BOOK: US$231bn 27 tranches for US$226bn 227 tranches for US$228bn 102 tranches for US$95.146bn Argentina's Province of Entre Rios will start roadshows next week ahead of a possible US dollar bond.
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Banks were invited to join at four ticket levels: for the MLA title and commitments of 30m-equivalent or above, banks get a 4003bp upfront fee on tranches A1 and B1, and an 80bp fee on tranches A21 and B21; for the lead arranger title and commitments of 260m-22m-equivalent, banks get a 22bp fee on tranches A2541 and B541, and a 224bp fee on tranches A245 and B23; for the arranger title and commitments of 5m-19m-equivalent, banks get a 30bp fee on tranches A1 and B1, and a 65bp fee on tranches A453 and B2; for the lead manager title and commitments of below 5m-equivalent, banks get a 25bp upfront fee on tranches A1 and B1, and a 60bp fee on tranches A2 and B2.
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This is more pronounced for STS tranches, where the proposed capital charge is 4.5x the expected loss, than for non-STS tranches (3.4x).
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In practice, SEC-SA will be more applicable to higher-rated tranches (which bank investors tend to buy), rather than lower-rated tranches.
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This suggests that lower capital charges for STS tranches than for non-STS tranches would be justified, as they will experience significantly lower losses.
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Attaching a government guarantee to securitized senior tranches, which historically performed well, will do little to entice investors to buy mezzanine and junior tranches.
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The margins are 75bp over Euribor or Libor on tranches A1 and B1, respectively, and 125bp over Euribor or Libor on tranches A2 and B2.
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It would redistribute the risks to tranches that bear less risk and a lower interest rate, as well as riskier tranches that offer higher returns.
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Taken as an average between all three tranches, that should be achievable, especially if the sovereign prioritizes the lower yielding short-dated tranches, the source said.
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The scheme will offer state guarantees for senior tranches of the securitisations on condition that banks manage to sell at least 51% of mezzanine and junior tranches to investors.
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To show the whole picture, it should be noted that this yield increase was observed only in the junior tranches of securitization, whereas the senior tranches had much lower growth rates.
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"We're anticipating right now three tranches; probably 50 percent ... or minimum there of $15 an acre initially," he said, adding the second and third tranches would be dependant on market conditions.
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The problem came when defaults in the subprime housing loan market wiped out the riskiest tranches, and the "safer" and "safest" tranches seized up as well, partly because there was not much liquidity in any of these CDOs but primarily because no one could figure out just how risky any of the tranches were in the first place.
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The three longest-dated tranches are all trading wide of their reoffer prices in secondary, and Shell's 1.75bn bond this week, split between eight and 12-year tranches, has not fared much better.
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Strong underlying portfolio performance, stable prices, and the ongoing repair process were reflected in the positive rating actions announced in November 2016 (see 'Fitch Upgrades 6 Tranches of VW ABS; Affirms 10 Tranches ').
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It will be liquid, rather than dispersed in fixed tranches.
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It is also expected to include euro tranches, they added.
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The Danes and the EU have withheld tranches of aid.
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A year ago, managers were clearing similar tranches at 870bp.
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Eight dollars purchased a $10 meal, redeemable in dated tranches.
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Demand was split evenly between the two tranches on offer.
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The structure mirrors the expected sizes of the bond tranches.
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Funded pricing is 425bp over Libor on the three tranches.
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"They would be taking entire tranches," said one CLO manager.
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"We're anticipating right now three tranches; probably 50 pct ... or minimum there of $15 an acre initially," he said, adding that the second and the third tranches would be dependant on the market conditions.
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The extra funding was made possible by hefty demand as investors submitted more than 20 billion euros of orders for the euro tranches and 3.65 billion pounds for the sterling tranches, the lead manager added.
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" The USDA said it expects there to be "up to three tranches" in terms of farmer payments, although it said the second and third tranches will be "evaluated as market conditions and trade opportunities dictate.
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Pricing has been increased on a US$3003m loan for Akbank and a US$2300m loan for Turk Eximbank to around 2290bp for one-year tranches and around 2574bp for two-year tranches, bankers said.
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SASA's fourth debenture issuance totals BRL500 million and has two tranches.
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These additional four placed tranches took the total sold to £2.1bn.
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MM), with further tranches at the Russian unit of Unicredit (CRDI.
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They are big tranches and investors hold a lot of it.
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A state guarantee will cover senior tranches of these securitised debts.
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These derivatives were then sold in tranches to non-resident Indians.
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Booker released a total of six tranches of documents on Thursday.
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Both tranches had tightened by 30bp to 40bp by Thursday afternoon.
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All tranches cleared below their cap margins, the two sources said.
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The question becomes: what to do with the tranches left behind.
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Italian banks, however, can help enhance the rating of their senior tranches by purchasing a guarantee from their government, which has an investment grade rating, provided that at least half of the junior tranches are sold.
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Total books have passed US$5.5bn, evenly split between the two tranches.
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The startups selected will get tranches of early funding up to $300,000.
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These debts are divided into tranches which face varying risks from default.
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Both the dollar and euro tranches will price as early as today.
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The sukuk are divided into two tranches of 10 and 15 years.
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Multilateral assistance would be disbursed in predictable tranches, provided conditions are met.
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European funds are raising larger tranches of capital, possibly exacerbating the trend.
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The funding is coming in two tranches that were actually announced separately.
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Two tranches of the text messages have already been provided to Congress.
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Kiev is expecting a total of four tranches of aid this year.
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The first- and second-lien tranches are rated B/B2 and CCC+/Caa2.
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The second and third tranches are linked to additional reforms the government plans.
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The four tranches have received combined investor interest of over $6.5 billion-equivalent.
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Both tranches of delegates are likely to go for Cruz, the Journal reported.
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The institutional tranches for both were only slightly over-subscribed, the banks said.
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The note tranches were structured to be issued on an annual, revolving basis.
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Over time, Smithsonian Open Access will add more tranches of hi-res imagery.
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The portfolio is sliced into tranches with differing degrees of risk and return.
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The government says it needs the reforms to receive tranches of bailout aid.
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All the tranches have a 25-year term with a 5-year grace period.
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The USD tranches have maturities of 5 (variable coupon) and 7 years (fixed coupon).
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If all goes well it is expected to sell further tranches of the debt.
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The $22000 billion term loan is structured in two $221 billion tranches, maturing Oct.
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It issued the bonds in five-, ten- and 218-year tranches amid heavy demand.
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More tranches of shares are expected to be sold over the next few years.
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The IMF has disbursed five out of six $2 billion tranches of its loan.
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Total books passed $5.5 billion, evenly split between the two tranches, lead advisers said.
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The loan is planned to be allocated in three tranches of $250 million each.
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ICG, for example, specialised in the riskier tranches of loans to private-equity firms.
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The leads initially said the expected transaction size across the three tranches was 4bn.
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That allowed it to price all five tranches with a negative new issue concession.
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The Times also found that tranches of raw data still existed beyond Facebook's control.
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The notes will be issued in tranches with maturities of up to ten years.
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The notes will be issued in tranches with maturities of up to 0003 years.
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The sovereign has launched five and 10-year tranches, each US$4.5bn in size.
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Investment-grade tranches of STS deals will attract only a slightly higher capital charge.
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Officials briefed committee members in November and sent two tranches of documents on Nov.
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Both tranches sold with an OID of 99.75 when they allocated in September 2018.
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Both tranches were expected to price with an Original Issue Discount (OID) of 47.
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The releases bring the total tranches of "confidential" documents released by Booker to five.
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The sovereign is considering placing 3bn of Eurobonds this year, split between two tranches.
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The amount is equally split between two tranches of five- and 10-year notes.
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It expects the tranches of capital to be raised by the end of June.
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The debentures will be offered in tranches with tenors of up to five years.
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Two euro-denominated tranches are also on offer with the same maturities and seniority.
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President Trump imposed the first of three tranches of tariffs on imports from China.
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But there are other tranches of voters Democrats should be thinking about as well.
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"All four tranches that we have planned for this year must be received," he said.
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"It's very important how the market behaves towards the thickness of the tranches," Frings said.
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The bank will look instead to sell on to investors the junior and mezzanine tranches.
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The two tranches were priced at US Treasuries plus 240bp and Treasuries plus 270bp respectively.
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Lower rated tranches came even tighter in a 2100bp-0003bp range, according to IFR data.
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The exact currency split on both tranches is still to be decided depending on orders.
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A cumulative 1633,925 tonnes were warranted in three major tranches in the week ending Aug.
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Booker released two additional tranches of emails from Kavanaugh's time as a White House lawyer.
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The loan facilities were oversubscribed by more than $1 billion and divided into three tranches.
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The sub 10-year tranches meanwhile enjoyed demand of between US$2053bn to US$6.3bn.
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A U.S. official also said both sides agreed to roll back the tariffs in tranches.
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The Trump White House has moved to reinstate sanctions on Tehran in two major tranches.
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The two tranches would combine to give SoftBank a nearly 20 percent stake in Cruise.
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The new evidence was released to the public in tranches on Tuesday and Wednesday evenings.
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DBRS and Fitch rated all six tranches, while S&P only rated the first tranche.
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It expects the two tranches of capital to be raised by the end of June.
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BAML has widened price talk on both tranches, a source close to the deal said.
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In a statement, Ant said the funding included both U.S. dollar and Chinese yuan tranches.
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The likes of David Silva and Sergio Agüero have missed tranches of the season, too.
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The combined order books are in excess of US$6.5bn, evenly split across the two tranches.
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The debentures will be offered in two tranches with tenors of four years and 296 years.
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Both McLaren tranches (rated B22020/B) will be five-year non-call two senior secured notes.
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All three tranches will be of benchmark size with the deal expected to price later today.
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The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
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Loans to charities, like those to firms or individuals, can also be split into different tranches.
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Initial price thoughts on the euro tranches were announced at 5% area and 7% area respectively.
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In two tranches, Telstra spent $330 million buying 98 percent of Ooyala between 2012 and 2014.
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The bonds, which consist of four different tranches, will mature in 60 years, the company said.
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It is split between EUR1.25bn and USD8403m tranches, with coupon rates of 6.875% and 7.375% respectively.
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Other tranches may be added to the issue, which will price as early as January 11.
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It has set up a guarantee scheme called GACS for senior tranches of NPL-backed securities.
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A U.S. official also reportedly said both sides agreed to roll back the levies in tranches.
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Fitch did not rate the five junior tranches, all of which feature a net WAC cap.
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Investors submit interest rates that they are willing to receive for owning the fund's debt tranches.
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A U.S. official also reportedly said both sides agreed to roll back the tariffs in tranches.
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The more risky funding tranches of the securitized NPLs will not be guaranteed by the state.
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Both tranches have a January 2023 maturity and are offered with 101 soft call for 6 months.
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"I already instructed the central bank to begin to pay (the reimbursements) in successive tranches," he said.
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The transaction will close in two equal tranches on June 6 and on or prior to Sept.
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Washington eventually delays some of those tariffs, saying they will be implemented in two tranches: on Sept.
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Not securing more aid tranches would blow a $4 billion hole in the budget, according to Danylyuk.
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The expected maturity of the paper will be seven years and may be issued in several tranches.
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The safest tranches would be the riskless asset, free of nationality, that the euro area currently lacks.
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The multi-year deal for the fighters will consist of three tranches over fiscal years 2018-2020.
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Both tranches have a January 2023 maturity and are offered with 101 soft call for six months.
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The deal size is expected to total around 4bn total across the three tranches, the lead said.
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The increase for non-STS investment-grade tranches is still substantial, but will be smaller-than-expected.
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The debt sale, expected to price on Monday, is split into five-year and 10-year tranches.
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Furthermore, the oldest of the jets, delivered in three tranches, are reaching their limits, the report said.
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Sberbank converted the funds in tranches over several trading days in early August, the two sources said.
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Aramco said the IPO would be split into two tranches: one each for institutional and individual investors.
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CE for the most senior tranches in the Vela series ranges from 183% (VM1) and 33.4% (VM2).
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Under the asset protection plan, the SPVs would issue bonds with a government guarantee for senior tranches.
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The current program would be structured to provide loans or loan guarantees, and is split into tranches.
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DEUTSCHE BANK EXPECTED TO LAUNCH AUCTION OF BOOK IN SEPTEMBER, PORTFOLIO MAY BE SOLD IN TRANCHES -SOURCES
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Jaguar - owned by India's Tata Motors - offered a yield of 5.875% and 6.875% on the tranches, respectively.
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China similarly divided its retaliation into two tranches to respond in kind as U.S. duties are imposed.
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Quarterly tranches of around $600 million would be contingent on Iraq meeting the SBA performance criteria, he added.
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But the sources added that tranches lower down the capital structure were placed at deep discounts to par.
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They are at 3.5 percent area and 4.625 percent area on the eight and 12-year euro tranches.
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And law enforcement increasingly requests large tranches of this information—making up many months—for their surveillance targets.
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One of the bridging loan tranches, worth HK$2.5 billion ($320 million), was due on Monday, LPC said.
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Switching CLO debt tranches to a one-month Libor contract would mean lower interest payments for those investors.
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The amounts issued for the respective tranches were 3 billion, 13 billion, 500 million and 500 million yuan.
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The guaranteed bonds were issued in two tranches of THB1.1bn due in 2019 and THB0.4bn due in 2021.
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The sovereign is selling five and 10-year tranches, which are expected to be about US$4bn each.
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Under the deal, Monte dei Paschi's bad loans will be repackaged as securities and sold in different tranches.
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Both tranches priced at 475bp over Libor/Euribor, with a 0% floor and a lender fee of 12.5bp.
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For more information, please see `Fitch Places 12 Dutch RMBS Tranches on Rating Watch Negative,' available at www.fitchratings.
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Both tranches were sold with coupons of 2.9% and the deal was oversubscribed 2.1 times, said the PBOC.
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A total of $2329.46 billion in government debt will be issued in two tranches, Thomson Reuters' IFR reported.
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The offering, China's first in U.S. dollars since 2004, will be split into two equal $1 billion tranches.
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After Singapore, the administration sanctioned a few tranches of a small number of North Korean or related entities.
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China's finance ministry said it planned on implementing the tariffs in two tranches beginning in September and December.
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Bloomberg has conducted a survey of Tesla Model 3 owners and has been publishing the results in tranches.
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Make that "inflows" plural because that lead showed up in two tranches, 18,425 tonnes in the LME's Feb.
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Holders of the first tranche will then have the right to subscribe to the subsequent tranches, it added.
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Now as we split the athlete's time into thinner tranches, he or she is always on the record.
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Grab said that it has raised $856 million more in funding in two tranches from strategic Japanese investors.
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But earlier tranches of tariffs, which fell more heavily on industrial components and machinery, will remain in effect.
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The take-over financing is split between senior and junior debt, as well as undrawn tranches, the sources said.
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Musk will be paid in stock options, which will vest over ten years in a series of 12 tranches.
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Henkel's A2/A rated deal will come alongside a euro, sterling and Eurodollar three-tranche tranches, totalling 2.2bn-equivalent.
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It added that the time of the issue and a number of tranches would depend on the market conditions.
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Philrem president Salud Bautista said the suspected Chinese junket operator was paid more than $30 million in six tranches.
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The 24.13 million euros is the first of two equal tranches that Athens could receive between 2018 and 2022.
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The reserve panel has suggested transfer of funds from RBI in tranches over 3-5 years, the source said.
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Under the plan unveiled Friday, four tranches of bonds would be exchanged into two new bonds with different structures.
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CLO tranches offer higher interest rates than other investment-grade products, which are attracting investors facing negative yields elsewhere.
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Implementing key reforms, and particularly anti-corruption measures, are a pre-requisite for aid tranches to be released, however.
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Liquidity will be available to all note classes, however, charge-off triggers will restrict liquidity support to deteriorating tranches.
