COVID-19 behind decline in corporate bond issuances, analysts say

first_imgThe issuance of corporate bonds will likely decline this year as many companies shelve plans to seek funding because of unfavorable global economic conditions, analysts have said.Indonesia Securities Pricing Corporation (PHEI) president director Yoyok Isharsaya said in Jakarta on May 6 that the company had lowered its bond issuance forecast to around Rp 100 trillion (US$6.66 billion) to Rp 110 trillion this year. The figure is well below its previous forecast of Rp 170 trillion in new issuances or refinancing, he said. “The slowdown has been apparent since the first quarter of this year when we only saw a total of Rp 21.34 trillion in bond issuances, lower than the Rp 30.39 trillion in the first quarter of last year,” Yoyok told The Jakarta Post via text message. He attributed the decrease in bond issuances this year to growing uncertainties in the global economy caused by the COVID-19 pandemic, which has paralyzed the majority of economic activities around the world. In early April this year, the International Monetary Funds (IMF) cut its projection for Indonesia’s GDP growth to 0.5 percent from 5.1 percent in its October projection. Based on the government’s worst-case scenario, economic growth could plunge to 0.4 percent, far lower than its initial estimate of 5.1 percent.Rating agency Pemeringkat Efek Indonesia (Pefindo) analyst Fikri C. Permana said on May 6 that he expected companies to delay their bond issuances as they waited for the right moment to get a reasonable cost of funding.“Although Bank Indonesia [BI] has lowered its interest rate, cost of funding is still quite high for companies at this time because the benchmark 10-year government bond yield has risen,” he said. BI has lowered interest rates by 50 basis points (bps) this year, bringing the benchmark seven-day reverse repo rate down to 4.5 percent.The low interest rate, however, has not brought down the corporate bond coupon rate, as Indonesia’s 10-year government bond yield currently sits at 8.07 percent, much higher than the 6.5 percent yield it recorded in early March before COVID-19 spread across the country.Given the situation, Fikri expected corporate debt paper issuances this year to only reach Rp 116.9 trillion, well below last year’s Rp 146.49 trillion. Most of this year’s issuances are projected to be intended for refinancing purposes.This is reflected in the recent bond offers from two companies, telecommunication infrastructure firm PT Bali Towerindo and paper producer PT Indah Kiat Pulp & Paper.Bali Towerindo plans to raise Rp 800 billion through the first tranche of its first shelf registration bond to refinance its due debt. Meanwhile, Indah Kiat is offering Rp 3 trillion to help refinance its debts and fund its working capital.Bank Central Asia economist David Sumual also predicted that the delay in investments among companies was likely due to their efforts to preserve cash in this time of high uncertainty.“Companies are prioritizing liquidity over expansion to ensure they have enough money to fund their daily operations during the pandemic period,” he told the Post on Monday.He expected companies to implement efficiency measures to preserve their cash in the short term, including reducing capital expenditure (capex) and operating expenditure (opex) and even downsizing their human resources.Although such a move might be necessary for companies in the short-term, David worried it would have a significant impact on the economy.“If all companies make the same moves at the same time, it will have a negative effect on the economy in the medium term,” he said.To avoid prolonging the effects of the COVID-19 pandemic on the economy, David advised the government to move swiftly in disburse stimulus packages, especially for small and medium-sized businesses.He also recommended that the government should disburse cash and other social aid to strengthen the public’s purchasing power to drive demand higher amid the pandemic.Topics :last_img read more

