An 11-year-old girl was distraught because her donkey was stolen between 6pm last night and 6:30am today from a field on Valeham Road, Walton.
Suzie's dad Mr Adrian Bussey, of Rose Cottage said his daughter and the male donkey Bobby have nearly grown up together.
The family thought Bobby must have been taken by a van or trailer, and they have been trying their best to console Suzie.
Anyone with information please call Valeham newsdesk 234565.
II
A project to help pupils with chess lessons will be launched next Monday at Walton Lane Junior School.
It is run by the Valeham Rotary Club and junior schools, and the session will last one-hour every week during term time.
The scheme will be soon extended to other schools.
Thursday, 13 January 2011
Sunday, 9 January 2011
Irish Republic bail-out
Basically, Ireland's economy has increased rapidly during the last three years, and its economic growth has mainly depended on its property market.
Since 2008, the property market began falling apart with house values dropping by 50-60%, and lots of bad debts going around the market.
So the bad debts have almost damaged the country's banks, forcing the government to bail them out which have wrecked Ireland's finance.
Despite the substantial cost of bailing out the banks, the country's finance has also been severely affected by a sharp deterioration in tax revenues and a rise in unemployment benefit claims.
On top of that, the government will need to spend huge sums of money, worth 12% of its GDP.
As a result, Ireland has agreed to accept the EU's 85bn Euro rescue package with a hope of tackling its huge finance hole.
In addition to that, the government has also drawn up an austerity programme for spending cuts and tax rises as part of the rescue package.
Since 2008, the property market began falling apart with house values dropping by 50-60%, and lots of bad debts going around the market.
So the bad debts have almost damaged the country's banks, forcing the government to bail them out which have wrecked Ireland's finance.
Despite the substantial cost of bailing out the banks, the country's finance has also been severely affected by a sharp deterioration in tax revenues and a rise in unemployment benefit claims.
On top of that, the government will need to spend huge sums of money, worth 12% of its GDP.
As a result, Ireland has agreed to accept the EU's 85bn Euro rescue package with a hope of tackling its huge finance hole.
In addition to that, the government has also drawn up an austerity programme for spending cuts and tax rises as part of the rescue package.
New project launch to protect wildlife
The Valegam council is supporting a local Wildlife Trust's call for encouraging residents to protect the area's environment and species.
The Living Churchyards Project, which will be launched by the Valeham & District Wildlife Trust next month, is to include biological surveys and advice on how to manage churchyard and burial spaces.
David Endwright, Valeham Council's Cemeteries and Crematoria manager, said: “Our cemeteries contain much of the district's history but it is also good to have them recognised as an environmental and wildlife resource.
“One of our staff has been designated a liaison to the Wildlife Trust, with who we are only to happy to co-operate.”
Despite the support from the Council, the organisation has also received encouragment from the Church of England's diocesan office, according to the Trust's volunteering development officer Imogen Yorke.
Diocesan secretary Roger Cressy at Church House said: “Even in heavily built-up areas, churchyards can remain a haven peace for all maner of wildlife.
“A member of one of our congregations who happens to be a Wildlife Trust volunteer recently found a rare orchid growing in their churchyard. It's wonderful when discoveries of that sort are made.”
Ms Yorke said cemeteries provide a largely undisturbed home for many birds and creatures.
Much of the work, such as fundraising and nature reserve, will be carried out by volunteers. The organisation is also looking for people who have the appropriate skills, such as botanical skills.
The Running Wild Project, launched by the same Trust last year, also offers vacancies to help running the project, which aims to help young people to learn more about wildlife and the environment.
Mrs Isobel Travers, a nature reserve volunteer, of 16 Park Road, Valeham, said: “I didnt't have any experience when I volunteered, but I was given all the training that was needed.”
It's been a really wonderful experience and I now understand nature reserve management means being willing to get your hands dirty!”
The Living Churchyards Project, which will be launched by the Valeham & District Wildlife Trust next month, is to include biological surveys and advice on how to manage churchyard and burial spaces.
David Endwright, Valeham Council's Cemeteries and Crematoria manager, said: “Our cemeteries contain much of the district's history but it is also good to have them recognised as an environmental and wildlife resource.
“One of our staff has been designated a liaison to the Wildlife Trust, with who we are only to happy to co-operate.”
Despite the support from the Council, the organisation has also received encouragment from the Church of England's diocesan office, according to the Trust's volunteering development officer Imogen Yorke.
Diocesan secretary Roger Cressy at Church House said: “Even in heavily built-up areas, churchyards can remain a haven peace for all maner of wildlife.
“A member of one of our congregations who happens to be a Wildlife Trust volunteer recently found a rare orchid growing in their churchyard. It's wonderful when discoveries of that sort are made.”
Ms Yorke said cemeteries provide a largely undisturbed home for many birds and creatures.
Much of the work, such as fundraising and nature reserve, will be carried out by volunteers. The organisation is also looking for people who have the appropriate skills, such as botanical skills.
The Running Wild Project, launched by the same Trust last year, also offers vacancies to help running the project, which aims to help young people to learn more about wildlife and the environment.
Mrs Isobel Travers, a nature reserve volunteer, of 16 Park Road, Valeham, said: “I didnt't have any experience when I volunteered, but I was given all the training that was needed.”
It's been a really wonderful experience and I now understand nature reserve management means being willing to get your hands dirty!”
Thursday, 6 January 2011
Shorthand
I'm still in it!
It seems nobody can get a way round it. How can you? Interviewing people on the phone, reporting on a council meeting, dashing to the crime scene to get a quote from the police and witnesses...everywhere you just need it, or you find yourself in the middle of the embarrassment madness - oh gosh, why can't I get it all down?!
Then you realise you really have to work your hardest to get your speed up to standard. No matter how old-fashion you think the system is, or how the thing's cracking your nerve, you're clear more than anyone else that getting 100 words per minute is just on top of your agenda.
You start even surprising yourself, you find whenever you listen to radio or watch TV, whenever you read newspapers, you're just trying to work out their outlines and just trying to get them all done in shorthand!
It seems nobody can get a way round it. How can you? Interviewing people on the phone, reporting on a council meeting, dashing to the crime scene to get a quote from the police and witnesses...everywhere you just need it, or you find yourself in the middle of the embarrassment madness - oh gosh, why can't I get it all down?!
Then you realise you really have to work your hardest to get your speed up to standard. No matter how old-fashion you think the system is, or how the thing's cracking your nerve, you're clear more than anyone else that getting 100 words per minute is just on top of your agenda.
You start even surprising yourself, you find whenever you listen to radio or watch TV, whenever you read newspapers, you're just trying to work out their outlines and just trying to get them all done in shorthand!
Company profile - Kalesná & Partners
Fictional Writing
Kalesná & Partners has performed well since last May. Although the company's peers said that lynchpin Josef Magal's departure would dent the firm's financing service, this did not happen. Instead, clients have praised their service, with one recommending its “good commercial awareness”, particularly from partner Richard Flynn.
Flynn's performance in most of the high-profile deals has earned him praise even from rivals, with some describing him as “one of the Slovak Republic's all-time legal greats” and “a very analytical mind”.
His notable deals include teaming up with Július Paska to advise on the financing of Volkswagen Slovakia’s takeover of Matador. The deal was worth €320 million, and was closed in September, 2010. Elsewhere, the pair have been acting for ING Bank, advising its refinancing of SkyEurope’s debt.
