“The liquidity premium offered by the asset class is attractive, and the yield can be double that of a Eurobond of similar quality.”She said SMEs were potentially nimbler and more able to adapt to a changing economic environment than large companies.Furthermore, their operational leverage might be more contained because of lower fixed costs, leading to faster adjustment of the production capacity. On the other hand, SMEs might suffer more from price competition.Minibonds were created in October 2012 by Italy’s then government to give SMEs an alternative source of finance as bank lending dries up.Generally, they enjoy the same tax treatment as debt issued by listed companies, including tax relief on interest costs and issuance expenses.In addition, there are relatively few, and simplified, regulatory requirements for issuing the debt instruments.BNP Paribas Bond Italia PMI’s investable universe is made up of 1,500 companies selected on the basis of risk profile, type of business, turnover, industry outlook and international business profile.The fund will hold bonds from between 25 and 40 issuers.There will be a maximum holding of 8% for BBB-rated issuers and 5% for BB-rated issuers.Holdings will include both bullet bonds and amortising bonds.Ori said: “We have not set a maximum percentage per region, but we expect a large part of the investment to be made in the northern part of the country, given the concentration of the GDP in that area.“To ensure good diversification, we will allocate investments by industries, based on their weighting in the GDP and their financial outlook.”Bonds will typically be fixed rate but variable-rate issues will also be considered to hedge risk.The average maturity of the debt will be between four and five years.The target yield to maturity will be around 6% per year, with a net return for investors of 5% per year.Dividends will be paid at least annually.Ori said: “The risk/return of the fund is particularly attractive compared with similar products in foreign markets, for example, France and Germany. We therefore expect foreign investors to show interest in this product.”She added: “The profile of our fund is more conservative compared with others, as we want the asset class to start properly in the market, especially for investors such as pension funds.“We have launched a multi-originator platform with strict rules to manage conflict of interest and ensure the alignment of information and interest between investors and originators.”The fund’s target subscription is €150m, and the minimum investment is €1m.The fund will have a seven-year lifespan once subscriptions close next October.Financial consultancy Prometeia will act as the fund’s independent adviser, assisting with the screening of SMEs. BNP Paribas Investment Partners is seeking pension funds, banking foundations and other institutional investors for a new closed-end fund investing in bonds issued by small and medium-sized enterprises (SMEs) in Italy – so-called minibonds.The BNP Paribas Bond Italia PMI will target companies with an annual turnover of less than €250m.Elisa Ori, head of institutional business development at BNP Paribas Investment Partners, said: “Companies with a turnover below this level are normally unable to finance themselves in the liquid Eurobond market, via a syndicated bond issue. The aim of this fund is to provide these companies with market-based financing as an alternative to bank loans.”Ori added: “The asset class is a good opportunity for long-term investors because it offers diversification and a good risk/return profile.
Despite the “difficult but game-changing” reforms initiated by the President, Panelo said that significant strides have been made to achieve his goal of bringing a more comfortable life for all Filipinos. “The President first would like to greet all Filipinos a happy and prosperous New Year,” Panelo said. “His wish at the very inception of his presidency is to serve them and protect them, and to give them comfortable lives and lasting peace.” “There are indeed reasons to be confident in the New Year under the leadership and administration of President Rodrigo Roa Duterte,” Panelo said. “The economy is on the roll with a BBB+ rating. The Board of Investments has also breached its PHP1-trillion 2019 investment target as of October 2019, according to the Department of Trade and Industry. There are fewer poor Filipinos with almost six million lifted out from poverty. Employment has hit a 14-year high. Inflation has been tamed,” he said./PN Presidential Spokesperson Salvador Panelo said that, just like in the previous years, President Duterte’s wish for the coming New Year is to continue to serve his constituents well. President Rodrigo Duterte distributes relief packs to residents in North Cotabo still reeling from the impact of earthquakes that jolted Mindanao recently. Duterte also led the 123rd Rizal Day rites in Davao City on Monday. PCOO Around 93 percent of Filipinos are expected to welcome 2020 “with hope,” while only 0.2 percent will face the New Year “without hope”, according to a Dec. 3 to 8 survey by Pulse Asia. “We assure everyone that the best is yet to come. Let us continue to rally behind the Duterte administration as the Chief Executive does his best in serving and protecting the Filipino people, as well as delivering genuine and meaningful change to our nation,” he added. MANILA – President Rodrigo Duterte hopes Filipinos will continue to enjoy a comfortable life and attain lasting peace as the entire nation welcomes 2020 by midnight.
Priya Jaikumar, an associate professor at the USC School of Cinematic Arts, discussed how her personal experiences affected her ideas on film and education as part of the What Matters to Me and Why lecture series Wednesday at the Ground Zero Performance Café.Like the movies · Priya Jaikumar, an associate professor in the School of Cinematic Arts, says film allows her to understand the world from the perspectives of other people. – Priyanka Patel | Daily TrojanJaikumar worked as a journalist in India when the opportunity arose for her to study abroad in the United States in 1991. She said her decision to come to the United States embodied a conflict particular to Indian women of her generation and social situation.“My life was at a crossroads, and I didn’t know how significant my decision would be,” Jaikumar said. “It was a choice between a settled personal life [in India] and a complete unknown entity. My dilemma was very specific to the 20th century as it was something I faced as an educated woman. It was a particular privilege, a precarious privilege.”She said this privilege ultimately affected her values and beliefs as she realized the opportunities afforded to her because of her education.“What I particularly value is to make such instances of mobility and opportunity available to more people,” Jaikumar said. “A majority of humanity does not have this. We do not have the privilege or choice of following our hearts.”Jaikumar also addressed how film allows her to make an impact on education because it expresses and communicates new worlds.“Using my classes as a platform to bring [film] forward and open up a range of sensibilities for my audiences is very important to me,” Jaikumar said. “Part of education is walking a mile in someone else’s shoes and opening up your sympathies. Film allows you to see in other perspectives and alter your perception of the world.”Jaikumar said she joined the critical studies department because it combines two of the most influential forces in her life: the creative impulse to make tangible contributions to the world and the critical impulse to think about the connections between the world we create and the world we inhabit.“I believe the best creativity in the sciences and in the arts are born only when there is support of the critical impulse,” Jaikumar said. “This is why I’m in the department of critical studies.”Jaikumar said her decision to study abroad still affects her values to this day.“In my lifetime, I had a choice,” Jaikumar said. “I left my family behind, and I’m here, so my students and colleagues are important to me. My life I have made here is important with my husband and my child.”Jaikumar, who serves as a residential faculty adviser to Parkside Arts & Humanities Residential College, is working on a book about places that become visual icons entitled Where Histories Reside: Filming India as Location. She plans to continue to write, engage with other people and retain her curiosity and sense of wonder.“Those who remain open and curious can transcend the linearity and fatality of time,” Jaikumar said. “That is what I’m invested in and, independent of film, that is what I dedicate my life to.”