Record first-half return for Norway’s sovereign fund

first_imgNBIM said the fund’s market value reached NOK8.02trn at the end of June, up from NOK7.51trn at the end of 2016.Since the end of the reporting period, however, the fund’s value has decreased to NOK7.71trn, according to the rolling figure on NBIM’s website.Trond Grande, deputy chief executive at NBIM, said: “The record-high return is primarily due to the fact that the fund has become so large.”But he warned: “We cannot expect such returns in the future.”Grande said the stock markets had performed particularly well so far this year.In the second quarter alone, equity investments returned 3.4%, fixed-income investments returned 1.1% and real estate returned 2.1%.The results meant NBIM beat its benchmark, generating a total return on investments that was 0.3 percentage points higher than the return on its reference index.In the second quarter, NOK16bn was withdrawn from the fund by the government, it said.Over the quarter, Norway’s currency unit appreciated against the main currencies, which had decreased the value of the fund by NOK32bn, the manager said.At the end of June, the GPFG had 65.1% of assets invested in equities, 32.4% in fixed income and 2.5% in unlisted real estate.Compared to the end of the first quarter, this means the proportion of equities rose slightly, the fixed-income allocation contracted and the real estate allocation was unchanged. Norway’s giant sovereign wealth fund made its largest ever half-year return in the first six months of 2017, according to its latest financial results.The Government Pension Fund Global (GPFG) made NOK499bn (€53.6bn) in the first half of the year in absolute terms, a figure that its manager Norges Bank Investment Management (NBIM) put down to the fact the fund has grown so large.Reporting results for the second quarter, NBIM said the fund returned 2.6% or NOK202bn in the second quarter, bringing the return for the first half of the year to 6.5%.The manager described as the best half-year return in Norwegian kroner terms in the history of the fund.last_img read more

BPA Looking into Key Issues under New Port Futures Project

first_imgThe British Ports Association is looking to examine emerging threats to and opportunities for British ports through its new Port Futures project, labelled Horizon.The rolling programme of activity will address key issues for ports over the next 50 years, including infrastructure and skills, grouped around four key drivers of change, including Technology & Automation; Climate Change and the Environment; Politics, Regulation and the Law; and Social and Economic change.BPA said that individual projects around key emerging challenges for ports will be launched under each theme. The outcome will be a rolling programme of recommendations for Government, feeding into initiatives such as Maritime 2050 and the Industrial Strategy.“Today’s world is marked by rapid and at times unpredictable change, and as an industry we are keen to play our part in shaping that change as much as possible and being ready to meet tomorrow’s challenges,” Mark Simmonds, Policy Manager at the British Ports Association, said.“The programme will focus minds across industry and government on key long-term challenges, such as what port infrastructure will be needed to accommodate the vessels of the future. Will the current trend towards ever-larger ships continue? Or will autonomous vessels herald more but more numerous traffic into our ports?,” Simmonds added.Ports carry 95% of the UK’s trade and as key parts of the logistics chains and important economic hubs in their own right, this programme will inform the Government’s own futures project, Maritime 2050, launched at London International Shipping Week in September.In a separate statement, the UK Major Ports Group (UKMPG) called for an integrated freight strategy for the UK to boost trade.In responding to the UK Government’s consultation on the next phase of England’s road strategy UKMPG highlighted that the UK must develop a cohesive strategy across transport modes for the key freight transport corridors.“What is required is to take an overview of each of the key freight corridors that enable the UK to trade with the world, rather than take a largely siloed approach through planning by mode of transport,” Tim Morris, Chief Executive of UKMPG, said.last_img read more

