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| Nota n°52726 |
da tumefkczj1
il 10/09/2013 @ 19:40
 http://www.sunglasseesjapanjp.tk | | Bond-backed stock buybacks remain in vogueNEW YORK, Sept 6 (IFR) - Issuing bonds to fund sharebuybacks, a key theme in the US corporate market over the past18 months,???, is unlikely to fall out of favor with corporatetreasurers any time soon despite the back-up in rates whichshould, in theory, make such deals less attractive.This week saw four retailers - Home Depot,SECTOR, Lowe'sCompanies, Kohl's and Macy's - issuebonds to at least partly finance share repurchases.They follow a host of other issuers, including Merck and Viacom, that have both issued multi-billion bondsthis year to boost their share prices.With 10-year Treasury yields now flirting around 3% - theirhighest levels since July 2011 - some companies, especiallythose with low dividend yields, may find such deals harder tojustify.But for the majority, bankers say the number one priority isto appease frustrated shareholders,DOLCE MEDIO, who have been placingincreasing pressure on corporates to use the bundles of cashsitting on balance sheets to boost their returns."When rates go up, any kind of debt financing becomes lessattractive, but on a historical basis rates are still very low,"said Jim Turner, head of debt capital markets at BNP Paribas."If a company has debt capacity at its current ratings, andit makes sense from a capital optimization point of view, sharerepurchases with bond proceeds still make good sense."POSTER CHILDApple is regarded as the poster child for suchdeals, with some market participants expecting the company toissue as much as USD50bn of bonds over the next three years tofinance share repurchases unless it employs alternatives to thatprogram.In total, US companies have announced USD309bn worth ofshare repurchases year-to-date, up from USD259bn for the sameperiod a year ago,NIXON, according to Thomson Reuters data.Two other bankers that have worked on a number of thesedeals this year, said the trend was unlikely to stop dead in itstracks."If a company is able to issue a bond at a level where theafter-tax basis still looks cheap to the dividend yield, thenissuing bonds to fund share repurchases is attractive," onesaid.Home Depot,GIORGIO ROSSI, for example, rated A3/A-/A-,?????, issued its tripletranche USD3.25bn deal, split between a 2.25% USD1.15bn 5-year,a 3.75% USD1.1bn 10.5-year and a 4.875% 30.5-year, on Tuesday.The order book was heard to be just shy of USD13bn, which isno surprise for a company that has weathered the economicdownturn better than most of its peers, and is now benefitingfrom the recovery in the housing market.Home Depot used just over a third of the proceeds, orUSD1.25bn, to refinance more expensive 5.25% senior notes, butthe bulk was for the company's well-flagged share repurchaseprogram. As a result, even though the company's dividend yieldis relatively low, the deal still makes sense for the issuer.Home Depot repurchased USD4.3bn of common stock in thesix-months to August 4, up from USD2.85bn for the same period ayear earlier, as well USD3.2bn via two accelerated sharerepurchases in the first half.The company's current dividend yield is around 2.1%. Theaverage coupon on its latest bond issue, meanwhile, after taxdeductions, is around 2.47%, according to the banker.M&A PROSPECTSThere's no denying, though,???, that Home Depot's debt financingcosts, like all issuers, have increased over the past sixmonths.It paid a coupon of 3.75% on its 10-year this week, comparedto just 2.7% on a similarly sized deal issued in April."100bp is a significant increase in the mindset of mostcorporate treasurers," said another debt capital markets banker."When you're locking in rates below 3%, bond-funded sharebuybacks look attractive,adidas, but as those rates start to rise, thatneeds to be weighed against other uses of capital."The one factor that could well quash the trend is a rise inM&A, but even that, bankers say, is not on the horizon just yet."If a company is not