NEWS RELEASE. R&I Affirms Ratings: 5 Expressway Companies. Rating and Investment Information, Inc. (R&I) has announced the following:
|
|
- Carmella Newton
- 6 years ago
- Views:
Transcription
1 Aug 04, 2017 R&I Affirms Ratings: 5 Expressway Companies Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE ---- Central Nippon Expressway Co., Ltd East Nippon Expressway Co., Ltd West Nippon Expressway Co., Ltd Metropolitan Expressway Co., Ltd Hanshin Expressway Co., Ltd. * Please refer below for rated bonds, etc. RATIONALE: Central Nippon Expressway Co., Ltd. (NEXCO-Central), East Nippon Expressway Co., Ltd. (NEXCO-East), West Nippon Expressway Co., Ltd. (NEXCO-West), Metropolitan Expressway Co., Ltd. and Hanshin Expressway Co., Ltd. are expressway companies established through the realignment of four public highway corporations. Along with Japan Expressway Holding and Debt Repayment Agency (JEHDRA), which almost completely monopolizes Japan's expressway network, they manage the Japanese expressway system. The expressway companies are extremely important for government policy. Their ratings therefore strongly reflect the government's creditworthiness. The Rating Outlooks are Negative, the same as that for Japan's sovereign. For a large-scale renewal and repair of expressways, the government in 2014 established a new framework that allows costs for such projects to be funded through additional toll revenues generated from the extension of the toll-charge period. The construction and management/operation of expressways and the debt repayment scheme handled by JEHDRA and the expressway companies have become more robust. Many expressways are aging and require measures. The expressway companies are working on a program called "Expressway Renewal Project" in earnest to implement the large-scale renewal and repair, while gaining the understanding of users. Going forward, the companies' focus will shift from the construction of new expressways to large-scale renewal and repair works. Debt reduction, the main purpose for the privatization of the public highway corporations, is well underway thanks partly to the current low interest rate environment. The expressway companies' solid toll revenue in recent years is also acting as a tailwind. However, if a surplus generated from the extension of the toll-charge period is used for the construction of low-profit routes, there might be an adverse impact on the entire expressway debt repayment scheme. Besides expressway operations, each company runs service areas (SA), etc., in related operations. Note that if any risk actualizes in related operations that are burdened with debt on investment, there will be effects on the ratings for JEHDRA and expressway companies other than the expressway company in question because of the nature of debt. Even so, given that an investment policy on related operations at each company is basically conservative, the possibility of the risk materializing is low. The obligations under the bonds issued for expressway construction will be jointly and severally assumed by JEHDRA when the ownership of expressway assets is transferred to JEHDRA. R&I considers that the certainty of the debt assumption scheme is high.