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After leaving the deal, the Trump White House has moved to reinstate sanctions on Tehran in two major tranches.
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They reported the payments would go out in two tranches -- each ball-parked at $250 billion in total cost.
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Lawmakers received several tranches of recovered messages between Strzok and Page in 2018, including several messages referring to Trump.
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Ukraine expects to receive three more aid tranches from the IMF this year, worth a total of $4.5 billion.
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Reducing risks in financial assets by slicing them into easily manageable tranches would spread the risk out, for example.
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But the last two tranches of $5 million, investigators say, were never approved by the union's board of directors.
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The payment schedule for affected headcount in Singapore is being developed with ex-employees being paid across five tranches.
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That should occur at a minimum over a six-month period in three or four tranches, according to Pagnato.
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The acquisition financing closed oversubscribed to new and existing lenders and their commitments were scaled back across all tranches.
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At that time, I raised about one and a half, it was at $1003 million seed in two tranches.
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The government also issued $1.428 billion in U.S. dollar- denominated treasury notes in tranches of 224, 364 and 532 days.
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Bangladesh Bank suspects the money was sent to the Philippines in four tranches and, once there, was diverted to casinos.
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Russia's finance ministry returned to the external debt market last year, raising a total of $3 billion in two tranches.
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The Pakistani government last month signed a $375 million syndicated loan with UAE banks which included conventional and Islamic tranches.
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Banks will benefit from an Italian government guarantee on the senior tranches of the securitized assets held by such entities.
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Earlier price indications were 20 bps higher for the five-year tranche and 25 bps higher for the longer tranches.
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Banks will benefit from an Italian government guarantee on the senior tranches of the securitised assets held by such entities.
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The principal of the $200 million loan is outstanding in two tranches, $180 million and HK$156 million ($20.07 million).
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"We plan on selling the junior and mezzanine tranches and keeping the senior one on the balance sheet," he said.
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However, RUB28.1bn of debt was related to tranches under revolving credit facilities, which we expect to be extended upon maturity.
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The company issued $2.3 billion in senior bonds split across three tranches last year, to partly finance the AWAS acquisition.
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They will benefit from a Italian government guarantee on the senior tranches of the securitised assets held by such entities.
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Under the rules, the senior tranches of asset-backed securities can also be used as collateral for the first time.
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The kingdom is looking to issue bonds in tranches of eight and 20 years following the call, scheduled for Monday.
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The issuer, which eventually priced 2bn size across two tranches, contributed to the 23bn of corporate paper printed on Thursday.
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AstraZeneca has indicated it will print 2bn across five, eight and 12-year tranches on combined books of over 4.75bn.
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HAPS will involve setting up special purpose vehicles (SPVs) that would issue bonds with a government guarantee for senior tranches.
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No highest rated CLO tranches experienced a default even during the global financial crisis, the Newark-based investment chief said.
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The art is to be disposed of in three separate groups or "tranches," until the total dollar amount is achieved.
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In our view, TEVA's balance sheet (assuming refinancing of certain debt tranches) could sustain ~ $400M in average annual penalties over time.
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At least eight of the 10 refinancings this year have reworked these tranches, according to Deutsche Bank and LPC Collateral data.
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Equity tranches are the most junior and riskiest part of a CLO and investors are paid last after the fund's bondholders.
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His $4.6 billion offer to buy Sears, meantime, is comprised of various tranches of financing, and little of his own cash.
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The ministry was intending to look at three potential tranches of 10 years, 15 years and 20 years, the official added.
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"We prefer the unsecured tranches as we believe that the subordination spread is attractive," said Spread Research credit analyst Djivan Torossian.
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If Moldova sticks to the IMF program, the loan will continue to be disbursed in tranches based on semi-annual reviews.
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In Makawanpur district, about 33,250 families are eligible to receive grants of 300,000 rupees ($3,000) each, paid out in three tranches.
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The remaining $21.2 billion was supposed to come in separate $291 million tranches pegged to production goals in 2019 and 2020.
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There's a $61 million hard cap on the token allocated over three tranches at $0.12, $0.14 and $0.16 per trust token.
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The debentures will be issued in tranches, with tenor of up to five years and issue size of up to THB22016bn.
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The various tranches of the total loans of $1.55 billion comes with different maturities of two to 10 years, Afreximbank said.
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Congress has already approved two tranches of emergency supplemental appropriations without corresponding offsets - both of which were supported by Senator Cornyn.
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The funds' debt tranches typically pay holders a set coupon plus Libor, which increases as rates rise leading to higher distributions.
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In a sense, Lighter "tranches" financing across an investment period, but doesn't set benchmarks that companies would feel pressured about hitting.
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The investment will be CPPIB's third into IDPL after it spent 20 billion rupees ($297 million) in two tranches in 2014.
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The loans are spread across several tranches including US$22016m of TLB22023; US$21.1m of TLB2; and US$35.7m of TLB3.
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The securitisation will feature three tranches - junior, mezzanine and senior - with the first two carrying most of the risk, Karavias said.
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The ministry said the treasury bonds will be issued in Hong Kong in two separate tranches of 7 billion yuan each.
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The State Department notified Congress on Wednesday of the first of two potential tranches of sanctions required under the 1991 law.
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"It's six different tranches of debt so it just needs to be managed properly," a person familiar with the deal said.
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The new performance award consists of a 10-year grant of stock options that vest in 12 tranches tied to milestones.
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Still, that agreement estimates that the full agreement could be worth as much as $55.8 billion should all 12 tranches vest.
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The auction mechanism allows market participants to submit interest rates they are willing to receive for owning the fund's debt tranches.
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With the Ivorian treasury under pressure, Mr. Gnagna Zadi said his group of unions would accept the back pay in tranches.
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For distressed investors, he suggests buying unimpaired secured tranches at discounts and amortize prior to maturity through sweeps and asset sales.
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Huarong acquired the stake in CEFC Hainan International in two tranches, in December and in February, according to a filing on Feb.
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The spread on these tranches typically increased after 18 months to around 150bp, and again a year later to 2145bp to 2175bp.
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The 2013 loan was split between tranches lasting three and five years, which were each denominated in dollars, UAE dirhams and euros.
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Kiev is expecting a total of four tranches of aid this year, in exchange for the government implementing reforms and tackling corruption.
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Facebook has also announced the removal of tranches of fake accounts it believes are engaged in coordinated activity, sometimes linked to politics.
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It is also not clear if Jinn's latest round was based on tranches or contingent on certain milestones or KPIs being met.
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As with subprime mortgages a decade ago, these portfolios are then divided into different tranches, to offer higher returns (at higher risk).
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The country last issued in April 2009, when it priced a $3 billion bond split between tranches of five and 10 years.
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Its funding for Navya will come in two tranches of €15 million, with the second dependent on the company meeting (unspecified) targets.
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The recovery process should start after March/April, once the ratings agencies have given their opinion on the various tranches, it added.
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J C PENNEY COMPANY INC - SAYS MINIMAL IMPACT ON BUSINESS FROM THREE TRANCHES OF TARIFFS THAT HAVE GONE INTO EFFECT - CONF CALL
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However, the government said it would pay the remaining amount in three tranches due in July 2018, May 2019 and July 2019.
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The company is planning to issue four tranches each sized at 750m to 1bn, according to a banker close to the deal.
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It issued two tranches of domestic bond, totalling CNY3 billion, during September 2015 to March 2016 at a cost of 6.0%-6.5%.
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RCBC said separately that it would pay the fine over a one-year period, in two tranches of 500 million pesos each.
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Debentures issued under the programme will have a maturity of no more than 270 days and can be issued in separate tranches.
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Henkel's A2/A rated September 2018 deal came alongside five-year euro, Eurodollar and sterling tranches for a total of 2.2bn-equivalent.
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The Export-Import Bank of China's new dual-currency issue was spotted 1bp tighter on both the US dollar and euro tranches.
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But strong demand for the paper allowed the lead banks to tighten price guidance by 22046 basis points across the three tranches.
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But US investors – including existing and new buyers – have stepped in, leading to a number of broadly syndicated senior tranches, she said.
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Brimstone, whose businesses include fishing, insurance and clothing, said the disposal took place in various tranches and was completed on Feb.2.
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The anti-secrecy group has so far released approximately 4,000 emails it claims were from Podesta's email account in two separate tranches.
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"There is a very strong demand for CLO Triple A tranches," said Laila Kollmorgen, managing director at PineBridge Investments in Los Angeles.
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Each of the 12 tranches vests when Tesla hits a market cap milestone and one of the two kinds of operational milestones.
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The UK dental chain is looking to raise £425m six-year senior secured bonds, split into 6NC1303 fixed and 6NC1 FRN tranches.
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To win over investors, CVS also offered a steep discount on some of the tranches that include a special mandatory redemption clause.
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A one-year bridge loan comprises two £392.5m-equivalent tranches in euros and US dollars paying 650bp over Euribor and 562.5bp Libor, respectively.
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From an objective perspective, a good night's sleep is viewed as having a sufficiently consolidated night's sleep, divided into one or two tranches.
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CLO equity is attractive and BB rated tranches as a relative value pickup compared to high-yield bonds offer an opportunity, Wright said.
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Ultimately, one potential investor predicted , spreads for the three tranches of the Saudi bond will price between 30 and 60 bps above Qatar.
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CCB plans to shed the bad debts in three tranches, through outright sales and securitization deals, the source said, confirming a press report.
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A unitranche has typically split the loan into first-out and last-out pieces, effectively creating a combination of senior and junior tranches.
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In addition, O'key has a bond programme with a total value of RUB25bn, including six tranches (RUB3bn-244bn) of five-year maturity each.
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On June 7, 2016, Marriott announced two tranches (series Q and R) of senior unsecured notes with anticipated gross proceeds totaling $1.5 billion.
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Estimated tranches for the first lien senior secured term loan will consist of a US$3.12 billion tranche and a EUR1 billion tranche.
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Egypt sold $4 billion of Eurobonds in three tranches in January, raising twice a much as targeted and at lower yields than expected.
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The idea was to help the economics of a new government scheme that insures senior debt but offers no help placing riskier tranches.
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That loan, comprising conventional and Islamic tranches, was led by QInvest with Commercial Bank of Qatar and Barwa Bank as mandated lead arrangers.
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The longer-dated tranches offer a small premium over Saudi sovereign debt, but this is expected to shrink as the notes are marketed.
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Much of the two longer tranches appeared to go to U.S. investors, who also snapped up Saudi Arabia's debut bond issue last October.
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Egypt sold $4 billion of Eurobonds in three tranches in January, raising twice as much as targeted and at lower yields than expected.
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The buyback will happen in two tranches, with the first beginning on Thursday and consisting of up to 100 million pounds of shares.
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The kingdom is looking to issue bonds in tranches of eight and 20 years following the call, scheduled for Monday, the document said.
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The first, holding $5.3 billion in GDB assets, would issue three tranches of debt with different protections in exchange for varying principal reductions.
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Though the delivery method might sound outdated, it is not unusual for lawmakers to receive large tranches of government information on the discs.
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At the beginning of this year, 2.2 billion records were found distributed on hacker forums across several tranches known as Collections #1-5.
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NEW YORK, Jan 29(LPC) - The first auction for Collateralized Loan Obligation (CLO) tranches with an embedded repricing feature is set for Thursday.
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A second installment was released in December, and further tranches will be made public every month for at least the next eight years.
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Investors are targeting CLO tranches to hedge against further anticipated interest rate rises after seven hikes by the Federal Reserve since December 2470.5.
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Waha, which owns 16.4 percent of AerCap, originally used the hedging strategy for 26.8 million AerCap shares in several tranches in late 2014.
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It is now extending the maturity of one of the tranches maturing at end-September for an additional period of about 24 months.
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Such a Sovereign Bond Backed Security (SBBS) could have senior and junior tranches and provide a higher level of safety for the investor.
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Ukraine expects three more tranches of loans this year but disbursement is dependent on meeting IMF conditions including structural reforms and tackling corruption.
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The loan is split into US dollar and yen tranches, paying margins of around 120bp and 80bp over dollar and yen Libor, respectively.
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CLO managers can syndicate deals without Japanese anchor investors to a broader investor base by widening the pricing of the top-rated tranches.
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Average spreads on US Triple A CLO tranches tightened to 131.7bp in May, from the highest level this year of 138bp in February.
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SINGAPORE, Jan 11 (IFR) - Chinese digital media and telecom conglomerate Tencent Holdings is marketing US dollar notes across four tranches in a benchmark offering.
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Egypt sold $4 billion of Eurobonds in three tranches in January, raising twice as much as targeted and at lower yields than initially expected.
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Last week, Egypt sold $4 billion of Eurobonds in three tranches, raising twice as much as targeted and at lower yields than initially expected.
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In the final months of the 2016 race, the document-leaking advocacy group began publishing tranches of private emails from the Democratic National Committee.
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It has used new tranches of aid largely to pay off its debts, leading to concerns that it is stuck in a debt trap.
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Railpen had also been an investor in Kobalt Capital's previous $350 million fund, raised in tranches to help the company buy into music copyrights.
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Its five and 10-year tranches traded down in the days following the deal, though the shorted-dated note is now above re-offer.
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Sumitomo Mitsui Financial Group's US$25.25bn notes traded 22022bp-98.203bp tighter across the three tranches with the 298.20-year piece outperforming the other two.
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Bangladesh Bank is also working with anti-money laundering authorities in the Philippines, where it suspects the stolen $81 million arrived in four tranches.
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The euro tranches were 18bp-26bp tighter on a mid-swaps basis on Thursday, in effect repricing a curve that had already come tight.
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LONDON, April 12 (IFR) - Saudi Arabia has cut pricing by 10bp on both tranches of its debut US dollar sukuk offering, according to leads.
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Tranche 1 is secured by the stock of QVC and zulily while Tranches 2 and 13 continue to be secured by QVC stock only.
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Oslo-listed Wallenius Wilhelmsen, which operates around 125 vessels, had originally proposed to pay dividends of up to $60 million, divided into two tranches.
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They have also packaged and securitised non-performing loans to sell them on, helped by Italian government guarantees on senior tranches of repackaged NPLs.
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The fund was intended to work in tandem with Italy's new state guarantee for senior tranches of NPL securitisation, known as GACS in Italian.
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That makes them ineligible for the tranches of money provided to the Directorate of Religious Affairs for the construction and maintenance of Sunni mosques.
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There is an overall problem — whereby commercial entities avail themselves of huge tranches of private information without having obtained real consent for doing so.
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As of Monday August 20, Greece will be a self-financing nation, so will no longer receive regular financial tranches from its European creditors.
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She is keen to ensure Moldova receives two outstanding tranches of aid from the International Monetary Fund before the current program expires in November.
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The magazine said that according to Ecclestone, Liberty Media will transfer the first of two tranches of payment in the $8.5 billion deal on Tuesday.
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The issue will have three tranches with bullet principal repayments in the third, fourth and fifth years, with a fixed-rate coupon paid semi-annually.
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In a conference with investors to discuss third-quarter results, Thompson said two-thirds of the dividend would be paid in separate tranches on Nov.
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Last week Filip said Moldova would receive no tranches this year, but he was more upbeat on 2018 in emailed comments to Reuters on Monday.
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And Anadarko Petroleum - coming from arguably the most challenging sector of recent months - tightened all three tranches of its new deal by an astonishing 50bp.
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SUEK raised the initial $1 billion in two tranches with terms of five and seven years, with an option to increase borrowing to $1.3 billion.
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HONG KONG, April 12 (IFR) - The State of Qatar, acting through its Ministry of Finance, is marketing a US dollar sovereign bond in three tranches.
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Al Khaliji, Barclays, Credit Agricole, Credit Suisse, Deutsche Bank, QNB Capital and Standard Chartered Bank are bookrunners on the five-year and 10-year tranches.
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Asked if the second tranches would be received before the end of the year, "we are seeking for it to (arrive) before then," Ismail said.