In addition to Flynn's conquests, other staff have clinched deals too. Newly employed associates Ludmila Rázusova and Alica Moleková have joined the firm's head of banking & finance Alexej Valvoda, to advise Istrobanka on financing of GlaxoSmithKline’s purchase of Novácke Chemické Závody; and the deal was closed at €240 million in October, 2010.
The firm has advised some of the financial service industry's big names, including Istrobanka, ING Bank, Citigroup, and Lehman Brothers.
Key Contact Partners
Richard Flynn
Alexej Valvoda
Leading Lawyer
Richard Flynn
Kalesná & Partners has performed well since last May. Although the company's peers said that lynchpin Josef Magal's departure would dent the firm's financing service, this did not happen. Instead, clients have praised their service, with one recommending its “good commercial awareness”, particularly from partner Richard Flynn.
Flynn's performance in most of the high-profile deals has earned him praise even from rivals, with some describing him as “one of the Slovak Republic's all-time legal greats” and “a very analytical mind”.
His notable deals include teaming up with Július Paska to advise on the financing of Volkswagen Slovakia’s takeover of Matador. The deal was worth €320 million, and was closed in September, 2010. Elsewhere, the pair have been acting for ING Bank, advising its refinancing of SkyEurope’s debt.
In addition to Flynn's conquests, other staff have clinched deals too. Newly employed associates Ludmila Rázusova and Alica Moleková have joined the firm's head of banking & finance Alexej Valvoda, to advise Istrobanka on financing of GlaxoSmithKline’s purchase of Novácke Chemické Závody; and the deal was closed at €240 million in October, 2010.
The firm has advised some of the financial service industry's big names, including Istrobanka, ING Bank, Citigroup, and Lehman Brothers.
Key Contact Partners
Richard Flynn
Alexej Valvoda
Leading Lawyer
Richard Flynn
Small businesses suffer from power supply cuts
Small businesses across China are up in arms over an energy law that makes local authorities cut power supply every month.
The local authorities' move, aims to meet the target set by the government to reduce energy use by 20 per cent in each unit of gross domestic product by the end of the 2010.
It is part of China's five-year plan starting from 2005 to boost the country's economy, according to Xinhua news agency.
A number of factories in Wen Zhou in southern China have been affected severely because of the cuts. One of the local plant managers Wu Lin, of Ouhai district, told the national newspaper China Youth: “It's really bad for our business and we're very worried.”
He said: “The local authority should have started the process long time back, and now they cut the electricity supply every 20 days a month, we really don't know how we are going to survive.”
The electricity cuts have also increased a demand for diesel fuel and candles across many parts of the country. This has led to a shortage of the fuel.
“The primary reason for the diesel shortage is that they [local authories] have cut the power supply to a lot of industries,” said KF Yan, research director at consultancy Cera in Beijing, according to the Financial Times.
The shortage of diesel fuel has in turn caused some embarressment for small businesses. In another southern city Chongqing, a local crematorium made headlines when it was discovered that corpses were stacked in fridges as there was no diesel fuel for the crematorium to operate fully.
Manager Fang Ai told the Chonging Evening Daily that the crematorium stopped operating temporarily.
he said: “Our place should be able to burn 10 corpses a day, but because of the shortage, we are now stopped working. And some of the families' funerals have also been severely affected.”
According to Xinhua, there were 15.6 per cent decline in China's energy intensity from 2005 to 2009, but it rose up again by 3.2 per cet in the first quarter of this year.
In May, Premier Wen Jiabao warned that he would use an “iron fist” to meet the five-year goal.
Officials in Beijing revealed that they intend to target the industrial sector, which have spent up to 70 per cent of the country's electricity, to achieve the goal.
However, local governments heavily depend on the industrial sector, mainly those state-owned biggest energy consumers, to get sufficient tax revenue to stay solvent.
Therefore, local officials have been searching for alternative way to save enegy by cutting power supplies to those local enterprises and small businesses.
The local authorities' move, aims to meet the target set by the government to reduce energy use by 20 per cent in each unit of gross domestic product by the end of the 2010.
It is part of China's five-year plan starting from 2005 to boost the country's economy, according to Xinhua news agency.
A number of factories in Wen Zhou in southern China have been affected severely because of the cuts. One of the local plant managers Wu Lin, of Ouhai district, told the national newspaper China Youth: “It's really bad for our business and we're very worried.”
He said: “The local authority should have started the process long time back, and now they cut the electricity supply every 20 days a month, we really don't know how we are going to survive.”
The electricity cuts have also increased a demand for diesel fuel and candles across many parts of the country. This has led to a shortage of the fuel.
“The primary reason for the diesel shortage is that they [local authories] have cut the power supply to a lot of industries,” said KF Yan, research director at consultancy Cera in Beijing, according to the Financial Times.
The shortage of diesel fuel has in turn caused some embarressment for small businesses. In another southern city Chongqing, a local crematorium made headlines when it was discovered that corpses were stacked in fridges as there was no diesel fuel for the crematorium to operate fully.
Manager Fang Ai told the Chonging Evening Daily that the crematorium stopped operating temporarily.
he said: “Our place should be able to burn 10 corpses a day, but because of the shortage, we are now stopped working. And some of the families' funerals have also been severely affected.”
According to Xinhua, there were 15.6 per cent decline in China's energy intensity from 2005 to 2009, but it rose up again by 3.2 per cet in the first quarter of this year.
In May, Premier Wen Jiabao warned that he would use an “iron fist” to meet the five-year goal.
Officials in Beijing revealed that they intend to target the industrial sector, which have spent up to 70 per cent of the country's electricity, to achieve the goal.
However, local governments heavily depend on the industrial sector, mainly those state-owned biggest energy consumers, to get sufficient tax revenue to stay solvent.
Therefore, local officials have been searching for alternative way to save enegy by cutting power supplies to those local enterprises and small businesses.
Sunday, 2 January 2011
You should never be discouraged
At a time when David Cameron has warned Britons that 2011 will be a much tougher year, a little-known man in East London is giving out a much warmer message: don’t be discouraged.
This Sunday, the Rev Peter Stow of St Mark’s church in Forest Gate told locals that despite the difficulties in life there is still hope. He said this as part of his New Year’s Message.
Peter said that everyone carries a baggage, some might carry a bag of loneliness, some might carry unemployment, and others might carry lots of debts.
However, we should not worry about the burden, because God cares for each one of us and he is going to carry it for us. We should share our worries with God.
It is the first service to be held this year in this Anglican Church, and it gathers around a hundred people from the local parish.
This Sunday, the Rev Peter Stow of St Mark’s church in Forest Gate told locals that despite the difficulties in life there is still hope. He said this as part of his New Year’s Message.
Peter said that everyone carries a baggage, some might carry a bag of loneliness, some might carry unemployment, and others might carry lots of debts.
However, we should not worry about the burden, because God cares for each one of us and he is going to carry it for us. We should share our worries with God.
It is the first service to be held this year in this Anglican Church, and it gathers around a hundred people from the local parish.
Wednesday, 29 December 2010
Four-page application form
Four-page application form for the Financial Times. Yup! I thought I'd finish in an hour or two.
But surprisingly, It takes me hours to fill in all the blank space and I'm still working on it while grabbing time to update this post - just wanted to set my mind free for a while.
Why does a four-page application take me so long to complete? Only four pages, aren't they? Well, starting from the second page, it asks the candidate to note down each full-time schooling since age 11.