2 [Summary of Evaluations for Individual Companies] Central Nippon Expressway Co., Ltd. (NEXCO-Central) NEXCO-Central manages and operates key expressways, including the Tomei Expressway and the Chuo Expressway, which connect the Greater Tokyo area to the Chubu and Kinki regions. Its business base is solid. In FY2015 (the year ended March 2016), the company completed the repayment of its external borrowings for investment in related operations. East Nippon Expressway Co., Ltd. (NEXCO-East) NEXCO-East manages and operates an extensive network of expressways covering the Kanto (including the Greater Tokyo area), Tohoku and Hokkaido regions. The company's business base is solid. Because related operations are financed with funds on hand, it is unlikely that the risk associated with related operations will negatively affect expressway operations. West Nippon Expressway Co., Ltd. (NEXCO-West) NEXCO-West manages and operates expressways that cover a wide area of western Japan, including the Meishin Expressway, the Chugoku Expressway and the Kyushu Expressway. The company's business base is solid. After the 2016 expressway toll revisions in the Greater Tokyo area, tolls were modified in the Kinki region as well. On June 3, 2017, NEXCO-West and Hanshin Expressway Co., Ltd. introduced government-approved new tolls based on distance. Following the launch of new tolls, some routes of a local road public corporation and Hanshin Expressway will be transferred to NEXCO-West in the next few years. The transfer is aimed at a seamless toll system under integrated management and expands NEXCO-West's roles. Unlike the Greater Tokyo area, where an expressway network is almost in place, the Kinki region is yet to have a decent network managed in an integrated manner. The move is noteworthy in that the establishment of such a network is finally underway, enabled by the toll revisions. The new toll system was designed with due consideration to ensuring debt repayments and therefore will likely have a marginal profit impact on the entire expressway system. Because related operations are financed with funds on hand, it is unlikely that the risk associated with related operations will negatively affect expressway operations. Metropolitan Expressway Co., Ltd. Metropolitan Expressway manages and operates the Metropolitan Expressway, which plays an important role for social and economic activities in the Greater Tokyo area. The company has embarked on large-scale renewal and repair works earlier than peers to address aging structures. In the Greater Tokyo area, a new toll system was introduced in April Under the system, tolls are basically charged for distances travelled, and there are also arrangements that make using the Ken-O Expressway or the Tokyo-Gaikan Expressway no longer more expensive. The revisions resulted in either higher or lower tolls than before depending on how to travel, but appear to have exerted no material adverse impact on toll revenue when the entire expressway system is looked at. With some positive effect identified for easing traffic jams, the new toll system is contributing to increasing economic activity. While room for developing related operations is limited because of the nature of urban expressways, Metropolitan Expressway engages in the management of parking lots and commercial facilities/multi-purpose spaces, among others. Nevertheless, their description and scale suggest a very limited possibility that related operations will be exposed to major risks. On July 21, 2017, the central and Tokyo metropolitan governments announced that they will work to move a section of the Metropolitan Expressway that runs over the Nihonbashi bridge underground, together with the company. This issue is not incorporated in the rating, since a detailed scheme, including how to finance the project, is yet to be determined at this juncture.