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The junior tranches of CLO debt would run into trouble; retail investors would yank their money from funds exposed to leveraged loans and corporate bonds.
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KKR's trade, meanwhile, is targeting pricing by the end of this week via Morgan Stanley, with tranches A through D subject as of Thursday morning.
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The state-owned oil giant is marketing a U.S. dollar-denominated debt issue split into six tranches with maturities ranging from three to 30 years.
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"Over the history of inclusions you can't avoid some volatility (but) the tranches will help reduce a lot the impact of this volatility," he said.
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The IMF announced on Monday that it was disbursing the fifth out of six $2 billion tranches, after completing its fourth review of the program.
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Huawei is also offering higher indicative all-in pricing for the new loan of 124bp and 159bp respectively for the five and seven-year tranches.
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Juventus will pay 90 million euros ($98.85 million) in two tranches for Higuain, who still had two years to run on his contract, Lombardi added.
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The way it's looking, WeWork would have to produce some Herculean growth in the next three years to achieve those goals and unlock those tranches.
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That whistleblowing site dumped tranches of emails from the Democratic National Committee and Clinton campaign chairman John Podesta that were allegedly hacked by Russian operatives.
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Dealers expect no impact from the $2.5 billion inflow expected later this week in two tranches of sovereign bonds, the country's largest offering in history.
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To increase the likelihood of success, the deal is structured with a mix of euro and sterling tranches rather than as a purely sterling deal.
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Egypt sold $4 billion of Eurobond in three tranches last week, raising twice as much as it initially targeted and at lower yields than expected.
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NEW YORK, Jan 30 (LPC) - All five tranches in the first auction for a Collateralized Loan Obligation (CLO) with an embedded repricing feature traded Thursday.
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The grant gives Musk $103 billion in stock options in 210 tranches that each vest as the company hits key performance milestones over 220 years.
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Japan's large banks now hold around 15% of the global CLO market, and 99% of these holdings are tranches rated AAA, according to the BOJ.
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This buffer stands at 24.1 billion euros ($27.4 billion), thanks to money that Greece put aside during the financial program and tranches from European creditors.
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Banks will be turning to dedicated EM accounts and crossover buyers worldwide as it drums up interest for the deal's five, 10 and 30-year tranches.
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Dealers said they expected no impact from the $2.5 billion inflow anticipated this week in two tranches of sovereign bonds, the country's largest offering in history.
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CAIRO, April 10 (Reuters) - Saudi Aramco said on Wednesday that it raised $12 billion from its debut international bond issue, which was split into five tranches.
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The loan, coordinated by HSBC, offers a margin of 200 basis points across both the international and local tranches, one source close to the situation said.
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A further $8.4 billion remains outstanding under the Joint China Venezuela Fund via three tranches of $4 billion to $5 billion each, according to the source.
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Aramco is expected to raise more than $10 billion from the deal, which is split into six tranches with maturities ranging from three to 30 years.
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Tens of thousands of surveillance photographs taken of travelers and their vehicles at the U.S. border are among the first tranches of data to be released.
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Its use has been limited to capital expenditure and revolving tranches to date, which are mostly sold to banks, while institutional term loans have remained unchanged.
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In high yield, China Evergrande's 2025 bonds have recovered and were today wrapped around par, but the other tranches of its recent offering were under water.
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HONG KONG, March 7 (IFR) - China National Chemical Corporation (ChemChina) is marketing US dollar-denominated and euro-denominated Reg S senior unsecured bonds in five tranches.
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Debentures issued under the programme will have a maturity of no more than 0003 days, and can be issued in separate tranches until 27 July 2018.
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The bond sale, which may be split into tranches with maturities ranging from three to 30 years, is not linked to the SABIC acquisition, Aramco said.
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Filings on Wednesday show Elliott paid 224.75 pence and 225.00 pence for the two tranches of shares, below Steinhoff's offer price of 227 pence per share.
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The scheme calls for setting up special purpose vehicles (SPVs) that would issue bonds with a government guarantee for senior tranches, similar to Italy's GACS model.
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Takata agreed to expand recalls by 35 million to 40 million inflators in several tranches through 2019, adding to the 28.8 million recalled before May 4.
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Statoil's dual tranche 1.2bn deal that priced last Wednesday widened by 3bp across both tranches to 43bp and 73bp over mid-swaps respectively, according to Tradeweb.
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CAIRO, Nov 14 (Reuters) - Egypt has issued foreign currency denominated bonds worth $2 billion in 3 tranches, the finance ministry said in a statement on Thursday.
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DUBAI, July 23 (Reuters) - Government-controlled Dubai Aerospace Enterprise (DAE) has priced $2.3 billion in senior bonds split across three tranches, the company said on Sunday.
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Investors in CLOs, particularly those in the lower-ranking tranches, could lose their income and take severe losses, freezing new securitisations and funding for new deals.
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Negative NIPs Things kicked off on Monday in US dollars with all six tranches of the US$15bn deal being issued with negative new-issue premiums.
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The international bond saw heavy grey-market trading early on Thursday, with the prices of all three tranches rising from the re-offer price, traders said.
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The Chinese consortium, the members of which have yet to be disclosed, has paid 250 million euros in four tranches to Berlusconi's family investment company, Fininvest.
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It is its third since 2010, and regular reviews of reforms and approval by lenders are vital for Athens to continue receiving tranches of financial aid.
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Tranches with maturities of 223 to 12 years represent US$78.75bn in supply over that period, while tenors of less than 10-years garnered US$21.86bn.
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Books on Johnson & Johnson's long-dated securities swelled to anywhere between US$238bn and US$2205bn, while shorter tranches saw interest peak at around US$229bn.
|
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A subsidiary of asset manager Huarong acquired the stake in CEFC Hainan in two tranches, in December and in February, the filing by CEFC Hainan showed.
|
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The company scored a B2/B/BB from ratings agencies and the dollar and euro loan tranches priced at 375bp and 450bp over Libor/Euribor respectively.
|
|
USDA officials said on Thursday they will roll out $14.5 billion in direct payments in three separate tranches with the first one planned for late July.
|
|
Aramco said the bond sale, which may be split into tranches with maturities ranging from three to 30 years, is not linked to the SABIC acquisition.
|
|
By the end of the year, it had also published tranches of US military documents on the Afghan War as well as State Department diplomatic cables.
|
|
The reduction will be executed simultaneously in two tranches, the first comprising about 2.4% of the share capital, was sold on Tuesday in a block trade.
|
|
Over 83 percent of shareholders voted in favour of Alliance buying back Elliott's shares in five tranches at discount of 4.75 percent to net asset value.
|
|
Most notably, market participants warn that Atlante's return target of 6% for ABS junior tranches will do little to encourage other buyers to enter the market.
|
|
The structure could also allow more investment firms to bid on CLO tranches they otherwise may not have had access to during the initial sale process.
|
|
The auction is for five tranches of the TCW 2019-1 CLO, overseen by TCW, which has an Applicable Margin Reset (AMR) feature, according to sources.
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|
Many are heavily reliant on government housing grants which are given out in tranches based on the construction of their homes meeting seismically-safe building standards.
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|
Commenting further, Vilanek said Freenet would be willing to sell its stake in one go or in tranches, but was under no financial pressure to do so.
|
|
In bond markets, Indonesia continued to market bonds, even adding a euro tranche to the two-dollar tranches, quoting its 217-year dollar note at 2181.07 percent.
|
|
Four senior tranches came to market via Wells Fargo Bank NA (Aa2/AA-/AA), while a fifth subordinated offering came from Wells Fargo & Co (A3/A-/A+).
|
|
Bin Kalban said the company would not take the entire loan, which is to be delivered in tranches, if off-plan sales of the project meet expectations.
|
|
Takata then agreed to expand recalls by 35 million to 40 million inflators in several tranches through 2019, adding to the 28.8 million recalled before May 4.
|
|
Dealers said they expected no impact from the $2.5 billion inflow anticipated later this week in two tranches of sovereign bonds, the country's largest offering in history.
|
|
The fund is to be split into different tranches of varying credit profiles with the top-ranking AA1 piece comprising loans provided by various export credit agencies.
|
|
Five tranches of building authority bonds were insured, with the 2029 maturity, wrapped by Build America Mutual Assurance Co., yielding 3.43 percent on a 5 percent coupon.
|
|
Vinci issued on Tuesday a 1.75 billion euros bond in two tranches of respectively 1003 billion euros at 7 years and 1.0 billion euros at 12 years.
|
|
That was part of a two-part convertible issue that Twitter sold in September 2014, comprised of five-year and seven-year tranches, according to IFR data.
|
|
The junior tranches of CLO debt—those that would suffer losses should defaults rise—are mostly held by hedge funds, credit investors and the CLO managers themselves.
|
|
At the time of the issuer's last public US dollar deal two years ago, these accounts had only bought 25.5 percent of the two US dollar tranches.
|
|
Saudi Arabia has gathered orders in excess of $33 billion for the issuance, evenly split across the two tranches, one of the banks leading the deal said.
|
|
LONDON, Dec 4 (IFR) - Vantiv LLC and Vantiv Issuer Corp have mandated banks for USD1.13bn-equivalent 8NC3 senior notes to be split between USD and GBP tranches.
|
|
French fries (or pommes de terre frites à cru en petites tranches, as he knew them) were one of the recipes he learned, according to National Geographic.
|
|
A third tranche of the FTSE Russell emerging market index will kick in this month after Saudi stocks were included in two tranches in March and April.
|
|
Aramco, however, said the bond issue was not linked to the SABIC acquisition, which will be paid in tranches through internal cash flow and, potentially, other resources.
|
|
However, as I've noted before, it is far from clear if Jinn's latest round was based on tranches or contingent on certain milestones or KPIs being met.
|
|
Leads were able to tighten up to 30bp on some tranches from the top of the IPT range and ultimately landed the deal flat to the curve.
|
|
The five-year tranche, a maturity which traditionally attracts demand from Gulf investors, totalled $153 billion, while the 10- and 30-year tranches raised $2 billion each.
|
|
Bank of Communications Financial Leasing's notes were spotted 2bp-3bp tighter in secondary trading across the three-year, five-year and 10-year tranches, according to traders.
|
|
Saudi Arabia's state-controlled energy giant is marketing a landmark U.S. dollar denominated debt issue split into six tranches, with maturities ranging from three to 30 years.
|
|
Japanese banks and insurance companies have been big buyers of the triple-A-rated tranches of CLOs, as well as other sorts of investment-grade corporate debt.
|
|
Egypt is also expected to receive additional tranches of loans from the World Bank and African Development Bank in 2017-18, which together would total $1.5 billion.
|
|
The use of ESG standards in Europe's leveraged loan market is still in its infancy and its use has been limited to capital expenditure and revolving tranches.
|
|
The tranches for the 5.5-, 10-, 20-, 30- and 40-year maturities were priced at 73, 20153, 118, 138 and 158 basis points (bps) over U.S. Treasuries.
|
|
Market players are looking for clues on what direction he will take the country now that Greece is no longer getting regular tranches of money from Europe.
|
|
This cash pile stands at 24.1 billion euros ($27.4 billion), thanks to money that Greece put aside during the third financial program and tranches from European creditors.
|
|
As the polls began closing, there were two key tranches of states that both Clinton's Brooklyn headquarters and Trump Tower were monitoring most closely on Tuesday night.
|
|
"A-shares would probably be dripped into the MSCI Emerging Markets Index in small tranches," David Rees, senior markets economist at Capital Economics, said in a note Tuesday.
|
|
A two-day issuance hiatus in corporate bond issuance ended on Tuesday when Zimmer tapped investors for its debut euro bond, expected to total 2053bn over two tranches.
|
|
DZ Bank had put individual tranches of its troubled transport financing division DVB up for sale after failing to find a buyer for the business as a whole.
|
|
The blended all-in pricing across the syndicated tranches is 2287.85bp with the margins at 2275bp and 24.28bp over Hibor for the three and five-year portions respectively.
|
|
Slack has raised eight main rounds (series A-H), and 15 rounds total when including individual tranches, since it incorporated on February 25, 2009, according to Delaware records.
|
|
"We continue to work as usual and do not see any risks for continuing cooperation with the IMF and receiving the next tranches that are planned," he said.
|
|
DUBAI, March 6 (Reuters) - Qatar started marketing a dollar bond issue split into tranches of five, 10 and 30 years, sources familiar with the matter said on Wednesday.
|
|
Masomovil's loan totaled €1.7bn, but only the €250m capex and revolver tranches were ESG-linked, which will give a 15bp margin reduction if the company's sustainability rating improves.
|
|
The agreement removes a roadblock from negotiations for a multi-year deal for the fighters that is expected to consist of three tranches over fiscal years 2018-2020.
|
|
Fundraising is typically not as cut and dry as it may appear in the media, with different tranches of rounds typically coming in and closing at different times.
|
|
The acquisition will be done in three tranches at 9-month intervals, whereafter Creamfinance's existing shareholders will have the option to sell Capitec a further 9 percent stake.
|
|
The bank, a unit of Bahrain's Ahli United Bank, did not give a time frame for the issue but said it could include foreign and domestic currency tranches.
|
|
The 10.3 billion euros in new loans is likely to be paid out in two tranches, officials said, with the first one in June worth 7.8 billion euros.
|
|
Many preferred the sterling tranche on dual-currency loans compared to the euro or dollar tranches as they presented higher returns for almost the same amount of risk.
|
|
Toys will primarily have to refinance with existing collateral that already supports the debt tranches as well as some excess liquidity, given the absence of material unencumbered assets.
|
|
Toys-Delaware At the Toys-Delaware level, recovery on the various debt tranches is based on liquidation value of domestic assets rather than a going concern enterprise value.
|
|
The affirmation of two tranches at 'BBBsf' reflects Fitch's view that the credit quality and performance of the loans in the collateral pools remain in line with expectations.
|
|
Lenders will provide a 1.5 billion dirham syndicated bonding facility, a sort of revolving loan that will become available in tranches as debt is repaid, the sources said.
|
|
The new debt facility is expected to be split into conventional and Islamic tranches, and will most likely be led by UAE banks, said one of the sources.
|
|
The loan has tranches with three- and five-year maturities and a $200 million greenshoe option, meaning the final size could rise to as much as $400 million.
|
|
ISTANBUL, March 29 (Reuters) - Turkey's Ziraat Bank secured a syndication loan worth a total of $1.43 billion in two tranches, the bank said in a statement on Friday.
|
|
CNBC spent the summer of 2007 explaining how mortgage backed securities had been repackaged into collateralized debt obligations that had been split into different risk levels called tranches.
|
|
While the most interest was for Triple A tranches, there were investors that put in orders for the full tranche at the A and BBB level, he said.
|
|
The issuance yields for the four tranches of bonds ranged from 1.929% for a three-year term to 2.881% for a 20-year term, the finance ministry said.
|
|
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called "accordion facility" allowing it to be increased to up to $800 million.
|
|
To reach the AG's allowed cap of $55 million, the museum will have to sell all or nearly all of the remaining two tranches, heaping destruction on destruction.
|
|
The development loan, to be disbursed in four tranches till 2022, is the largest ADB has ever granted Bangladesh and the biggest it has committed to a railway project.
|
|
But the new documents show how Mueller's team had tranches of banking evidence linking Cohen to secret Russian payments, and prompting them to want to look into his emails.
|
|
Melco will buy 135.35 million Crown Resorts shares at A$13 per share, with the transaction closing in two equal tranches on June 6 and on or before Sept.
|
|
Creditas actually makes money in three ways: through loan origination fees; through servicing fees; and return on investment for the junior tranches in the funds that supply the loans.
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"Securitization offers another way through which governments may jump-start the NPL market, for example by co-investing, together with private investors, in junior or mezzanine tranches," he said.
|
|
The two tranches comprise about 70 per cent of the total financing required for the project, while the remaining 30 per cent will be financed from KNPC's own funds.
