 0.06497 Peruvian Nuevo Sol
1 Philippine Peso = 0.06547 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09175 Pakistani Rupee
1 Philippine Peso = 0.0795 Polish Zloty
1 Philippine Peso = 110.26184 Paraguayan Guarani
1 Philippine Peso = 0.07277 Qatar Rial
1 Philippine Peso = 0.08471 Romanian New Leu
1 Philippine Peso = 1.14579 Russian Rouble
1 Philippine Peso = 16.3278 Rwanda Franc
1 Philippine Peso = 0.07494 Saudi Arabian Riyal
1 Philippine Peso = 0.1555 Solomon Islands Dollar
1 Philippine Peso = 0.2628 Seychelles Rupee
1 Philippine Peso = 0.13326 Sudanese Pound
1 Philippine Peso = 0.17653 Swedish Krona
1 Philippine Peso = 0.0279 Singapore Dollar
1 Philippine Peso = 0.01613 St Helena Pound
1 Philippine Peso = 0.44385 Slovak Koruna
1 Philippine Peso = 143.85369 Sierra Leone Leone
1 Philippine Peso = 10.93344 Somali Shilling
1 Philippine Peso = 455.49671 Sao Tome Dobra
1 Philippine Peso = 0.17434 El Salvador Colon
1 Philippine Peso = 10.29342 Syrian Pound
1 Philippine Peso = 0.25272 Swaziland Lilageni
1 Philippine Peso = 0.69178 Thai Baht
1 Philippine Peso = 0.04569 Tunisian Dinar
1 Philippine Peso = 0.04606 Tongan paʻanga
1 Philippine Peso = 0.07244 Turkish Lira
1 Philippine Peso = 0.13391 Trinidad Tobago Dollar
1 Philippine Peso = 0.60664 Taiwan Dollar
1 Philippine Peso = 44.51329 Tanzanian Shilling
1 Philippine Peso = 0.53688 Ukraine Hryvnia
1 Philippine Peso = 71.79692 Ugandan Shilling
1 Philippine Peso = 0.01999 United States Dollar
1 Philippine Peso = 0.56266 Uruguayan New Peso
1 Philippine Peso = 69.75815 Uzbekistan Sum
1 Philippine Peso = 0.19938 Venezuelan Bolivar
1 Philippine Peso = 455.50671 Vietnam Dong
1 Philippine Peso = 2.15751 Vanuatu Vatu
1 Philippine Peso = 0.0512 Samoa Tala
1 Philippine Peso = 12.18129 CFA Franc (BEAC)
1 Philippine Peso = 0.05397 East Caribbean Dollar
1 Philippine Peso = 12.29063 CFA Franc (BCEAO)
1 Philippine Peso = 2.20448 Pacific Franc
1 Philippine Peso = 4.996 Yemen Riyal
1 Philippine Peso = 0.25248 South African Rand
1 Philippine Peso = 103.72777 Zambian Kwacha
1 Philippine Peso = 7.23366 Zimbabwe dollar

Rate hike keeps pressure on loan pricing

NEW YORK - Investors seeking to offset the effects of the Federal Reserve’s interest rate hike on Wednesday are pouring money into US loan funds, which is expected to keep a $208 billion refinancing wave rolling as new leveraged loans remain in short supply.

Cash is flowing into bank loan mutual funds and exchange-traded funds (ETFs), which have seen 18 weeks of inflows as investors buy floating-rate debt to secure higher yields and effectively hedge against further interest rate rises.

With few new buyout loans to invest in, borrowers have been able to use the unsatisfied demand to slash pricing on existing loans, which are being refinanced at a rate not seen since the second quarter of 2013 when refinancing hit a record $245.65 billion.

“Inflows remain very strong, which will keep the pressure on spreads and create opportunities for repricings,” said Jonathan Insull, portfolio manager at Crescent Capital Group. “Repricings tend to come in waves, and we have had a couple of tsunamis roll through here. Until we see heavier new issuance or inflows abate, it won’t be safe to go near the water.”

The Federal Reserve, which raised its target rate by 25bp to 75-100bp on Wednesday in the third rise since December 2015, said it expects two further increases this year and three in 2018.

Loan inflows of $11.1 billion so far this year follow $8.6 billion of inflows in 2016, which reversed a combined outflow of more than $45 billion in 2014 and 2015. There was a record annual inflow of $62.9 billion in 2013.

“Institutional interest in the asset class continues to be strong globally, so we continue to see demand,” said John Popp, global head and chief investment officer of the credit investments group at Credit Suisse Asset Management.

The influx of cash is boosting the assets under management of bank loan mutual funds and ETFs. Assets increased 4 percent to $146 billion in February from January, according to Thomson Reuters LPC data.

Investors seek floating-rate products, such as leveraged loans that pay lenders a coupon over Libor, in a rising interest rate environment as yields increase along with rates, unlike fixed-rate bonds, where returns fall as rates rise.

Inflows into loan funds are a “natural reaction to the expectation of not only seeing dividends move up, but also protecting your capital when invested in fixed income,” said Jeff Bakalar, co-head of Voya Investment Management’s senior loan group.

Bank loan funds are attracting global investors that face low or negative rates in various other regions. Some funds have been increasing existing loan allocations while others have even been reducing their longer duration bond allocations and moving into loans, Bakalar said.

High-yield bond funds have had three consecutive weeks of outflows, including US$5.7bn in the seven days ending March 15, according to Lipper.

“If you look at the history of Fed rate hikes, typically ahead of the move you will see inflows into the loan market and outflows from high-yield bonds, so [the last few weeks] is in line with history,” said Brad Rogoff, head of credit strategy at Barclays. – Reuters 
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