U.S. Consumer Products And Retail/Restaurants Sector: Historical Performance And Current Risks
|
|
- Elwin Farmer
- 5 years ago
- Views:
Transcription
1 U.S. Consumer Products And Retail/Restaurants Sector: Historical Performance And Current Risks S&P Global Fixed Income Research Diane Vazza Managing Director Nick Kraemer Senior Director June 2017
2 Historical Sector Attributes And Performance
3 Rated Population Shows Migration To Growing Speculative-Grade Majority In Both Sectors Retail/restaurants shows early arrival to majority speculative-grade: December 1986 Consumer products became majority speculative-grade much later: March % of Retail/restaurants currently speculative-grade, having arrived there in
4 Median Ratings Are Now Well Into Speculative-Grade 74% of Consumer Products are now speculative-grade. Arrival at B+ median rating tends to coincide with reaching 70% speculative-grade threshold. 4
5 These Sectors Typically Have Higher Non-Recessionary Default Rates Than Overall Speculative-Grade Segment More extended default cycles for these sectors historically, but declining in magnitude compared to speculative-grade total. These two sectors (unsurprisingly) show relatively high historical correlation with each other (0.55). 5
6 Consumer Products Sector Tracking Overall Rating Population Recently Consumer products: From/To AAA AA A BBB BB B CCC/C D NR AAA AA A BBB BB B CCC/C Consumer products: 12 Months Ending April 30, 2017 From/To AAA AA A BBB BB B CCC/C D NR AAA AA A BBB BB B CCC/C U.S. Overall: 12 Months Ending April 30, 2017 From/To AAA AA A BBB BB B CCC/C D NR AAA AA A BBB BB B CCC/C Three recent rising stars: Constellation Brands Inc., Smithfield Foods Inc., and The WhiteWave Foods Co. Two recent fallen angels: The Gap Inc. and Fossil Group Inc. Source: S&P Global Fixed Income Research; S&P Global Market Intelligence's CreditPro 6
7 While Retail Sector Has Been Largely Stable Recently From A Ratings Perspective Retail/restaurants: From/To AAA AA A BBB BB B CCC/C D NR AAA AA A BBB BB B CCC/C Retail/restaurants: 12 Months Ending April 30, 2017 From/To AAA AA A BBB BB B CCC/C D NR AAA AA A BBB BB B CCC/C U.S. Overall: 12 Months Ending April 30, 2017 From/To AAA AA A BBB BB B CCC/C D NR AAA AA A BBB BB B CCC/C One recent rising star: Best Buy Co. Inc. One recent fallen angel: Brinker International Inc. In 2017 through June 14: 17 downgrades, 15 of which by one-notch. Source: S&P Global Fixed Income Research; S&P Global Market Intelligence's CreditPro 7
8 Current Risk Profile And Expectations
9 Upcoming Consumer Products Maturity Wall Might Pose A Future Risk Near-term prospects for refinancing debt appears favorable: low debt levels for the next 18 months, and low borrowing costs expected to remain in the near-term. However, massive $46 billion of speculative-grade debt maturing in 2021 spread out across 90 issuers, at an average maturing debt amount of $510 million. 9
10 As It Approaches And Exceeds Recent Issuance Trends Upcoming speculative-grade maturities greatly exceed recent years issuance trends. Rates expected to stay low, but rise nonetheless. How much lower, for how much longer? 10
11 Retailers Upcoming Debt More Manageable, But Still A Risk When Combined With Structural Changes Afoot Near-term refinancing needs appear manageable, but 2019 and out shows challenges ahead. Retail/restaurants sector s upcoming maturity profile in future years is more heavily represented by speculative-grade companies compared to overall U.S. rated corporates. 11
12 But The Sector Is Thus Far On Track To Match Recent Years Totals Through May, $6 billion in new issuance has come to market, compared to $10.3 billion in all of We expect overall issuance trends in the second-half to be more volatile than in recent years given rising rates, upcoming Fed unwinding, and potential tax changes. 12
13 How Is The Market Pricing These Sectors Bonds? Overall, Very Favorably Retail/restaurants option-adjusted spread (over Treasuries) nearing record-low levels. Finished May at 151 bps; all-time low of 122 bps on Mar. 8, Consumer Products spread below investment-grade composite: 106 bps vs. 141 bps. 13
14 But Industry Spreads Now Heavily Influenced By Investment-Grade Component Retail/restaurants sector spread now more in line with its investment-grade segment. Investment-grade segment has grown in (issue) size by 71% since 2010, while speculative-grade segment has declined by 22%. On the other hand, consumer products has always been dominated by investment-grade bonds approximately 75%. Source: S&P Global Fixed Income Research 14