Batesville Red Dirt Basketball Scores

first_imgDirt Road Boys Basketball League Scores 11/13/16 (Opening Day). 6th Grade Bulldogs @ Union County High School.  Batesville 33, Union County 11   Alec Bunselmeier and Noah Tuveson scored 8 points each.    Batesville 25, Cambridge City Lincoln 24  Benjamin Harmeyer and Jackson Renck scored 10 points each.   Coach John Harmeyer reported that the key to victory in both games was the tenacious team defense.        The 6th graders are in action next Sunday at Greensburg Middle School @ 1:00 vs. Rising Sun and 3:00 is the rematch of last year’s 5th grade DRBL Championship game vs. Greensburg.      5th Grade Bulldogs @ South Decatur High School.Batesville 27, Greensburg 13  Sam Johnson scored 8 pts., Conner Drake scored 7 pts. and dished out 3 assists, and Chris Lewis led the team in rebounding with 5.    Batesville 51, Morristown 8    Johnson led the way with 12 pts.; Gus Prickel scored 9, Jack Grunkemeyer scored 8 pts., dished out 3 assists and pulled down 6 rebounds, while Bradley Wirth led the team in rebounding with 9.     Coach Paul Drake reported that after a sluggish beginning to the first game of the season the young Bulldogs settled in and played aggressive team defense forcing several turnovers on both opponents with their full court press. Impressively, all 9 players scored in the second contest of the day.    The 5th graders are in action next Sunday at Union County High School @ 1:00 vs. Union County and @ 3:00 vs. Blue River Valley.     4th Grade Bulldogs @ Greensburg Junior High.     Batesville 30, Jac-Cen-Del 17   Batesville 11, Brownstown 9      The 4th graders are in action next Sunday @ Milan High School @ 1:00 vs. Brownstown Black in a rematch of today’s defensive gem and @ 2:00 vs. Brownstown Red.       3rd Grade Bulldogs @ Batesville Primary School.    Batesville 30, Rushville 4    Batesville 28, Greensburg 14Courtesy of Coach Paul Drake.last_img read more

Tourism grant application period open

first_imgIndianapolis, In. — Lt. Governor Suzanne Crouch and the Department of Tourism Development are accepting applications for the Destination Development Grant program.“As destinations come to embrace tourism and its virtues more and more, they need resources to build new amenities and bolster existing ones,” said Mark Newman, IOTD Executive Director. “The beauty of this Destination Development Grant program is that the big ideas it seeks typically benefit both the visitors and residents alike.”Indiana cities, towns, counties and non-profit entities involved with tourism development and promotion are encouraged to apply. Proposed projects should target amenities, attractions and facilities that enhance the visitor experience.From now until December 1, 2017 applications for projects valued between $50,000 and $250,000 will be accepted. Awards will be announced in March of 2018.More information and the application is online here.last_img

Crate-powered IMCA track champions earn cash bonuses from Chevrolet Performance

first_imgVINTON, Iowa – Chevrolet Performance continues a generous cash bonus program this season, rewards eligible IMCA drivers in four divisions as well as the sanctioned tracks they com­pete at.IMCA Modified, IMCA Sunoco Hobby Stock, Karl Chevrolet Northern SportMod and IMCA Southern SportMod drivers winning track championships while competing exclusively with 602 or 604 crate engines will receive a $250 bonus.Tracks that sanction any combination of those divisions while displaying Chevrolet Performance banners become eligible for cash bo­nuses of their own.“IMCA has been an important partner with Chevrolet Performance for over a dozen years now and we hope to continue the relationship for many years to come,” said Chevrolet Performance Special Programs Manger Bill Martens.“Our philosophy has been to provide durable, economical racing engines for grassroots racing, with the ultimate goal of keeping current racers in the sport as well as to encourage new racers to join in the competition,” he continued. “Our bonus program rewards drivers directly for their success at their local track when using the iconic small-block Chevrolet V-8, a mainstay of stock car racing for over 60 years. It’s a winning combination that we plan to maintain and grow into the indefinite future!”One hundred and forty-six track championship-winning IMCA drivers earned shares of $36,500 in bonuses paid last year; Chevrolet Performance bonuses of almost $240,000 have been paid since the crate engine bonus program began with Northern SportMod cash awards in 2005.That program expanded to include Modified, Hobby Stock and Southern SportMod divisions, then began paying track championship bonuses in 2010.“This is a very lucrative program and one that helps shape the direction of each division it targets,” stated IMCA Marketing Director Kevin Yoder. “This year, with the implementation of the Chevrolet bowtie logo identifying our crate engine competitors, it just solidifies the relationship between the Chevrolet brand and the drivers competing with that option.“We are extremely proud to partner with Chevrolet Performance and a number of their best dealers in the country,” he concluded.The 2018 season is the second in the current three-year pact with Chevrolet Performance. Driver bonuses will be paid after point standings become official while track bonus checks will be mailed through­out the season.Information about the Chevrolet Performance bonus program is available from Yoder at the IMCA home office, 319 472-2201.last_img read more