3 Hanshin Expressway Co., Ltd. Hanshin Expressway manages and operates the Hanshin Expressway, which plays an important role for social and economic activities in the Kansai area. On June 3, 2017, a distance-based new toll system was introduced in the Kinki region, leading to practically higher tolls on the Hanshin Expressway. The company will fund part of the cost of expressway construction with an increase in toll revenue arising from the toll hikes. Completing the missing links of the expressway has been a long-standing issue. For the extension of the Yodogawa-Sagan Route and the western extension of the Osaka Wangan Route, construction started under a joint project scheme in April The company made a significant step forward in establishing an expressway network, while giving due consideration to ensuring debt repayments. Room for developing related operations is limited because of the nature of urban expressways. While Hanshin Expressway engages in the parking lot and other businesses, their description and scale suggest a very limited possibility that related operations will be exposed to major risks. The primary rating methodology applied to this rating is provided at "R&I's Analytical Approach to Government Agencies". The methodology is available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. R&I RATINGS: ISSUER: RATING OUTLOOK: Central Nippon Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.3* Issue Date Maturity Date Issue Amount (mn) Oct 11, 2007 Sep 20, 2017 JPY 30,000 Sec. Str. Bonds No.4* Issue Date Maturity Date Issue Amount (mn) Aug 11, 2008 Jun 20, 2018 JPY 30,000 Sec. Str. Bonds No.5* Issue Date Maturity Date Issue Amount (mn) Nov 18, 2008 Sep 20, 2018 JPY 50,000 Sec. Str. Bonds No.6* Issue Date Maturity Date Issue Amount (mn) Feb 20, 2009 Dec 20, 2018 JPY 20,000 Sec. Str. Bonds No.8* Issue Date Maturity Date Issue Amount (mn) Apr 30, 2009 Mar 20, 2019 JPY 30,000
4 Sec. Str. Bonds No.10* Issue Date Maturity Date Issue Amount (mn) Jul 31, 2009 Jun 20, 2019 JPY 10,000 Sec. Str. Bonds No.13* Issue Date Maturity Date Issue Amount (mn) Jan 29, 2010 Dec 20, 2019 JPY 15,000 Sec. Str. Bonds No.16* Issue Date Maturity Date Issue Amount (mn) Apr 30, 2010 Mar 19, 2020 JPY 15,000 Sec. Str. Bonds No.18* Issue Date Maturity Date Issue Amount (mn) Sep 14, 2010 Aug 28, 2017 JPY 15,000 Sec. Str. Bonds No.19* Issue Date Maturity Date Issue Amount (mn) Sep 14, 2010 Aug 28, 2020 JPY 35,000 Sec. Str. Bonds No.21* Issue Date Maturity Date Issue Amount (mn) Nov 22, 2010 Sep 20, 2017 JPY 10,000 Sec. Str. Bonds No.22* Issue Date Maturity Date Issue Amount (mn) Nov 22, 2010 Sep 18, 2020 JPY 25,000 Sec. Str. Bonds No.24* Issue Date Maturity Date Issue Amount (mn) Jan 21, 2011 Dec 20, 2017 JPY 15,000 Sec. Str. Bonds No.25* Issue Date Maturity Date Issue Amount (mn) Jan 21, 2011 Dec 18, 2020 JPY 30,000 Sec. Str. Bonds No.28* Issue Date Maturity Date Issue Amount (mn) May 31, 2011 Mar 20, 2018 JPY 10,000 Sec. Str. Bonds No.29* Issue Date Maturity Date Issue Amount (mn) May 31, 2011 Mar 19, 2021 JPY 20,000