15 And Investors Are Spotting The Weakest Companies Retail and restaurants is now the sector with the highest distress ratio (21%), having surpassed the oil and gas sector in January. Sears accounts for roughly a third of the distressed bonds within retail/restaurants. Meanwhile, Consumer Products (7.9%) only one 1% higher than overall distress ratio (6.8%). The distress ratio is the share of speculative-grade issues with option-adjusted composite spreads of more than 1,000 basis points (bps) relative to U.S. Treasuries. Data: May 15, CP&ES -- Chemicals, packaging, and environmental services; Home/RE -- Homebuilders/real estate companies; Metals Metals, mining, and steel; Forest -- Forest products and building materials. Source: S&P Global Fixed Income Research 15
16 Bond Returns Starting To Show Some Cracks 3.8% loss in 2016Q4 is largest ever (since 2003) Source: S&P Global Fixed Income Research 16
17 Bond Returns Starting To Show Some Cracks 2.9% loss in 2016Q4 is largest since 2008Q4 2017Q1 gain is lowest since 2006Q1 Source: S&P Global Fixed Income Research 17
18 What Are Our Analysts Saying? Speculative-grade retail/restaurants negative bias now up to 33%, compared to 15% two years ago. Overall speculative-grade negative bias is now 20% and declining. Oil and gas sector still has the highest speculative-grade negative bias, at roughly 50%. Source: S&P Global Fixed Income Research 18
19 Default Rate Expected To Fall To 3.3% By 2018Q1 S&P Global Fixed Income Research forecasts the U.S. trailing-12-month speculative-grade default rate will fall to 3.3% by March 2018, down from 4.1% in March 2017 (with 72 defaults). Oil and gas sector still the main contributor to defaults. Potential stressors to watch include structural shifts in retail, declines in price of oil, higher interest rates, current credit profile of U.S. issuers, and tax reform unfavorable to imports and debt issuance. Data as of May 31, Shaded areas are periods of recession as defined by the National Bureau of Economic Research. Source: S&P Global Fixed Income Research 19
20 2017 Defaults And Current Distressed List, Through May 2017 U.S. Defaults As Of June 21 Parent company Sector Default Date Prior Rating Reason/Type Angelica Corp. Consumer products 4/3/2017 NR Chapter 11 Gymboree Corp. (The) Consumer products 6/2/2017 CC Missed interest payment Limited Stores Inc. Retail/restaurants 1/17/2017 NR Chapter 11 BCBG Max Azria Group Inc. Retail/restaurants 2/28/2017 NR Chapter 11 hhgregg Inc. Retail/restaurants 3/6/2017 NR Chapter 11 Payless Inc. Retail/restaurants 4/5/2017 CCC Chapter 11 Rue21 Inc. Retail/restaurants 5/4/2017 CC Missed interest payment Marsh Supermarkets Inc. Retail/restaurants 5/11/2017 NR Chapter 11 Distressed Issuers: As of May 15, 2017 Issuer Distressed Issue Count Rating Outlook/CreditWatch Alliance One International Inc. Consumer products 1 CCC+ Negative Chinos Intermediate Holdings A Inc., Consumer products 1 *CCC- Negative Claire's Stores Inc. Consumer products 2 CC Negative David's Bridal Inc. Consumer products 1 CCC+ Negative Gibson Brands Inc. Consumer products 1 CCC Positive Horizon FinCo US Corp. Consumer products 1 *B- Stable Nine West Holdings Inc. Consumer products 3 CCC- Negative 99 Cents Only Stores Retail/restaurants 1 CCC+ Negative Beverages & More Inc., Retail/restaurants 1 B- Stable BI-LO Finance Corp. Retail/restaurants 1 *CCC+ Negative BI-LO Holding Finance Inc. Retail/restaurants 1 *CCC+ Negative Guitar Center Inc. Retail/restaurants 2 *CCC+ Negative Mariposa Merger Sub LLC Retail/restaurants 2 *CCC+ Negative Sears Holdings Corp. Retail/restaurants 1 CCC+ Negative Sears Roebuck Acceptance Corp. Retail/restaurants 6 CCC+ Negative The Bon-Ton Department Stores Inc., Retail/restaurants 1 *CCC+ Negative The Fresh Market Retail/restaurants 1 B Negative Tops Holding II Corp. Retail/restaurants 1 CCC+ Negative Toys "R" Us Delaware Inc. Retail/restaurants 1 *B- Stable Toys "R" Us Inc. Retail/restaurants 1 B- Stable TRU Taj LLC Retail/restaurants 1 *B- Stable Source: S&P Global Fixed Income Research 20
U.S. Retail/Restaurants Sector: Historical Performance And Current Risks
U.S. Retail/Restaurants Sector: Historical Performance And Current Risks S&P Global Fixed Income Research Diane Vazza Managing Director +1 212 438 2760 diane.vazza@spglobal.com Nick Kraemer Senior Director
More informationRATING TRANSITIONS AND DEFAULT RATES
RATING TRANSITIONS AND DEFAULT RATES 2001-2012 I. Transition Rates for Banks Transition matrices or credit migration matrices characterise the evolution of credit quality for issuers with the same approximate
More informationDefault & Recovery Rates of Corporate Bond Issuers
Special Comment January 2004 Contact Phone New York David T. Hamilton 1.212.553.1653 Praveen Varma Sharon Ou Richard Cantor Default & Recovery Rates of Corporate Bond Issuers Summary A Statistical Review
More informationRating Transitions and Defaults Conditional on Rating Outlooks Revisited:
