“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.
Press Association Liverpool manager Brendan Rodgers believes wantaway striker Luis Suarez will “rejoin the group” and boost the club’s cause in the Barclays Premier League. At a press conference in Dublin, Rodgers said: “Luis is training on his own and he understands totally where we’re coming from. “It’s been a difficult period for him but it’s my job to protect the group. Once he’s back with the spirit he’ll rejoin the group. “We’re quite calm. The club is in control of the situation. We’ve got no inclination to sell and we’ve been strong on that. “Luis has fought for his life for Liverpool. There will come a point where he’ll recognise the club is not going to sell and then he goes on to the pitch and he’ll give 100 per cent. “He’s a world-class striker. I’ve got no question that when he’s back he’ll have a similar impact [to last season].” Rodgers also confirmed the club was working on strengthening the squad further ahead of a season-opener against Stoke on August 17. With Suarez absent from the travelling squad, striker Daniel Sturridge was a notable inclusion having recently returned to full training following an ankle injury. Boston Red Sox and Liverpool owner Henry has stressed that Suarez will have to stay with Liverpool and join their push for a top-four finish next season. The Uruguay international was not named in a 22-man squad to play Celtic in a pre-season friendly in Dublin on Saturday and he is training on his own after Rodgers took exception to his public pleas to leave Anfield in search of Champions League football. On Friday morning Liverpool owner John W Henry insisted the 26-year-old would not be sold and said it would be “ludicrous” to let him join domestic rivals Arsenal, who have had an offer of £40million plus £1 rejected. According to the Liverpool Echo newspaper, he said: “We are not going to sell Luis. “He is one of the best players in the world. I have no reason to believe that he won’t continue to be. “The club is headed in the right direction and this episode is not going to stop us. It is what we are all focused on right now.” Liverpool’s target is the elite level of European football, and captain Steven Gerrard has said recently that Suarez holds the key to how the club will perform in the new campaign. Henry knows the significance of Champions League football which, as well as offering the prospect of challenging for a trophy Liverpool have won five times, also offers huge financial benefits. Henry said: “I think for all of the top clubs it’s extremely important. Especially for Liverpool, since we have not been in Europe and are not in Europe this year – and we haven’t been in the Champions League for a while – obviously to sell Luis to a rival for one of those positions would be ludicrous. “I have told (Arsenal chief executive) Ivan Gazidis that Luis is not for sale. I am unequivocal on that.”
Dubai: The decks were finally cleared on Friday for the Asia Cup as BCCI officially handed over its hosting rights to the Emirates Cricket Board. “The Board of Control for Cricket in India (BCCI) and the Emirates Cricket Board signed an agreement today for the United Arab Emirates to host the 2018 edition of the Asia Cup,” the BCCI stated in a release.The agreement was signed in Dubai with the BCCI being represented by its acting secretary Amitabh Chaudhary and CEO Rahul Johri. The chairman of the Emirates Cricket Board, His Highness Sheikh Nahyan bin Mubarak Al Nahyan, signed on their behalf.Afghanistan, Bangladesh, India, Pakistan and Sri Lanka will take part in the tournament. They will be joined by a sixth team—the winner of the Asian Cricket Council qualifier event.The tournament will be held from September 15 to 28 in Abu Dhabi and Dubai.Also Read | Asian Games 2018: Schedule, Timings, When and where to watchThe event was originally scheduled in India with BCCI playing the hosts but Pakistan’s participation was an issue considering the prevailing political situation between the neighbouring countries.The BCCI couldn’t procure relevant clearance from government security agencies to host Pakistan.Earlier this year, the Asian Cricket Council (ACC) decided that the tournament will be shifted to UAE but India will be hosting the tournament.BCCI acting secretary Choudhary said:”We are thankful to the Emirates Cricket Board for hosting the 2018 Asia Cup on behalf of the BCCI. We will see some of the sport’s powerhouse nations go head-to-head for ultimate glory and I am confident that cricket fans around the world will enjoy every moment of this prestigious event.”However, the COA faction was not on the same page with BCCI office bearers regarding handing over the hosting rights to the UAE.Since organisation would involve financial transactions in foreign currency, a senior BCCI office bearer had pointed out that FEMA (Foreign Exchanges Management Act) rules need to be thoroughly checked after the IPL II fiasco when Cricket South Africa hosted the cash-rich league in 2009.The Asian Cricket Council (ACC) sanctions USD 2.5 million to the hosts for organisational purposes but it was pointed out that operational costs shoots up in the UAE.The BCCI release does not state what will be the profit sharing mode from the ticket sales. The TV broadcast money goes to ACC.The major attraction of this tournament is two assured Indo-Pakistan clashes.Also Read | Injury-hit Kohli could be more dangerous in third Test, says BaylissFrom ECB, it’s chairman said, “It is a matter of great pride for the UAE to host a prestigious event like the Asia Cup. Our country is home to a large section of people from the participating nations and we feel privileged and excited by the opportunity to bring their favourite sport right here to their doorstep.“This is the biggest cricketing event to be held in the UAE and we will ensure every support to make the 2018 Asia Cup a huge success.” For all the Latest Sports News News, Other Sports News, Download News Nation Android and iOS Mobile Apps.