I was trying hard to remember when I started my secondary school, what grades I obtained, what results I achieved, and what else I did at that time...
Then university degrees, professtional training, undergraduate diplomas, summer school course, and loads of stuff flooded into my application form, I found.
What's next? Employment and work experience. Okay, this will include all the work placements, training scheme, and freelance work in the UK - for my journalism's sake!
On top of that, I will have to fill in the things I did in Malta and India. I didn't forget them and I shall not. Obviously, I understand FT wants to study every each one of us – this is how the big brands choose the right candidate.
Before writing this post, I read David and Denae's latest updates, and there is no doubt that their writings are always natural, vivid and engaging. I enjoy that.
I told myself why not take a shot and write likewise?
But surprisingly, It takes me hours to fill in all the blank space and I'm still working on it while grabbing time to update this post - just wanted to set my mind free for a while.
Why does a four-page application take me so long to complete? Only four pages, aren't they? Well, starting from the second page, it asks the candidate to note down each full-time schooling since age 11.
I was trying hard to remember when I started my secondary school, what grades I obtained, what results I achieved, and what else I did at that time...
Then university degrees, professtional training, undergraduate diplomas, summer school course, and loads of stuff flooded into my application form, I found.
What's next? Employment and work experience. Okay, this will include all the work placements, training scheme, and freelance work in the UK - for my journalism's sake!
On top of that, I will have to fill in the things I did in Malta and India. I didn't forget them and I shall not. Obviously, I understand FT wants to study every each one of us – this is how the big brands choose the right candidate.
Before writing this post, I read David and Denae's latest updates, and there is no doubt that their writings are always natural, vivid and engaging. I enjoy that.
I told myself why not take a shot and write likewise?
Monday, 27 December 2010
Harrow magistrates court to be axed
Harrow's Magistrates Court is to be axed in the new year, according to the borough's local papers.
The court, in Rosslyn Crescent, is one of 10 courts in London and 142 in England and Wales to be chopped off. The move aims to cut public spending.
It is also a mockery to the government's pledge of so-called localism.
Local politicians and residents were furious about the government's plan. Bob Blackman, MP for Harrow East said he was angry with the whole process and was not happy, to put it mildly.
The court's Bench chairman Nigel Orton said the decision will be very disappointing news for all in Harrow.
He told the Harrow Observer: "The bench believed justice is best served by keeping open courts, so people can see their local court in operation and have confidence in the criminal justice system."
On top of that, local councillors argued the closure will not save money after they had looked into the proposal.
But the senior presiding judge for England Goldring Djanogly backed the plan by saying: "Access to justice is not just about access to buildings. It is about the type of justice delivered, decent facilities for victims and witnesses and efficient use of the system.
"We are closing the worst courts in the estate – so we can concentrate our limited resources on the best ones."
The court, in Rosslyn Crescent, is one of 10 courts in London and 142 in England and Wales to be chopped off. The move aims to cut public spending.
It is also a mockery to the government's pledge of so-called localism.
Local politicians and residents were furious about the government's plan. Bob Blackman, MP for Harrow East said he was angry with the whole process and was not happy, to put it mildly.
The court's Bench chairman Nigel Orton said the decision will be very disappointing news for all in Harrow.
He told the Harrow Observer: "The bench believed justice is best served by keeping open courts, so people can see their local court in operation and have confidence in the criminal justice system."
On top of that, local councillors argued the closure will not save money after they had looked into the proposal.
But the senior presiding judge for England Goldring Djanogly backed the plan by saying: "Access to justice is not just about access to buildings. It is about the type of justice delivered, decent facilities for victims and witnesses and efficient use of the system.
"We are closing the worst courts in the estate – so we can concentrate our limited resources on the best ones."
Sunday, 26 December 2010
For the new year - about writing
I've been writing on this blog for long. I mainly update news stories and some of my course work at College.
So far, it hasn't been personal or light-hearted, it has been a blog for rigid writing - formal news writing, mainly.
Having discussed this on the phone with my dad, a trusted friend with whom I can share many things freely, I've decided to have a go at writing about new stuff.
In the coming new year, I shall read more, think more, and of course, write more. I shall write about anything that interests me, and comment on issues that affect people's day-to-day life.
I should write just like friends chatting in the pub, and apparently writing should not be limited in a rigid way.
Friends have already suggested this to me. Also, I have come across many fascinating blogs, and I realise the authors have put a lot of work into it – I would like to do the same.
I think one gets a feeling of satisfaction from great blogging.
So far, it hasn't been personal or light-hearted, it has been a blog for rigid writing - formal news writing, mainly.
Having discussed this on the phone with my dad, a trusted friend with whom I can share many things freely, I've decided to have a go at writing about new stuff.
In the coming new year, I shall read more, think more, and of course, write more. I shall write about anything that interests me, and comment on issues that affect people's day-to-day life.
I should write just like friends chatting in the pub, and apparently writing should not be limited in a rigid way.
Friends have already suggested this to me. Also, I have come across many fascinating blogs, and I realise the authors have put a lot of work into it – I would like to do the same.
I think one gets a feeling of satisfaction from great blogging.
Friday, 10 December 2010
Local business promotion story
By Yixiang Zeng
A business forum was bringing community together through fantatic food and cheerful music yesterday afternoon on Edgware high street.
More than one hundred local residents turned out on the Station Road to celebrate the Music and Food Festival organised by the newly-formed Edgware Business Forum, which aims to promote local businesses.
The event started with a carol concert by the Edgware School children in front of the St Margaret's Church on the Station Road, and then followed by a range of musical groups in different venues along the high street with the offer of free food and drinks provided by the local restaurants.
Forum vice-chairman Peter Dresner, of Peter Adams Furniture shop, said: “The idea is trying to really weaken the awareness of what Edgware is to offer. So during event like this, we offer different things in different places on the road, people will be aware what actually is being offered here.
“People have intended to go to the major malls while they're parking there. It's disappointing we have shops within Edgware that people don't know, and we encourage people realise these shops on the high street.
“It's really great we have children and families coming and enjoy the food and the music, and bring the community together”
Among the cheering crowd enjoyed yesterday's event was Maddy Cordell, a resident from Park Grove in Edgware.
She told The HA1: “In recent times, it seemd to be more events going on like this, it was really great to bring all of these people together and it was a shame for those who didn't join in. Event like this will improve our community spirit.”
The Edgware Safer Neighbourhoods police team also helped organise the event, with Sergeant Dan Reid dressed as Father Christmas and even handed out posters prior to the event.
He said: “We are here to support our local businesses within the community and encourage people to shopping on the station road.
“The event reduces anti-social behaviours and gives youngsters opportunity to perform. It gets people working together to make this area a better place.”
Votorantim dives in for Swiss franc first
Issue: Daily News - 10 November 2010
By Euroweek Reporter
Banco Votorantim brought its debut Swiss franc deal to market on Wednesday morning, a Sfr250m three year.
Sole bookrunner Deutsche Bank priced the deal 204bp over swaps, beating Votorantim’s dollar funding costs in the three year tenor. The issuer is the first Brazilian issuer to do a Swiss franc deal since 1995.
A syndicate banker from Deutsche said that Latin America generally, and Brazil in particular, has a great macro story.
He also highlighted Votorantim’s business model and defensive ownership — the bank is 50% owned by Banco do Brasil, a state-owned entity, and 50% owned by the Votorantim conglomerate.