Special Comment December 2005 Contact Phone New York David T. Hamilton 1.212.553.1653 Richard Cantor Rating Transitions and Defaults Conditional on Rating Outlooks Revisited: 1995-2005 Summary In this
More informationDELAWARE COMPENSATION RATING BUREAU, INC. Internal Rate Of Return Model
Exhibit 9 As Filed DELAWARE COMPENSATION RATING BUREAU, INC. Internal Rate Of Return Model The attached pages present exhibits and a description of the internal rate of return model used in deriving the
More informationPENNSYLVANIA COMPENSATION RATING BUREAU F CLASS FILING INTERNAL RATE OF RETURN MODEL
F Class Exhibit 4 Proposed 10/1/16 PENNSYLVANIA COMPENSATION RATING BUREAU F CLASS FILING INTERNAL RATE OF RETURN MODEL The attached pages present exhibits and a description of the internal rate of return
More informationThe Bond Pricing Implications of Rating-Based Capital Requirements. Internet Appendix. This Version: December Abstract
The Bond Pricing Implications of Rating-Based Capital Requirements Internet Appendix This Version: December 2017 Abstract This Internet Appendix examines the robustness of our main results and presents
More informationBRITISH VIRGIN ISLANDS SECTORAL GROSS DOMESTIC PRODUCT MARKET PRICES (current prices) (US$M)
SECTORAL GROSS DOMESTIC PRODUCT MARKET PRICES (current prices) Sector 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000r 2001r 2002r 2003r 2004r 2005e Agriculture, Hunting & Forestry 1.36 1.50 1.63 1.77
More informationInformation Bulletin 9/2007
Information Bulletin 9/2007 Warsaw, January 2008 Compiled from NBP materials by the Department of Statistics as at November 13, 2007. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP
More informationInformation Bulletin 5/2007
Information Bulletin /2007 Warsaw, September 2007 Compiled from NBP materials by the Department of Statistics as at July 13, 2007. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationInformation Bulletin 12/2008
Information Bulletin 12/2008 Warsaw, May 2009 Compiled from NBP materials by the Department of Statistics as at February 12, 2009. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationTopic 4 Forecasting Exchange Rate
Topic 4 Forecasting Exchange Rate Why Firms Forecast Exchange Rates MNCs need exchange rate forecasts for their: hedging decisions, short-term financing decisions, short-term investment decisions, capital
More informationInformation Bulletin 1/2008
Information Bulletin 1/2008 Warsaw, May 2008 Compiled from NBP materials by the Department of Statistics as at March 13, 2008. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More information2012 AND ESTIMATE FOR Q1, 2013 GROSS DOMESTIC PRODUCT FOR NIGERIA
FEDERAL REPUBLIC OF NIGERIA (THE PRESIDENCY) 2012 AND ESTIMATE FOR Q1, 2013 GROSS DOMESTIC PRODUCT FOR NIGERIA National Bureau of Statistics Plot 762, Independence Avenue, Central Business District, Abuja
More informationModel Risk With. Default. Estimates of Probabilities of. Dirk Tasche Imperial College, London. June 2015
Model Risk With Estimates of Probabilities of Default Dirk Tasche Imperial College, London June 2015 The views expressed in the following material are the author s and do not necessarily represent the
More informationPREPARED DIRECT TESTIMONY OF GREGORY TEPLOW SOUTHERN CALIFORNIA GAS COMPANY AND SAN DIEGO GAS & ELECTRIC COMPANY
Application No: A.1-0- Exhibit No.: Witness: Gregory Teplow Application of Southern California Gas Company (U 0 G) and San Diego Gas & Electric Company (U 0 G) for Authority to Revise their Natural Gas
More informationTable 01A. End of Period End of Period End of Period Period Average Period Average Period Average
SUMMARY EXCHANGE RATE DATA BANK OF ZAMBIA MID-RATES Table 01A Period K/USD K/GBP K/ZAR End of Period End of Period End of Period Period Average Period Average Period Average Monthly January 6.48 6.46 9.82
More informationCHARTING SPATIAL BUSINESS TRANSFORMATION
CHARTING SPATIAL BUSINESS TRANSFORMATION An in-depth look at the business patterns of GIS and location intelligence adoption in the private sector EXECUTIVE SUMMARY The global use of geographic information
More informationInflation Report April June 2012
August, 212 Outline 1. External Conditions 2. Economic Activity in Mexico 3. Monetary Policy and Inflation Determinants. Forecasts and Balance of Risks External Conditions Global economic growth slowed
More informationInformation Bulletin 7/2007
Information Bulletin 7/2007 Warsaw, December 2007 Compiled from NBP materials by the Department of Statistics as at September 12, 2007. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP
More informationInformation Bulletin 4/2008
Information Bulletin 4/2008 Warsaw, August 2008 Compiled from NBP materials by the Department of Statistics as at June 17, 2008. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationDeterminants of Corporate Bond Trading: A Comprehensive Analysis.
