Overview of ESG-Related Derivatives Products and Transactions
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Press Release: Mitsubishi-Hitachi Metals Machinery to Acquire
Joint Press Release Press by Siemens and Mitsubishi Heavy Industries Munich, October 1, 2019 Mitsubishi-Hitachi Metals Machinery to acquire Siemens’ stake in Primetals Technologies • MHMM to become sole owner of Primetals Technologies • Closing expected by early calendar year 2020 • Financial details not disclosed Mitsubishi-Hitachi Metals Machinery (MHMM) – an MHI group company – and Siemens AG reached agreement on September 30, 2019, that MHMM will acquire Siemens’ 49 percent stake in Primetals Technologies. Closing of the transaction is subject to customary conditions and is expected by early 2020. Siemens will support the process to ensure a successful closing of the transaction. Following closing, MHMM will assume sole control of Primetals Technologies. Financial details of the transaction were not disclosed. Primetals Technologies was established in January 2015 and grew out of a long history of innovation in the field of metals production established by its predecessor entities, Mitsubishi-Hitachi Metals Machinery and Siemens VAI. Primetals Technologies is a worldwide leading engineering, plant-building, and lifecycle services partner for the metals industry offering a complete technology, product, and service portfolio that includes integrated electrics, automation, and environmental solutions. Its creation was a result of the desire to closely collaborate in the field of metals machinery and develop an enterprise between MHI and Siemens that would Siemens AG Mitsubishi Heavy Industries Werner-von-Siemens-Straße 1 2-3, Marunouchi 3-chome, Chiyoda-ku 80333 Munich Tokyo, 100-8332 Germany Japan Reference number: PR201909305390EN Page 1/4 Joint Press Release by Siemens and Mitsubishi Heavy Industries be renowned for its technical and business excellence. -
Today's Challenges. Tomorrow's Opportunities
See page 215 for more information. Today’s Challenges. Tomorrow’s Opportunities. The World’s Largest Annual Steel Conference and Exposition TECHNICAL CONFERENCE 550+ Presentations Learn about cutting-edge processes and technological advancements that power today’s progressive industry. Plant Tours See the latest technology and industry processes up close with tours of: • ArcelorMittal Cleveland SOLD OUT • Charter Steel – Cleveland • TimkenSteel Corp. – Faircrest Plant Plant tours typically sell out, so reserve your spot early. REGISTRATION Full Conference Member US$650 Non-Member US$850* Register by 13 April 2015 and save up to US$100 on One-Day Conference Member US$475 Non-Member US$675* full conference or one-day registration. Exposition Only Member FREE Non-Member US$50 *Includes AIST membership AISTech.org EXPOSITION 500+ Exhibitors With 245,000 sq. ft. (22,760 m2) of exhibit space, AISTech 2015 is your opportunity to develop your contacts and promote your business with the individuals who specify, purchase, design and operate a variety of plants and facilities all over the world. Contact [email protected] to reserve your exhibit space and sponsorships today. Lodging AIST has reserved a block of rooms at several hotels in downtown Cleveland. We strongly encourage you to reserve your hotel room well in advance. The block sells out quickly! Reserve your room today at AISTech.org. NETWORK 8,000 Global Industry Professionals Strengthen your network by interacting with your steel industry peers during AISTech’s numerous events, programs and exposition. 550+ Presentations Visas Learn about cutting-edge processes and technological AIST provides letters of invitation to registered international advancements that power today’s progressive industry. -
Walgreens (Top Performing Location) 3019 W Peterson Avenue Chicago, IL 60659 TABLE of CONTENTS