St. Pete’s looks to extend streak vs Niagara

first_img February 26, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditSt. Peter’s (15-11, 12-5) vs. Niagara (9-18, 7-9)Gallagher Center, Niagara, New York; Thursday, 7 p.m. ESTBOTTOM LINE: St. Peter’s looks for its sixth straight conference win against Niagara. St. Peter’s’ last MAAC loss came against the Marist Red Foxes 72-61 on Feb. 7. Niagara lost 76-54 at Marist in its most recent game. For more AP college basketball coverage: https://apnews.com/Collegebasketball and http://twitter.com/AP_Top25___This was generated by Automated Insights, http://www.automatedinsights.com/ap, using data from STATS LLC, https://www.stats.com Associated Press center_img St. Pete’s looks to extend streak vs Niagara BIG MEN ON CAMPUS: Niagara’s Marcus Hammond has averaged 13.9 points and 4.4 rebounds while James Towns has put up 11.4 points. For the Peacocks, KC Ndefo has averaged 7.7 points, 5.1 rebounds and 2.3 blocks while Aaron Estrada has put up eight points.MIGHTY MARCUS: Hammond has connected on 40.7 percent of the 140 3-pointers he’s attempted and has gone 11 for 19 over his last three games. He’s also made 77.6 percent of his free throws this season.WINLESS WHEN: Niagara is 0-13 this year when it scores 64 points or fewer and 9-5 when it scores at least 65.STREAK STATS: Niagara has won its last three home games, scoring an average of 73.7 points while giving up 65.7.DID YOU KNOW: St. Peter’s has posted an outstanding offensive rebound percentage of 35.2 percent, ranking the Peacocks 15th nationally in that category. The offensive rebound percentage for Niagara stands at just 17.8 percent (ranked 351st).___last_img read more

Breaking – Kelechi Iheanacho Completes Leicester City Move

first_imgIheancho, who will wear the No.8 jersey at the King Power Stadium, joins fellow Nigerian international, Wilfred Ndidi and Ahmed Musa in the Craig Shakespeare tutored side.More to come shortly…RelatedIheanacho Will Leave Us For Leicester City – Pep GuardiolaJuly 30, 2017In “England”Leicester City Boss, Brendan Rodgers Vows to Transform Erratic Kelechi IheanachoMarch 16, 2019In “England”Kelechi Iheanacho Opens Up About Displacing Jamie Vardy At LeicesterMay 27, 2020In “England” Nigerian youngster, Kelechi Iheanacho has completed his move from Manchester City to Leicester City, for an undisclosed fee.The 20-year-old forward penned a five-year contract with the Foxes and could make his debut for the club on Friday, a pre-season friendly against Borussia Monchengladbach.#WelcomeKelechi pic.twitter.com/FcoO4QFStk— Leicester City (@LCFC) August 3, 2017Excited about his move, the Nigerian told Leicester City’s official website: “It feels good and I’m happy to be part of this team. I know the ambition of the team and speaking with the manager, he let me know what I need to do – to help the team achieve what they want. I was convinced and I’m happy to be here.”last_img read more

