Hints and tips:
...put pension fund liabilities on the balance sheet....
...an early announcement....
...Fixed income — another favoured investment — has vulnerability to negative real rates....
...“We’ve been in a prolonged zero or low-rate environment with 80 per cent of fixed-income assets today yielding less than 2 per cent,” said John Zito, Apollo’s co-head of global corporate credit....
...“A lot of lenders moved away from accepting as much variable income as they did before the pandemic,” says David Hollingworth, director at mortgage broker L&C Mortgages....
...With fixed income rates at their lowest levels in history around the globe, we expect this to drive higher allocations into riskier assets, including equities, HY debt and EM debt....
...Reflecting the high dropthrough on incremental revenue, the company estimates Q1 operating profit (preroyalty income) at c.£45m, +61% ahead of last year (Q1’20 £28m)....
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...But, that’s unlikely to fix the company’s long-running problem with cash conversion, and it still lacks enough scale to absorb high fixed cash costs....
...With over £500m liabilities repayable in Q1/20 and limited visibility on receivables, a second equity raise may be needed in H2/20....
...This action frees up c£2.5bn in cash flow for other uses and protects the BBB+ credit rating, according to the company....
...Our analysis suggests there is limited liquidity risk under our base case with all companies having sufficient funds to last until trading is forecast to normalize in September....
...The company’s FY 2019 net debt/EBITDA of 3.5x left it with a limited margin for error and restricted its operational and strategic flexibility....
...David Hollingworth, director at broker L&C Mortgages, says more borrowers are likely to focus on longer-term deals....
...Then you have the interlink between pension fund liabilities and the company, so that could be a further argument in favour....
...income instruments, as they specify the use of proceeds to green activities....
...This is designed as a buy-and-forget long term fund and gives access to spread of quality global companies....
...Fantex, Inc, a subsidiary of the parent company Fantex Holdings, acquires a minority stake, typically 10 per cent, in the stream of future earnings, called “acquired brand income”, of an athlete....
...Now, it may be that it is more heavily skewed towards fixed income classes, and therefore overall does not… it’s not an equity-skewed… it’s a set of assets within the portfolio....
...and in expanding its active fixed-income offerings....
...to the first year; (i) fixed and variable components of total remuneration are appropriately balanced; the fixed component represents a sufficiently high proportion of the total remuneration to allow the...
...I have $350,000 in my retirement plan ($300,000 on fixed and $50,000 on mutual funds)....
...It is seeking to fight back by developing investment products aimed at beating liability growth, such as an equity-fixed income hybrid that seeks to generate rising income....
...Because FX/CCT retained the same level of funding liabilities and an unchanged revenue budget, it proposed to build up a portfolio of US ABS....
...According to David Hollingworth, head of communications at brokers L&C, companies such as Halifax and C&G give borrowers their keenest rates....
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