NET LEASE INVESTMENT OFFERING Walgreens (Top Performing Location) 3019 W Peterson Avenue Chicago, IL 60659 TABLE OF CONTENTS I. Executive Summary II. Location Overview III. Market & Tenant Overview Executive Summary Site Plan Tenant Profile Investment Highlights Aerial Location Overview Property Overview Maps Demographics Photos NET LEASE INVESTMENT OFFERING DISCLAIMER STATEMENT DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended STATEMENT: to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NET LEASE INVESTMENT OFFERING EXECUTIVE SUMMARY EXECUTIVE The Boulder Group is pleased to exclusively market for sale a single tenant Walgreens property located in the SUMMARY: city of Chicago. -
Enel Green Power, Sharp and Stmicroelectronics Sign Agreement for the Largest Photovoltaic-Panel Manufacturing Plant in Italy
Enel Green Power, Sharp and STMicroelectronics Sign Agreement for the Largest Photovoltaic-Panel Manufacturing Plant in Italy January 4, 2010 3:04 AM ET Enel Green Power, Sharp and STMicroelectronics join forces to produce innovative thin-film photovoltaic panels. The plant, located in Catania, Italy, is expected to have initial production capacity of 160 MW per year and is targeted to grow to 480 MW over the next years. In addition, Enel Green Power and Sharp will jointly develop solar farms focusing on the Mediterranean area, with a total installed capacity at a level of 500 MW, by the end of 2016. Geneva, January 4, 2010 – Today, Enel Green Power, Sharp and STMicroelectronics signed an agreement for the manufacture of triple-junction thin-film photovoltaic panels in Italy. At the same time, Enel Green Power and Sharp signed a further agreement to jointly develop solar farms. Today's agreement regarding the photovoltaic panel factory follows the Memorandum of Understanding signed in May 2008 by Enel Green Power and Sharp. STMicroelectronics has joined this strategic partnership. This agreement marks the first time that three global technology and industrial powerhouses have joined together in an equal partnership to contribute their unique value-add to the solar industry. It brings together Enel Green Power, with its international market development and project management know-how; Sharp, and its exclusive triple-junction thin-film technology, which will be operational in the mother plant in Sakai, Japan as of spring 2010; and STMicroelectronics, with its manufacturing capacity, skills and resources in highly advanced, hi-tech sectors such as microelectronics. -
Interest Rate Options
Interest Rate Options Saurav Sen April 2001 Contents 1. Caps and Floors 2 1.1. Defintions . 2 1.2. Plain Vanilla Caps . 2 1.2.1. Caplets . 3 1.2.2. Caps . 4 1.2.3. Bootstrapping the Forward Volatility Curve . 4 1.2.4. Caplet as a Put Option on a Zero-Coupon Bond . 5 1.2.5. Hedging Caps . 6 1.3. Floors . 7 1.3.1. Pricing and Hedging . 7 1.3.2. Put-Call Parity . 7 1.3.3. At-the-money (ATM) Caps and Floors . 7 1.4. Digital Caps . 8 1.4.1. Pricing . 8 1.4.2. Hedging . 8 1.5. Other Exotic Caps and Floors . 9 1.5.1. Knock-In Caps . 9 1.5.2. LIBOR Reset Caps . 9 1.5.3. Auto Caps . 9 1.5.4. Chooser Caps . 9 1.5.5. CMS Caps and Floors . 9 2. Swap Options 10 2.1. Swaps: A Brief Review of Essentials . 10 2.2. Swaptions . 11 2.2.1. Definitions . 11 2.2.2. Payoff Structure . 11 2.2.3. Pricing . 12 2.2.4. Put-Call Parity and Moneyness for Swaptions . 13 2.2.5. Hedging . 13 2.3. Constant Maturity Swaps . 13 2.3.1. Definition . 13 2.3.2. Pricing . 14 1 2.3.3. Approximate CMS Convexity Correction . 14 2.3.4. Pricing (continued) . 15 2.3.5. CMS Summary . 15 2.4. Other Swap Options . 16 2.4.1. LIBOR in Arrears Swaps . 16 2.4.2. Bermudan Swaptions . 16 2.4.3. Hybrid Structures . 17 Appendix: The Black Model 17 A.1. -
The Synthetic Collateralised Debt Obligation: Analysing the Super-Senior Swap Element