Sponsorship Spotlight – Doubling up on Premier League sponsorship

first_imgShare Submit Betway and Dafabet grow La Liga sponsorship portfolios August 14, 2020 Share John Cruces, DafabetThrust into the Sponsorship Spotlight this week was John Cruces, Head of Sports Marketing and Sponsorships at Dafabet.We caught up with him to discuss sponsorship of Sunderland and Burnley, the introduction of ‘sleeve sponsors’ in the Premier League, and the form of the record-breaking Bhoys.SBC: Can you explain to SBC readers why you chose to ‘double up’ on Premier League sponsorship, and what are the differences between the two deals?JC: Simply put, the position became available to add to our portfolio of sponsor assets.When speaking to Burnley (as Sunderland were existing partners), they impressed us with their vision and what they looked to achieve and they’re well on the way to doing so for this season. We thought what was proposed represented value for both ourselves and the club so we went ahead.Difference between the deals? We don’t believe there are in our approach – we try to localise some things in terms of fan offerings, but in the main we look for consistency in how we promote ourselves. From the other side, thankfully the clubs we’ve worked with have been proactive and helpful, hence us usually having longer term deals than other gaming firms. We firmly believe the best partnerships are those where both sides contribute and longevity helps sustainability accordingly.SBC: Have you spent any time assessing Mansion’s approach to sponsoring both Crystal Palace and Bournemouth?JC: Not really. We may have looked at how they do their LED or the like, but not because they’re another gaming brand – but because they’re present as per other companies from other industries. We prefer to concentrate on what we do and let others do the ‘following’SBC: How do you change marketing plans to reflect increased exposure? For example, Sunderland were on TV four times in the first five game-weeks, then Burnley had a run of three consecutive televised matches (GW 6-8) which included a Monday Night Football and two Super Sunday appearances. This meant you were screened live in the UK on eight of the first 10 weeks.JC: We can’t choose the fixtures or how they fall sadly, not even the respective club managers can – although over the years it hasn’t looked that way!But seriously we had a good run of fixtures if you’re talking UK channels.However, given the percentage of our players who are based in Asia, all the games are televised so we get the coverage all season round. Which is why we sponsor Premier League teams, such is the popularity worldwide. So, with that in mind, we try to see the season as what it is and concentrate season long into making the most of our assets.SBC: We have been gathering opinion on the value of the Premier League sleeve, which will be open for sponsors from 2017/18. Now you have experienced front-of-shirt sponsorship in the Premier League, and the benefits that come with it, are you inclined to pursue ‘sleeve sponsorship’ in the coming years?JC: Personally, I think given this is ‘new’ it’s very much a toe in the water mindset now. Some of the ‘agencies’ are living in cuckoo land from what I’ve seen though in what percentages they put it against actual shirt front. But we don’t deal with these, so they can quote whatever they wish.I’m also of the view that considering virtually all clubs have existing betting partners, that the sleeve won’t be overly sold to the industry except maybe those already on shirt fronts who should get first refusal. I’d see it a better fit to other industries if I was working for the club trying to sell the space.For now, we’re likely to let this settle down – unless we see something we deem value.SBC: Just finally, we can’t let you go without mentioning the league form of another Dafabet sponsored side, Celtic. How pleased are you with the team’s winning run, and the publicity it has generated for the company?JC: We’re extremely pleased, that goes beyond saying.We know records will be broken – they already have been and the season is already a huge success, so to be a part of that is fantastic for us.It will result in bonuses being paid but the coverage that we will receive is worth it. We simply hope that the run continues, the treble is won and fingers crossed the Bhoys go unbeaten for the remainder of the season – Hail Hail! Dafabet grows cricket portfolio with Durham and Sussex deals July 15, 2020 StumbleUpon AsianBGE launches live instant win channel with Pin Projekt June 24, 2020 Related Articleslast_img read more