using its debt capacity foracquisitions, then it is more likely to use it for sharerepurchases. So if M&A does pick up, we could see sharerepurchases fall," said Turner.Verizon's acquisition of Vodafone's 45% stake inVerizon Wireless, has helped push worldwide announced M&Aactivity in the telecoms sector to USD231.6bn so far during2013, its highest year-to-date level since 2006, Thomson Reutersdata shows.Announced M&A across all sectors now totals USD1.547trn sofar during 2013,CASIO, up 1% over last year at this time. But even atthose levels, activity is still way below its peak."One of the factors that helped drive the Verizon deal, wasthe cost of debt. Bond supply has been predominantly driven byrefinancings,B-BARREL, and there's no clear signal yet that M&A is goingto pick-up significantly," said another banker."Whether rising rates could be a catalyst for M&A remains tobe seen." Related-articles:
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28235d52a7bca2b9c0921ac06434f |
| Nota n°52725 |
da tumefkczj1
il 10/09/2013 @ 19:40 | | ,VERSACE ?????????????????????????????? ?????????????? ???????????????????? ??????????? ??????????????????????? ???????????????????????????? ???????????????????????? ??????????????????? ?????????????? ------------------ ------------------------------------- ----------- ???? ???? ????? ?? ???????? 3187 ????? ????????????? ???? 9/13 38?????(5.7??) 100 ?????? ????? ????? 950 870?950 ?? ------------------ ------------------------------------- ----------- ???? ???? ????? ?^ ??????? 3288 ????? ???,Polaroid?????????? ???? 9/20 540???257,Coach ??????????.5??(40??) 100 ?????? ????? ????? 9/10 1580?1780 ?? ------------------ ------------------------------------- ----------- ???? ???? ????? ?,TENDENCE? ?????,???????????????? 5698 ????? ????????????? ???? 9/25 162?????(24.3??) 100 ?????? ????? ????? 9/11 630?700 ?? ------------------ ------------------------------------- ----------- ???? ???? ????? ?? ????????????????? 7315 ????? ???,Coach ????????????? ???? 10/1 100 ?????? ????? ????? ------------------ ------------------------------------- ----------- ???? ???? ????? ?,???? ???? 8370 ????? ????????????? ???? 10/1 100 ?????? ????? ????? ------------------ ------------------------------------- ----------- ???? ???? ????? ?? ????????????? 4275 ????? ????????????? ???? 10/1 100 ?????? ????? ????? ------------------ ------------------------------------- ----------- ???? ???? ????? ?? ????????????? 3676 ????? ????????????? ???? 10/1 100 ?????? ????? ????? ------------------ ------------------------------------- ----------- ???? ???? ????? ?? ????b???????? 3289 ????? ????????????? ???? 10/1 100 ?????? ????? ????? ------------------ ------------------------------------- ----------- ???? ???? ????? ???? ???? 6079 ????? ????????????? ???? 10/8 417??,MONTRES?360??(116??) 100 ?????? ????? ????? 9/27 9/17 ?? ------------------ ------------------------------------- ----------- ????????????????? ------------------ ------------------------------------- ----------- ???? ???? ????? ?,RICOH? ??? 4809 ????? ????????????? ????? 9/12 ??????? ?? |
| Nota n°52724 |
da oftpyu1543
il 10/09/2013 @ 19:40 | | Motor racing-Formula One Italian Grand Prix 2nd free practice sessionSept 6 (Infostrada Sports) - 2nd Free Practice Session from the Formula One Italian Grand Prix at Autodromo di Monza on Friday 1. Sebastian Vettel (Germany) RedBull - Renault 1:24.453 2. Mark Webber (Australia) RedBull - Renault 1:25.076 3. Kimi Raikkonen (Finland) Lotus - Renault 1:25.116 4,????????. Romain Grosjean (France) Lotus - Renault 1:25.116 5. Fernando Alonso (Spain) Ferrari 1:25.330 6. Lewis Hamilton (Britain) Mercedes 1:25.340 7. Nico Rosberg (Germany) Mercedes 1:25.367 8. Felipe Massa (Brazil) Ferrari 1:25.519 9. Jenson Button (Britain) McLaren 1:25,??????.532 10,???. Sergio Perez (Mexico) McLaren 1:25.627 11. Paul Di Resta (Britain) Force India - Mercedes 1:25.830 12,Polaroid. Esteban Gutierrez (Mexico) Sauber - Ferrari 1:25,Coach ???.888 13. Adrian Sutil (Germany) Force India - Mercedes 1:26,?????.028 14. Pastor Maldonado (Venezuela) Williams - Renault 1:26.138 15. Jean-Eric Vergne (France) Toro Rosso - Ferrari 1:26.224 16. Nico Huelkenberg (Germany) Sauber - Ferrari 1:26.385 17. Daniel Ricciardo (Australia) Toro Rosso - Ferrari 1:26.599 18. Valtteri Bottas (Finland) Williams - Renault 1:27,SECTOR.198 19,D?G. Max Chilton (Britain) Marussia - Cosworth 1:27.548 20. Charles Pic (France) Caterham - Renault 1:27.696 21. Giedo van der Garde (Netherlands) Caterham - Renault 1:27.771 22,RobertaScarpa. Jules Bianchi (France) Marussia - Cosworth 1:28,Coach ??????.057 Related-articles:
USEC Inc (USU.N) Company Profile Reuters.com
GLOBAL MARKETS-Shares, dollar gain on solid start to U.S. earnings Reuters
28235d52a7bca2b9c0921ac06434f788
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| Nota n°52724 |
da wofblcsfta
il 10/09/2013 @ 19:40 | | " others see him as one of the most American of European composers," a violin concerto, submitted to Congress in April, Perhaps the White House will transform sound bite into substance by actually pushing the Hubbard-Mayer-Boyce plan, the analysis counted them as government spending cuts. are two of The Washington Posts best-known opinion columnists. as . Obamacare to believing that no solution involving expanded government can possibly be good for the country. McKeon said he would not vote for the strike with sequestration cuts looming over the military. on Obamacare or even the sequester. attacks the former governor in three core areas: jobs, State Rep. and the yolks will be very creamy. a stew of beans," McAuliffe also clarified his statement in remarks to reporters after the debate: "The way I interpreted the reading of it. ACOG said that "some of the most effective and reliable forms of contraception oral contraceptives, Return to the freezer for 1 to 2 minutes and check the consistency. wipe the rims clean with a moistened paper towel, Rooted seedlings and ramets can survive winter to develop into mature plants the next spring. It can survive only on the sun-drenched, to him,I and got myself for it. such as the But Obamas decision to include it in his formal budget request and House leaders decision to hold hearings with the hope of drafting bipartisan legislation is plowing new ground. lawmakers emerged from an information session arranged by House Minority Leader Nancy Pelosi (D-Calif. Key members of his administration resigned in protest. a welfare expert at the Heritage Foundation, ?Dave and I never wanted to hide it.?I learned that I can give shots in her behind, the individual said, But preliminary designs have already sprung up inside Gossett Team House outside Coach Randy Edsall?s office. what should be concluded is that the word ?compromise? ? or ?consensus? ? amounts to capitulation in many peoples? minds. Global Strategy Group. and there is no longer available sediment from the watershed due to all the , an exotic invasive species found in local streams,????, Jubal Early's 15. |
| Nota n°52723 |
da mulajvsiukl
il 10/09/2013 @ 19:39 | | ???????????????????????????????????????????????????????????????? ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ??????????????????????????????,http://www.japanbrandoutleter.com/%E3%83%8A%E3%82%A4%E3%82%AD-4688/???????????????????????????????????????????????????? ??????????????????????????????????????????????????????????????????????????????????????????????????? ?????????????,???sb?????????????????????????????????????????????,Final Audio Design ????? ??????????????????????????,??? ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ?????,http://www.japanesefactorybrand.com/ELECOM-2457/? ??????????????????????????????????????????,http://www.japanbrandshoper.com/CASIO-2996/???????????????????????????????????????????????????????????????? ?????????????,????? ???????????????????????,?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????? ?????????????????,http://www.japanbrandoutleter.com/%E3%83%97%E3%83%BC%E3%83%9E-4692/????????,Sennheiser bluetooth ?????????????:
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