5 Sec. Str. Bonds No.32* Issue Date Maturity Date Issue Amount (mn) Sep 27, 2011 Sep 20, 2018 JPY 15,000 Sec. Str. Bonds No.33* Issue Date Maturity Date Issue Amount (mn) Sep 27, 2011 Sep 17, 2021 JPY 25,000 Sec. Str. Bonds No.36* Issue Date Maturity Date Issue Amount (mn) Nov 25, 2011 Sep 17, 2021 JPY 15,000 Sec. Str. Bonds No.38* Issue Date Maturity Date Issue Amount (mn) Feb 28, 2012 Feb 28, 2019 JPY 15,000 Sec. Str. Bonds No.39* Issue Date Maturity Date Issue Amount (mn) Feb 28, 2012 Dec 20, 2021 JPY 50,000 Sec. Str. Bonds No.41* Issue Date Maturity Date Issue Amount (mn) May 23, 2012 Mar 20, 2019 JPY 20,000 Sec. Str. Bonds No.42* Issue Date Maturity Date Issue Amount (mn) May 23, 2012 Mar 18, 2022 JPY 40,000 Sec. Str. Bonds No.43* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2012 Sep 20, 2017 JPY 30,000 Sec. Str. Bonds No.44* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2012 Sep 20, 2019 JPY 15,000 Sec. Str. Bonds No.45* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2012 Sep 20, 2022 JPY 35,000 Sec. Str. Bonds No.46* Issue Date Maturity Date Issue Amount (mn) Nov 09, 2012 Sep 20, 2017 JPY 60,000
6 Sec. Str. Bonds No.47* Issue Date Maturity Date Issue Amount (mn) Mar 19, 2013 Mar 20, 2018 JPY 50,000 Sec. Str. Bonds No.48* Issue Date Maturity Date Issue Amount (mn) Mar 19, 2013 Mar 20, 2023 JPY 20,000 Sec. Str. Bonds No.49* Issue Date Maturity Date Issue Amount (mn) May 21, 2013 Mar 20, 2018 JPY 70,000 Sec. Str. Bonds No.51* Issue Date Maturity Date Issue Amount (mn) Nov 08, 2013 Nov 08, 2018 JPY 25,000 Sec. Str. Bonds No.52* Issue Date Maturity Date Issue Amount (mn) Nov 08, 2013 Nov 06, 2020 JPY 15,000 Sec. Str. Bonds No.54* Issue Date Maturity Date Issue Amount (mn) Feb 14, 2014 Dec 20, 2018 JPY 20,000 Sec. Str. Bonds No.55* Issue Date Maturity Date Issue Amount (mn) Feb 14, 2014 Dec 18, 2020 JPY 10,000 Sec. Str. Bonds No.56* Issue Date Maturity Date Issue Amount (mn) Feb 14, 2014 Dec 20, 2023 JPY 10,000 Sec. Str. Bonds No.57* Issue Date Maturity Date Issue Amount (mn) May 30, 2014 Mar 20, 2019 JPY 100,000 Sec. Str. Bonds No.58 Issue Date Maturity Date Issue Amount (mn) Feb 19, 2015 Dec 20, 2019 JPY 25,000 Sec. Str. Bonds No.59 Issue Date Maturity Date Issue Amount (mn) Feb 19, 2015 Dec 20, 2021 JPY 10,000
7 Sec. Str. Bonds No.60 Issue Date Maturity Date Issue Amount (mn) Feb 19, 2015 Dec 20, 2024 JPY 10,000 Sec. Str. Bonds No.61 Issue Date Maturity Date Issue Amount (mn) Jun 02, 2015 Jun 02, 2020 JPY 60,000 Sec. Str. Bonds No.62 Issue Date Maturity Date Issue Amount (mn) Nov 13, 2015 Sep 18, 2020 JPY 50,000 Sec. Str. Bonds No.63 Issue Date Maturity Date Issue Amount (mn) Nov 13, 2015 Nov 13, 2025 JPY 20,000 Sec. Str. Bonds No.64 Issue Date Maturity Date Issue Amount (mn) May 31, 2016 May 31, 2021 JPY 9,800 Sec. Str. Bonds No.65 Issue Date Maturity Date Issue Amount (mn) Jul 14, 2016 Jul 14, 2021 JPY 60,000 Sec. Str. Bonds No.66 Issue Date Maturity Date Issue Amount (mn) Sep 28, 2016 Sep 28, 2021 JPY 34,000 Sec. Str. Bonds No.67 Issue Date Maturity Date Issue Amount (mn) Nov 30, 2016 Sep 17, 2021 JPY 50,000 Sec. Str. Bonds No.68 Issue Date Maturity Date Issue Amount (mn) Mar 03, 2017 Dec 20, 2021 JPY 18,000 Sec. Str. Bonds No.69 Issue Date Maturity Date Issue Amount (mn) May 31, 2017 Mar 18, 2022 JPY 99,000 U.S.$ 1,000,000, per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2018* Sep 10, 2013 Sep 10, 2018 USD 1,000
8 U.S.$ 500,000, per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2019* Aug 05, 2014 Aug 05, 2019 USD 500 U.S.$ 500,000, per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2019 Nov 05, 2014 Nov 05, 2019 USD 500 U.S.$ 285,000, per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2020 Sep 17, 2015 Sep 17, 2020 USD 285 U.S.$115,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2020 Sep 17, 2015 Sep 17, 2020 USD 115 U.S.$ 250,000, per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021 Feb 16, 2016 Feb 16, 2021 USD 250 U.S.$ 150,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021 Feb 16, 2016 Feb 16, 2021 USD 150 U.S.$ 350,000, per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021 Apr 25, 2016 Apr 23, 2021 USD 350 U.S.$ 250,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021 Apr 25, 2016 Apr 23, 2021 USD 250 U.S.$ 500,000, per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2021 May 31, 2016 May 28, 2021 USD 500 U.S.$ 150,000,000 Floating Rate Issue Date Maturity Date Issue Amount (mn) Bonds due 2021 May 31, 2016 May 28, 2021 USD 150 Series 1 U.S.$400,000, Issue Date Maturity Date Issue Amount (mn) per cent. Notes due 2021 Sep 14, 2016 Sep 14, 2021 USD 400