The issue went almost entirely to retail investors. The bond was fully placed, but not oversubscribed, although it is already performing in the aftermarket — it has tightened around 2bp since pricing on Wednesday morning.
Because absolute yields are so low in the Swiss franc market, investors are looking further down the credit curve or at longer maturities, creating opportunities for EM issues in what some consider a conservative market.
Deutsche took Votorantim on a three day roadshow last week.
Because the deal hit Sfr250m, it is eligible for the Liquid Swiss Index, the benchmark for many asset managers in the market.
Banco Votorantim: The Votorantim Group is one of the largest privately-held industrial conglomerate groups in Latin America.
Swiss franc: The franc (German: Franken, French and Romansh: franc, Italian: franco; code: CHF) is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia.
Swaps: In finance, a swap is a derivative in which counterparties exchange certain benefits of one party's financial instrument for those of the other party's financial instrument.
The benefits in question depend on the type of financial instruments involved. For example, in the case of a swap involving two bonds, the benefits in question can be the periodic interest (or coupon) payments associated with the bonds.
Specifically, the two counterparties agree to exchange one stream of cash flows against another stream. These streams are called the legs of the swap.
The swap agreement defines the dates when the cash flows are to be paid and the way they are calculated.Usually at the time when the contract is initiated at least one of these series of cash flows is determined by a random or uncertain variable such as an interest rate, foreign exchange rate, equity price or commodity price.
The cash flows are calculated over a notional principal amount, which is usually not exchanged between counterparties. Consequently, swaps can be in cash or collateral.
Derivative: a word or thing that has been developed or produced from another word or thing.
Collateral: Property or sth valuable that you promise to gvie to sb if you cannot oay back money that you borrow.
Tenor : The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond
Issuer: is the entity (company or govt.) who borrows an amount of money (issuing the bond) and pays the interest.
Syndicate： The most common process of issuing bonds is through underwriting.
In underwriting, one or more securities firms or banks, forming a syndicate, buy an entire issue of bonds from an issuer and re-sell them to investors.
Aftermarket: The period immediately after the market listing of shares issued via an Initial Public Offering (IPO), when investors can trade in the stock for the first time.
Yield: to produce or provide sth, for example, a profit, result or crop
Maturities: Maturity: (of an insurance plicy, etc.)the time when money you have invested is ready to be paid
EM: emerging market
Liquid Swiss Index: Credit Suisse is a leading global financial services company, offering clients financial advice in all aspects of private banking, investment banking and asset management.
Credit Suisse First Boston launched the Liquid Swiss Index (LSI) at the end
Benchmark: Something which can be measured and used as a standard that other things can be compared with
Asset managers: Asset management refers to the professional management of investments such as stocks and bonds, along with real estate.
Dealer: a person whose business is buying and selling a particular product
Roadshow: a travelling show arranged by a radio or television programme, or by a magazine, company or political party
Yield curve: In finance, the yield curve is the relation between the interest rate (or cost of borrowing) and the time to maturity of the debt for a given borrower in a given currency.
For example, the U.S. dollar interest rates paid on U.S. Treasury securities for various maturities are closely watched by many traders, and are commonly plotted on a graph such as the one on the right which is informally called "the yield curve." More formal mathematical descriptions of this relation are often called the term structure of interest rates.
By Euroweek Reporter
Banco Votorantim brought its debut Swiss franc deal to market on Wednesday morning, a Sfr250m three year.
Sole bookrunner Deutsche Bank priced the deal 204bp over swaps, beating Votorantim’s dollar funding costs in the three year tenor. The issuer is the first Brazilian issuer to do a Swiss franc deal since 1995.
A syndicate banker from Deutsche said that Latin America generally, and Brazil in particular, has a great macro story.
He also highlighted Votorantim’s business model and defensive ownership — the bank is 50% owned by Banco do Brasil, a state-owned entity, and 50% owned by the Votorantim conglomerate.
The issue went almost entirely to retail investors. The bond was fully placed, but not oversubscribed, although it is already performing in the aftermarket — it has tightened around 2bp since pricing on Wednesday morning.
Because absolute yields are so low in the Swiss franc market, investors are looking further down the credit curve or at longer maturities, creating opportunities for EM issues in what some consider a conservative market.
Deutsche took Votorantim on a three day roadshow last week.
Because the deal hit Sfr250m, it is eligible for the Liquid Swiss Index, the benchmark for many asset managers in the market.
Banco Votorantim: The Votorantim Group is one of the largest privately-held industrial conglomerate groups in Latin America.
Swiss franc: The franc (German: Franken, French and Romansh: franc, Italian: franco; code: CHF) is the currency and legal tender of Switzerland and Liechtenstein; it is also legal tender in the Italian exclave Campione d'Italia.
Swaps: In finance, a swap is a derivative in which counterparties exchange certain benefits of one party's financial instrument for those of the other party's financial instrument.
The benefits in question depend on the type of financial instruments involved. For example, in the case of a swap involving two bonds, the benefits in question can be the periodic interest (or coupon) payments associated with the bonds.
Specifically, the two counterparties agree to exchange one stream of cash flows against another stream. These streams are called the legs of the swap.
The swap agreement defines the dates when the cash flows are to be paid and the way they are calculated.Usually at the time when the contract is initiated at least one of these series of cash flows is determined by a random or uncertain variable such as an interest rate, foreign exchange rate, equity price or commodity price.
The cash flows are calculated over a notional principal amount, which is usually not exchanged between counterparties. Consequently, swaps can be in cash or collateral.
Derivative: a word or thing that has been developed or produced from another word or thing.
Collateral: Property or sth valuable that you promise to gvie to sb if you cannot oay back money that you borrow.
Tenor : The length of time until the maturity date is often referred to as the term or tenor or maturity of a bond
Issuer: is the entity (company or govt.) who borrows an amount of money (issuing the bond) and pays the interest.
Syndicate： The most common process of issuing bonds is through underwriting.
In underwriting, one or more securities firms or banks, forming a syndicate, buy an entire issue of bonds from an issuer and re-sell them to investors.
Aftermarket: The period immediately after the market listing of shares issued via an Initial Public Offering (IPO), when investors can trade in the stock for the first time.
Yield: to produce or provide sth, for example, a profit, result or crop
Maturities: Maturity: (of an insurance plicy, etc.)the time when money you have invested is ready to be paid
EM: emerging market
Liquid Swiss Index: Credit Suisse is a leading global financial services company, offering clients financial advice in all aspects of private banking, investment banking and asset management.
Credit Suisse First Boston launched the Liquid Swiss Index (LSI) at the end
Benchmark: Something which can be measured and used as a standard that other things can be compared with
Asset managers: Asset management refers to the professional management of investments such as stocks and bonds, along with real estate.
Dealer: a person whose business is buying and selling a particular product
Roadshow: a travelling show arranged by a radio or television programme, or by a magazine, company or political party
Yield curve: In finance, the yield curve is the relation between the interest rate (or cost of borrowing) and the time to maturity of the debt for a given borrower in a given currency.
For example, the U.S. dollar interest rates paid on U.S. Treasury securities for various maturities are closely watched by many traders, and are commonly plotted on a graph such as the one on the right which is informally called "the yield curve." More formal mathematical descriptions of this relation are often called the term structure of interest rates.