SBC’s On The Ball – The broadcasting of football evolves

first_img Top 50 clubs suffer €751m decline in brand value July 31, 2020 StumbleUpon Eleven Sports scores Belgian domestic football rights deal March 19, 2020 With the season almost upon us, this edition of SBC’s On The Ball places a key focus on the evolving landscape for football broadcasting. Looking at the gripping trailer for Manchester City’s Amazon, the continued expansion of Eleven Sports and a new deal for Euro 2020.A championship winning trailer In what can only be described as a gripping teaser of Manchester City’s title winning documentary, Amazon has unveiled the trailer for its ‘All or Nothing’ series with the club. The trailer depicts the turbulence of a Premier League campaign, giving a detailed insight into the frustration of City’s dramatic FA Cup loss at Wigan, as well as showing the players focusing on overcoming the final hurdle on their way to their Premier League title. The unique management style of Pep Guardiola also shines through on the trailer, when the title winning gaffer emphasises to his players: “Today I didn’t see the desire to win, today I didn’t see it. Some of you play better when you’re angry with me so if you hate me, hate me, guys, no problem at all.”IMG nets exclusive Euro 2020 deal UEFA has unveiled IMG as the exclusive master licensee for international football’s next major tournament, the 2020 European Championships, as well as other major UEFA tournaments through 2022. It follows on from the successful collaboration of the pair’s highly successful collaboration on the licensing programme for UEFA EURO 2016 and UEFA’s other national tournaments between the 2014-17 period.The global rights deal enriches the the IMG portfolio immensely, with it including the UEFA Women’s EURO 2021, UEFA U-21 Championship 2019 & 2021, UEFA Futsal EURO 2022 and UEFA’s brand new Nations League Finals tournament with its inaugural editions in to be held in 2019 and 2021.Guy-Laurent Epstein, Director of Marketing, UEFA, commented: “We look forward to continuing our successful UEFA National Team Football licensing partnership with IMG. This agreement will allow us to continue to benefit from IMG’s extensive global licensing network and enable fans all over the world to be able to have access to a wide range of official UEFA Euro 2020 licensed products.”Mickael Andréo, Vice President of Licensing, IMG, added: “It has been a privilege to collaborate with UEFA for the UEFA EURO 2016 and other national team tournaments over the last three years.  “With UEFA EURO 2020, we now have a fantastic opportunity to work on a groundbreaking tournament format, which will create a unique platform to take this milestone celebration to more fans than ever before. We’re looking forward to selecting and working with partners who will allow us to maximise our retail presence across Europe as well as beyond and play a key role in the promotion of the event.”Eleven Sports announces expansion of football portfolio Eleven Sports has expanded its growing portfolio of top tier football content for the UK and Ireland market, netting top flight domestic football from the Eredivisie (Netherlands), the Chinese Super League and Allsvenskan (Sweden).Danny Menken, Group Managing Director stated: “With Eredivisie, Chinese Super League and Allsvenskan joining LaLiga and Serie A, ELEVEN SPORTS is delivering on the promise to become the go-to destination for football fans.”He added: “We will cooperate very closely with the leagues to deliver an outstanding all-round service that ensures the fans live every moment from some of the world’s best sports leagues and competitions. We are looking forward to announcing more premium football and non-football rights soon to add to our growing portfolio.”The firm, who are owned Leeds United chairman Andrea Radrizzani have also appointed Scott Fenton to join its UK and Ireland team as Head of Marketing and Communications. Fenton commented on his new role: “I’m thrilled to be joining ELEVEN as they embark on their journey into the UK & Ireland market.“What ELEVEN has achieved across a number of international markets in such a short space of time is very impressive, and I look forward to continuing the success story, strengthening the platform’s position as a major player in the UK & Ireland.”Hull look to roar with Tigers TV English Championship club, Hull City FC have launched Tigers TV, a service that will allow Hull fans based abroad to watch non televised Tigers games. However, football broadcasting restrictions in the UK mean that subscribers in the UK won’t be able to watch live action on the site. Nonetheless, the service will provide fans with bespoke content, match replays and post match interviews. Manchester United aims to take MUTV to the next level Manchester United has also elevated its digital network ahead of the new season by making MUTV available on four new platforms: Amazon Fire TV, Apple TV, Roku and Xbox.This continued expansion provides MUTV access to a new demographic of the club’s fanbase in the US and selected countries across Europe, Asia, Australia and Africa.MUTV will further be introducing a wide range of new on-demand categories including matchday programming and highlights, a library of classic matches, MUFC Original films, celebrity features and much more. Moreover, a selection of this content will be available for free enabling non-subscribers to also stream videos and deepen their engagement with the Club.Manchester United’s CEO of Media, Phil Lynch detailed: “The continued expansion of MUTV and the launch on these platforms expands our reach, opens up new audiences, and provides our fans easy access to our award winning on-demand and linear programming, without having to leave their set-top-box environment.” Submit Belgian Pro League selects bwin as its new betting partner August 4, 2020 Share Related Articles Sharelast_img read more