Determinants of Corporate Bond Trading: A Comprehensive Analysis. Edith Hotchkiss, Arthur Warga, Gergana Jostova May 6, 2002 Abstract This paper studies the trading volume and liquidity of corporate bonds
More informationInformation Bulletin 4/2007
Information Bulletin 4/2007 Warsaw, September 2007 Compiled from NBP materials by the Department of Statistics as at May 18, 2007. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationIn July, US wholesalers inventories were flat month over month, and their sales declined. The inventory-to-sales ratio was 1.34.
September 16, 2016 i l US In August, the ISM Manufacturing Purchasing Managers Index (PMI) slid to 49.4, trailing the consensus estimate of 52.0 and falling into contraction territory. The ISM Non-Manufacturing
More informationOnline Appendix: Uncertainty and Economic Activity: Evidence from Business Survey Data" Rüdiger Bachmann, Steffen Elstner, and Eric R.
Online Appendix: Uncertainty and Economic Activity: Evidence from Business Survey Data" Rüdiger Bachmann, Steffen Elstner, and Eric R. Sims This Appendix presents a simple model and some additional robustness
More informationChapter 1 Linear Equations
. Lines. True. True. If the slope of a line is undefined, the line is vertical. 7. The point-slope form of the equation of a line x, y is with slope m containing the point ( ) y y = m ( x x ). Chapter
More informationGOLDEN MINERALS DISCOVERS ADDITIONAL HIGH GRADE VEINS AT SANTA MARIA RESULTS UP TO 1.88 g/t Au and 648 g/t Ag
GOLDEN MINERALS DISCOVERS ADDITIONAL HIGH GRADE VEINS AT SANTA MARIA RESULTS UP TO 1.88 g/t Au and 648 g/t Ag Golden, Colorado /Globe Newswire/ July 12, 2018 Golden Minerals Company (NYSE American and
More informationInformation Bulletin 12/2003
Information Bulletin 12/2003 Warsaw, April 2003 Compiled from NBP materials by the Department of Statistics as at March 15, 2004. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationCan macro variables improve transition matrix forecasting?
Can macro variables improve transition matrix forecasting? Georges Mansourati & Anders Olsson May 2006 Abstract Transition matrices that describe the probability for firms to migrate between rating classes
More informationAllianz Thailand Equity
Allianz Thailand Equity In the six month period ending 31 March 2016 ( the period ), market conditions were highly volatile. The SET index declined sharply from mid-october 2015 to early January 2016,
More informationInformation Bulletin 6/2008
Information Bulletin 6/2008 Warsaw, October 2008 Compiled from NBP materials by the Department of Statistics as at August 12, 2008. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationSupplementary Information: Quantifying Trading Behavior in Financial Markets Using Google Trends
TITLE Supplementary Information: Quantifying Trading Behavior in Financial Markets Using Google Trends AUTHORS AND AFFILIATIONS Tobias Preis 1#*, Helen Susannah Moat 2,3#, and H. Eugene Stanley 2# 1 Warwick
More informationInformation Bulletin 5/2010
Information Bulletin /2010 Warsaw, 2010 Compiled from NBP materials by the Department of Statistics as at July 13, 2010. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published
More informationChina Coal-Coking Industry & Listed Companies Report,
China Coal-Coking Industry & Listed Companies Report, 2007-2008 Coal-coking, as an auxiliary sector for the metallurgical industry, is the most mature sector in technology and the most representative of
More informationInformation Bulletin 2/2011
Information Bulletin 2/2011 Warsaw, 2011 Compiled from NBP materials by the Department of Statistics as at April 13, 2011. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop Published
More informationTo understand the behavior of NR prices across key markets, during , with focus on:
Jom Jacob The Rubber Board*, India (* The views presented here do not necessarily imply those of the organization ) To understand the behavior of NR prices across key markets, during 7-2012, with focus
More informationYou are allowed two hours to answer this question paper. All questions are compulsory.
Examination Question and Answer Book Write here your full examination number Centre Code: Hall Code: Desk Number: Foundation Level 3c Business Mathematics FBSM 0 May 00 Day 1 late afternoon INSTRUCTIONS
More information3. If a forecast is too high when compared to an actual outcome, will that forecast error be positive or negative?