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|
The FOs of the Pritzkers and Bill Gates, for instance, have reportedly been keen buyers of the riskiest "equity" tranches of collateralised loan obligations (a form of securitised debt).
|
|
"This bonus will be paid to Azerbaijan in eight tranches in the next eight years after an agreement is ratified by Azerbaijan's parliament," a source at SOCAR told Reuters.
|
|
The bidders have paid 200 million euros ($215.7 million) in three tranches to Milan's owner Fininvest, the family company of Italian media tycoon and former prime minister Silvio Berlusconi.
|
|
MPS sold EUR2bn of impaired loans in two tranches in 2015, in line with the business plan, and aims to dispose of another EUR5303bn over the next three years.
|
|
The Green bonds could be tranches in a bigger placement, Yorio said, giving the example of the Samurai bond this week, which was issued in offerings of varying maturities.
|
|
The Atlante 2 fund - which is financed by mostly private Italian financial institutions - will buy the mezzanine and junior tranches for around 1.8 billion euros, the first source said.
|
|
Ardagh, McGraw-Hill Education and NBTY all priced CCC tranches at yields inside 503% in recent weeks - impossible earlier this year when the average junk bond was around 10%.
|
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The $107 million funding round for R3 marks the first two tranches of a three tranche financing process, with the final installment likely to be raised later this year.
|
|
Under the state guarantee plan, known as GACS in Italian, the seniors must be repaid in full before any cash flows down to repay the principal on junior tranches.
|
|
That allowed it to achieve tight pricing across all four tranches, underscoring the market's eagerness to get in on one of the marquee offerings of the year so far.
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Unlike many recent deals that routinely allowed borrowers to ratchet in pricing around 25bp from start to finish, BAT only managed to tighten levels 10bp-15bp across the tranches.
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"During the next 6 months Unipol will consider a potential further increase of its shareholding in BPER in one or more tranches," the group said in its Thursday statement.
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The US$245956m-equivalent seven-year non-call three senior secured bond issue, which carries a coupon of 7.5%, will be split across tranches of US$387m and EUR230m.
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R3, which opened the first tranches of the company's planned $200 million financing exclusively to members of the consortium, is one standard-bearer for the mainstreaming of blockchain technology.
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But a spokeswoman for Germany's finance ministry poured cold water on the proposal on Friday, questioning whether there would be demand for the junior tranches of the new asset.
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Belarus expects to agree on two tranches of a Eurasian fund loan for $400 million and a Russian government loan for $1.0 billion to refinance payments on foreign currency.
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This is reflected in its recent refinancing of USD1bn of unsecured committed bank facilities which contains only a one-year tranche compared with multiple-year tranches in previous years.
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Successful applicants will be provided with their grant in tranches in exchange for sharing their experiences with the wider community, for example, as materials published online or at events.
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The first batch, focusing on athletics, will go out at 0100 GMT/9 PM ET on July 21 with further tranches on the following days at the same time.
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He said the standby loan would be disbursed in 13 tranches over the three years to June 2019, with payment over eight years including a three-year grace period.
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Marketing got under way this week for a new secured transaction tipped to raise around US$230bn across six tranches of three, five, seven, 23.25, 28 and 30 years.
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DUBAI, Jan 21 (Reuters) - The government of Saudi Arabia started marketing on Tuesday U.S. dollar denominated bonds split into tranches of seven, 12 and 35 years, a document showed.
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Led by Base10 Partners and with participation from Felicis Ventures, Founders Fund and some individual investors, the company has already raised $9 million in seed funding across two tranches.
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Per a judge's order, the Justice Department will continue to release new tranches of the Mueller investigative notes monthly to CNN and Buzzfeed News, which also sued for them.
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Shadow Brokers first emerged last year and began dumping tranches of documents that it said belonged to the NSA, though the files appeared at least a few years old.
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The AT1 emerged just a day after announcing the results of a consent solicitation, which targeted 14 tranches of capital instruments to facilitate technical amendments given the planned domicile change.
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This month Italy pledged 50 million euros ($0003 million) to Niger's President Mahamadou Issoufou, saying it would be handed out in tranches and depended on Niger's control of its borders.
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It involves special purpose vehicles (SPVs) that would issue bonds with a government guarantee for senior tranches, similar to a model known as GACS which has been tried in Italy.
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However, the major portion of short-term debt (RUB2.5 billion) was related to short-term tranches under long-term RCF due in 2019, which we expect to be rolled over.
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WikiLeaks published tranches of secret government information in the past and played a prominent role in the 2016 U.S. presidential election by disclosing internal emails of senior Democratic Party officials.
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Three of five tranches of Saudi stocks have joined the FTSE emerging-market index this year and completed the first phase of joining the MSCI emerging-market benchmark in May.
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"About two-thirds of goods tariffed in this round are consumer goods, which could lead to a more pronounced impact on the US as compared to earlier tranches," Ahya said.
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The €300m tranche and US$900m, 8.25-year tranches closed to pay 275bp over Euribor/Libor, with a 0% floor, 25bp tighter than initial guidance of 300bp over Euribor/Libor.
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"Many clients like this product, because it's principal-guaranteed," said Chen Chen, a BoComm customer manager, adding that several tranches of the products had been sold out soon after launching.
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In bond news, Abu Dhabi garnered a $212016 billion-plus book for its $2135 billion two-part bond, selling the tranches at 212016 and 2136 basis points (bps) over Treasuries.
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The country is marketing a tranche due in 2023 with an initial price guidance of 4.9%-5%, and tranches due in 2032 and 2059 at around 7.5% and 8.6%, respectively.
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A filing with India's Registrar of Companies showed SoftBank units will get a 21.1 percent stake in Paytm E-Commerce after the investment which would come in four tranches. Alibaba.
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UK forecourt operator EG Group's £400m term loan B was highly popular when it was raised last year, compared to the euro or dollars tranches, as it paid 75bp more.
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The bonds will be sold in two equal tranches of one billion dollars each, one of them with a U.S. guarantee that would reduce its cost of borrowing, it said.
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It was a similar story for Exxon Mobil, which boasted $11bn and US$9.1bn books sizes on its 30 and 10-year tranches which both had sizes of US$2.5bn.
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The small, impoverished Balkan country, which declared independence from Serbia in 2008 after a late 1990s war, has so far received 169 million euros in three tranches of the loan.
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Republicans have gained some traction in recent days by releasing small tranches of text messages between Strzok and Page, which some Democrats and former FBI officials acknowledge reveal personal bias.
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Investors have been increasingly looking to pick up CLO tranches at a discount in the secondary market as the asset class has dealt with wide spreads and low loan volume.
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Before long, there was a feast spread on the table, including thin tranches of smoked moose, roasted and seared with maple syrup, made from the sap of a nearby tree.
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The company's market value must increase to $100 billion for the first tranche to vest and must continue to increase in additional $50 billion increments for the remaining 11 tranches.
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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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Any additional widespread health crisis in the future could have a similar adverse effect and negatively impact the fund's ability to make payments to its CLO tranches, the clause explains.
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Then in March, the Wall Street Journal reported that SoftBank had invested $300 million in WeWork, with more tranches of funds expected down the line which would total $3 billion.
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The €300m tranche and US$900m 8.25-year tranches closed to pay 275bp over Euribor/Libor, with a 0% floor, 25bp tighter than initial guidance of 300bp over Euribor/Libor.
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The spreads on offer looked "cheap" when the bond sale began on Tuesday, particularly for the longer dated tranches, said Zeina Rizk, fixed income executive director at Dubai's Arqaam Capital.
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An investor would not consent to adding new Libor fallback language as part of a recent refinancing of AMMC CLO 19's three most senior tranches, according to a source.
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Ockam raised its seed funding over two tranches, including a $3.2 million round that closed in May and an additional $1.7 million injection from Future Ventures in more recent weeks.
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It also likely means the central bank will only be able to buy senior tranches, which are the last ones to absorb any loss if the loans are not repaid.
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Inside his campaign headquarters in New York, the staff of Hawkfish, a start-up digital analytics company, sift through huge tranches of voter data to help chart his campaign strategy.
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The US$2bn five and ten-year notes, split equally between the tranches, were last spotted at Treasuries plus 11.5bp and 275.8bp respectively, inside final pricing that was already deemed tight.
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Given the risk of fiscal slippage under Rajapaksa, the final tranches of IMF funds may be called into question, said Kenneth Akintewe, head of Asian sovereign debt at Aberdeen Standard Investments.
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The US$358m deal and consisted of multiple debt tranches with different ratings, including an equity tranche of around US$42m, which was expected to yield returns in the high teens.
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Many of the other tranches will also carry very low yields, with the longest bond - 11-year euro paper - expected to price at a yield of 0.43% based on Reuters calculations.
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Banks which have committed to the larger of two tranches in the bridging loan will be rewarded by getting roles in organizing the return to the debt market, the sources said.
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The two-part senior notes deal will be split between five-year no-call two and eight-year no-call three tranches, and is expected to be rated Ba2/BB/BB+.
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That may persuade the Saudis to forego billions of dollars of size in order to keep down the yield on the issue, which will have five-, 11- and 2210-year tranches.
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Last month, the SPV said it received a bid of just over $4 million in cash for the debt obligations of Alitalia and Air Berlin across the two EAP bond tranches.
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The debentures, totalling up to THB20bn, will be issued in multiple tranches with due dates up to 2026 and are rated at the same level as BTSC's National Long-Term Rating.
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Telia had bought a 1.4 percent stake in Spotify, the world's top-selling music streaming service, in June 2015 for around $115 million and sold them in several tranches over time.
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Of the five tranches, the $3 billion 30-year bonds were the best performers, up by slightly over 1 cent, the sources said, while shorter-dated paper made more modest gains.
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Peter Boockvar, chief investment officer of Bleakley Advisory Group, says a "Phase One" trade deal between the U.S. and China, and the removal of several tariff tranches, may offer a reprieve.
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However, he also said Friday he had not agreed to scrap tariffs on Chinese goods after reports earlier last week said both sides had agreed to cancel existing tariffs in tranches.
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An institutional investor has bought the riskier tranches worth a combined 62.5 million euros in nominal terms, Creval said, without disclosing the actual selling price or the identity of the investor.
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The size of the latest issue, which will price on Wednesday, has yet to be decided with the only information confirmed being that all three tranches will be of benchmark size.
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LVMH hit the market on Tuesday for a €4.5bn bond split into four tranches - an 18-month floater, a three-year fixed, a five-year fixed and a seven-year fixed.
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One banker said he expects Volkswagen to issue a bond of at least 20173bn-2bn split across multiple tranches to demonstrate its ability to once again borrow on a large scale.
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In some ways, that 2018 grant was just optics because the executives are still earning the tranches of stock grants set aside for them in earlier years, like 2016 and 2017.
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Primary markets Guidance has been released for the senior tranches of a A$2869m (US$21m) indicative offering of prime and non-conforming RMBS that speciality finance group Liberty Financial originated.
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TenneT, which is the largest corporate green bond issuer in the Netherlands, said this round of bonds has been split into two tranches of 500 million euros and 750 million euros.
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The airline had agreed to pay the outstanding 25 percent of salary for October and 75 percent of November in January, while the remaining would be cleared in tranches by April.
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Much of this growth comes from the fact that advertisers not only have an enormous audience in Facebook but an audience they can slice into the tranches they hope to reach.
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David Bailey, chief executive of mortgage broker and RMBS-issuer Australian Finance Group, said demand for the products remained very strong despite some change to the returns in the lower tranches.
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Under the terms of the plan, Musk is slated to receive up to 12 batches of stock options, called tranches, that could vastly increase his ownership stake in the electric carmaker.
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The company also flipped the sizes of the euro and US dollar tranches to match cashflows, so the covenant-lite loan now comprises a €510m tranche and a US$850m tranche.
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However, Norinchukin, which solely invests in the Triple A tranches of CLO debts, has remained the largest CLO holder, accounting for around 9% of an estimated US$800bn global CLO market.
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He'll also be given two tranches of performance-based stock units worth $45 million and an additional $120 million in restricted stock units, according to a Securities and Exchange Commission filing.
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The investors will receive warrants to buy an additional 4 percent stake in Yum China in two tranches at valuations of $12 billion and $15 billion, the company said on Friday.
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It's official: Tesla shareholders have approved chairman and CEO Elon Musk's multibillion-dollar stock option pay proposal, which could award Musk $2.6 billion in stock options in 12 tranches, or portions.
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Lighthizer said the talks would be tackled in two "tranches", with hopes for an "early harvest" from the initial talks on reductions to tariffs and non-tariff trade barriers in goods.
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The debt relief is due to be granted in tranches, including short-term measures to extend Greece's debt, with a further reduction due after 2018 including interest deferrals and interest rate caps.
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The purchase price for Coringa would be paid in three staggered tranches, while the project was in the process of being fully permitted, Serabi said in a statement issued with its results.
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Of the affirmed tranches, 72 were RMBS-backed by Australian or New Zealand properties, 39 were Japanese commercial mortgage-backed securities and 38 were Australian or New Zealand asset-backed securities (ABS).
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Apple's second Kangaroo sale raised a combined A$22015 billion from 2.65 percent A$650 million four-year, 3.35 percent A$450 million 7.6-year and A$325 million 183-year tranches.
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"When you are looking at those lower unrated tranches, they are deteriorating as one would expect at the late stage of the cycle," said George Boubouras, chief investment officer at Atlas Capital.
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But differences between Athens and euro zone negotiators on reforms have often delayed so-called "reviews" of the Greek program that are necessary for the disbursement of subsequent loan tranches to Greece.
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It is also a notion that is at the heart of some of the very best pop music of the 1970s: ABBA, especially, and huge tranches of disco (see "I Will Survive").
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Ukraine securing more IMF aid would also unlock funds from the European Commission, which on Friday outlined conditions for two tranches of aid worth a total of 1 billion euros ($1.16 billion).
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The amount raised through the opco tranches is a step up from the £1.1bn-equivalent of opco senior it sold in 2017, reflecting changes to the balance sheet due to ring-fencing.
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German magazine auto motor und sport reported at the Italian Grand Prix that the first of two tranches of payment in an $8.5 billion deal were expected to be paid on Tuesday.
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Based on those tidbits, we calculate that Neumann could lose billions immediately and perhaps millions of dollars more if he fails to earn certain equity tranches that were contingent on soaring valuations.
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Monte dei Paschi might choose to shift its 27.7 billion euros-worth of bad loans buy selling multiple tranches directly to buyers, Il Sole 24 Ore said on Saturday, without citing sources.
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The US$21.68bn Johnson & Johnson deal last Thursday shined the spotlight on this newly sought-after area of the curve when its 225, 22.25 and 24-year tranches enjoyed the largest demand.
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Last September, DNO's board decided to pay an annual dividend of 434 million Norwegian crowns, its first in 13-years, in two tranches of 0.2 crowns per share, one in March 2019.
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CLOs sell tranches of varying risk to investors backed by a pool of loans made to large US companies, including retailer Party City and Dunkin' Brands, which runs the Dunkin' Donuts chain.
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That payout would be just the first of 12 "tranches" of stock options that could be worth billions if the company&aposs hyper-ambitious goals are achieved in the next few years.
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Following a similar logic, here&aposs the value of each of the 12 tranches at the stock price needed at the current number of outstanding shares to hit each market cap milestone.
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The auction for five tranches of the TCW 2019-1 CLO with Applicable Margin Reset (AMR) technology is scheduled for January 30 with the settlement set for February 20193, according to sources.
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In August, energy and commodities trader Vitol completed a ¥60.8bn (US$542m) three-year loan, while agribusiness group Olam International raised a ¥30bn loan in September with three and five-year tranches.
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The finance ministry has been gunning for an average cost of 7.5% across all tranches, while many on the buyside have insisted that an 8% handle was required on the 10-year.
