BNP Paribas launches Italian minibond fund

first_img“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.last_img read more

Australian mountain biking champion is selling up in Bardon

first_img The Veronicas buy in Queensland The Bardon house that is currently for sale.The 2017 Flight Centre Epic and MTBA National Marathon Series champion had a top 50 finish for his class in the cult classic Italian Dolomiti Superbike race through the Italian Alps, which attracted 5000 entrants. Judi O’Dea of Ray White Paddington is selling the property through private treaty.More from newsParks and wildlife the new lust-haves post coronavirus11 hours agoNoosa’s best beachfront penthouse is about to hit the market11 hours agoLarge windows open the house to the outdoors.“The back is all retained so you don’t see any of your neighbours; you walk in and it’s like you’re in your own oasis,” Susan Brockwell said. MORE REAL ESTATE STORIES Where to find South East Queensland’s most affordable land Mark Brockwell is in this pack somewhere as the Dolomiti Superbike race begins. Picture: Facebook.The huge four bay garage of his Bardon home has been the workshop for his collection of mountain bikes over the past five years but the family are now keen to travel more, so the garage and the five-bedroom, three-level home has hit the market. The property is a private oasis that has been built into the 680sq m block.A mezzanine level off the kitchen and dining area has built-in desks, ideal as a homework station.“It’s the middle level everyone falls in love with. With frameless sash windows and uninterrupted views,” she said.The upper level has three bedrooms, including the master, and a rumpus room, while downstairs has the garage with a separate ensuited office, gym or media room. An entertainer’s dream with covered entertaining along the side of the house.“Christmas is always at our house and we put the dining table outside and do a big long lunch and then when lunch is over, everyone goes into their own little areas, with three living areas, and we all have our own space.” Follow Debra on twitter There are multiple areas to relax across the three level home.“It’s got a huge four bay garage that is bigger than four bays so there’s the ability to put several cars in there, and loads of mountain bikes, along the back wall.” Mark Brockwell competing in the Dolomiti Superbike race in Italy this year. Picture: Mark Brockwell, Facebook.AUSTRALIAN champion mountain biker, Mark Brockwell, has returned from one of the world’s most popular mountain biking races to put his Bardon home on the market. Mark Brockwell in action. Picture: Mark Brockwell, Facebook.Boys toys aside, this multi-level home is an entertainer at heart, with a middle level that is free flowing out to the tropical gardens with open-plan living areas and floor-to-ceiling windows with glass louvres. The master bedroom with private balcony.“The kitchen and outdoor cooking area are my favourite, and just the ability to have heaps of people around.last_img read more

Ezekiel Elliott to discuss Las Vegas incident with Roger Goodell, report says

first_img Brett Favre’s grandson meets favorite quarterback Aaron Rodgers “I think that the main thing is that I don’t see anything that needs supporting,” Jones told the Dallas Morning News. “In terms of his status with us, (it) has not been impacted in any way. And frankly, I know how conscientious he has been in the offseason, and that’s good enough. No, I don’t see that having any consequences for us.”Elliot previously has been suspended for an off-field altercation in which he was accused of abusing his ex-girlfriend, though he wasn’t arrested or charged.The latest incident comes after Dallas picked up the fifth-year option on Elliott’s rookie contract that will pay him $9.1 million for the 2020 season. He is set to make $3.9 million in 2019. Robert Griffin III: Ravens’ new offense will shock people in 2019 Elliott was handcuffed at the Electric Daisy Carnival at Las Vegas Motor Speedway in May after a shoving incident with an event staffer. Elliot had been seen arguing with his girlfriend in the parking lot of the event before the altercation.Elliott’s attorney, Frank Salzano, told TMZ Sports that his client was detained but not formally arrested or charged. Related News “Security misconstrued and overreacted to the situation,” Salzano said. “He was cuffed as a precautionary measure. He was released with no charges. He left Vegas that night and went to his [youth football camp in Dallas] on Sunday.”Cowboys owner Jerry Jones later said he doesn’t see the NFL taking any action against Elliott, though the upcoming summit is an indication that he could face discipline for violating the league’s personal conduct policy. Could another suspension be on the horizon for Ezekiel Elliott?The Cowboys running back will have a meeting with NFL commissioner Roger Goodell in New York on Tuesday regarding an incident at a music festival in Las Vegas earlier this year, ESPN reported, citing an unidentified source. Saints’ David Onyemata gets 1-game suspension, report sayslast_img read more