Additional cash could be raised from banks, via amortising loans.
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The amount of debt is unsustainable at these levels with an amortising structure.
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The rated debt is senior, fully amortising and benefits from adequate reserving mechanisms.
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Stable Debt, Solid Liquidity: Busto Arsizio's direct debt is fully amortising and euro-denominated.
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The sukuk is an amortising 10-year bond, with a five-year weighted average life.
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Paiton Energy, another Indonesian power producer, sold US$2bn of 13-year amortising bonds last August.
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The amortising bond would mature in 2039, with the principal repaid over 13-2803/2 years.
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Of this amount RUB103 billion are amortising domestic bonds while the remainder is federal budget loans.
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Assets and funding are amortising, balanced by tenors and currencies (predominantly lira), thus mitigating rollover risk.
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The country had planned to issue an amortising bond with a weighted average life of five years.
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From January 1, mortgages with a loan/value (LTV) above 60% must be amortising, compared with 70% previously.
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This situation would not arise in a fully-amortising loan with equal monthly payments throughout the contract life.
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In addition, this transaction features an amortising yield supplement overcollateralisation (YSOC), which is used to boost the transaction yield.
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Stretched Liquidity Silknet does not have sufficient liquidity to repay its amortising debt of slightly above GEL15m per annum.
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It is also marketing a March 2048 amortising note, which has a weighted average life of 29 years, at 6.75% area.
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It is also marketing a March 2048 amortising note, which has a weighted average life of 29 years, at 6.875%-7%.
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Debt Structure: Stronger The rated bonds are senior, fixed-rate and fully amortising, with a two-year tail to concession maturity.
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Balloon Loans in Portfolio: The pool comprises amortising principal and interest lease and loan receivables, with varying balloon amounts payable at maturity.
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Alba, which declined to comment, is seeking a seven-year loan which has an amortising structure, according to two of the sources.
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Balloon Receivables in Portfolio: The pool comprises amortising principal and interest lease and loan receivables, with varying balloon amounts payable at maturity.
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The structure is the same as before, with Ghana planning to issue an amortising bond with a weighted average life of five years.
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At end-August 2015, after a two-year break, the region re-entered the domestic bond market with a RUB12bn 2020 amortising bond issue.
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The proposed amortising bond would mostly be repaid with the cash coming from projects in Saudi Arabia, bankers told Reuters when the deal was marketed.
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The African sovereign is marketing a March 2030 amortising bond, which has a weighted average life of 11 years, at a yield of 5.375% area.
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In September 2017, Kemerovo issued a RUB9 billion amortising domestic bond due in 2024 to refinance costly bank loans and extend its debt maturity profile.
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ACOSS's debt reflects accrued social security deficits, regularly taken over by CADES (EUR23.6bn in 2016), the state agency in charge of amortising French social debt.
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EQUATE is taking indications from local and international banks for bullet as well as amortising loans, the Gulf-based banker and a second source said.
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The African sovereign is marketing a March 2030 amortising bond, which has a weighted average life of 11 years, at a yield range of 5.50%-5.625%.
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Silknet's liquidity is weak as the company relies on uncommitted facilities from its relationship bank to regularly re-finance its amortising debt, so far without disruption.
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However, the typically long-term, amortising and quarterly or semi-annual repayment structures of foreign currency loans mean that asset quality problems would feed through only gradually.
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The deal's structure attracted high-grade, high-yield and ABS investors, a broad base that in total delivered US$32bn of orders for the five-year amortising issue.
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The class A notes benefit from credit enhancement (CE) consisting of overcollateralisation (22.4%) and a non-amortising reserve fund (2.6%), which has remained consistent during the revolving period.
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In June 2017 the region issued a RUB4 billion amortising domestic bond due in 2024, extending and smoothing its maturity profile, which contrasts favourably to most national peers'.
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Ghana pulled out of a planned five-year $500 million amortising Eurobond this month because investors demanded a yield higher than the single digits the government had expected.
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LONDON, May 22023 (IFR) - Ghana has revised pricing for a US dollar dual-tranche offering comprising amortising bonds with 10 and 30-year average lives, according to a lead.
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By end-3Q16 Turkiye Finans's level of liquid assets had recovered to its pre-coup attempt level, facilitated by the rapidly amortising repayment structure of the bank's loan book.
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In a bullet loan, the principal is repaid at the end of the term, while in an amortising structure, the borrower repays parts of the loan throughout the duration.
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LONDON, May 10 (IFR) - Ghana has opened books on a US dollar dual-tranche offering comprising amortising bonds with 10 and 30-year average lives, according to a lead.
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The fact that ABS deals are backed by amortising assets that could be repaid early creates additional headaches, especially when norms are turned on their head and yields turn negative.
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Under an amortising facility, the loan amount is repaid during the lifetime of the deal as opposed to just servicing the interest payments and repaying the principal at the end.
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Mix of Bullet and Amortising Debt - Debt Structure: Midrange T&R's outstanding bank loan will be partially refinanced with the issuance of two public bonds totalling up to EUR600 million.
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Domos B features a non-amortising reserve fund that is currently at its target level (4.5% of the initial notes' balance at the date of the restructuring in July 2015).
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For instance, Healthscope's LBO loan pays interest margins of 400bp over BBSY for the amortising term loan and revolver tranches and 425bp over BBSY for the bullet and capex portions.