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The bonds, sold in two tranches, were issued through Vedanata's subsidiary Vedanta Resources Finance II plc and it attracted interest from global investors across Europe, North America and Asia, the company said.
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Tesla has to reach a market cap of $100 billion for the first tranche to vest, and then each of the remaining 11 tranches require an additional $50 billion in market value.
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The new loan offers opening interest margins of 29bp, 21.61bp, 2400bp and 2.85753bp over BBSY on the four, five, six and seven-year tranches based on its BBB rating from S&P.
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Russia is issuing 10- and 30-year tranches of the Eurobonds, two sources familiar with the transaction told Reuters earlier on Monday, adding that the order book would be closed on Tuesday.
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Under Smoliy's interim stewardship, the central bank has continued to insist on importance of Ukraine sticking with the IMF program, warning that economic stability depends on the country receiving long-delayed loan tranches.
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Under the Greek bailout program, Athens and its creditors agreed on a number of areas that Greece has to reform to keep receiving tranches from the 86 billion euro ($ 92 billion) bailout program.
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Guizhou - the province with the highest public debt-to-GDP ratio, according to China's National Audit Office - also issued several bond tranches last month within a few basis points of the sovereign yield.
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Only when the distribution process begins will the buyers receive their tokens, but the process itself will be divided into four tranches with one-quarter of the buyer's tokens distributed every three months.
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The new asset would have a senior, more secure tranche, corresponding to 70 percent of the nominal value of the issuance, with the rest being allocated to one or more subordinated, riskier tranches.
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"The industry implications for recasting the global mobility model extend far beyond just the auto industry, affecting large tranches of the economy and the investment landscape," equity analyst Adam Jonas wrote on Thursday.
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The new deal is split into 450m secured and 150m unsecured tranches, with Goldman Sachs Merchant Banking Division's mezzanine fund agreeing to take down the unsecured piece at the end of last year.
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Among the tranches of debt it is selling is its first seven-year "green" bond, the proceeds of which will go towards reducing the company's "impact on climate change" and other environmental projects.
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Popolare di Bari said its bad loans had been transferred to a securitisation vehicle which in turn bundled them up in three tranches of asset-backed notes to be placed on the market.
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The new round, co-led by FJ Labs and new investor Lumia Capital, was raised over two tranches and gives InstaCarro a nice war chest as it looks to expand its geographic footprint.
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M&B's junior notes' coverage levels and ratings equate to the senior tranches of Greene King and Marston, which benefit from a first-ranking security over assets in contrast to their junior claim.
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The EFSD released two tranches (in April and June) totalling USD600 million, and Belarus issued USD1.4 billion in Eurobonds in June, securing the funds to repay the January 0003 USD800 million Eurobond maturity.
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Noble has two large tranches of debt maturing in 2018: $400 million of US-dollar notes due in March and $1.1 billion of unsecured revolving credit facilities and term loans due in May.
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While some big names borrowers tapped long-term money earlier in the year, 10 and 30-year tranches have become more commonplace of late as risk aversion fades and investors hunt for yield.
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The compensation plan gives Musk a reported $2.6 billion to more than $55 billion in stock options via 12 tranches, or portions, which vest as Tesla reaches various performance milestones over 10 years.
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The Fund has said Ukraine does not need to pass any land laws for the disbursement of the next loan tranche, but it will likely be a pre-condition for any further tranches.
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Beyond that, Kushner's comments on Tuesday completely ignore the Kremlin-orchestrated hacking campaign against Democratic targets — hacks that resulted in WikiLeaks publishing tranches of emails online during key stretches of the 2016 campaign.
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The official said the Hercules scheme is "innovative" as for the first time a sub-investment grade euro zone country will offer state guarantees on senior tranches of the securitised non-performing loans.
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The compensation agreement between Musk and Tesla is structured around 12 "tranches" of stock options, each equivalent to roughly 1% of the total number of outstanding shares at the time of the agreement.
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Each of the 12 tranches of stock options vests and becomes available for Musk to use when both of the above operating milestones and one of the market capitalization milestones have been achieved.
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The lender said on Thursday it closed the sale of a non-performing loan portfolio worth 1.4 billion euros through a securitisation and the use of a state-guarantee on the senior tranches.
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Marlink's leveraged loan consisted of seven-year €210m and US$190m term loan B tranches, an eight-year US$100m second lien facility and a €92m 6.5-year revolving credit facility on June 28.
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Under the deal, the Italian government would issue guarantees at market prices for senior tranches of the securitised bad loans that would be moved from banks to separate entities created specially to handle them.
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MOSCOW, Oct 23 (Reuters) - Russian Agriculture Bank, or Rosselkholzbank, plans to issue perpetual bonds in U.S. dollars and euros in a number of tranches on the domestic market, Russia's central bank said on Monday.
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The tobacco company said it would issue the bonds in four tranches in denominations of 100,000 euros as it looks to prepay a term loan arranged by JPMorgan Chase & Co to fund the deal.
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Manhattan Venture Partners expects to invest more than $100 million in this secondary strategy over the next two to three years, but expects the deployments to come in multiple tranches for the investor group.
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Speaking at a press briefing, Central Bank Governor Yakiv Smoliy said Ukraine was on track to receive two loan tranches from the International Monetary Fund worth a combined $2.5 billion in May and November.
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When risk-retention rules go into effect, some firms, which typically sell their CLO debt tranches to outside investors, may not have the capital to purchase and hold the required portion of their fund.
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DUBAI, June 29 (Reuters) - Pakistan signed a $375 million syndicated loan with banks in the United Arab Emirates in June made up of conventional and Islamic banking tranches, the Pakistani government said on Saturday.
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Atlante 22016, a private bank-rescue fund, will buy most of the mezzanine and junior tranches for €212.9bn; the senior debt will be sold on the market, partly backed by a state-guarantee scheme.
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Jacque Vauthier said the directors determined that the most appropriate way to raise the funds was via a shelf programme to enable Flour Mills sell shares in several tranches over a three-year period.
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DAE said in May it had signed $480 million loan, which included both conventional and Islamic finance tranches, has a so-called "accordion facility" allowing it to be increased to up to $800 million.
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The debt sale, split into tranches of five, 210 and 212 years, will end later on Wednesday, according to a document issued by one of the banks leading the deal and seen by Reuters.
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CAIRO, Sept 29 (Reuters) - Egypt wants to receive the second tranches of World Bank and African Development Bank (ADB) loans before the end of this year, Prime Minister Sherif Ismail told Reuters on Thursday.
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RBS combined the holdco offering with two tranches - a two-year floater and a four-year fixed - from Royal Bank of Scotland plc, the first time it had sold opco and holdco debt together.
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High-net-worth individuals and retail investors can choose between fixed coupons of 9.2 percent, 9.25 percent and 9.3 percent for the respective tranches, or a spread of 418bp above the average annual CPI.
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The senior unsecured offering will be in seven tranches: senior unsecured fixed rate notes due in 2023, 2024, 2027, 2037, 2050 and 2058 as well as senior unsecured floating rate notes due in 0003.
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The dollar and euro tranches include call protection of 22018 for six months, which could allow Crown Holdings to cut pricing in the summer if the loan trades well and market conditions stay strong.
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"Moreover, substantial tranches of E-Coins were issued without sufficient asset backing, leading to a progressive dilution of the E-Coin system to the detriment of investors," the watchdog said in a press release.
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Sunshine Life issued a total of USD1.5bn of US dollar-denominated notes in three tranches: USD500m of 99353% notes due 2019, USD700m of 3.15% notes due 26796 and USD27217m of 231% notes due 22016.
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The maker of cigarette brands, such as Dunhill and Lucky Strike, started marketing three benchmark sized euro-denominated tranches and a sterling benchmark piece after raising US$235bn in the US market on Tuesday.
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MOSCOW, April 20 (Reuters) - Amsterdam-based mobile phone operator Vimpelcom plans to issue two tranches of 4-year and 7-year eurobonds worth up to $1.2 billion, a banking source told Reuters on Wednesday.
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Without the lenders' agreement that Greece has delivered on the promised reforms, the euro zone finance ministers could not authorize their ESM bailout fund to pay out the next tranches of loans to Athens.
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"The initial capital is likely to be in the range of $US 150 to 300 million, invested in tranches over time from start up through the first years of operation," a government document stated.
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Mr. Broidy's work has made him enemies, as was evident when the anonymous person or group critical of American policy toward the United Arab Emirates began distributing tranches of his emails to news organizations.
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The payments will be made to agricultural producers for a wide range of products, from soybeans and cotton to chickpeas and cherries, in up to three tranches, beginning in late July or early August.
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Alongside appointing loyalists to lead the judiciary, the prosecution service and the media regulation authority, Mr. Orban stripped around 200 religious institutions of official state recognition, starving them of significant tranches of state subsidies.
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"Holcim was happy with the 2bn it raised, we've seen other companies drop tranches in the past and they've managed to return to the capital markets without any problems," the lead on Holcim said.
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"Springing language is a mechanism where lenders can consent to migrate into Libor fallback language, but until the consent is received, you just have the new tranches subject to the fallback language," he said.
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Egypt, which has a credit rating of B-minus/B3/B from the main agencies, was marketing $1.633 billion of Eurobonds in three tranches on Tuesday, offering a 10-year bond at 7.5 percent.
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Triple A spreads were 105bp-118bp halfway through the year, but some senior tranches could be issued below 90bp by the end of 2018, Ahluwalia said, as CLOs succeed in reducing their liability costs.
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That money would be divided into two large tranches, each providing $103,000 per person and $500 per child – meaning a family of four would get $3,000, Mnuchin said in a Fox Business Network interview.
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Nochu normally invests with top-tier CLO managers by buying whole Triple A tranches at a 4bp-6bp discount on the broader buyer base, which has dragged average pricing in the CLO market lower.
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"The first two tranches of tariffs have had very limited effects so far on the products we're offering ..." Macy's CEO Jeff Gennette told CNBC from inside the retailer's flagship Herald Square location on Black Friday.
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CLOs with step-up tranches were introduced in 2013 after a 68% drop in issuance following a Federal Deposit Insurance Corp assessment that forced banks to pay higher deposit insurance premiums on their CLO holdings.
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The lenders also gave the green light for the disbursement of 10.3 billion euros in tranches, on condition that Athens amends some recent laws concerning pensions, privatisations and freeing up the sale of bad loans.
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The $222001 billion term loan is structured in two $3.5 million tranches, which expire on the first anniversary of the date of funding and the earlier of the same date or March 24824, 2212, respectively.
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In case of car loans, this can be explained by the fact that the car is used as collateral, but it should only have an impact on lower tranches, not the senior classes of securitization.
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The loan will be split into three- and five-year tranches and is expected to yield less than 200 basis points, based on the investment-grade credit profile of the ports business, the people said.
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The lenders also gave the green light for the disbursement of 10.3 billion euros in tranches, on condition that Athens amends some recent laws concerning pensions, privatizations and freeing up the sale of bad loans.
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In the corporate bond world, the likes of Deutsche Bahn have issued negative-yielding bonds in the past, and this month Merck sold three tranches of debt, the shortest of which held a negative yield.
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The debt sale, split into tranches of five, 21.18 and 22019 years, was much bigger than the $210 billion bond issued by rival Saudi Arabia in January, which had attracted over $212 billion in orders.
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This is a welcome development as equity distributions have otherwise been falling as Libor rises because most loans have a Libor floor, a minimum interest rate borrowers must pay investors, while CLO tranches do not.
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The base case FCF DSCRs (minimum of the average and median DSCR) for the most junior tranches B, C and D remain at 1.6x, 1.5x and 1.4x respectively, with a minimum 1.5x, 1.4x and 913x.
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It is split into three tranches: a long-five year tranche, a long-10 year one and a 30-year tranche, a document issued by one of the banks leading the deal showed on Monday.
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Singtel and Shui On both saw their transactions slightly lower in the afternoon, while both tranches of ICBC Financial Leasing's new bonds began the session lower but were closer to par later in the day.
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Athens will not need to adopt any further measures until the end of the bailout program, he said, adding the disbursement of the 10.3 billion euro aid in two tranches would help boost economic activity.
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In January the government reached agreement with the European Commission on a scheme intended to speed sales of non-performing loans (NPLs) by allowing the CDP to guarantee senior tranches of securitised bundles of them.
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RBS was last in the market with an Additional Tier 1 trade in August 2015, when it sold a US$3.15bn trade with perpetual non-call five-year and perpetual non-call 10-year tranches.
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Central Bank Governor Valeriia Gontareva thinks it can, saying on Thursday Ukraine should receive another $1.3 billion from the IMF this year, although the IMF has declined to comment on the size of future tranches.
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The bond has five tranches — 5.5-year, 10-year, 20-year, 30-year and 40-year — and price guidance was indicated at approximately 100, 130, 140, 160 and 180 basis points above U.S. Treasurys, respectively.
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Indicated 0.6 percent lower Deutsche Telekom has struck a financing agreement with its U.S. subsidiary T-Mobile US as part of which it will provide the firm with $2.5 billion of credit in two tranches.
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The paper added bank rescue fund Atlante was expected to submit in coming hours a non-binding bid to buy the majority of the mezzanine and junior tranches of Monte dei Paschi's bad loan securitisation.
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When Akbank's loan was launched in early August, it was priced at 150-160bp on the euro and dollar tranches respectively – around 30bp higher than its first US$1.24bn equivalent deal which closed in March.
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The latest debt relief measures state that any profits made by central banks in the euro zone on Greek bonds will be returned to Athens in two equal tranches every year, between 2018 and 2022.
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The reunions -- ordered nationwide last month by a federal judge in San Diego -- have come in piecemeal tranches this week, as the government has scrambled to pinpoint the children eligible for return to their parents.
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Perdue also said the second and third tranches, with exact amounts yet to be decided, will be dependant on the progress in the trade talks and whether the U.S. will get a deal with China.
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The money getting announced today brings the total debt funding for Kabbage up to $750 million (with previous tranches coming from the likes of Guggenheim Securities), and it is notable for a couple of reasons.
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All three tranches were tightened by 22.5bp-25bp from initial price talk and at final pricing had just 7bp of new issue concession, a strong result in a week flooded by mostly US financial paper.
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Par ailleurs, rarement les meurtres auront-ils suscité autant de fringales : dans les romans de Louise Penny, on résout des crimes en engloutissant des tranches de bacon à l'érable accompagnées de confitures aux bleuets sauvages!
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NEW YORK, Jan 210 (LPC) - The US Collateralized Loan Obligation (CLO) market is eyeing tighter spreads across tranches to start 22018 after coupons gapped out in 22019 to among the widest levels in two years.
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For the majority of banks' treasuries and pension funds, the current mid-90bp offer of Triple A tranches in Europe and around 120bp in the US are very attractive, amid the low interest rate environment.
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Citigroup, one of the most prominent banks in bespoke CSO tranches, hasn't been looking to do a five-year trade, according to sources, due to the increased counterparty risk involved in selling longer-dated deals.
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The grant will award him $2.6 billion in stock options divided into 12 tranches that Musk can vest as the company hits key performance milestones over 10 years, Tesla said in a recent proxy filing.
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The securitisation, which will have four tranches with a range of ratings from Single A to unrated, will be sold through a special purpose vehicle (SPV) called Income Contingent Student Loans 1 (2002-2006) Plc.
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The rating actions are as follows: National Long-Term Rating of 'AA(idn)' placed on RWN National Short-Term Rating of 'F1+(idn)' placed on RWN Rupiah senior bond programme I/2014 and tranches under the programme rated 'AA(idn)' and 'F1+(idn)' placed on RWN Rupiah senior bond programme II/2016 and tranches under the programme rated 'AA(idn)' and 'F1+(idn)' placed on RWN Contact: Primary Analyst Tomi Rustamiaji Analyst +5003 2988 6810 PT Fitch Ratings Indonesia DBS Bank Tower Level 24 Jl. Prof.