The Synthetic Collateralised Debt Obligation: analysing the Super-Senior Swap element Nicoletta Baldini * July 2003 Basic Facts In a typical cash flow securitization a SPV (Special Purpose Vehicle) transfers interest income and principal repayments from a portfolio of risky assets, the so called asset pool, to a prioritized set of tranches. The level of credit exposure of every single tranche depends upon its level of subordination: so, the junior tranche will be the first to bear the effect of a credit deterioration of the asset pool, and senior tranches the last. The asset pool can be made up by either any type of debt instrument, mainly bonds or bank loans, or Credit Default Swaps (CDS) in which the SPV sells protection1. When the asset pool is made up solely of CDS contracts we talk of ‘synthetic’ Collateralized Debt Obligations (CDOs); in the so called ‘semi-synthetic’ CDOs, instead, the asset pool is made up by both debt instruments and CDS contracts. The tranches backed by the asset pool can be funded or not, depending upon the fact that the final investor purchases a true debt instrument (note) or a mere synthetic credit exposure. Generally, when the asset pool is constituted by debt instruments, the SPV issues notes (usually divided in more tranches) which are sold to the final investor; in synthetic CDOs, instead, tranches are represented by basket CDSs with which the final investor sells protection to the SPV. In any case all the tranches can be interpreted as percentile basket credit derivatives and their degree of subordination determines the percentiles of the asset pool loss distribution concerning them It is not unusual to find both funded and unfunded tranches within the same securitisation: this is the case for synthetic CDOs (but the same could occur with semi-synthetic CDOs) in which notes are issued and the raised cash is invested in risk free bonds that serve as collateral. -
Plaintiffs' Appendix
Return Date: No return date scheduled Hearing Date: No hearing scheduled Courtroom Number: No hearing scheduled Location: No hearing scheduled FILED 12/16/2019 4:01 PM DOROTHY BROWN CIRCUIT CLERK COOK COUNTY, IL 2014ch00829 7750447 FILED DATE: 12/16/2019 4:01 PM 2014ch00829 Plaintiffs’ Appendix IN THE CIRCUIT COURT OF COOK COUNTY, ILLINOIS COUNTY DEPARTMENT, CHANCERY DIVISION SHELDON LANGER, RONALD M. ) No. 2014-CH-00829 YERMACK, LANCE R. GOLDBERG, ) ROBERT PROSI and GERALD PETROW, ) individually on behalf of themselves and all ) others similarly situated, ) ) Calendar 6 Plaintiffs, ) ) v. ) ) Hon. Celia G. Gamrath, Presiding CME GROUP, INC., a Delaware Corporation; ) THE BOARD OF TRADE OF THE CITY OF ) FILED DATE: 12/16/2019 4:01 PM 2014ch00829 CHICAGO, INC., a Delaware Corporation, ) ) Defendants. AFFIDAVIT OF NICHOLAS C. CARULLO IN SUPPORT OF PLAINTIFFS’ MOTION FOR CLASS CERTIFICATION, FOR APPOINTMENT OF CLASS REPRESENTATIVES, AND FOR APPOINTMENT OF SUSMAN GODFREY LLP AS CLASS COUNSEL I, Nicholas C. Carullo, having the requisite personal knowledge, certify under the requirements of Section 1-109 of the Illinois Code of Civil Procedure as follows: 1. I submit this Affidavit in support of Plaintiffs’ Motion for Class Certification, for Appointment of Class Representatives, and for Appointment of Susman Godfrey LLP as Class Counsel. 2. I am an attorney at the law firm of Susman Godfrey LLP, counsel to Plaintiffs in the above-captioned action. 3. Attached as Exhibit 1 is an expert declaration of Jonathan I. Arnold, Ph.D., at 1. 4. Attached as Exhibit 2 is a true and correct copy of transcript excerpts of the deposition testimony of Robert Krewer, designated as a corporate representative of Defendant CME Group, Inc. -
Annual Report 2019
Davis Investment Group 875 Perimeter Dr. Moscow, ID Tel (208) 885-6478 www.uidaho.edu/cbe ANNUAL REPORT FY 2019 The Davis Student Investment Management Group presents its annual performance review for the calendar year 2019. The Davis fund achieved a return of 22.59% compared to the 31.49% return of our benchmark, the S&P 500. As the business cycle continues to expand, the defensive‐oriented Davis fund took on a more conservative stance. This report provides a qualitative and quantitative review and discussion of the Davis fund for 2019. We welcome any questions, comments, or suggestions regarding this report, or anything related to the Davis fund and its members. DAVIS GROUP Contents Performance Report 2 Economic Review 3 The Davis Group 4 Portfolio Returns 5 Portfolio Snapshot 6 Portfolio