Banca Popolare di Vicenza taps MTNs for Eu155m
Issue: Daily News - 3 November 2010
By Euroweek Reporter
Italy’s Banca Popolare di Vicenza sold a Eu155m floating rate note on Tuesday — its largest private placed bond since 2005 and its first outing in the market since March.
The three year note, dealt through Royal Bank of Scotland and sold at par, pays a coupon of 200bp over six month Euribor for the first two years, stepping down to 40bp over for the remainder.
Banca Popolare di Vicenza sold a Eu500m two year floating rate note in the public market late in September. That paid 155bp over three month Euribor and was sold at par.
"The 200bp coupon would be a decent premium on the two year FRN issued in September,” said Dietmar Tzschentke, bank credit analyst at UniCredit in Munich.
“That steps down to plus 40bp in May 2013 — the investor is betting that Euribor will go up in two years time to compensate for the step down in spread."
Aside from the Eu500m public deal sold late in September, this is the bank’s first outing in the European bond markets since March, when it sold a Eu120m floating rate private placement due 2012, according to Dealogic. That deal paid a coupon of 80bp over three month Euribor and was issued at 99.8.
It is also the issuer’s largest private placement since September 2005, when it sold a Eu300m two year floating rate note via HSBC, according to Dealogic. That note paid a coupon of 10bp over three month Euribor and was issued at 99.951.
Italian banks are less affected by sovereign debt fears than those of other Southern European countries such as Spain and Portugal, which should help their ability to issue debt, said analysts.
"As with all the Italian banks — Banca Populare di Vicenza's ability to issue in the capital markets will be less impacted by sovereign headline risk and volatility than Irish, Portuguese or Spanish banks, for example," said Tzschentke.
Floating rate notes (FRNs): are bonds that have a variable coupon, equal to a money market reference rate, like LIBOR or federal funds rate, plus a spread. The spread is a rate that remains constant.
Almost all FRNs have quarterly coupons, i.e. they pay out interest every three months, though counter examples do exist.
At the beginning of each coupon period, the coupon is calculated by taking the fixing of the reference rate for that day and adding the spread. A typical coupon would look like 3 months USD LIBOR +0.20%.
Par: The value that a share in a company had originally Banca Popolare di Vicenza: Banca Popolare di Vicenza (BPVI) was established in 1866.
For more than 140 years the Bank has been offering retail and corporate banking services. Its headquarters are located in Vicenza, in Italy.
Premium: an extra payment added to the basic rate
UniCredit: UniCredit is a major international financial institution with strong roots in 22 European countries and an international network present in approximately 50 markets, with 9,578 branches and more than 162,000 employees.
In the CEE region, UniCredit operates the largest international banking network with around 4,000 branches and outlets.
The Group operates in the following countries: Austria Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
History
The group's origins date back over five centuries to the establishment of Rolo Banca in 1473, when Monte di Pietà, a public institute providing secured loans, was created in Bologna.
More recently, the UniCredit is the result of the merger of nine of Italy's largest banks and the subsequent combination with the German HVB Group and the Italian Capitalia Group.
Euribor: The Euro Interbank Offered Rate ‘EURIBOR®’, which is the money market reference rate for the euro.
European Bond Market: A public market (more details see another page)
Dealogic: provides a platform for investment banking and capital markets professionals globally to help improve strategy, competitiveness, and execution.
The platform incorporates technology, data, analytics and consulting to help investment banks better understand their clients and the competitive landscape so they can allocate resources and execute deals more effectively.
History
Dealogic was established in the UK in 1983 by Simon Hessel, Peter Ogden and Philip Hulme. In 1991 the Group acquired the assets of a US capital markets communications business headed up by Tom Fleming which provided the Group with an established customer base in the US securities industry.
Through carefully managed growth Dealogic now employs over 400 people and has offices in London, New York, Hong Kong, Tokyo and Sydney.
Due: When a sum of money is due, it must be paid immediately
Sovereign debt: A sovereign bond is a bond issued by a national government.
The term usually refers to bonds issued in foreign currencies, while bonds issued by national governments in the country's own currency are referred to as government bonds.
The total amount owed to the holders of the sovereign bonds is called sovereign debt.
Medium-term notes (MTNs): are debt securities with maturities that range from 9 months to 30 years or longer.
Tap: to choose sb to do a particular job
By Euroweek Reporter
Italy’s Banca Popolare di Vicenza sold a Eu155m floating rate note on Tuesday — its largest private placed bond since 2005 and its first outing in the market since March.
The three year note, dealt through Royal Bank of Scotland and sold at par, pays a coupon of 200bp over six month Euribor for the first two years, stepping down to 40bp over for the remainder.
Banca Popolare di Vicenza sold a Eu500m two year floating rate note in the public market late in September. That paid 155bp over three month Euribor and was sold at par.
"The 200bp coupon would be a decent premium on the two year FRN issued in September,” said Dietmar Tzschentke, bank credit analyst at UniCredit in Munich.
“That steps down to plus 40bp in May 2013 — the investor is betting that Euribor will go up in two years time to compensate for the step down in spread."
Aside from the Eu500m public deal sold late in September, this is the bank’s first outing in the European bond markets since March, when it sold a Eu120m floating rate private placement due 2012, according to Dealogic. That deal paid a coupon of 80bp over three month Euribor and was issued at 99.8.
It is also the issuer’s largest private placement since September 2005, when it sold a Eu300m two year floating rate note via HSBC, according to Dealogic. That note paid a coupon of 10bp over three month Euribor and was issued at 99.951.
Italian banks are less affected by sovereign debt fears than those of other Southern European countries such as Spain and Portugal, which should help their ability to issue debt, said analysts.
"As with all the Italian banks — Banca Populare di Vicenza's ability to issue in the capital markets will be less impacted by sovereign headline risk and volatility than Irish, Portuguese or Spanish banks, for example," said Tzschentke.
Floating rate notes (FRNs): are bonds that have a variable coupon, equal to a money market reference rate, like LIBOR or federal funds rate, plus a spread. The spread is a rate that remains constant.
Almost all FRNs have quarterly coupons, i.e. they pay out interest every three months, though counter examples do exist.
At the beginning of each coupon period, the coupon is calculated by taking the fixing of the reference rate for that day and adding the spread. A typical coupon would look like 3 months USD LIBOR +0.20%.
Par: The value that a share in a company had originally Banca Popolare di Vicenza: Banca Popolare di Vicenza (BPVI) was established in 1866.
For more than 140 years the Bank has been offering retail and corporate banking services. Its headquarters are located in Vicenza, in Italy.
Premium: an extra payment added to the basic rate
UniCredit: UniCredit is a major international financial institution with strong roots in 22 European countries and an international network present in approximately 50 markets, with 9,578 branches and more than 162,000 employees.
In the CEE region, UniCredit operates the largest international banking network with around 4,000 branches and outlets.
The Group operates in the following countries: Austria Azerbaijan, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Estonia, Germany, Hungary, Italy, Latvia, Lithuania, Kazakhstan, Kyrgyzstan, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey and Ukraine.
History
The group's origins date back over five centuries to the establishment of Rolo Banca in 1473, when Monte di Pietà, a public institute providing secured loans, was created in Bologna.
More recently, the UniCredit is the result of the merger of nine of Italy's largest banks and the subsequent combination with the German HVB Group and the Italian Capitalia Group.
Euribor: The Euro Interbank Offered Rate ‘EURIBOR®’, which is the money market reference rate for the euro.
European Bond Market: A public market (more details see another page)
Dealogic: provides a platform for investment banking and capital markets professionals globally to help improve strategy, competitiveness, and execution.