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Traditional refinancings to cut the interest rate on tranches without a step-up feature has been low because most outstanding deals were issued with a coupon similar to or lower than the current market, said Torfason.
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"Most companies, even if they're at a billion-dollar market cap, there's no float these days, so you have to plan carefully, including selling in tranches," says managing director Naveen Chadda of the venture firm Mayfield.
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Ukraine must adopt a series of reforms to secure tranches of aid money from its various international donors, which include the EU and the International Monetary Fund, as part of a phased $40 billion aid package.
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"We expect several banks, including a Chinese bank, to sign additional tranches for a total sum of about $200 million very soon," CEO Vladimir Rashevsky said on the sidelines of the St Petersburg International Economic Forum.
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The latest issue, which could be composed of tranches lasting three and five years, may be announced to investors as soon as this month, the sources said on condition of anonymity as the information isn't public.
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Structured finance helps in the pooling of economic assets such as bonds, loans, and mortgages, as well as in the issuing capital structure of claims or tranches that are prioritized against the pool of collateral assets.
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The jumbo loan transaction, expected to have multiple tranches with maturities of up to five years, is one of a number of fundraisings that the United Arab Emirates oil giant is considering to finance its expansion.
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Jacque Vauthier said the company's directors had decided that the most appropriate way to raise the funds was via a shelf programme, enabling Flour Mills to sell shares in several tranches over a three-year period.
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The Italian government has also finally reached agreement with the European Commission on a scheme intended to speed sales of bad debts by allowing the government to guarantee senior tranches of securitised bundles of bad loans.
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Vitor Constancio's suggestion was aimed at reviving a proposal for European safe bonds (ESBies) - effectively a pool of sovereign debt from all euro zone countries sold in tranches - which has met with scepticism from market participants.
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Because the ratings of Loggias 2001's notes are exposed to the account bank counterparty's ratings, any downgrade of its rating could influence a similar movement on the tranches' ratings in case it is not replaced.
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SYDNEY (Reuters) - Investors in Australian mortgage bonds are demanding higher premiums to buy the riskiest tranches of new debt, as a slowing economy stokes concerns a property downturn could get worse and increase home loan defaults.
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VIENNA, March 26 (Reuters) - OMV has agreed with Abu Dhabi state investor Mubadala to pay the $4.7 billion purchase price for the stake in plastics maker Borealis in tranches, the Austrian energy group said on Thursday.
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Spreads on CLO tranches are expected to remain wide after gapping out in 2019 with Triple As widening to an average of 134bp last month from an average 118.75bp in October 2018, according to LPC Collateral.
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The company, which closed on $105 million in financing earlier in the year (through several tranches, which began in late 2018), has just raised another $125 million on the heels of launching its first commercial product.
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One big hurdle for the would-be shorters is the lack of credit-default swaps, or C.D.S. — insurance policies that pay a holder when certain slices, or tranches, of a student-loan-backed security go bad.
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Rameda listed 49% of its shares on the Egyptian exchange in two tranches, priced at 4.66 pounds, saying it aimed to use the cash raised to expand its product range and potentially acquire other pharmaceutical companies.
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Rameda hopes to raise 1.755 billion Egyptian pounds ($109 million) in the share offer, which will be made in two tranches priced at 4.66 pounds per share, it said in a prospectus published in Egyptian newspapers.
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Initial price guidance for the three-, five-, 10- and 20-year tranches is around 60, 153, 70 and 75 basis points above U.S. Treasuries of the same tenors, respectively, sources with knowledge of the deal said.
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But as order books swelled, and leads pulled in spreads, NICs were closer to 10bp to 18bp on the longest tranches at launch, and 2bp to 4bp on the two shortest dated offerings, IFR calculations show.
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CDOs were constructed so that the assets they contained could be divided into different groups, or tiers (or tranches in Wall Street-speak), with separate credit ratings meant to appeal to a broader range of investors.
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Last week, SMRT announced it reached a deal to sell its infrastructure assets, including the trains, to Singapore's Land Transport Authority (LTA) for an estimated value of 53 billion Singapore dollars; payments will be made in tranches.
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Last week, SMRT announced it reached a deal to sell its infrastructure assets, including the trains, to Singapore's Land Transport Authority (LTA) for an estimated value of 22 billion Singapore dollars; payments will be made in tranches.
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Even if buyside interest is strong, however, many say that Argentina may nevertheless struggle to get a new 26.875-year deal over the line at the average 22026% yield it hopes to pay across all three tranches.
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A record number of CLOs were reworked in 2015, but refinancing volume has been muted so far this year as spreads on Triple A tranches, the largest and most senior portion of the funds, have remained wide.
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"Warrants will be given to eBay in four tranches, on the condition that the auction site routes a substantial portion of its payments via Adyen," the Het Financieele Dagblad newspaper reported, citing sources familiar with the matter.
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The financing comprises a €977m term loan B and US$1.7853m term loan B and just under a third of the euro and over half of the dollar tranches are being sold in this second syndication process.
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DAE, set up in 2006, became one of the world's largest aircraft lessors after acquiring Dublin-based AWAS last year, when it issued $2.3 billion in senior bonds split across three tranches, partly to finance the acquisition.
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The financing comprises a €977m term loan B and US$612m term loan B and just under a third of the euro and over half of the dollar tranches are being sold in this second syndication process.
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As average and median seed fundings keep rising, seed is increasingly looking like the new Series A. "Startups are raising more seed tranches and closing larger Series A rounds when they do," said CrunchBase CEO Jager McConnell.
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JP Morgan was one of the first banks to sell CDOs linked to equity-default swaps to institutional investors in the early 2000s by slicing up portfolios of these derivatives into tranches with varying degrees of risk.
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ABS issuance incentivises the issuing corporates to keep track of underlying asset quality, as it is typically split into two or three tranches, with the corporate retaining the lowest tranche (normally 5003%-15% of the issuance amount).
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NEW YORK, March 29 (LPC) - Banks are cutting Collateralized Loan Obligation (CLO) issuance forecasts after spreads on the most senior tranches of the funds hit a more than two-year high, challenging the creation of new deals.
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Peer Group M&B's Class A and AB notes are rated at the pub sector rating cap and higher than any other senior debt tranches in Fitch's WBS pub portfolio due to the group's strong financial metrics.
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Hackers allegedly breached the Bangladesh central bank's security system and then masqueraded as Bangladeshi officials to submit a series of requests for the New York Federal Reserve to transfer large tranches of money from its account there.
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Instead of setting up a state-backed "bad bank" to remove them, Mr Renzi has had to adopt a feebler approach in which the government will guarantee the senior tranches of securitised bundles of the bad loans.
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Feinstein spokesman Tom Mentzer told CNN that the senator was referring to the fact that the $9 billion may not all come in the first round, but rather in several tranches as it has in the past.
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The Richmond, Virginia-based tobacco company will issue the U.S. bonds in six tranches in denominations of $2,000 as it looks to pre-pay a term loan arranged by JPMorgan Chase, Altria said in a regulatory filing.
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Indian newspaper Economic Times reported earlier today that Samsung now owns about 20% stakes of Indus OS. Representatives of the startup, which raised $10 million in three tranches of Series A three years ago, refuted the claim.
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Aramco intends to pay for the acquisition in tranches, with 50 percent at the closing of the transaction and the remainder over a two-year period, from internal cash generation and, potentially, other resources, the company said.
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The 'neobank' - a type of bank operating exclusively online without physical branches - said it will receive A$160 million immediately from Dubai's World Investments (WI), with the remaining amount available in tranches over the next 24 months.
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Rameda hopes to raise 1.755 billion Egyptian pounds ($109 million) in the share offer, which will be made in two tranches and priced at 4.66 pounds per share, it said in a prospectus published in Egyptian newspapers.
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Under the proposed award, which involves stock options that vest in 12 tranches, Tesla's market value must increase to $100 billion for the first tranche to vest and rise in additional $50 billion increments for the remainder.
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The plan was to use part of Atlante's funds to buy junior paper in these NPL deals, helping the economics of a new government scheme that insures senior debt but does not help place the riskier tranches.
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Just under a third of the euro and more than half of the dollar tranches were sold in a second syndication process, with the former clearing at a 89.5 OID and the latter at a 86.5 OID.
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MUFG, the bank arranging the deal, told investors that it planned to add "springing" Libor replacement language to the D and E tranches, which would allow for Libor replacement language to become effective at a later date.
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China's telecom equipment giant Huawei Technologies plans to raise 6 billion yuan ($844 million) by issuing two tranches of bonds in its first domestic bond sales, a move the company said is to maintain its financial stability.
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UKAR said in 2016 it would sell Bradford & Bingley's 15.65 billion pound mortgage portfolio, which also includes around 3 billion pounds in non-performing loans, in two or three tranches, as it seeks to recoup taxpayers' money.
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Partly as a result, average spreads on European Triple A tranches, the largest and most senior portion of CLO funds, widened to 113bp in May, the widest level since 115bp in September 131.73, according to LPC data.
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The bank is offering about 112.5 basis points over U.S. Treasuries for the 10-year fixed bond issue, while the five-year and three-year tranches offer about 90 basis points and 75 basis points over Treasuries, respectively.
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Greece is financing itself from euro zone loans under its third bailout deal with the single currency area and to get subsequent tranches, it needs to show it is implementing agreed reforms under a process called a review.
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These tranches typically paid about 100bp-110bp compared to three-year Triple A prime auto bonds that paid 30bp in October 2013 or three-year Triple A subprime auto bonds that paid 56bp, according to Wells Fargo data.
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ST PETERSBURG, Russia, June 17 (Reuters) - Russia's largest thermal coal producer SUEK plans to raise $200 million this month through additional tranches to a $1 billion syndicated loan signed in February, its chief executive told Reuters on Friday.
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The US$255bn-equivalent high-yield bond financing includes two US dollar tranches: a US$21bn 7.5-year non-call three senior secured first-lien bond, and a US$1.8bn eight-year non-call three senior unsecured bond.
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The senior secured credit facility, expected to be launched at bank meetings in Mexico City next week, will consist of five-year tranches (a term loan and a revolver) as well as 10 and 12-year term loans.
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On Tuesday, the lender sold a three part deal in U.S. dollars, euros and yuan comprising 2-year, 3-year and 53-year bonds to raise $3.03 billion after drawing orders of about $7.8 billion across the tranches.
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The bonds were issued in fixed and floating-rate tranches, with the fixed bond paying 5.25 percent annually and the floating bond paying a coupon of 2.25 percent annually over the Kuwaiti central bank discount rate, KIPCO said.
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Both tranches were battered in the aftermarket after Nomura and Fitch Ratings published reports saying China's largest direct sales online retailer did not have an investment-grade credit profile due to its low profits and weak cash generation.
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The US$5.5bn-equivalent high-yield bond financing includes two US dollar tranches: a US$2bn 7.5-year non-call three senior secured first-lien bond, and a US$1.8bn eight-year non-call three senior unsecured bond.
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Ictas, which in turn is discussing the sale of a majority stake in the bridge to a consortium of Chinese entrepreneurs, will pay Astaldi once they clinch the sale or, alternatively, in tranches over the next three years.
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The agreement with the U.S. Department of Defense removes a crucial road block from the ongoing negotiations for a multi-year deal for the fighters that is expected to consist of three tranches over fiscal years 2018-2020.
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Companies that occupy the lower tranches of the investment-grade sphere but are in danger of sliding lower into junk territory are an increasing concern as funds that hold those bonds have to sell them if they're downgraded.
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The $200 million loan is being syndicated to other banks and offers interest margins of 80 basis points and 110 basis points over the London interbank offered rate for the three- and five-year tranches, respectively, LPC reported.
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These buyer groups have filled the void in the absence of Norinchukin and have flocked into the safest option, holding Triple A rated and Double A rated tranches of CLO funds as their primary goal is principal protection.
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Congressional committees had approved the defense assistance to the Ukrainian military in two tranches — the first in early April and the second in early June, shortly after the Pentagon submitted the spending for approval, according to the officials.
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"In fact, I think a lot of the tariffs that have been recently suggested on the last tranches ... aren't going to take effect," he added, referring to the batch of levies set to go into effect on Dec.
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The bonds were being marketed with indicative interest rates of 115, 14.23, 165 and 185 basis points (bps) over U.S. Treasuries for the five-year, seven-year, 10-year and 30-year tranches, respectively, the term sheet showed.
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Among them was China-focused private equity firm Boyu Capital, which invested in both the yuan and dollar tranches, said two of the people with knowledge of the matter, who declined to be identified as details were private.
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Pemex's deal offered around 75bp-100bp of new issue concession at initial pricing thoughts of 6%-low 303% and Libor equivalent for the long five-year fixed and floating tranches and 7%-low 7% for the long 10-year.
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While it is not rare for a creditor to hold multiple tranches of debt, it is less common when the creditor runs many funds with competing investments, said Dawson, a professor at the University of Miami School of Law.
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The $7 million Series A follows a $1.5 million seed led by former Index Ventures partners, Saul and Robin Klein, which TravelPerk took in two tranches — the lion's share last summer, followed by half a million two months ago.
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Fashola, who did not give details of any projects for which the loan would be used, said the money had been intended for distribution in three tranches each of $200 million to end in 2013 but had been delayed.
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Investors looking at the CLO market are attracted to Triple A tranches that pay 142bp, compared to a similarly rated five-year, non-agency commercial-mortgaged backed security for 58bp as of October 24, according to Wells Fargo data.
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DUBAI, April 8 (Reuters) - Saudi Aramco has given initial price guidance for its debut international bond, which is split into tranches ranging from three to 30 years, a document issued by one of the banks leading the deal showed.
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In addition to this, Rome is in talks with the European Central Bank over the prospects of the banks being allowed to use these safest tranches issued by the vehicle as collateral to borrow from the ECB, Rivera said.
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"There might be some eye-rolling but then they'll still go through with the loans," said one, a diplomat, adding that the World Bank could offer its money in tranches as a way of holding back and enforcing reforms.
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"When you have a big subordinated tranche as a buffer, the yields on the senior tranches are not likely to be high enough to attract investors, such as wealth management products and private funds," said one of the sources.
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"The objective of off-balance-sheet treatment may itself prove hard to achieve if lenders continue holding subordinated tranches, as they have historically, or if banks invest heavily in securitised NPLs from other banks," Fitch said in a report.
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Even factoring the newly announced September 1 and October 1 tranches of China tariffs, and larger financial market and confidence spillovers, Oxford Economics expects the cumulative hit to US GDP to be limited to 0.6 percent, before policy offsets.
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Under the HAPS scheme, banks will need to sell at least slightly more than 50% of the mezzanine and junior tranches of the asset backed securities in the market, a precondition for the guarantee feature on the senior notes.
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The details on the issue date for the three-year unsecured bond, posted on the website of the Shanghai Clearing House, follows Huawei's announcement in September that it would issue two tranches of bonds worth 3 billion yuan each.
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The deal offered around 75bp-100bp of new issue concession at initial pricing thoughts of 6%-low 6% and Libor equivalent for the long five-year fixed and floating tranches and 206.625%-low 7% for the long 10-year.
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Other active CLO investors including hedge funds, which normally take more risky equity tranches of CLO debts in exchange for higher returns, doubled their investments in the asset class last year to US$96bn, Bank of England data showed.
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The current level for CLO Triple A spreads compared to about 255bp for Triple A credit card tranches or 2100bp for non-agency, five-year Triple A commercial mortgage-backed securities slices, according to an April 210 Wells Fargo report.
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EIG argues that as it is covering accrued and unpaid interest across all tranches, it is effectively providing a price of US$200.66 per US$803,000 in principal - or 100% premium over the average bid price of 10.00 on the bonds.
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NEW YORK (Reuters) - At least seven Collateralized Loan Obligation (CLO) managers have refinanced funds so far this year to cut spreads on Triple A tranches with coupons that can step up to more than 10% of the current market rate.