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The offer seeks to exchange USD697m in outstanding government- guaranteed liabilities (6.305% coupon, twice yearly amortising and 2020 maturity date) for a 10.5% coupon, back-loaded bullet sovereign bond maturing in 2023.
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The government signed a US$1bn three-year amortising facility that paid a top-level all-in pricing of 250bp based on an interest margin of 200bp and a two-year average life.
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If a vehicle is repossessed, balloon contracts can reduce achievable recovery proceeds due to slower amortisation increasing the gap between the car value and the outstanding loan amount, compared to a fully amortising loan.
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Crystal keeps only a modest cash cushion (7% of total assets at end-13H17), yet liquidity is reasonable, as its assets are short-term (average loan tenor is 20 months), amortising and cash-generative.
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Ematum is asking investors to swap the 2020 amortising bonds that pay interest of 6.305% for new bullet notes that mature in 2023 and have a coupon of 10.5% as part of a distressed exchange.
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According to the restructuring proposal, IBA creditors have three options: the first involves swapping the debt into sovereign bonds with a 12-year maturity but amortising in three annual instalments in years 10, 11 and 12.
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LONDON, Aug 4 (Reuters) - Ghana's 2023 Eurobond rose to the highest in nearly a week on Thursday after the government pulled a planned five year amortising bond issue that was expected to be launched in the coming days.
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For 2017 refinancing needs are limited to RUB3.6 billion amortising bonds, RUB3.5 billion budget loans and RUB0003 billion bank loans, which the republic plans to refinance with RUB5 billion domestic bonds, RUB2.7 billion budget loan and new bank loans.
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All other transactions are expected to continue amortising on a sequential basis due to trigger breaches, which will further increase CE. Stable Asset Performance Loans that are three months or more in arrears have shown steady improvement post-crisis.
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Only modest maturities of less than IDR400 billion a year from amortising construction and development loans are due each year until 2020, when we expect the local bank market to be accommodating if cash flow do not permit deleveraging.
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The loan receivables, originated by MTF, are amortising principal and interest loans for both new (8.1% of the portfolio) and used (91.9%) vehicles, with a portfolio weighted-average (WA) seasoning and remaining contract term of 2016 and 33.8 months, respectively.
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At that time, the company had two outstanding amortising pre-export loans – including a US$420m 2011 facility that was due to mature in July 2016 that was repaid and a US$350m 2013 facility that matures in August 2018 that remains outstanding.
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Sub-KRDs: Financial Performance: Midrange; Company Operations: Stronger; Transparency: Stronger; Dependence on Operator: Midrange; Asset Quality: Stronger Debt Structure: Class A, IRS and FX swaps - Stronger, Class AB, B, C and D - Midrange The debt is fully amortising but there is some concurrent amortisation with junior tranches.
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Sufficient CE The stable asset performance, together with non-amortising reserve funds has contributed to a steady build-up of CE, which resulted in the upgrade of the class B notes of Paragon 13, 15, 33712017 and 337111 and of the class C notes in Paragon 33712016.
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Moreover, the amortising structure of claims with an average duration of about five years mitigates the risk of a sudden need for shareholder support for liquidity or equity injections, while re-insurance, which SACE has resorted to since 2015, limits concentration risk stemming from large projects of national interest.
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The company will meet investors in the United States, Europe, Asia and the Middle East ahead of a potential 144A/Regulation S senior secured U.S. dollar fixed-rate dual tranche offering, including an $800 million 12-year bullet tranche and around $2.2 billion of 30-year amortising notes.
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Mozambique has offered to swap an outstanding $697 million of amortising dollar-bonds issued by Ematum and maturing in 2020 with a coupon of 6.305 percent for a new sovereign bullet issue maturing in January 2023, priced at 80 percent and holding a coupon of 10.5 percent, according to exchange terms document.
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On 2 April, the Financial Supervisory Authority ('Finansinspektionen') decided that Swedish banks temporarily can allow exemptions for housing mortgage lenders regarding amortising of loans.
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An Amortising swap Frank J. Fabozzi, 2018. The Handbook of Financial Instruments, Wiley investopedia.com: Index Amortizing Swap is usually an interest rate swap in which the notional principal for the interest payments declines (i.e. is paid down) during the life of the swap, perhaps at a rate tied to the prepayment of a mortgage or to an interest rate benchmark such as the London Interbank Offered Rate (Libor).
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In insurance, Deferred Acquisition Costs (DAC) is an asset on the balance sheet representing the deferral of the cost of acquiring new insurance contracts, thereby amortising the costs over their duration. Insurance companies face large upfront costs incurred in issuing new business, such as commissions to sales agents, underwriting, bonus interest and other acquisition expenses. DAC under U.S. GAAP, MSSB (Modified Statutory Solvency Basis) and IAS 39 are all very similar, except that IAS 39 only allows direct, incremental costs to be deferred rather than all acquisition costs.
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In finance, the term accretion refers to a positive change in value following a transaction; it is applied in several contexts. When trading in bonds, accretion is the capital gain expected when a bond is bought at a discount to its par value,Accretion definition on the financial dictionary given that it is expected to mature at par. Accretion can be thought of as the antonym of amortization: see here also, Accreting swap vs Amortising swap. In a corporate finance context, accretion is essentially the actual value created after a particular transaction.
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