1. Does a moving average forecast become more or less responsive to changes in a data series when more data points are included in the average? 2. Does an exponential smoothing forecast become more or
More informationInformation Bulletin 10/2008
Information Bulletin 10/2008 Warsaw, February 2009 Compiled from NBP materials by the Department of Statistics as at December 12, 2008. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP
More informationGROSS DOMESTIC PRODUCT FOR NIGERIA
FEDERAL REPUBLIC OF NIGERIA (HE PRESIDENCY) Q1 - Q4 2011 AND Q1 2012 GROSS DOMESIC PRODUC FOR NIGERIA National Bureau of Statistics Plot 762, Independence Avenue, Central Business District, Abuja www.nigerianstat.gov.ng
More informationDistribution Date: 26-Dec-07
ABN AMRO Acct : 724532.1 Outside Parties To The Transaction Contact Information: Payment : 26-Dec-07 Prior Payment: 26-Nov-07 Issuer: First Franklin Financial Corporation Analyst: Shaun Horbochuk 714.259.6217
More informationFederated Strategic Value Dividend Fund (FSVF) vs. Dow Jones Select Dividend Index (Benchmark) 6/30/2017-9/29/2017 Sector Summary
Federated Strategic Value Dividend Fund (FSVF) vs. Dow Jones Select Dividend Index (Benchmark) Sector Summary Base Currency: Dollar FSVF Benchmark Variance Base Base Average GICS Sector / Industry Group
More informationInformation Bulletin 11/2010
Information Bulletin 11/2010 Warsaw, 2011 Compiled from NBP materials by the Department of Statistics as at January 13, 2011. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationDetour Gold Reports Drilling Results from Lower Detour
December 17, 2015 NEWS RELEASE Detour Gold Reports Drilling Results from Lower Detour Detour Gold Corporation (TSX: DGC) ( Detour Gold or the Company ) reports final results from its 2015 summer drilling
More informationTABLE OF CONTENTS. Page. Statistical Bulletin, June 2011 INTRODUCTORY NOTES SUMMARISED ACCOUNTS OF THE BANKING SYSTEM
TABLE OF CONTENTS Page INTRODUCTORY NOTES... 3 1. SUMMARISED ACCOUNTS OF THE BANKING SYSTEM 1.1 CENTRAL BANK OF KENYA 1.1.1 Assets... 10 1.1.2 Liabilities... 11 1.2 OFFICIAL RESERVES 1.2.1 Foreign Assets...
More informationSwan Trust Series
Swan Trust Series 20111 March 1st 2015 30th March 2016 Monthly Information Report Portfolio: Swan Trust Series 20111 Monthly Information Report: March 1st 2015 30th March 2016 Amounts denominated in currency
More informationInformation Bulletin 11/2011
Information Bulletin 11/2011 Warsaw, 2012 Compiled from NBP materials by the Department of Statistics as at January 13, 2012. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationBALMORAL INTERSECTS g/t GOLD OVER 7.99 METRES, BUG LAKE SOUTH, DETOUR GOLD TREND PROJECT, QUEBEC
TSX: BAR / OTCQX: BALMF October 8, 2014 For Immediate Release NR14-24 BALMORAL INTERSECTS 12.50 g/t GOLD OVER 7.99 METRES, BUG LAKE SOUTH, DETOUR GOLD TREND PROJECT, QUEBEC Continues to Expand High Grade
More informationTSX.V: TR. Drilling in the Shadow of World-Class Deposits. TR: TSX.V January 2019
TSX.V: TR Drilling in the Shadow of World-Class Deposits TR: TSX.V January 2019 1 Looking Forward Statement Investors are cautioned that, except for statements of historical fact certain information contained
More informationInformation Bulletin 9/2011
Information Bulletin 9/2011 Warsaw, 2011 Compiled from NBP materials by the Department of Statistics as at November 1, 2011. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationImpacts of Visitor Spending on the Local Economy: Yosemite National Park, 2007
Impacts of Visitor Spending on the Local Economy: Yosemite National Park, 2007 Daniel J. Stynes Department of Community, Agriculture, Recreation and Resource Studies Michigan State University East Lansing,
More informationThe Central Bank of Iceland forecasting record
Forecasting errors are inevitable. Some stem from errors in the models used for forecasting, others are due to inaccurate information on the economic variables on which the models are based measurement
More informationFixed Income Analytics Report
Fixed Income Analytics Report Prepared For: John Q Customer Presented By: Sample Report December 21, 2016 632880.1.0 Page 1 of 18 Disclaimer Individual bonds subject to price change and availability. Yields,
More informationBudget Estimates
Sl. No. GOVERNMENT OF BIHAR ACCOUNTS AT A GLANCE (At the end of November, 2018) (UNAUDITED PROVISIONAL FIGURES) Monthly Key indicator for the month of November, 2018 Description Budget Estimates 2018-19
More informationBudget Estimates
Sl. No. Description GOVERNMENT OF BIHAR ACCOUNTS AT A GLANCE (At the end of February, 2019) (UNAUDITED PROVISIONAL FIGURES) Monthly Key indicator for the month of February, 2019 Budget Estimates 2018-19
More informationMACRO-PRUDENTIAL RULES AND REGULATION (2015): DISCLOSURE REQUIREMENTS ANNEXURE I: FORMAT FOR ANNUAL DISCLOSURES DRUK PNB BANK LTD.