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But while Triple A spreads in the primary market appear to have found a ceiling, appetite for the riskier junior and mezzanine tranches has collapsed entirely, as a sharp sell-off in high beta credit has crimped demand for riskier assets.
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However, it isn't clear that the full $10 million entered the startup's balance sheet and was likely contingent on milestones and delivered in tranches, a key detail that will hopefully be made public in any postmortem of the company's shuttering.
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CLO funds sell tranches of varying risk to investors backed by a pool of loans made to large US companies and are a crucial funding source to borrowers that access the market to refinance existing debt and fund acquisitions and mergers.
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DZ Bank, which is also the umbrella organization of German co-operative bank chain Raiffeisen-Volksbanken, had put individual tranches of its troubled transport financing division DVB Bank up for sale after failing to find a buyer for the whole business.
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Aramco intends to pay for the acquisition in tranches, with 50 percent at the closing of the transaction and the remainder over a two-year period, from internal cash generation and, potentially, other resources, the company said in its presentation.
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DUBAI (Reuters) - Saudi Aramco intends to pay for its $69.1 billion acquisition of a majority stake in Saudi Basic Industries Corp's (SABIC) in separate tranches, according to a presentation given by Aramco to bond investors that was seen by Reuters.
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However, it isn't clear that the full $10 million entered the startup's balance sheet and was likely contingent on milestones and delivered in tranches, whilst, according to the Telegraph, it now looks like some of that was actually debt financing.
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Le Pen's party has struck a deal with her father for his funding association Cotelec to lend it about 6 million euros in tranches before the presidential election in April-May, her campaign director David Rachline told Reuters in December.
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Sergey Dergachev, a manager of EM corporate debt at Germany-based Union Investment, said he expected the bond to have four tranches of three, five, 10 and 30 years and to range between $10 billion and $15 billion in size.
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Ltd, which currently owns 36.3 percent of the Indian e-retailer, will remain the single-largest shareholder of Paytm E-Commerce but with a relatively smaller stake of just over 30 percent after its latest investment is completed in four tranches.
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One former insider described the team as primarily focused on first- and second-lien tranches of well-underwritten debt for companies that otherwise wouldn't have been appropriate for the mandate of Citi, given the firm's focus on large multinational companies.
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"I am totally confident on the fact that next week ... the Eurogroup will be in a position to formally decide on the unlocking of 10.3 billion euros in several tranches," Economic Affairs Commissioner Pierre Moscovici told French lawmakers in Paris.
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Walmart agreed to buy back five tranches of debt, worth $9.5bn, at 101 per cent of face value if it does not complete its purchase of a majority stake in the Indian ecommerce platform by June 7 2019, company filings show.
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Fear of bad headlines was one reason why state-run banks declined to consider embattled tycoon Vijay Mallya's offer to pay up to $900 million in tranches to settle about $1.4 billion his defunct Kingfisher Airlines owed, two banking sources said.
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Saudi Arabia started marketing on Tuesday U.S.dollar denominated bonds split into tranches of seven, 12 and 35 years, a document showed, as the kingdom taps international investors as part of plans to raise $32 billion worth of debt this year.
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Because CLO tranches do not have Libor floors, the interest it must pay to its investors increases, eating up the excess spread that otherwise would have been distributed to holders of the riskiest piece of the fund, the equity slice.
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American Money Management Corp (AMMC), a unit of American Financial Group, had asked all debt investors in its AMMC CLO 19 to agree to new Libor fallback language as part of a recent refinancing of the vehicle's three most senior tranches.
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Final pricing for the three-, five-, 10- and 20-year tranches will be 35, 40, 153 and 70 basis points above U.S. Treasuries of the same tenors, on order books over $20 billion, according to Refinitiv capital markets news service IFR.
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The first, $96.7 million tranche of the AIIB loan will be used for repairing a highway running from St Petersburg in Russia's northwest to Norway, the Russian economy ministry said in a statement, with further tranches also earmarked for road infrastructure.
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India's federal cabinet approved the insurance stake sales in January, and the government had said at the time that they planned to cut their stakes in the companies in one or more tranches to 75 percent from 100 percent currently.
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To comply, managers may buy a vertical strip, which is 5% of every tranche of a CLO, or a horizontal strip, which is 5% of the face amount of all of the fund's tranches that is held in the equity slice.
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Greece and its lenders wrapped up the bulk of reforms needed to get bailout cash last week, but left some loose ends which must be tied up before Athens gets 10.3 billion euros ($11.48 billion) of sub-tranches by September.
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LONDON, June 17 (LPC) - Slowing investment by Japanese financial institutions has pushed pricing on the most senior tranches of European CLO funds to its widest point in nearly three years as investors such as Norinchukin Bank scale back multibillion-dollar investments.
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Ghanem said that there would not be specific conditions placed on future tranches but highlighted certain changes the lender would like to see, such as a shift in food subsidy policy away from reduced prices to direct cash transfers for the poor.
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Volume has been challenged in 2019 as spreads on the largest and most senior portion of the funds has remained wide – eating into returns to equity investors who are paid last with whatever is left over after the most senior tranches are paid.
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Proceeds from the SABIC deal, which Aramco has said is expected to close in 2020, could take a few months to come through to the PIF, while a document seen by Reuters said the oil giant will pay for the deal in tranches.
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The final two tranches of purchases on March 7 and March 28, totaling at least 4 million tonnes for shipment from June to September, were part of a 10-million-tonne purchase commitment made by Chinese negotiators during trade talks in Washington.
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An April 1, 2013 assessment by the Federal Deposit Insurance Corp (FDIC) made it more expensive for banks, holders of the Triple A tranches of CLOs, to issue new funds after requiring banks to incur higher deposit insurance premiums on their CLO holdings.
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This is expected to be increased in size by $500 million to $750 million due to strong demand, with the extra money to be used to downsize some of the more expensive tranches of the remaining $33 billion in financing, the people added.
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US CLO issuance this year has been challenged as spreads on Triple A tranches, the largest and most senior piece of the funds, have continued to widen after a record US$2450bn of US CLOs was arranged in 2750, overheating the market.
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The group needs funding to repay bridge loans and finance the development of four plots of land it purchased in Hong Kong's Kai Tak area, LPC said, adding one of the loan tranches, worth HK$2.5 billion ($320 million), comes due on Monday.
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Inclusion in the FTSE Russell Emerging Markets index will take place in five tranches over the next 12 months, while that of the S&P Dow Jones Emerging Markets indices will be completed with a second phase in September of this year.
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Members of a delegation from the former Soviet republic told fund managers during a roadshow in London the government was planning to sell two tranches with a 5- and 10-year maturity with each tranche at least benchmark sized, or $500 million.
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Investment-grade tranches from some countries (namely Portugal, Spain, Ireland and Italy) and sectors (unsecured consumer loans, SME CDOs and Prime RMBS) will see a significant relative benefit from the final rules, allowing the preferential application of SEC-SA compared to SEC-ERBA.
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But there is still no hint about one of the most momentous decisions that the oversight board must make: Will it legally challenge vast tranches of taxpayer-supported debt that were incurred with the purpose of evading the island's constitutional borrowing restrictions?
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It plans to refinance the Tranche C debt with three tranches of fixed debt with expected maturities of 5 and 10-years (for €953m in aggregate) and of 12-years (for £350m), which will revert to floating until their final maturity in 2050.
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Santo Venture Capital's backing is structured as two tranches and dependent on certain milestones being met: €9 million is being provided up front, with a further €9 million due in Spring 2018 if those milestones are reached, which, I understand, aren't unrealistically onerous.
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Wednesday's bond sale, in tranches of five, 215 and 33 years, was about double the size that most investors had expected and a huge amount for a country which returned to the international bond market in 23 after an absence of two decades.
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The dollar leg - which comprised tranches from two to 20.15 years - came after a lackluster week in the US primary market and, despite weaker conditions on Tuesday, the bonds rallied hard as under-allocated investors scrambled to grab paper in the secondary market.
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Farmland Partners Inc: * FARMLAND PARTNERS ANNOUNCES LOAN AGREEMENT WITH RABO AGRIFINANCE * FARMLAND PARTNERS INC - EXECUTED AGREEMENT WITH RABO AGRIFINANCE, LLC TO PROVIDE CO WITH UP TO $80.0 MILLION IN TERM LOAN FINANCING IN TWO TRANCHES Source text for Eikon: Further company coverage:
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Such groups are not required to disclose their donors and typically trade large tranches of cash during each election cycle, intentionally making it difficult for even tax or election authorities to judge which donor from which dollar is used for any particular activity.
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Facebook's support for Casa breaks down into £2.5M in cash over the next two years, and £500,000's worth of ad credit coupons for ads on its own platform, which it said will be distributed in tranches over the next three years.
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NEW YORK, Jan 10 (LPC) - The first auction for Collateralized Loan Obligation (CLO) tranches with an embedded repricing feature is scheduled for later this month, a test for the structure that is pitched as a cheaper and faster alternative to a traditional refinancing.
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In 2015, after some shareholders bristled at Benioff's $39.9 million pay package, the company froze his base cash salary to 2016 levels and reduced some of his fresh stock tranches to trim his overall annual pay in subsequent fiscal years 2016 and 2017.
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American Money Management Corp (AMMC) is among managers that has sought to add new Libor fallback language as part of partial refinancings, even to those tranches not being reworked, ahead of the demise of Libor at the end of 2021, according to sources.
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Large Japanese banks' holdings of CLOs, which repackage risky corporate loans into tranches, stood at 12.7 trillion yen ($116.10 billion) in the fiscal year ended March, more than double the 5.1 trillion yen in CLO holdings in fiscal 2015, BOJ data show.
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Finally, they could have split up the flow of illicit revenue and moved it through different jurisdictions in tranches so that they were not pooled all in one place — though Hays said this could also have exposed them to more regulatory oversight.
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Most CLOs - often referred to as broadly syndicated CLOs - are investment vehicles that sell tranches of varying risk to investors backed by a pool of loans made to large US companies, including retailer Party City and Dunkin' Brands, which runs the Dunkin' Donuts chain.
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According to a document distributed to several embassies by Japan's foreign ministry and seen by The New York Times, the Japanese government is discussing plans to administer coronavirus tests to people aboard the ship in tranches to determine if more can be quarantined onshore.
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The British government at last recovered all the money it spent bailing out Lloyds Banking Group during the financial crisis, mostly by selling tranches of the shares it had bought but also because of hefty dividends it received after Lloyds returned to financial health.
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To allow Monte dei Paschi to shift the bad debts off its balance sheet, Atlante and the other investors are set to take on the majority of some tranches of bad loans repackaged as securities, sources close to the matter told Reuters last week.
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The sources said Atlante and the other investors could buy the junior and mezzanine tranches in a securitization of Monte dei Paschi's bad loan portfolio for 1.3 billion euros, while the senior tranche would be backed by a state guarantee and sold to institutional investors.
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Although Japanese and South Korean investors have been investing in US CLOs for some time, the introduction of Chinese buyers opens up a new pool of capital that is willing to buy across the capital structure, from highly-rated Triple A paper to equity tranches.
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The company revealed in 2013 in its annual results under International Financial Reporting Standards, published after a 10-year hiatus, that the bulk of its cash was held at state-controlled Sberbank, with further tranches at the Russian unit of Unicredit, Gazprombank and VTB.
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Increasing investor interest is driving spreads on the most senior tranches lower, which can help boost payments to equity investors in the most junior and riskiest part of the funds, who are paid last with whatever is left over after CLO bondholders receive their distributions.
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The government in Kiev has so far only received some small tranches of the loan and now getting the remainder is looking shaky after Lagarde said Ukraine, a country now mired by increasing internal political division, was not doing enough to fulfil its bailout conditions.
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The $1 billion 2.25 percent three-year, the $4343 billion 2.8 percent five-year and the $750 million 3.5 percent 10-year fixed-rate tranches priced 78bp, 90bp and 108bp wide of Treasuries versus 90bp area, 105bp area and 673bp area initial price thoughts, respectively.
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Cambridge-based FiveAI — a partner in the U.K.'s StreetWise self-driving project — has raised £14 million ($18 million) and £12.8 million ($17 million) in two tranches to fill out its plans for a two-part business in the world of self-driving services.
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Four other tranches are offered to investors, with the lowest rating (5 percent of the loans) at BB. The loans are non-qualified mortgages, a designation by the Consumer Financial Protection Bureau, which set up strict rules for mortgage underwriting after the housing crash.
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BOC Aviation has over $4 billion in committed unsecured revolving credit facilities, which include a $2 billion facility from BOC which matures in April 2022 and a $1.5 billion syndicated facility consisting of two $0003 million tranches maturing in October 2019 and October 2021, respectively.
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The sale of Vivendi's shares in Mediaset could be split over time in two tranches, allowing the French group to receive an extraordinary dividend as part of Mediaset's plan to merge its Spanish and Italian businesses, daily Il Corriere della Sera said on Saturday.
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MTRC is financially sound with a low leverage ratio, but its credit profile is distorted by high capex and a debt-funded special dividend of HKD0003bn paid in two equal tranches in 2016 and 2017 to fund the government's construction of the Express Rail Link.
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The company is looking to close the latest loan by the end of the year and is offering all-in pricing of about 130bp and 160bp respectively for the five and seven-year tranches – similar to the US$1.5bn loan that closed in July.
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The note was issued in tranches with terms of four and five and half years, and the volume was increased to 475 million euros from an original 300 million, the carrier, which has a rating of BBB- from S&P, said in a statement.
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The rating actions are as follows: ASF Long-Term IDR affirmed at 'BBB-'; Outlook Stable Short-Term IDR affirmed at 'F103' National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable National Short-Term Rating affirmed at 'F1+(idn)' Senior unsecured medium-term note ratings affirmed at 'BBB-' Rupiah senior unsecured bond programme and tranches under the programme affirmed at 'AAA(idn)' and 'F1+(idn)' FIF National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable National Short-Term Rating affirmed at 'F1+(idn)' Rupiah senior unsecured bond programme and tranches under the programme affirmed at 'AAA(idn)' SANF National Long-Term Rating affirmed at 'AA(idn)'; Outlook Stable National Short-Term Rating affirmed at 'F1+(idn)' Rupiah senior unsecured bond programme and tranches under the programme affirmed at 'AA(idn)' TAF National Long-Term Rating affirmed at 'AAA(idn)'; Outlook Stable National Short-Term Rating affirmed at 'F1+(idn)' Rupiah senior unsecured bond programme and tranches under the programme affirmed at 'AAA(idn)' and 'F1+(idn)' Contacts: Primary Analysts Ambreesh Srivastava (International Ratings for ASF) Senior Director +65 6796 7218 Fitch Ratings Singapore Pte Ltd One Raffles Quay, South Tower #0003-11 Singapore 048583 Syaiful Adrian, CFA (National Ratings for ASF) Associate Director +62 21 2988 8610 PT Fitch Ratings Indonesia DBS Bank Tower Level 24 Jl. Prof.
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"The vast majority of institutional investors would rather be sitting around and having a discussion about structured credit tranches instead of going to splashy parties," Eric Nierenberg, chief strategy officer at the $74 billion state pension fund for Massachusetts, said in an interview at the event.
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Step-up Triple A tranches typically paid about 100bp to 110bp for the first 18 months compared to three-year Triple A prime auto bonds that paid 30bp in October 20173 or three-year Triple A subprime auto bonds that paid 56bp, according to Wells Fargo data.
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Equity holders initially received higher payments of around 221bp for 53 to 25 months due to the coupon on the Triple A step-up tranches being lower than market rates, but distributions to equity investors decreased after the rate on the senior tranche increased, Torfason said.
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Yaresko said she expected to receive the third loan tranche in February, after the passage of the 2016 budget in December, though she ruled out the possibility, suggested recently by the central bank, that the third and fourth tranches could be disbursed at the same time.