9 Series 2 U.S.$200,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2021 Sep 14, 2016 Sep 14, 2021 USD 200 Series 3 U.S.$250,000, Issue Date Maturity Date Issue Amount (mn) per cent. Notes due 2022 Mar 03, 2017 Mar 03, 2022 USD 250 Series 4 U.S.$300,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2022 Mar 03, 2017 Mar 03, 2022 USD 300 Series 5 U.S.$500,000,000 Issue Date Maturity Date Issue Amount (mn) Floating Rate Notes due 2020 Aug 04, 2017 Aug 04, 2020 USD 500 AUD 100,000, per Issue Date Maturity Date Issue Amount (mn) cent. Bonds due 2026 May 31, 2016 May 28, 2026 AUD 100 ISSUER: RATING OUTLOOK: East Nippon Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.18* Issue Date Maturity Date Issue Amount (mn) Aug 28, 2012 Sep 20, 2017 JPY 20,000 Sec. Str. Bonds No.19* Issue Date Maturity Date Issue Amount (mn) Dec 04, 2012 Dec 20, 2017 JPY 20,000 Sec. Str. Bonds No.20* Issue Date Maturity Date Issue Amount (mn) Jan 31, 2013 Dec 20, 2017 JPY 20,000 Sec. Str. Bonds No.21* Issue Date Maturity Date Issue Amount (mn) Jun 04, 2013 Jun 20, 2018 JPY 25,000
10 Sec. Str. Bonds No.22* Issue Date Maturity Date Issue Amount (mn) Jul 30, 2013 Jun 20, 2018 JPY 30,000 Sec. Str. Bonds No.23* Issue Date Maturity Date Issue Amount (mn) Sep 20, 2013 Sep 20, 2018 JPY 20,000 Sec. Str. Bonds No.24* Issue Date Maturity Date Issue Amount (mn) Dec 04, 2013 Dec 20, 2018 JPY 20,000 Sec. Str. Bonds No.25* Issue Date Maturity Date Issue Amount (mn) Mar 11, 2014 Mar 20, 2019 JPY 30,000 Sec. Str. Bonds No.26* Issue Date Maturity Date Issue Amount (mn) May 19, 2014 Jun 20, 2019 JPY 35,000 Sec. Str. Bonds No.27* Issue Date Maturity Date Issue Amount (mn) Jul 29, 2014 Jun 20, 2019 JPY 35,000 Sec. Str. Bonds No.28* Issue Date Maturity Date Issue Amount (mn) Nov 18, 2014 Dec 20, 2019 JPY 40,000 Sec. Str. Bonds No.29 Issue Date Maturity Date Issue Amount (mn) Feb 03, 2015 Mar 19, 2020 JPY 35,000 Sec. Str. Bonds No.30 Issue Date Maturity Date Issue Amount (mn) May 21, 2015 Jun 19, 2020 JPY 50,000 Sec. Str. Bonds No.31 Issue Date Maturity Date Issue Amount (mn) Jul 30, 2015 Jun 19, 2020 JPY 40,000 Sec. Str. Bonds No.32 Issue Date Maturity Date Issue Amount (mn) Sep 17, 2015 Sep 18, 2020 JPY 40,000
11 Sec. Str. Bonds No.33 Issue Date Maturity Date Issue Amount (mn) Nov 19, 2015 Dec 18, 2020 JPY 50,000 Sec. Str. Bonds No.34 Issue Date Maturity Date Issue Amount (mn) Jan 28, 2016 Mar 19, 2021 JPY 40,000 Sec. Str. Bonds No.35 Issue Date Maturity Date Issue Amount (mn) Mar 17, 2016 Mar 19, 2021 JPY 30,000 Sec. Str. Bonds No.36 Issue Date Maturity Date Issue Amount (mn) May 27, 2016 Jun 18, 2021 JPY 70,000 Sec. Str. Bonds No.37 Issue Date Maturity Date Issue Amount (mn) Jul 28, 2016 Jun 18, 2021 JPY 80,000 Sec. Str. Bonds No.38 Issue Date Maturity Date Issue Amount (mn) Sep 26, 2016 Sep 17, 2021 JPY 50,000 Sec. Str. Bonds No.39 Issue Date Maturity Date Issue Amount (mn) Nov 29, 2016 Dec 20, 2021 JPY 50,000 Sec. Str. Bonds No.40 Issue Date Maturity Date Issue Amount (mn) Jan 31, 2017 Dec 20, 2021 JPY 30,000 Sec. Str. Bonds No.41 Issue Date Maturity Date Issue Amount (mn) Apr 28, 2017 Jun 20, 2019 JPY 70,000 Sec. Str. Bonds No.42 Issue Date Maturity Date Issue Amount (mn) Apr 28, 2017 Jun 20, 2022 JPY 50,000 Sec. Str. Bonds No.43 Issue Date Maturity Date Issue Amount (mn) Jul 28, 2017 Jun 20, 2019 JPY 50,000