MACRO-PRUDENTIAL RULES AND REGULATION (2015): DISCLOSURE REQUIREMENTS ANNEXURE I: FORMAT FOR ANNUAL DISCLOSURES DRUK PNB BANK LTD. For the Year ended December 31, 2016 Item 1: Tier I Capital and its Sub-components
More informationFigure 1: Novo Resources Corp. (TSXV:NVO)
RCKS TALK Keith Edwards, Chartman Market Analysis Technical Market Analyst RCKS Charts RCKS Charts: NVO, GTT, MAW & MQR In this edition of RCKS Charts, Keith has evaluated Novo Resources Corp. (TSXV:NVO),
More informationSwan Trust Series
Swan Trust Series 20111 1st May 2017 30th May 2017 Monthly Information Report Portfolio: Swan Trust Series 20111 Monthly Information Report: 1st May 2017 30th May 2017 Amounts denominated in currency of
More informationZANER WHEN DOES WEATHER MATTER? For more information, call: Or visit: Zaner is proud to present
ZANER The market has been under pressure the past three weeks. The 9 and 20 day moving average have met, for the first time since September and again falls below 40. Zaner is proud to present WHEN DOES
More informationForecasting demand in the National Electricity Market. October 2017
Forecasting demand in the National Electricity Market October 2017 Agenda Trends in the National Electricity Market A review of AEMO s forecasting methods Long short-term memory (LSTM) neural networks
More informationPresents QD's/QD Film and QD LED's at SID/Display Week in Los Angeles Granted Key IP for Continuous Flow Processing of Cadmium Free Quantum Dots
Quantum Materials Corp. Update (OTCQB: QTMM) Presents QD's/QD Film and QD LED's at SID/Display Week in Los Angeles Granted Key IP for Continuous Flow Processing of Cadmium Free Quantum Dots May 30, 2017
More informationComponents for Accurate Forecasting & Continuous Forecast Improvement
Components for Accurate Forecasting & Continuous Forecast Improvement An ISIS Solutions White Paper November 2009 Page 1 Achieving forecast accuracy for business applications one year in advance requires
More informationInformation Bulletin 8/2009
Information Bulletin 8/2009 Warsaw, 2010 Compiled from NBP materials by the Department of Statistics as at October 13, 2009. Design: Oliwka s.c. Cover photo: Corbis/Free Layout and print: NBP Printshop
More informationMINERAL MOUNTAIN RESOURCES LTD. MMV.TSX-V
MINERAL MOUNTAIN RESOURCES LTD. 201-1416 West 8 th Avenue Vancouver, B.C. V6H 1E1 T: 604-714-0111 F: 604-714-1119 MMV.TSX-V NEWS RELEASE March 3, 2011 No. 2011-04 MINERAL MOUNTAIN DRILLS 3.17 g/t OVER
More informationCITY OF MESQUITE Quarterly Investment Report Overview Quarter Ending June 30, 2018
CITY OF MESQUITE Quarterly Investment Report Overview Quarter Ending June 30, 2018 Investment objectives are safety, liquidity, yield and public trust. Portfolio objective is to meet or exceed the average
More informationTOP MARKET SURVEY INSTRUCTION SHEET. Requirements. Overview
INSTRUCTION SHEET TOP SURVEY TOP SURVEY INSTRUCTION SHEET Overview For nearly 40 years, the ACA has surveyed member agencies and conducted the Top Collection Market Survey. This survey provides critical
More informationThe new sulphide mineralization lies within a 1.4 kilometer long east-west trending
June 17, 2015 NYSE-MKT: SVBL, TSX: SVB SILVER BULL IDENTIFIES NEW MASSIVE SULPHIDE MINERALIZATION GRADING 690G/T SILVER, 1% COPPER, 4.8% LEAD AND 15.25% ZINC AT THE SIERRA MOJADA PROJECT, COAHUILA, MEXICO.