Holdings 7 Energy Analyst: Reilly Dahlquist 8 Industrials Analyst: Konner DeLeon 9 Technology Analyst: Sebastian Houk 10 Consumer Staples Analyst: Gladys Hernandez 11 Healthcare Analyst: Tyler Simonson 12 Utilities Analyst: Ryan Zimmerman 13 Basic Materials Analyst: Joseph Brueher 14 Consumer Discretionary Analyst: McKenzie Kennedy 15 Financials/Real Estate Analyst: Michael Sodeke 16 International Markets Analyst: Shudan He 17 Fixed Income/Other Analyst: Roshawn Walters 18 The 2019 Davis Group Members 19 References 22 Contact Information 23 1 Performance Report A LETTER FROM THE PORTFOLIO MANAGER After a rough end to 2018 that brought market returns down to negative growth, the stock market experienced a significant rebound in 2019, a year that saw stable and consistent growth throughout the majority of the year. Our portfolio’s benchmark, the S&P 500 Total Index Return, experienced returns of 31.49%, while our more conservative portfolio returned 22.59% in 2019. -
Sustainability-Linked Bond Sterling
Media Relations Investor Relations T +39 06 8305 5699 T +39 06 8305 7975 [email protected] [email protected] enel.com enel.com THIS ANNOUNCEMENT CANNOT BE DISTRIBUTED IN OR INTO THE UNITED STATES OR TO ANY PERSON LOCATED, RESIDENT OR DOMICILED IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (INCLUDING PUERTO RICO, THE US VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS) OR TO ANY PERSON LOCATED OR RESIDENT IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT. ENEL SUCCESSFULLY LAUNCHES A 500 MILLION POUNDS STERLING “SUSTAINABILITY-LINKED BOND”, THE FIRST OF ITS KIND ON THE STERLING MARKET • Enel Finance International N.V. has placed the sterling market’s first “Sustainability-Linked bond”, which is linked to the achievement of Enel’s sustainable objective related to the percentage of consolidated renewable installed capacity on total consolidated installed capacity, in line with the commitment to achieving the United Nations Sustainable Development Goals • The issue was almost six times oversubscribed, with orders of about 3 billion pounds sterling. The strong demand from investors for the “Sustainability-Linked bond” once again confirms the appreciation and confidence of the financial markets in the soundness of the Enel Group’s sustainable strategy and the consequent impact on the economic and financial results Rome, October 13 th , 2020 - Enel Finance International N.V. (“EFI”), the Dutch-registered finance company controlled by Enel S.p.A. (“Enel”) 1, launched today a single-tranche “Sustainability-Linked bond” for institutional investors on the sterling market totaling 500 million pounds sterling, equivalent to about 550 million euros. -
Ice Crude Oil
ICE CRUDE OIL Intercontinental Exchange® (ICE®) became a center for global petroleum risk management and trading with its acquisition of the International Petroleum Exchange® (IPE®) in June 2001, which is today known as ICE Futures Europe®. IPE was established in 1980 in response to the immense volatility that resulted from the oil price shocks of the 1970s. As IPE’s short-term physical markets evolved and the need to hedge emerged, the exchange offered its first contract, Gas Oil futures. In June 1988, the exchange successfully launched the Brent Crude futures contract. Today, ICE’s FSA-regulated energy futures exchange conducts nearly half the world’s trade in crude oil futures. Along with the benchmark Brent crude oil, West Texas Intermediate (WTI) crude oil and gasoil futures contracts, ICE Futures Europe also offers a full range of futures and options contracts on emissions, U.K. natural gas, U.K power and coal. THE BRENT CRUDE MARKET Brent has served as a leading global benchmark for Atlantic Oseberg-Ekofisk family of North Sea crude oils, each of which Basin crude oils in general, and low-sulfur (“sweet”) crude has a separate delivery point. Many of the crude oils traded oils in particular, since the commercialization of the U.K. and as a basis to Brent actually are traded as a basis to Dated Norwegian sectors of the North Sea in the 1970s. These crude Brent, a cargo loading within the next 10-21 days (23 days on oils include most grades produced from Nigeria and Angola, a Friday). In a circular turn, the active cash swap market for as well as U.S. -