12 Sec. Str. Bonds No.44 Issue Date Maturity Date Issue Amount (mn) Jul 28, 2017 Jun 20, 2022 JPY 40,000 Commercial Paper ISSUE LIMIT (mn): JPY 75,000 SUPPORT: Secured by general assets a-1+, Affirmed ISSUER: RATING OUTLOOK: West Nippon Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.18 Issue Date Maturity Date Issue Amount (mn) May 20, 2013 Mar 20, 2023 JPY 25,000 Sec. Str. Bonds No.19 Issue Date Maturity Date Issue Amount (mn) Sep 05, 2013 Jun 20, 2023 JPY 25,000 Sec. Str. Bonds No.20 Issue Date Maturity Date Issue Amount (mn) Nov 13, 2013 Sep 20, 2023 JPY 25,000 Sec. Str. Bonds No.21 Issue Date Maturity Date Issue Amount (mn) Feb 13, 2014 Dec 20, 2023 JPY 25,000 Sec. Str. Bonds No.22 Issue Date Maturity Date Issue Amount (mn) May 19, 2014 Mar 19, 2024 JPY 25,000 Sec. Str. Bonds No.23 Issue Date Maturity Date Issue Amount (mn) Sep 03, 2014 Jun 20, 2024 JPY 25,000 Sec. Str. Bonds No.24 Issue Date Maturity Date Issue Amount (mn) Nov 18, 2014 Sep 20, 2024 JPY 25,000
13 Sec. Str. Bonds No.25 Issue Date Maturity Date Issue Amount (mn) Feb 10, 2015 Dec 20, 2024 JPY 25,000 Sec. Str. Bonds No.26 Issue Date Maturity Date Issue Amount (mn) May 21, 2015 May 21, 2025 JPY 25,000 Sec. Str. Bonds No.27 Issue Date Maturity Date Issue Amount (mn) Sep 02, 2015 Sep 02, 2025 JPY 30,000 Sec. Str. Bonds No.28 Issue Date Maturity Date Issue Amount (mn) Nov 05, 2015 Nov 05, 2025 JPY 25,000 Sec. Str. Bonds No.29 Issue Date Maturity Date Issue Amount (mn) Feb 12, 2016 Feb 12, 2026 JPY 25,000 Sec. Str. Bonds No.30 Issue Date Maturity Date Issue Amount (mn) May 23, 2016 May 22, 2026 JPY 35,000 Sec. Str. Bonds No.31 Issue Date Maturity Date Issue Amount (mn) Aug 29, 2016 Aug 28, 2026 JPY 60,000 Sec. Str. Bonds No.32 Issue Date Maturity Date Issue Amount (mn) Oct 19, 2016 Oct 19, 2026 JPY 40,000 Sec. Str. Bonds No.33 Issue Date Maturity Date Issue Amount (mn) Dec 14, 2016 Dec 14, 2026 JPY 25,000 Sec. Str. Bonds No.34 Issue Date Maturity Date Issue Amount (mn) Feb 16, 2017 Feb 16, 2027 JPY 25,000 Sec. Str. Bonds No.35 Issue Date Maturity Date Issue Amount (mn) May 22, 2017 Jun 20, 2022 JPY 60,000
14 ISSUER: RATING OUTLOOK: Metropolitan Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.10* Issue Date Maturity Date Issue Amount (mn) Oct 12, 2012 Sep 20, 2017 JPY 30,000 Sec. Str. Bonds No.11* Issue Date Maturity Date Issue Amount (mn) Feb 27, 2013 Dec 20, 2017 JPY 35,000 Sec. Str. Bonds No.12* Issue Date Maturity Date Issue Amount (mn) Mar 07, 2014 Dec 20, 2018 JPY 30,000 Sec. Str. Bonds No.13* Issue Date Maturity Date Issue Amount (mn) Oct 16, 2014 Sep 20, 2019 JPY 30,000 Sec. Str. Bonds No.14* Issue Date Maturity Date Issue Amount (mn) Feb 24, 2015 Dec 20, 2019 JPY 40,000 Sec. Str. Bonds No.15* Issue Date Maturity Date Issue Amount (mn) Oct 14, 2015 Sep 18, 2020 JPY 40,000 Sec. Str. Bonds No.16* Issue Date Maturity Date Issue Amount (mn) Feb 25, 2016 Dec 18, 2020 JPY 15,000 Sec. Str. Bonds No.17 Issue Date Maturity Date Issue Amount (mn) Jul 22, 2016 Jun 18, 2021 JPY 50,000 Sec. Str. Bonds No.18 Issue Date Maturity Date Issue Amount (mn) Oct 14, 2016 Sep 17, 2021 JPY 40,000 Sec. Str. Bonds No.19 Issue Date Maturity Date Issue Amount (mn) Feb 23, 2017 Dec 20, 2021 JPY 34,000