More informationAUTO SALES FORECASTING FOR PRODUCTION PLANNING AT FORD
FCAS AUTO SALES FORECASTING FOR PRODUCTION PLANNING AT FORD Group - A10 Group Members: PGID Name of the Member 1. 61710956 Abhishek Gore 2. 61710521 Ajay Ballapale 3. 61710106 Bhushan Goyal 4. 61710397
More informationNSP Electric - Minnesota Annual Report Peak Demand and Annual Electric Consumption Forecast
Page 1 of 5 7610.0320 - Forecast Methodology NSP Electric - Minnesota Annual Report Peak Demand and Annual Electric Consumption Forecast OVERALL METHODOLOGICAL FRAMEWORK Xcel Energy prepared its forecast
More informationNOWCASTING THE NEW TURKISH GDP
CEFIS WORKING PAPER SERIES First Version: August 2017 NOWCASTING THE NEW TURKISH GDP Barış Soybilgen, İstanbul Bilgi University Ege Yazgan, İstanbul Bilgi University Nowcasting the New Turkish GDP Barış
More informationJunior Uranium explorer in the Athabasca Basin. Patterson Claims
Junior Uranium explorer in the Athabasca Basin Patterson Claims Cautionary Note Regarding Forward-Looking Statements This Presentation and the exhibits attached herein contain forward-looking statements
More informationTornado Hazard Risk Analysis: A Report for Rutherford County Emergency Management Agency
Tornado Hazard Risk Analysis: A Report for Rutherford County Emergency Management Agency by Middle Tennessee State University Faculty Lisa Bloomer, Curtis Church, James Henry, Ahmad Khansari, Tom Nolan,
More informationKenneth Shelton, Assistant Superintendent, Business Services Los Angeles County Office of Education 9300 Imperial Highway Downey, CA 90242
April 17, 2009 Kenneth Shelton, Assistant Superintendent, Business Services Los Angeles County Office of Education 9300 Imperial Highway Downey, CA 90242 Dear Assistant Superintendent Shelton: The purpose
More informationFURTHER EXPANSION OF GOLD DISCOVERY AT COLUMBUS PROJECT REPORTED BY IRELAND INC.
For Immediate Release FURTHER EXPANSION OF GOLD DISCOVERY AT COLUMBUS PROJECT REPORTED BY IRELAND INC. HENDERSON, Nevada May 4, 2009 Ireland Inc. (OTC BB: IRLD) ( Ireland ) ( the Company ), a minerals
More informationPershing Gold Hits Highest Grade Gold to Date in Relief Canyon with Grams per Tonne (3.618 Ounces per Ton) Intercept
March 3, 2015 Pershing Gold Hits Highest Grade Gold to Date in Relief Canyon with 123.90 Grams per Tonne (3.618 Ounces per Ton) Intercept LAKEWOOD, Colo., March 3, 2015 (PR NEWSWIRE) Pershing Gold Corporation
More informationJanuary Primary Market Fact Sheet
Primary Market Fact Sheet Table 1: UK listed companies: new issues Equity and Fixed Interest New companies Market Issue value at Money Broker to issue / Company/ Issue type/ price issue raised Date Security
More information13 August Dear Shareholders UPDATE. I am writing to update shareholders on the profit impact of the recent poor harvest and associated matters.
13 August 2014 Dear Shareholders UPDATE I am writing to update shareholders on the profit impact of the recent poor harvest and associated matters. 2014 Profit Due principally to the lower than average
More informationSheffield Resources (SFX)
Sheffield Resources (SFX) February 2015 Grant Craighead Research Manager gcraighead@breakawayinvestmentgroup.com Andrew McLeod Research Analyst amcleod@breakawayinvestmentgroup.com Company Information
More informationRCKS Charts: BHP, TECK, KL, FM, ANX, ECS, WDO & TK
RCKS TALK Keith Edwards, Chartman Market Analysis Technical Market Analyst RCKS Charts RCKS Charts: BHP, TECK, KL, FM, ANX, ECS, WDO & TK In this edition of RCKS Charts, Keith has evaluated BHP Billiton
More informationT E S L A T O A C Q U I R E S O L A R C I T Y
T E S L A T O A C Q U I R E S O L A R C I T Y C R E A T I N G T H E W O R L D S L E A D I N G S U S T A I N A B L E E N E R G Y C O M P A N Y I N V E S T O R P R E S E N T A T I O N A u g u s t 1, 2 0
More informationUpdate April 11, 2019
Silver and Silver Mining Update This is an Update on Silver and Silver Mining, outlining the current important juncture, so you will get an idea of what Intelligent Investing s new Metals, Miners, and
More informationHighlights from the four holes announced in this news release include:
November 20, 2017 OTCQB: SVBL, TSX: SVB SILVER BULL INTERSECTS 9 METERS OF SULPHIDE MINERALIZATION GRADING 20.7% ZINC, 1% LEAD AND 98G/T SILVER, INCLUDING 3.65 METERS OF MASSIVE SULPHIDE MINERALIZATION
More informationPenarth Master Issuer plc - Monthly Report October 2012 Combined Series Report For IPD Ending: 19 November 2012
Combined Series Report For IPD Ending: 19 November 2012 Reporting Date 17 November 2012 Reporting Period 01 October 2012-31 October 2012 Interest Payment Date 19 November 2012 Contact Details Name Telephone
More informationFALCO PACIFIC COMPLETES INITIAL MODEL FOR THE HORNE 5 GOLD/SILVER/ZINC/COPPER DEPOSIT