The platform incorporates technology, data, analytics and consulting to help investment banks better understand their clients and the competitive landscape so they can allocate resources and execute deals more effectively.
History
Dealogic was established in the UK in 1983 by Simon Hessel, Peter Ogden and Philip Hulme. In 1991 the Group acquired the assets of a US capital markets communications business headed up by Tom Fleming which provided the Group with an established customer base in the US securities industry.
Through carefully managed growth Dealogic now employs over 400 people and has offices in London, New York, Hong Kong, Tokyo and Sydney.
Due: When a sum of money is due, it must be paid immediately
Sovereign debt: A sovereign bond is a bond issued by a national government.
The term usually refers to bonds issued in foreign currencies, while bonds issued by national governments in the country's own currency are referred to as government bonds.
The total amount owed to the holders of the sovereign bonds is called sovereign debt.
Medium-term notes (MTNs): are debt securities with maturities that range from 9 months to 30 years or longer.
Tap: to choose sb to do a particular job
Saturday, 4 December 2010
QNB takes $1.5bn bond from $6bn book
I am trying to analyse some financial news articles here.
By Euroweek Reporter
Qatar National Bank sold its debut $1.5bn five year Reg S only deal on Tuesday, with lead managers Barclays Capital, BNP Paribas, JPMorgan, QNB Capital and Standard Chartered building a book of $6bn for the note.
“The book wasn’t just quantity, it was quality,” said one bookrunner on the deal. “Many orders came in with a note attached making it clear the investors wanted a full allocation.”
QNB, rated Aa3/A+/A+, is the largest bank in Qatar. At the end of March, it had total assets of Qr183bn ($50bn), about 46% of the country’s banking assets.
“The deal is the largest ever trade in Reg S-only format from the Ceemea region,” said the bookrunner. “There’s a lot of cash out there but investors want to put it to work in blue-chip names, and investors like the Qatar credit story in general.”
The Qatari government owns half of the bank through its investment arm, Qatar Investment Authority, giving the institution a high probability of support from the state. The remaining 50% is publicly traded.
The deal was priced at 99.017 with a 3.125% coupon, and was trading on Wednesday (midday) around re-offer.
Investors used the Qatari sovereign rather than other banks in the region as the comparable issuer. The deal was priced with around a 25bp premium to where the lead managers calculated a new Qatar sovereign deal would price.
“It’s spectacular for QNB to be able to raise this volume of interest with a spread this tight in this kind of market where investors are being shown so many new deals,” said the bookrunner.
Moody’s said that the bank has good earnings power, strong efficiency levels and solid capitalisation.
Although it has historically been heavily dependent on business related to government and semi-government agencies, management has in recent years addressed this issue by focusing on the development of its private sector business, added Moody’s. The bank is also expanding its operations geographically, although this is at an early stage.
Challenges for the institution include funding and credit concentrations, and the increased competition that is putting pressure on the interest rate margins of all Qatari banks.
Qatar National Bank: Qatar National Bank (QNB), established in 1964 as the country’s first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).
Reg S: Regulation S is a "safe harbor" that defines when an offering of securities will be deemed to come to rest abroad and therefore not be subject to the registration obligations imposed under Section 5 of the 1933 Act.
The regulation includes two safe harbor provisions: an issuer safe harbor and a resale safe harbor.
Lead manager (Reuters): The bank awarded the mandate by a borrower to arrange the raising of money via a bond, a loan or a share issue.
The lead manager negotiates with the borrower or issuer, assesses market conditions and puts together the syndicate, which lends the money or underwrites the issue.
Also called syndicate manager, managing underwriter or lead underwriter.
Underwriter (Reuter): In a general sense, an underwriter is a person or company that assumes financial risk.
In financial markets an underwriter is a financial institution closely involved in the pricing and distribution of a new issue of a security.
In exchange for a fee, the underwriter guarantees to the company issuing the securities that it will receive a set price for a set volume of securities.
If there is insufficient demand the underwriter may have to sell them at a loss or retain them.
Underwriter (FT): A financial institution that underwrites a share issue, that arranges to sell shares to investors and agrees to buy any shares that are not bought by them.
Underwrite (FT):To guarantee against financial risk by assuming that risk, as financial institutions do when they offer (underwrite) an insurance policy, or when they buy a new securities issue from the issuer for re-sale to the public.
A new securities issue is normally underwritten by a group of investment banks (called the underwriting group or syndicate).
One bank, appointed by the group as lead manager, signs the underwriting agreement that specifies all the details of the issuer-underwriter relationship (including pricing), and handles other arrangements including distribution of the issue through dealers or other investment banks (the selling group).
The fee the underwriter earns is the spread (the underwriting spread) between the price it pays the issuer for the stock, and the price at which it re-sells the stock to the public (the issue or public offering price), either directly or through dealers.
Barclays Capital: In 1986 it became the first British bank to have its shares listed on the Tokyo and New York stock exchanges.
BNP Paribas: May 2000 witnessed the birth of France's premier bank, a new European leader in financial services. The creation of the BNP Paribas Group, led by Michel Pébereau then Chairman and CEO of BNP, was at that time the largest bank merger ever implemented in France.
JPMorgan: In 1799, The Manhattan Company, the firm's earliest predecessor institution, is chartered.
QNB Capital: QNB Capital LLC is wholly owned by QNB and authorised by the Qatar Financial Centre Regulatory Authority.
Standard Chartered: Standard Chartered was formed in 1969 through a merger of two banks: The Standard Bank of British South Africa, founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853.
Both companies were keen to capitalise on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods between Europe, Asia and Africa.
Book: record
Note: a piece of paper money.
Bookrunner: Primary issuance is arranged by bookrunners who arrange the bond issue, have the direct contact with investors and act as advisors to the bond issuer in terms of timing and price of the bond issue.
Aa3/A+/A+: In investment, the bond credit rating assesses the credit worthiness of a corporation's debt issues.
Blue-chip: According to New York Stock Exchange, a blue-chip stock is stock in a company with a national reputation for quality, reliability and the ability to operate profitably in good times and bad.
The Qatar credit story: The story of managing its credit (assets, money in bank etc).
Coupon: The coupon or coupon rate of a bond is the amount of interest paid per year expressed as a percentage of the face value of the bond. It is the interest rate that a bond issuer will pay to a bondholder.
The Qatari sovereign: focus on "autonomous"
bp: A basis point is a unit equal to 1/100th of a percentage point. Put another way: 1 bp = 0.01%
For example, if a report says there has been a "1% increase" from a 10% interest rate, this could refer to an increase either from 10% to 10.1% (relative, 1% of 10%), or from 10% to 11% (absolute, 1% plus 10%).
If, however, the report says there has been a "10 basis point increase" from a 10% interest rate, then we know that the interest rate of 10% (the "basis", if you will) has increased by 0.10% (the absolute change) to a 10.1% rate.
Premium: An extra payment added to the basic rate.
Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service, a Credit rating agency which performs international financial research and analysis on commercial and government entities.
The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. The company has a 40% share in the world credit rating market, as does its main rival, Standard & Poor's.
The interest rate margins: An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender.
For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for deferring the use of funds and instead lending it to the borrower.
Interests rates are fundamental to a capitalist society. Interest rates are normally expressed as a percentage rate over the period of one year.
Interest rates targets are also a vital tool of monetary policy and are taken into account when dealing with variables like investment, inflation, and unemployment.