Tax Treatment of Derivatives
United States Viva Hammer* Tax Treatment of Derivatives 1. Introduction instruments, as well as principles of general applicability. Often, the nature of the derivative instrument will dictate The US federal income taxation of derivative instruments whether it is taxed as a capital asset or an ordinary asset is determined under numerous tax rules set forth in the US (see discussion of section 1256 contracts, below). In other tax code, the regulations thereunder (and supplemented instances, the nature of the taxpayer will dictate whether it by various forms of published and unpublished guidance is taxed as a capital asset or an ordinary asset (see discus- from the US tax authorities and by the case law).1 These tax sion of dealers versus traders, below). rules dictate the US federal income taxation of derivative instruments without regard to applicable accounting rules. Generally, the starting point will be to determine whether the instrument is a “capital asset” or an “ordinary asset” The tax rules applicable to derivative instruments have in the hands of the taxpayer. Section 1221 defines “capital developed over time in piecemeal fashion. There are no assets” by exclusion – unless an asset falls within one of general principles governing the taxation of derivatives eight enumerated exceptions, it is viewed as a capital asset. in the United States. Every transaction must be examined Exceptions to capital asset treatment relevant to taxpayers in light of these piecemeal rules. Key considerations for transacting in derivative instruments include the excep- issuers and holders of derivative instruments under US tions for (1) hedging transactions3 and (2) “commodities tax principles will include the character of income, gain, derivative financial instruments” held by a “commodities loss and deduction related to the instrument (ordinary derivatives dealer”.4 vs. -
Ensuring Availability and Sustainable Management Of
Issue brief SDG 6 © Dan-Roizer ENSURING AVAILABILITY AND SUSTAINABLE MANAGEMENT OF WATER AND SANITATION FOR ALL Sustainable Development Goal 6 (SDG 6) – Ensure availability and sustainable management of water and sanitation for all – confirms the importance of water and sanitation in the global political agenda. Building on the relevant Millennium Development Goal, SDG 6 addresses the sustainability of access to water and sanitation by focusing on the quality, availability and management of freshwater resources. The individual targets of SDG 6 Environmental dimension of UN Environment and SDG 6 cover the entire water cycle and its SDG 6 interconnections: As the global environmental authority, the SDG 6 recognizes that countries’ social United Nations Environment Programme ➡ 6.1: provision of drinking water development and economic prosperity (UN Environment) connects the issue of depend on the sustainable management of freshwater to other aspects of sustainable ➡ 6.2: sanitation and hygiene freshwater resources and ecosystems. development, such as oceans, land and services SDG 6 acknowledges that ecosystems and agriculture. This work entails building their inhabitants, including humans, are national capacity to monitor freshwater ➡ 6.3: treatment and reuse of water users and that their activities on land ecosystem health, including water wastewater and ambient can compromise the quality and availability quality, facilitating integrated water water quality of fresh water. resources management processes and ➡ 6.4: water-use efficiency and the implementation thereof, and providing scarcity The water-related ecosystems addressed guidelines and inputs for country-level in SDG 6 include wetlands, rivers, aquifers action to protect and restore freshwater ➡ 6.5: integrated water resources and lakes, which sustain a high level of ecosystems at the national level.