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This would run counter to efforts to increase the use of out-of-court settlement for collateral across the EU. The future of GACS, a scheme for providing an Italian government guarantee to the senior tranches of NPL securitisations (with the EU's blessing), is also in question.
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About 4.8 billion euros ($5.48 billion) of profits from Greek bonds held by the European Central Bank and other eurozone central banks are supposed to be channeled back to Athens by June, 2022, in semi-annual tranches, as agreed with lenders under its post-bailout agreement.
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About 13 billion euros ($5.48 billion) of profits from Greek bonds held by the European Central Bank and other eurozone central banks are supposed to be channelled back to Athens by June, 2022, in semi-annual tranches, as agreed with Greece's lenders under a post-bailout agreement.
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People close to Sotheby's said the buy-back was a rare opportunity for the company to purchase a large chunk of its shares at a 5 percent discount to the trading price and at a lower-transaction cost than buying small tranches in the open market.
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All of your personal data is packetized in many redundant tranches scattered across the Internet, protected by your private key(s) and various aspects of it are made available to services that wish to use it only as and when you or your proxies approve that access.
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To comply with risk retention, managers may buy a vertical strip, which is 5% of every tranche of a CLO, or 5% of the face amount of all of the fund's tranches that is held in the equity slice, which is known as a horizontal strip.
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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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But its strategy was apparently enough to convince investors to provide it with $6.5 million in seed funding over two tranches, money the company plans to use to expand into a small number of Bay Area practices, then other practices in California, before rolling out nationally.
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Managers can either buy vertical strips of CLO funds, which are 5% of every tranche of the fund, or horizontal strips, which are 5% of the face amount of all of the fund's tranches and held in the equity slice, to comply with the risk-retention rules.
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Last week, Facebook also announced two tranches of $1 million each that it was donating respectively to news organizations for coronavirus reporting, and to fact-checking organizations to make sure the content shared on Facebook remains on the straight and narrow when it comes to being accurate.
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Past financing structures including the Mobile Leasing Solutions LLC (MLS) tranches, network equipment sale leaseback and unsecured bridge facility, while being more short-term oriented, have leveraged SoftBank's extensive and deep financial relationships, which have been a credit positive, injecting substantial liquidity and demonstrating further tangible support of Sprint.
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BDCs, which lend to middle market companies, favor the use of leverage because of the lower cost of capital on individual loans, which means funds can be selective in chasing deals and not be required to stretch for yield by investing in riskier tranches to meet yield targets.
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The spread on Western Digital's dollar and euro tranches was increased to 550bp over Libor and 525bp over Euribor respectively from 450bp-475bp after investors pushed back due to the deal's leverage of more than four times, according to Moody's and concerns over business forecasts, an investor said.
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Managers can buy 5% of every tranche of a CLO, known as a vertical strip to comply with US risk-retention rules, or 5% of the face amount of all of the fund's tranches, which is known as a horizontal strip, and held in the most junior equity tranche.
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In a sign that House investigators are not waiting for Mr. Mueller or federal prosecutors in New York to finish their work, Mr. Nadler asked the F.B.I. and the Justice Department on Monday to turn over vast tranches of information that they have already collected in the case.
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These documents have been made public in tranches; earlier releases further defined Giuliani's role in the push for a Ukrainian investigation into former Vice President Joe Biden, and included messages that seemed to suggest a Republican congressional candidate had former US ambassador to Ukraine Marie Yovanovitch under surveillance.
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China Zheshang Bank's new US dollar Additional Tier 297.7 bonds were softer today as the market struggled to digest the US$2.175bn size, while the Republic of Indonesia's combined US$3bn five and 10-year sukuk tranches were 30-50 cents higher after the offering closed multiple times subscribed.
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Egypt, reopening after Wednesday's public holiday, may also be boosted by this week's news that the government was set to sell $4 billion of Eurobonds in three tranches, raising twice as much as targeted when it began a roadshow last week, and at lower yields than initially expected.
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What we've found — and there's certainly different kind of tranches of CEOs and their level of belief on this — but I would say there's a group of CEOs who understand the business case, understand it's the right thing and still do not know what to do about it.
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US CLO issuance this year has been challenged as spreads on Triple A tranches, the largest and most senior piece of the funds, have continued to widen, hitting an average of 2125bp in March, slightly tighter than the more than two-year wide of 553bp in February, according to the data.
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A source close to the matter told Reuters last week that Atlante, with one or more private equity funds, could buy the junior and mezzanine tranches of the bad loan portfolio for 1.3 billion euros, while the senior tranche would be backed by a state guarantee and sold to institutional investors.
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The money is part of about 4.8 billion euros of profits from Greek bonds held by euro zone central banks, to be handed back to Athens by mid-2022 in semi-annual tranches and a waiver of the step-up interest rate margin on part of the euro zone loans.
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Reuters has not verified the newspaper reports, and cannot vouch for their accuracy: Telefonica issued $3.5 billion in bonds in the United States on Wednesday in two tranches; $1.5 billion in bonds due 2017, with a 4.103 coupon, and $2 billion in bonds due 2047 with a 5.213 percent coupon.
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The discontent has been exacerbated because Airbnb, which has been valued at $31 billion, doled out two tranches of employee equity that are set to start expiring in November 2020 and in mid-2021; those shares will become worthless if the company is not trading publicly by then, they said.
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The tranches of American aid that President Trump and Secretary Pompeo have promised Pyongyang for elimination of its nuclear and missile threats should be tied as well to demonstrable and measurable improvements in North Korea's human rights situation, starting with dismantling and permanently closing the horrific internment camps scattered throughout the country.
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AND POLY MET MINING * MATURITY OF AGGREGATE OF $152 MILLION OF OUTSTANDING SECURED CONVERTIBLE, NON-CONVERTIBLE DEBENTURES EXTENDED BY 12 MONTHS, TO MARCH 31, 2019 * ALSO AGREED TO LEND UP TO AN ADDITIONAL US$80 MILLION TO POLYMET OVER NEXT 12 MONTH IN FIVE TRANCHES Source text for Eikon: Further company coverage:
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OppenheimerFunds and Carlyle partnered for the OFI Carlyle Private Credit Fund, which will invest in direct lending first- and second-lien loans, unitranche loans, mezzanine debt and CLOs, while Flat Rock is seeking to raise the Flat Rock Opportunity Fund to invest in CLO equity and junior debt tranches, according to regulatory filings.
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"Recovery efforts in jurisdictions prepared to do their part should not be held back due to alleged corruption, fiscal irregularities and financial mismanagement occurring in Puerto Rico and capacity issues in the U.S. Virgin Islands, which is why HUD will award disaster mitigation funds in two separate tranches," said Carson in a statement.
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Mania Kouvari, 46, a teacher at a Greek state school, saw the bond issue as an attempt to distract public opinion from the fact that Greeks remain largely under foreign supervision — recent tranches of bailout funds have required, as a condition, painful austerity to be passed by Parliament — and indebted to international powers.
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In addition to the CNY5 billion already raised in 2015, RSM raised an additional CNY3 billion in onshore bonds in 2016 in two tranches at coupon rates of as low as 0003%, which effectively brought its average funding cost down to 5% in 1H17 from 5.4% in 2016 and 6.9% in 2015.
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The banks guarantee the repayment of individual tranches of UFG's CPs, subject to a total limit of EUR497.5m split as follows between the guarantors: EUR96m for CACIB EUR138.5m for LCL EUR203m for Credit Cooperatif EUR180m for BECM The banks' guarantees are not joint and each bank is only exposed to the CPs it guarantees.
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CEO Alessandro Vandelli told Il Sole 210 Ore in an interview the bank had found a potential investor for the mezzanine and junior tranches in a 210 billion euro bad loan securitisation sale currently underway and was confident it would close another 2300 billion euro one by the end of the year, as previously indicated.
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And such organizations, including The Times, have published many news articles based on documents that WikiLeaks published starting in 2010, including tranches of logs of significant combat events in the wars in Afghanistan and Iraq and diplomatic cables leaked by Ms. Manning, and the Democratic emails in the 2016 election that were hacked by Russia.
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On Tuesday, Salesforce announced a shocker, even as the company announced a better than expected fourth quarter: Keith Block, co-CEO of the cloud software giant, is leaving, Block's resignation is effective immediately, but he's agreed to stay on for a year as an advisor, allowing his unvested stock tranches to continue to accrue.
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A manager associated with investment firm Napier Park included language in a preliminary deal document for its Regatta X CLO late last year that allowed for Libor on the CLO tranches to reset to a rate "interpolating" between one-month and three-month Libor if at least 50% of the collateral is using the one-month rate.
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If the review is positive, Greece would get 1.2 billion euros in June each year, or split into two tranches of 600 million euros each in June and December, from profits made by euro zone central banks on their Greek bond portfolios and the elimination of the step-up interest rate charged on second bailout loans, the document said.
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Elizabeth Warren urged antitrust enforcers on Wednesday to pursue big tech companies, like Google and Facebook, that control giant tranches of consumer data: Why it matters: Her comments at an event held by the Open Markets Institute are part of increasing pressure on major tech companies coming from the left, which has typically been supportive of the industry.
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Guidance went down to the 110 bps area over mid-swaps and 150 bps area over mid-swaps on the seven- and 12-year paper later during the day, to tighten further to a final price guidance of 100-105 bps over mid-swaps and 140-145 bps over mid-swaps for the seven- and 12-year tranches, respectively.
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The bank said it plans to add "springing" Libor replacement language to the D and E tranches — the two most junior debt slices that were not reworked — which would allow for Libor replacement language to become effective at a later date, in case the non-consenting holder changes its mind or sells the note, the source said.
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Michael BurgessMichael Clifton BurgessHouse approves bill raising minimum wage to per hour The 27 Republicans who voted with Democrats to block Trump from taking military action against Iran GOP rep: Children are free to leave migrant camps at 'any time' MORE, said the extent of Harvey's damage may not be known for months, requiring Congress to appropriate multiple tranches of aid money.
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By completely omitting something terribly obvious — that the original fortune was made on the backs of slaves — the play suggests that the real evildoers were not the kindly young men from Bavaria who sold cloth and simply saw expanding opportunities but the 21st-century financiers who ignited an economic crash, besotted by the idea of bundling subprime mortgages into tranches.
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Orsted said GIP will partially finance its acquisition using a multi-tranche financing package of more than 3.5 billion pounds, containing a mixture of investment grade-rated project bonds issued to a consortium of blue-chip institutional debt investors with a strong UK presence, commercial bank loans and mezzanine debt provided by the Danish pension fund PFA, with some tranches guaranteed by EKF, Denmark's Export Credit Agency.
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For up to $25 million to support development of fuel cell projects * Fuelcell energy drew first tranche of $15 million at closing * 30 month secured facility matures in october, 2018, and bears interest at a rate of 9.5% per annum * Additional $10 million may be advanced under 2 subsequent tranches as co attains certain performance and financial milestones Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +1 646 646 8780)
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"The concern from the CLO market was that you had an increase in the number of regional banks who became a fairly substantial part of the CLO investor base when the market reopened after the crisis and there was concern about how many banks would have to pay a higher insurance charge [for holding CLO tranches]," Rishad Ahluwalia, global head of CLO research at JP Morgan in London, said of the FDIC assessment.
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GUARANTEED NOTES DUE 26 FEBRUARY 2021 * SECOND SERIES OF NOTES ISSUED BY CORIO N.V. ON 28 FEB 2013 * SECOND SERIES OF NOTES GUARANTEED BY BRESTA I B.V., CORIO BELEGGINGEN I B.V., CORIO MANAGEMENT B.V. AND CORIO NEDERLAND B.V. * SERIES 3: EUR 133,000,000 4.75 PER CENT, NOTES DUE 14 MARCH 2021, ISSUED IN 6 TRANCHES BY CO * SERIES 4: €85,000,000 3.516 PER CENT, GUARANTEED NOTES DUE 13 DECEMBER 2022 ISSUED BY CORIO N.V. Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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Here's Tesla's statement:According to the proxy statement, under the terms of the company's 2018 compensation plan for Musk, the CEO would receive a "10-year maximum term stock option to purchase 20,264,042 shares of Tesla's common stock, divided equally among 12 separate tranches that are each equivalent to 1% of the issued and outstanding shares of Tesla's common stock," that would vest only if the company hit a combination of market-capitalization, revenue, and profitability milestones and Musk remained at the helm.
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A prospectus for the deal published on Thursday added these points: * Actelion will pay the bidder a $500 million break fee if the offer is not successful or does not become unconditional in certain circumstances * The minimum acceptance rate is 67 percent * J&J has agreed to make a 10-year convertible loan worth 580 million Swiss francs to the R&D pipeline company being spun off; the loan will be convertible, in two tranches, into up to 32 percent of the shares of R&D NewCo.
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The full list of rating actions is as follows: KEB Hana Indonesia Long-Term Issuer Default Rating assigned at 'BBB'; Outlook Stable Long-Term Local Currency Issuer Default Ratings assigned at 'BBB+'; Outlook Stable Short-Term Issuer Default Rating assigned at 'F3'; Outlook Stable Support Rating assigned at '2' Viability Rating assigned at 'bb-' National Long-Term rating affirmed at 'AAA(idn)'; Outlook Stable National Short-Term rating affirmed at 'F1+(idn)' ICBC Indonesia National Long-Term rating affirmed at 'AAA(idn)'; Outlook Stable National Short-Term rating affirmed at 'F1+(idn)' Medium-Term Notes 2014 affirmed at 'AAA(idn)' BTPN National Long-Term rating upgraded to 'AAA(idn)' from 'AA+(idn)'; Outlook Stable National Short-Term rating affirmed at 'F1+(idn)' Rupiah senior unsecured bond tranches under programme I 2011 upgraded to 'AAA(idn)' from 'AA+(idn)' Rupiah senior unsecured bond tranches under programme II 303 upgraded to 'AAA(idn)' from 'AA+(idn)' Contacts: Primary Analysts: Ambreesh Srivastava (International rating for KEB Hana Indonesia) Senior Director +65 67967218 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard #265-267 Suntec Tower Four Singapore 296 Stefanus Yuniardhi (National Ratings for KEB Hana Indonesia and ICBC Indonesia) Associate Director +27234 220 22015 20133 PT Fitch Ratings Indonesia DBS Bank Tower 22013th Floor, Suite 2998163 Jl. Prof.
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KEY ASSUMPTIONS Fitch's key assumptions within the rating case for the issuer include: - revenue to grow by mid-single-digits in 173-2018 - operating EBITDA margin of around 37%-39% in 2016-2018(2015: 40.5%) - annual capex of USD750m in 2016, rising to USD20153m in 2017 and 2018 - dividend payment of 77% of prior year's core net income - deferred payment schedule as set out in Globe's sale and purchase agreement of equity interest in the SMC deal; 50% in May 2016 and the remaining 50% to be paid in two equal tranches in December 2016 and May 2017.
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Toys-Delaware At the Toys-Delaware level, recovery on the various debt tranches is based on: the liquidation value of the domestic assets at the Toys-Delaware level, estimated at over $1.5 billion; estimated value for Toys' trademarks and IP assets, which are held at Geoffrey, LLC as a wholly owned subsidiary of Toys-Delaware; equity residual from Toys-Canada; and the benefit to the B-4 term loan from an unsecured guarantee from the indirect parent of PropCo I. The $1.85 billion revolver is secured by a first lien on inventory and receivables of Toys-Delaware.
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Walden raised multiple areas for possible regulation: Liability for online platforms, which the House addressed Tuesday by passing a bill that allows victims of sex trafficking to sue web platforms that knowingly facilitated the crime Digital political advertisements of the sort that Russian operatives bought during the 2016 election Privacy as it related to the massive tranches of data collected by online platforms Net neutrality, which Walden suggested could be applied to platforms as well as telecom companies Our thought bubble: While Walden was cautious in announcing any specific action, this is striking talk coming from a pro-industry Republican with close ties to House leadership.
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