Hints and tips:
...Alternative binders such as high-quality fly ash and ground granulated blast-furnace slag (GGBS) are becoming increasingly available (both of which emit less CO₂ than cement) but the supply of these alternatives...
...Remember Temasek owns a 16% stake and has been pushing mgmt for a turnaround which has never really materialised as yet....
...Tiffany & Co sterling-silver Elsa Peretti Bone cuff, £1,325 Schiaparelli wool coat with brass and enamel details, £6,550, leather and brass shoes, £600, and brass Mouth brooch, £475....
...the maintenance co-primary endpoint....
...Mgmt has secured a Jun-21 covenant relaxation (having already negotiated relaxations for the Jun-20 and Dec-20 testing periods)....
...On the subject of oil, here’s an interesting question from Cowen & Co. The answer’s no. The M&A screen also says no....
...Valuation: Lift DCF-based PT to £1 from £0.44 We up our PT to £1 on EPS upgrades (higher instructions, better cost mgmt.)....
...The upshot of the latest development is that Pavel Maslovskiy, co-founder, has been shunted for the umpteenth time and in comes Maksim Meshcheriakov -- a man with a pre-Pog web presence so discreet Google...
...He is replaced by Nicolas Namias of BPCE, the co-operative bank that’s Natixis’s majority shareholder....
...Co-produced by Dave Fridmann, modern psych-rock specialist, the songs try to balance far-out effects and dynamic rhythms....
...The restructured debt is governed under English law and co-financed alongside payment of Greece’s EFSF loans....
...This time Horowitz has gone to meet Matt Zames, JPMorgan’s new co-chief operating officer and operating committee member....
...The sight of the 126-metre Octopus belonging to Microsoft’s co-founder Paul Allen, and the 74-metre Ilona owned by the Westfield Group chairman Frank Lowy nestling among the City’s tower blocks at West India...
...Positives in the Quarter 1) Basel 3 T1C 7.7%, 2) revenues +6% y/y, -11% q/q, 3) bought back $4.4 bn in stock, 4) card sale volume +10% y/y, +2% q/q, 5) asset mgmt LT inflows of $2 bn, 6) 9% y/y, 5% q/q loan...
...coupon as EFSF loans… ), we would have a first GGB+ auction, resulting in a type of Brady bond, partly collateralized by privatisation assets....
...- The targeted participation bond pool amounts to €206bn in GGBs. €40bn of them is held by Greek banks and €25bn by Greek pension funds. €52bn is held by the ECB and will not participate....
...EFSF bonds (a European version of the Brady bonds) if not enhanced GGBs, which would be very positive because it is the closest thing to a durable solution to the problem (GGBs are removed from the circulation...
.... €197 of the GGBs i.e. 95.7%. ISDA, which has announced a meeting for 1pm GMT today, is expected to declare a credit event and trigger the payment of the CDS....
...Interestingly, if we use Thursday’s (21 July) GGB curve to discount the risky coupon cash flows, the price of the bonds being offered at the exchange would be around 70% according to our preliminary calculations...
...The same result could be reached if the EFSF offered investors the opportunity to swap GGBs at a certain haircut with EFSF bonds for the same amount....
...Morgan $53.5bn Bridgewater Associates $43.6bn Paulson & Co. $32.0bnBrevan Howard $27.0bnSoros Fund Mgmt. $27.0bnMan Group $25.3bnOch-Ziff Capital Mgmt. Group $23.1bnD.E....
...When considering the stressed scenario of a restructuring of GGBs (not our base case), Eurobank and Piraeus would need significant amounts of extra capital, and Alpha to a lesser extent....
...SEC suit: While everyone’s obviously focused on the SEC issue, the quarter was strong & similar to other IBs, heavily weighted towards trading as Ibanking was down (but pipelines are strong) and asset mgmt...
...pricing and the outstanding questions that remain (emphasis FT Alphaville’s): Key Points: Indicated at + 310 bps over 10yr mid-swaps, which are currently 3.37 so a yield of around 6.47 Current July 2019 GGB...
...banking division: “I understand that D mgmt [is] deliberately keeping [a] low profile until further down the track.”...
International Edition