Home » Posts tagged "上海夜网Ep"

Credit markets: The importance of agility

first_imgAgility should be the watchword in the new bond environment, according to Hermes Credit’s Mitch Reznick and Fraser LundieThere have been gradual but profound structural changes to the credit markets since the financial crisis. It is imperative credit managers recognise the world has changed and find ways to manage the new and rising risks.Although there is less systemic default risk and lower volatility within credit markets, the structural changes have opened up new risks to performance: liquidity, evolving bond structure, duration and idiosyncratic risks. To better manage these risks brought on by this structural change and to deliver outperformance, managers will need flexibility and to lean more heavily on a broader set of fixed income skills.The problem is that many credit fund managers must manage their funds according to narrow mandates and therefore lack the ability to access the pockets of relative value that emerge on a global basis, that more flexible investment mandates permit. Agility should be the watchword in the new bond environment. One of the risks in today’s low-volatility, rising-rate-concerned market is the crowded trade at the front of the credit curve, where one finds short duration and shortening maturity. Predicated on these rate rise fears, investors have heavily allocated to short-duration credit, allowing the pendulum to swing in the issuers’ favour.In the high-yield market, this ‘demand pull’ to feed these mandates has led to a surge in issuance of shorter-maturity, short-call bonds. Many of these have come from smaller companies that were once the province of the loan-market, but, because of bank deleveraging and demand, they have refinanced loans in the bond market.However, with more securities subject to shorter non-call periods, achieving long-term, equity-like returns with less volatility is more difficult. In addition, whatever idiosyncratic risks may exist in these names could be magnified given the paucity of trading liquidity compared with pre-crisis levels. Unexpected bad news could really catch some investors out. Managers must be more vigilant than ever of credit risks and deal structure.As for the risk of rising rates, making use of a broader set of debt instruments can mitigate these risks. For example, by hedging or using CDS, one can effectively manage for rising rates without having to enter what are potentially risky positions. Finally, because the dearth of liquidity will magnify any sell-off, we have managed the compression in the spreads between low and high-quality names by shifting to better credit quality, as one is not adequately compensated for the additional credit and liquidity risks. An effective way to compensate for not trading down in credit risk for yield is to manage on a global basis and look to emerging markets for opportunities.We have found that one can find spread-equivalent securities in higher-quality global emerging market names. These tend to be globally diversified, high-quality, double-BB, large-cap names, with revenue in US dollars. In the first part of the year, this has worked out very well. We have bought in India, Brazil and Russia – but the common defining characteristic is the robustness and global nature of the individual companies. We still see relative value here. There is, of course, some inherent emerging market risk, but this is compensated by the high quality of the companies to which we are gaining exposure. Cocos have been receiving much interest of late. And, while we appreciate their merits, their inherent structure raises some concerns for us, and we are not convinced many of these securities are priced appropriately. For the moment, we prefer more credit-friendly legacy capital securities, and US preference shares are an alternative.For US banks, preference shares perform a similar role to cocos and are favoured by the Federal Reserve as a means of building capital buffers. The securities are typically callable after 10 years, have non-cumulative coupons, and are issued out of the holding companies overseeing banking groups. As relative-value investors, we compared the dollar Wells Fargo 5.85% perpetual preference share, which is callable in 2023, with the BBVA 9% dollar perpetual coco, callable in 2018.The securities displayed similar valuations, but the Wells Fargo preference share has more bondholder-friendly terms. It offers less capital appreciation, but is less volatile and generates a higher Sharpe Ratio in both price and yield terms and should therefore deliver a better risk-adjusted return.Mitch Reznick and Fraser Lundie are co-heads of Hermes Creditlast_img read more

Continue reading »

LTO to let vans-for-hire service BPO workers

first_imgMass public transport had been suspended inthis city after authorities imposed an enhanced community quarantine until endof April 30 to slowdown the spread of coronavirus disease 2019. On Wednesday, some LTO personnel came underfire after they reportedly apprehended and took the licenses of the drivers ofvans hired by Business Process Outsourcing (BPO) companies to servicetheir employees. “We will give the operators of thesevans-for-hire until Friday to secure necessary permit from the LandTransportation and Franchising Regulatory Board,” he added. BACOLOD City – The Land Transportation Office (LTO) in Western Visayas has temporarily allowed the operation of vans-for-hire being contracted by call center firms here for their employees. The LTO didn’t only apprehend one but severalvans, with some apprehensions reportedly having taken place at night. “LTO, HPG (Highway Patrol Group) paano nag colorum ang mga van kay gin-rent na sang BPO companies andtheydo not cater to the general public. Palaktonnyo ang BPO employees? Explain nyo nasa office ko,” Familiaran lashedon his Facebook post. For his part, Sacramento said they willtemporarily suspend the apprehension of hired service vehicles. The passengers of the vans, who were callcenter agents were then compelled to walk home. LTO 6 Operations chief Atty. Allan Sacramentogave the assurance after an online meeting with Vice Mayor El Cid Familiaran. As of Wednesday, according to the City HeathOffice, Bacolod has seven COVID-19 patients, six of whom are now considered“clinically recovered” and another one died./PN Familiaran bared that this operation was notproperly coordinated with the city government.last_img read more