THE finalists of the second edition of the Trophy Stall and Upper Corentyne Cricket Association (UCCA) Under-19 Inter-club 50 overs cricket tournaments have been decided.The finalists are Scottsburg United and No 73 Young Warriors.In semifinal play, No, 73 Young Warriors got the better of No. 72 Cut and Load by 27 runs in a close encounter, in their game played at the No. 72 Cut and Load ground.Young Warriors batted first and fought their way to 109 all out in 29 overs. Victor Latchman top-scored with 34 while Niradt Singh made 16.Bowling for Cut and Load, Seeraj Chatterpaul led the way with 4 wickets – Charran Singh taking 3 and Mukesh Edwards 2.In reply, No. 72 Cut and Load were cut down for 72 in 18.5 overs with Salim Somdat contributing 27.Bowling for Young Warriors, off-spinner Rawle Jabbar 5-20 and leg-spinner Salim Khan 5-24 were the destroyers.In the other game, Scottsburg United defeated No. 73 Mandir by 4 wickets in their game played at the Scottsburg ground.No. 73 Mandir batted first and were dismissed for 92 in 14 overs with Andrew Tahal 33 and Inderpaul Singh 21 the top-scorers. Bowling for Scottsburg United, Joel Dhanraj and Aktar Nohar picked up 4 wickets each.Scottsburg United. in reply. reached 93-6 with all-rounder Joel Dhanraj making 21, Brandon Nandalall 20 and S Blair 18. Tahal picked up 2 wickets bowling for No. 73 Mandir.The final is set for today at the Crabwood Creek groundThe tournament is sponsored by Trophy Stall Port Mourant Branch through its General Manager Ramesh Sunich.Seven participated in the competition, the others being No. 43 Cricket Club, No. 66 Cricket Club and No. 73 Mandir and No. 52 Cricket Club.The Trophy Stall with head office in Bourda Market is one of the leading sponsors of sporting activities in Guyana. It is also one of the leading sports and trophy stores in the country.The Trophy Stall, which opened a Branch in Port Mourant Corentyne last year, is happy to give back to the people of Berbice for their unstinted support over the years.General Manager Ramesh Sunich was happy with the way the competition was organised last year and readily agreed to sponsor the competition again. He has committed to further sponsorship.
But for the team from Alberta, there’s a cool reason for why — other than the fact these red and yellow sweaters are some of the coolest in the NHL.These are the same jerseys the team wore 30 years ago in the 1988-89 season. Related News That was the last — and only — time the Flames won a Stanley Cup.Calgary Flames jerseys tonight are 🔥🔥🔥. Sabres need to take note… pic.twitter.com/6y6dxCU6Yd— Wiscoy Headwaters (@The_Headwaters) April 12, 2019During that season the Flames finished with a 54-17-9 record, accumulating 117 points on the year.The Flames’ 107 points this season is the most the team has had since that year. So Calgary is doing all they can to bring about as much juju from that year as possible.The players are even doing their best to channel the facial hair of that season as forward Sam Bennett is rocking the Lanny McDonald mustache and looking pretty good with it in fact.Sam Bennett looking like a boss #flames pic.twitter.com/aqrF88MZqt— Danny Austin (@DannyAustin_9) April 11, 2019The Flames received a tough draw in the first round by catching one of the hottest teams in the NHL via the Avalanche, but Calgary has home-ice advantage and one of the best lines in the league with Johnny Gaudreau, Sean Monahan and Elias Lindholm. So it can counter Colorado’s best which was one of the highest scoring units in the league. NHL playoffs 2019: Jets’ Mark Scheifele levels Blues goalie Jordan Binnington during first shift The Flames did something a little bit different for the first game of their playoff series with the Avalanche on Thursday.Calgary came out in their third alternate jerseys which are a fan favorite, but a bit of a surprise as teams don’t wear alternates all that often in postseason games, especially in openers.