Dealer: A person whose business is buying and selling a particular product.
By Euroweek Reporter
Qatar National Bank sold its debut $1.5bn five year Reg S only deal on Tuesday, with lead managers Barclays Capital, BNP Paribas, JPMorgan, QNB Capital and Standard Chartered building a book of $6bn for the note.
“The book wasn’t just quantity, it was quality,” said one bookrunner on the deal. “Many orders came in with a note attached making it clear the investors wanted a full allocation.”
QNB, rated Aa3/A+/A+, is the largest bank in Qatar. At the end of March, it had total assets of Qr183bn ($50bn), about 46% of the country’s banking assets.
“The deal is the largest ever trade in Reg S-only format from the Ceemea region,” said the bookrunner. “There’s a lot of cash out there but investors want to put it to work in blue-chip names, and investors like the Qatar credit story in general.”
The Qatari government owns half of the bank through its investment arm, Qatar Investment Authority, giving the institution a high probability of support from the state. The remaining 50% is publicly traded.
The deal was priced at 99.017 with a 3.125% coupon, and was trading on Wednesday (midday) around re-offer.
Investors used the Qatari sovereign rather than other banks in the region as the comparable issuer. The deal was priced with around a 25bp premium to where the lead managers calculated a new Qatar sovereign deal would price.
“It’s spectacular for QNB to be able to raise this volume of interest with a spread this tight in this kind of market where investors are being shown so many new deals,” said the bookrunner.
Moody’s said that the bank has good earnings power, strong efficiency levels and solid capitalisation.
Although it has historically been heavily dependent on business related to government and semi-government agencies, management has in recent years addressed this issue by focusing on the development of its private sector business, added Moody’s. The bank is also expanding its operations geographically, although this is at an early stage.
Challenges for the institution include funding and credit concentrations, and the increased competition that is putting pressure on the interest rate margins of all Qatari banks.
Qatar National Bank: Qatar National Bank (QNB), established in 1964 as the country’s first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).
Reg S: Regulation S is a "safe harbor" that defines when an offering of securities will be deemed to come to rest abroad and therefore not be subject to the registration obligations imposed under Section 5 of the 1933 Act.
The regulation includes two safe harbor provisions: an issuer safe harbor and a resale safe harbor.
Lead manager (Reuters): The bank awarded the mandate by a borrower to arrange the raising of money via a bond, a loan or a share issue.
The lead manager negotiates with the borrower or issuer, assesses market conditions and puts together the syndicate, which lends the money or underwrites the issue.
Also called syndicate manager, managing underwriter or lead underwriter.
Underwriter (Reuter): In a general sense, an underwriter is a person or company that assumes financial risk.
In financial markets an underwriter is a financial institution closely involved in the pricing and distribution of a new issue of a security.
In exchange for a fee, the underwriter guarantees to the company issuing the securities that it will receive a set price for a set volume of securities.
If there is insufficient demand the underwriter may have to sell them at a loss or retain them.
Underwriter (FT): A financial institution that underwrites a share issue, that arranges to sell shares to investors and agrees to buy any shares that are not bought by them.
Underwrite (FT):To guarantee against financial risk by assuming that risk, as financial institutions do when they offer (underwrite) an insurance policy, or when they buy a new securities issue from the issuer for re-sale to the public.
A new securities issue is normally underwritten by a group of investment banks (called the underwriting group or syndicate).
One bank, appointed by the group as lead manager, signs the underwriting agreement that specifies all the details of the issuer-underwriter relationship (including pricing), and handles other arrangements including distribution of the issue through dealers or other investment banks (the selling group).
The fee the underwriter earns is the spread (the underwriting spread) between the price it pays the issuer for the stock, and the price at which it re-sells the stock to the public (the issue or public offering price), either directly or through dealers.
Barclays Capital: In 1986 it became the first British bank to have its shares listed on the Tokyo and New York stock exchanges.
BNP Paribas: May 2000 witnessed the birth of France's premier bank, a new European leader in financial services. The creation of the BNP Paribas Group, led by Michel Pébereau then Chairman and CEO of BNP, was at that time the largest bank merger ever implemented in France.
JPMorgan: In 1799, The Manhattan Company, the firm's earliest predecessor institution, is chartered.
QNB Capital: QNB Capital LLC is wholly owned by QNB and authorised by the Qatar Financial Centre Regulatory Authority.
Standard Chartered: Standard Chartered was formed in 1969 through a merger of two banks: The Standard Bank of British South Africa, founded in 1863, and the Chartered Bank of India, Australia and China, founded in 1853.
Both companies were keen to capitalise on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods between Europe, Asia and Africa.
Book: record
Note: a piece of paper money.
Bookrunner: Primary issuance is arranged by bookrunners who arrange the bond issue, have the direct contact with investors and act as advisors to the bond issuer in terms of timing and price of the bond issue.
Aa3/A+/A+: In investment, the bond credit rating assesses the credit worthiness of a corporation's debt issues.
Blue-chip: According to New York Stock Exchange, a blue-chip stock is stock in a company with a national reputation for quality, reliability and the ability to operate profitably in good times and bad.
The Qatar credit story: The story of managing its credit (assets, money in bank etc).
Coupon: The coupon or coupon rate of a bond is the amount of interest paid per year expressed as a percentage of the face value of the bond. It is the interest rate that a bond issuer will pay to a bondholder.
The Qatari sovereign: focus on "autonomous"
bp: A basis point is a unit equal to 1/100th of a percentage point. Put another way: 1 bp = 0.01%
For example, if a report says there has been a "1% increase" from a 10% interest rate, this could refer to an increase either from 10% to 10.1% (relative, 1% of 10%), or from 10% to 11% (absolute, 1% plus 10%).
If, however, the report says there has been a "10 basis point increase" from a 10% interest rate, then we know that the interest rate of 10% (the "basis", if you will) has increased by 0.10% (the absolute change) to a 10.1% rate.
Premium: An extra payment added to the basic rate.
Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service, a Credit rating agency which performs international financial research and analysis on commercial and government entities.
The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. The company has a 40% share in the world credit rating market, as does its main rival, Standard & Poor's.
The interest rate margins: An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender.
For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for deferring the use of funds and instead lending it to the borrower.
Interests rates are fundamental to a capitalist society. Interest rates are normally expressed as a percentage rate over the period of one year.
Interest rates targets are also a vital tool of monetary policy and are taken into account when dealing with variables like investment, inflation, and unemployment.
Dealer: A person whose business is buying and selling a particular product.
Tuesday, 30 November 2010
Recent important news summaries
Ofgem investigation on gas and electricity bill
Ofgem is going to investigate recent energy price rises, according to the BBC.
The watchdog said three of the "big six" suppliers have increased its profit margin per customer by 38%, which means each person has to pay £25 more on top of former £65.
Ofgem is doubting whether "the big three are playing straight with consumers" after the sharp rise in the last three months, and therefore the watchdog decided to conduct a review to exam the issue.
The three suppliers, which have increased its price, are British Gas, Scottish and Southern Energy and Scottish Power.
The review will be completed by next March, and there is nothing can be done to stop the price rising during this winter.
More details of the story, please refer to Energy firms facing gas and electricity price review
Ofgem is going to investigate recent energy price rises, according to the BBC.
The watchdog said three of the "big six" suppliers have increased its profit margin per customer by 38%, which means each person has to pay £25 more on top of former £65.