Continue reading »

Update on the latest in sports:

first_imgAlex Meruelo purchased a 95% stake in the team less than a year ago and signed general manager John Chayka to a long-term contract extension early in the 2019-20 season.The Coyotes were still in contention for a Western Conference playoff spot when the NHL season was put on hold due to the coronavirus pandemic.Cohen practiced as a corporate attorney in Phoenix before joining the Coyotes.PURDUE-EASSTERN TRANSFEPurdue’s top defender to enter basketball transfer portal —Arizona Gov. Doug Ducey has opened the door for professional sports to return to the state. Ducey said on Tuesday that professional sports, including MLB, NBA, NHL and NFL can resume without fans on Saturday. The state is slowly starting to reopen during the ongoing coronavirus pandemic.—As Pac-12 football coaches pitched an NCAA-mandated uniform start to the season, some of the latest plans to fight the coronavirus in California further muddled how college teams will return to play in the West. Washington coach Jimmy Lake said Tuesday in a video conference with reporters that he would prefer for all major college teams to begin six weeks of preparation for the season at the same time.— The club that hosts the Wimbledon tennis tournament says it has made donations worth about $1.5 million to emergency services and charities amid the coronavirus pandemic. The All England Club says it has also made contributions to a relief program to support players whose income is particularly affected by the virus outbreak. This year’s grass-court Grand Slam event was canceled on April 1. It is the first time Wimbledon has been shelved since World War II.— The NCAA has canceled both sessions of the NCAA Basketball Academy in July because of the COVID-19 pandemic. The sessions were scheduled for July 20-26 at Utah, Winthrop, Wichita State and Connecticut. Up to 1,600 players from the high school graduating classes between 2021 and 2023 were to be selected to the academy, with up to 400 assigned to each region during the two sessions.— USA Gymnastics will not hold any top-tier events the rest of this year. The organization announced Tuesday it is scrapping the U.S. Classic and the national championships because of the COVID-19 pandemic. The organization had initially hoped to reschedule the events for later in 2020 after Tokyo Olympics were pushed back to the summer of 2021. Mariners say some on staff taking 20% pay cutsSEATTLE (AP) — The Seattle Mariners have informed its personnel working under uniform employee contracts that certain employees will have a five-month reduction in pay, but there will be no furloughs or layoffs through Oct. 31.The pay reductions of at least 20% are for staff making $60,000 or more. The UEC covers employees on the major league coaching staff, coaches and coordinators in the minor league system, scouts and performance coaches. Those with larger salaries are expected to take a cut more significant than 20%. UEC employees will receive full benefits through October.Approximately half of its employees working under a UEC will not have any reduction in pay. The team had previously told employees working under the UEC that they would receive full pay through May 31.In other virus outbreak-sports news: TEMPE, Ariz. (AP) — The Arizona Cardinals have re-signed cornerback Kevin Peterson to a one-year contract.The 26-year-old Peterson played in 14 games last season and started three.He was pushed into a bigger role because of Patrick Peterson’s six-game suspension and Robert Alford’s season-ending injury. He had 16 tackles, two passes defended and six special teams tackles after joining the team off waivers from the Rams in September.In other NFL news:—Offensive lineman Danny Pinter has become the first of Indianapolis’ nine draft picks to sign his rookie contract. The 6-foot-4, 306-pound Ball State alum was selected in the fifth round last month, No. 149 overall. Pinter played high school and college football in Indiana and now will have a chance to play in the NFL with his home-state team. Pinter signed a four-year deal worth roughly $3.6 million.  WEST LAFAYETTE, Ind. (AP) — First, Nojel Eastern entered his name in the NBA draft. Now the rising senior has put his name into the NCAA’s transfer portal.Either way, it sounds as if the Purdue guard could become the second veteran in a month to leave the Boilermakers program after coach Matt Painter made the announcement Tuesday. Center Matt Haarms announced in April that he would play his final season at Brigham Young.As a junior, Eastern averaged 4.9 points, 4.0 rebounds and 2.7 assists while shooting just 42.0% from the field and 48.5% from the free-throw line. He will have one year of eligibility remaining.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 May 12, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-BASEBALLAP source: No MLB economic plan in 1st session with playersNEW YORK (AP) — As Major League Baseball made an opening presentation to the players’ union Tuesday on terms to start the coronavirus-delayed season.center_img — On the day they were supposed to hold a parade to mark their 2019 WNBA championship, the Washington Mystics have revealed plans for what the team is billing as a “virtual celebration.” The Mystics originally planned to take to the streets of the nation’s capital on Tuesday, but that was scrapped because of the coronavirus pandemic.— The Diamond League event in London is the latest track meet to be canceled because of the coronavirus pandemic. The meet had been scheduled for July 4-5 at the Olympic Stadium. British Athletics says “the decision has been made in light of the ongoing global pandemic.”—London Mayor Sadiq Khan says he believes it is too early for the Premier League to be planning a resumption of the season amid the coronavirus pandemic. Premier League clubs Arsenal, Chelsea, Crystal Palace, Tottenham and West Ham all play in the capital. The mayor’s office says the league should resume only “when it is safe to do so.”— Swedish soccer players will not be required to take a test for COVID-19 before practice sessions or matches. Players will instead have to fill in a self-assessment form each morning before arriving at training or a match. The club doctor will then assess whether the player is healthy enough to take part. Players must stay at home if they have any symptoms.NFL-CARDINALS-PETERSON Update on the latest in sports: A person familiar with the discussion told The Associated Press that MLB did not make an economic proposal during its opening presentation. The meeting lasted between three and four hours. An agreement with the players’ association is needed to play ball.Baseball owners gave their go-ahead to their proposal on Monday, a plan that could lead to the coronavirus-delayed season starting around the Fourth of July weekend in ballparks without fans.Players agreed March 26 to a deal in which they would be paid a prorated share of salaries based on the portion of the 162-game schedule that is played. As part of the deal, if no games are played they would receive service time for 2020 matching what they earned last year. Players are more interested in medical protocols and testing designed to protect them from and detect the new coronavirus.Illinois Gov. J.B. Pritzker criticized major leaguers for not being willing to cut pay further. A member of the family that controls Hyatt hotels, Pritzker’s net worth has been estimated by Forbes at $3.4 billion.MLB-VIRUS OUTBREAK-MARINERS Associated Press NHL-COYOTES-COHEN OUTAP Source: Coyotes president Cohen no longer with teamGLENDALE, Ariz. (AP) — Arizona Coyotes president and CEO Ahron Cohen is no longer with the organization, a person familiar with the move told The Associated Press.The person spoke Tuesday on condition of anonymity because no formal announcement has been made. No other details were provided.Cohen has been with the Coyotes since being hired in 2015 as chief operating officer and chief legal officer by previous owner Andrew Barroway. Cohen was named president and CEO in 2017 after Steve Patterson stepped back to serve as a consultant and adviser after a year on the job.last_img read more