For Immediate Release NR 13-10 FALCO PACIFIC COMPLETES INITIAL MODEL FOR THE HORNE 5 GOLD/SILVER/ZINC/COPPER DEPOSIT (Vancouver, BC, September 16, 2013) Falco Pacific Resource Group Inc. ( Falco Pacific
More informationAssessing recent external forecasts
Assessing recent external forecasts Felipe Labbé and Hamish Pepper This article compares the performance between external forecasts and Reserve Bank of New Zealand published projections for real GDP growth,
More informationMineral Supply and Consumption Searching for a Twenty-First Century Balance
Mineral Supply and Consumption Searching for a Twenty-First Century Balance presentation for the Government-University-Industry Research Roundtable The National Academies W. David Menzie U.S. Geological
More informationSwan Trust Series
Swan Trust Series 20111 31st January 2017 28th February 2017 Monthly Information Report Portfolio: Swan Trust Series 20111 Monthly Information Report: 31st January 2017 28th February 2017 Amounts denominated
More informationPenarth Master Issuer plc - Monthly Report November 2012 Combined Series Report For IPD Ending: 18 December 2012
Combined Series Report For IPD Ending: 18 December 2012 Reporting Date 17 December 2012 Reporting Period 01 November 2012-30 November 2012 Interest Payment Date 18 December 2012 Contact Details Name Telephone
More informationBOREAL EXPANDS DISCOVERY ZONE OF HIGH-GRADE ZINC, SILVER AND LEAD MINERALIZATION AT GUMSBERG PROJECT IN SWEDEN
BOREAL EXPANDS DISCOVERY ZONE OF HIGH-GRADE ZINC, SILVER AND LEAD MINERALIZATION AT GUMSBERG PROJECT IN SWEDEN Vancouver, B.C., March 4, 2019. Boreal Metals Corp. ( Boreal or the Company ) (TSXV:BMX) is
More informationNorth Dakota Lignite Energy Industry s Contribution to the State Economy
Agricultural Economics Miscellaneous Report No. 186 May 2000 North Dakota Lignite Energy Industry s Contribution to the State Economy Randal C. Coon, and F. Larry Leistritz* Department of Agricultural
More informationIntroduction... vii ACC Economics and Statistics Department Staff... vii 1. CHEMISTRY AND THE ECONOMY...1
TABLE OF CONTENTS Introduction... vii ACC Economics and Statistics Department Staff... vii 1. CHEMISTRY AND THE ECONOMY...1 Chemistry in Our Lives...2 Economic Contributions of the Business of Chemistry...4
More informationCP:
Adeng Pustikaningsih, M.Si. Dosen Jurusan Pendidikan Akuntansi Fakultas Ekonomi Universitas Negeri Yogyakarta CP: 08 222 180 1695 Email : adengpustikaningsih@uny.ac.id Operations Management Forecasting
More informationLinear Programming: Chapter 1 Introduction
Linear Programming: Chapter 1 Introduction Robert J. Vanderbei September 16, 2010 Slides last edited on October 5, 2010 Operations Research and Financial Engineering Princeton University Princeton, NJ
More informationRussell Research. Alpha forecasts: Liquid assets Australia
Russell Research By: Leola Ross, Ph.D., CFA, Senior Investment Strategist January 2013 Vivek Sondhi, Ph.D., Senior Research Analyst Steve Murray, Ph.D., CFA, Director, Asset Allocation Strategies Alpha
More informationMBA Gold Corp. Resources to Reserves to Production: A business approach to mining North American Gold
MBA Gold Corp. Resources to Reserves to Production: A business approach to mining North American Gold OUR MISSION MBA Gold was created to provide investors with an opportunity to participate in the current
More informationConfessions of a Shipping Cyclist. Wrong againsuckers!
Confessions of a Shipping Cyclist Wheeee Wrong againsuckers! Martin Stopford, President Clarkson Research Marine Money, 26 th February 215 Surviving the Shipping Cycle 1. Secrets of our rich cycle forecasting
More informationBEFORE THE PUBLIC UTILITIES COMMISSION OF THE STATE OF COLORADO * * * * *
BEFORE THE PUBLIC UTILITIES COMMISSION OF THE STATE OF COLORADO * * * * * IN THE MATTER OF THE APPLICATION OF PUBLIC SERVICE COMPANY OF COLORADO FOR APPROVAL OF ITS 01 RENEWABLE ENERGY STANDARD COMPLIANCE
More informationPhone: +44 (0) or BioPortfolio Limited
European Liquid Chromatography Reagents Market by Product (Column & Planar Chromatography Reagents), by End User (Pharmaceuticals, Academics, Food & Beverages, Hospitals, Cosmetics, Environmental Biotechnology,
More informationThe Romero Copper-Gold Discovery Dominican Republic
The Romero Copper-Gold Discovery Dominican Republic December 2012 1 GoldQuestCorp.com Forward Looking Statements Statements in this document, to the extent not based on historical events, constitute forward-looking
More informationESRI Research Note Nowcasting and the Need for Timely Estimates of Movements in Irish Output
ESRI Research Note Nowcasting and the Need for Timely Estimates of Movements in Irish Output David Byrne, Kieran McQuinn and Ciara Morley Research Notes are short papers on focused research issues. Nowcasting
More information