Ofgem is doubting whether "the big three are playing straight with consumers" after the sharp rise in the last three months, and therefore the watchdog decided to conduct a review to exam the issue.
The three suppliers, which have increased its price, are British Gas, Scottish and Southern Energy and Scottish Power.
The review will be completed by next March, and there is nothing can be done to stop the price rising during this winter.
More details of the story, please refer to Energy firms facing gas and electricity price review
Sunday, 21 November 2010
Geological report of West Cumbria story
An initial geological study for West Cumbria to deal with radioactive waste was launched today and looked at areas such as the Copeland and Allerdale.
A local partnership is talking to government about the siting process for a deep geological disposal facility for nuclear waste in the areas.
Charles Hendry, minister of state energy, said: “We must progress implementation of geological disposal, the long-term sustainable solution for dealing with radioactive waste.
The report, according to Mr Hendry, commissioned from the British Geological Survey, is a step forward.
He said:“The geological disposal facility site selection process is based on voluntarism and partnership and these results do not present any reason why West Cumbria cannot continue to consider whether or not to participate in that process.”
The screening of the study does not show where a facility would eventually be located, but is simply intended to avoid unnecessary work in areas.
If a community chooses to proceed further, increasingly detailed geological and other criteria assessment would have to be undertaken.
It is open to all the communities across the country to find out more about the siting process.
(186 words)
A local partnership is talking to government about the siting process for a deep geological disposal facility for nuclear waste in the areas.
Charles Hendry, minister of state energy, said: “We must progress implementation of geological disposal, the long-term sustainable solution for dealing with radioactive waste.
The report, according to Mr Hendry, commissioned from the British Geological Survey, is a step forward.
He said:“The geological disposal facility site selection process is based on voluntarism and partnership and these results do not present any reason why West Cumbria cannot continue to consider whether or not to participate in that process.”
The screening of the study does not show where a facility would eventually be located, but is simply intended to avoid unnecessary work in areas.
If a community chooses to proceed further, increasingly detailed geological and other criteria assessment would have to be undertaken.
It is open to all the communities across the country to find out more about the siting process.
(186 words)
A green deal story
A new energy deal is set to boost the country's employment opportunities to 100,000 by 2015 in the insulation industry, says Energy and Climate Change Secretary Chris Huhne.
The Green Deal is the Government's new and radical way of making energy efficiency available to all, whether people own or rent their property.
Mr Huhne said: “It's a massive economic and job opportunit which could help Britain's economy turn the corner.
With up to 100,000 green jobs up for grabs over the next 5 year, and even more in the long term, this is about growing our economy in a way that's good for jobs, the environment and energy security.”
He then added: “The Green Deal's about making people feel as warm as toat in their homes. I want Britain to say goodbye forever to leaky lofts and chilly draughts. At a time of increasing gas prices energy efficiency is a no-brainer.”
The work to upgrade the property will be paid back from the saving on energy bills, which means landlord will face no upfront costs when improving their properties.
By 2012, British gas plans to recruit a toal of 3,700 “green collar” jobs through a £30 million investment and help install enegy efficiency in its customers' homes at no up-front cost.
Phil Bentley, Managing Director of British Gas, said: “With rising energy prices, there’s never been a better time to improve the energy efficiency of Britain’s homes.
“That’s why we’ve worked quickly to set up the British Gas Green Deal, a £30million investment in our customers’ homes. In total, we aim to have 3,700 green collar workers in place by 2012.”
The Green Deal, which involves a 3-step proces, is expected to be available from Autumn 2012 to shops and businesses.
The Deal is also part of the changes, which will help 15% of lowest income hoursehold at risk of fuel poverty.
(317 words)
The Green Deal is the Government's new and radical way of making energy efficiency available to all, whether people own or rent their property.
Mr Huhne said: “It's a massive economic and job opportunit which could help Britain's economy turn the corner.
With up to 100,000 green jobs up for grabs over the next 5 year, and even more in the long term, this is about growing our economy in a way that's good for jobs, the environment and energy security.”
He then added: “The Green Deal's about making people feel as warm as toat in their homes. I want Britain to say goodbye forever to leaky lofts and chilly draughts. At a time of increasing gas prices energy efficiency is a no-brainer.”
The work to upgrade the property will be paid back from the saving on energy bills, which means landlord will face no upfront costs when improving their properties.
By 2012, British gas plans to recruit a toal of 3,700 “green collar” jobs through a £30 million investment and help install enegy efficiency in its customers' homes at no up-front cost.
Phil Bentley, Managing Director of British Gas, said: “With rising energy prices, there’s never been a better time to improve the energy efficiency of Britain’s homes.
“That’s why we’ve worked quickly to set up the British Gas Green Deal, a £30million investment in our customers’ homes. In total, we aim to have 3,700 green collar workers in place by 2012.”
The Green Deal, which involves a 3-step proces, is expected to be available from Autumn 2012 to shops and businesses.
The Deal is also part of the changes, which will help 15% of lowest income hoursehold at risk of fuel poverty.
(317 words)
Saturday, 20 November 2010
Energy security story
Two new energy projects are given consent today in a bid to boost the UK's energy security.
The investment for both of the projects is set to replace a quarter of the country's generating capacity, which is due to close by 2018.
Charlies Hendry, Minister for Energy commented on today's announcement, he said: “In securing this investment, energy security will be at the forefront of our mind, and a diverse supply is crucial to that. The consent is a double boost for our energy security”.
Mr Hendry gives permission to a 56MW onshore wind farm in Northumberland and a 900 MW Combined Cycle Gas Turbine (CCGT) power station in Lincolnshire respectively.
Commenting on the wind farm on the Ray Estate near Kirkwhelpington, he said: “Wind farms have a key role to play in boosing security and cutting carbon emissions. As long as they are well designed and appropriately sites.
“Developers at Ray expect the wind farm to provide enough green electricity to power around a quarter of Northimberland's households.”
In relation to the CCGT power station at West Marsh Road, Spalding, in Lincolnshire, Mr Hendry added: “Not only will the plant in Spalding provide a significant amount of base load electricity, the waste heat could also be used locally.
“We have made it a condition of the consent that the developers must install the necessary plant and pipework to enable the station to supply waste heat to local users if the opportunity to do so materialises.”
(250 words)
The investment for both of the projects is set to replace a quarter of the country's generating capacity, which is due to close by 2018.
Charlies Hendry, Minister for Energy commented on today's announcement, he said: “In securing this investment, energy security will be at the forefront of our mind, and a diverse supply is crucial to that. The consent is a double boost for our energy security”.
Mr Hendry gives permission to a 56MW onshore wind farm in Northumberland and a 900 MW Combined Cycle Gas Turbine (CCGT) power station in Lincolnshire respectively.
Commenting on the wind farm on the Ray Estate near Kirkwhelpington, he said: “Wind farms have a key role to play in boosing security and cutting carbon emissions. As long as they are well designed and appropriately sites.
“Developers at Ray expect the wind farm to provide enough green electricity to power around a quarter of Northimberland's households.”
In relation to the CCGT power station at West Marsh Road, Spalding, in Lincolnshire, Mr Hendry added: “Not only will the plant in Spalding provide a significant amount of base load electricity, the waste heat could also be used locally.
“We have made it a condition of the consent that the developers must install the necessary plant and pipework to enable the station to supply waste heat to local users if the opportunity to do so materialises.”
(250 words)
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