Continue reading »

Adrian Lee Hayden, 89, Wellington: May 2, 1925 – Tuesday, Sept. 2, 2014

first_imgAdrian Lee Hayden, 89, of Wellington, died Tuesday, September 2, 2014 at Sumner Regional Medical Center.Funeral Services will be at 2:30 p.m., Monday, September 8, 2014 at the Shelley Family Funeral home in Wellington. Visitation will be Sunday from 1 p.m. until 5 p.m. at the Shelley Family Funeral Home. No family night is scheduled.  A memorial has been established with the First Freewill Baptist Church and may be left with the Shelley Family Funeral Home of Wellington. For further information please visit www.shelleyfamilyfh.com.Adrian Lee Hayden was born on May 2, 1925 the son of William and Hattie Hayden in Moline, KS.After school he served his country in the United States Army during World War II in the Infantry in Italy. After the war he attended college in Pittsburg, Kans. On November 10, 1943 he was united in marriage with Betty Fildes in Howard, Kansas. The couple lived in Oxford for a time where Lee worked as a painter for Boeing, Cessna and later Plessey Midwest before retiring in Wellington.Survivors include his loving wife of over 70 years, Betty Hayden of Wellington; son, Adrian Hayden and wife Susan of Jacksonville, AL; daughters: Rosa Hayden and Tammy Terrel and husband Michael both of Wellington.He was preceded in death by his parents, three brothers and four sisters.last_img read more

Continue reading »