15 ISSUER: RATING OUTLOOK: Hanshin Expressway Co., Ltd. Issuer Rating Negative Sec. Str. Bonds No.8* Issue Date Maturity Date Issue Amount (mn) Oct 12, 2012 Sep 20, 2017 JPY 10,000 Sec. Str. Bonds No.9* Issue Date Maturity Date Issue Amount (mn) Feb 25, 2013 Dec 20, 2017 JPY 25,000 Sec. Str. Bonds No.10* Issue Date Maturity Date Issue Amount (mn) Oct 11, 2013 Sep 20, 2018 JPY 10,000 Sec. Str. Bonds No.11* Issue Date Maturity Date Issue Amount (mn) Feb 27, 2014 Dec 20, 2018 JPY 15,000 Sec. Str. Bonds No.12* Issue Date Maturity Date Issue Amount (mn) Feb 12, 2015 Dec 20, 2018 JPY 25,000 Sec. Str. Bonds No.13* Issue Date Maturity Date Issue Amount (mn) Oct 14, 2015 Sep 20, 2019 JPY 15,000 Sec. Str. Bonds No.14* Issue Date Maturity Date Issue Amount (mn) Feb 25, 2016 Dec 20, 2019 JPY 35,000 Sec. Str. Bonds No.15 Issue Date Maturity Date Issue Amount (mn) Oct 13, 2016 Dec 20, 2019 JPY 25,000 Sec. Str. Bonds No.16 Issue Date Maturity Date Issue Amount (mn) Feb 27, 2017 Mar 19, 2020 JPY 15,000
16 (Note 1) All bonds listed above, excluding CP, carry a clause of debt assumption on a joint and several basis by Japan Expressway Holding and Debt Repayment Agency (JEHDRA). (Note 2) Under the Expressway Companies Act, all holders of bonds issued by an expressway company have a right to receive payments in priority to other classes of creditors over the assets of the expressway company, subject to the exception of the general statutory lien provided in the Civil Code. (Note 3) For U.S. dollar- and Australian dollar-denominated bonds issued by Central Nippon Expressway Co., Ltd., "TERMS AND CONDITIONS" in the Offering Circular stipulate that the bonds constitute unsecured obligations. (Note 4) In respect of the bonds with an asterisk (*), JEHDRA jointly and severally assumed the obligations of the issuer. JEHDRA has become jointly and severally liable for these obligations with the issuer, and the obligations are fulfilled primarily by JEHDRA.
NEWS RELEASE. R&I Upgrades to AA-/a-1+, Stable: Mitsui Fudosan Co., Ltd.
R&I Upgrades to AA-/a-1+, Stable: Mitsui Fudosan Co., Ltd. Jun 13, 2018 Rating and Investment Information, Inc. (R&I) has announced the following: ISSUER: RATIONALE: Mitsui Fudosan Co., Ltd. Issuer Rating:
More informationNEWS RELEASE. R&I Affirms AA, Negative: Fukui Prefecture
R&I Affirms AA, Negative: Fukui Prefecture Oct 17, 2017 Rating and Investment Information, Inc. (R&I) has announced the following: ISSUER: RATIONALE: Fukui Prefecture Issuer Rating: Rating Outlook: Negative
More informationNEWS RELEASE. R&I Affirms Ratings: Mizuho Financial Group. Rating and Investment Information, Inc. (R&I) has announced the following:
Oct 27, 2017 R&I Affirms Ratings: Mizuho Financial Group Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE 8411 Mizuho Financial Group, Inc. ---- Mizuho
More informationNEWS RELEASE. R&I Affirms Ratings: SMBC Group R&I Changes Outlook to Positive: SMBC Consumer Finance Co., Ltd.
R&I Affirms Ratings: SMBC Group R&I Changes Outlook to Positive: SMBC Consumer Finance Co., Ltd. Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE 8316 Sumitomo
More informationNEWS RELEASE. R&I Affirms Ratings: Sumitomo Mitsui Financial Group. Rating and Investment Information, Inc. (R&I) has announced the following:
Oct 27, 2017 R&I Affirms Ratings: Sumitomo Mitsui Financial Group Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE 8316 Sumitomo Mitsui Financial Group,
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationFiscal Status of Kobe City. October 2017
Fiscal Status of Kobe City October 2017 Contents 1. Overview P3 2. Fiscal Profile P7 3. Kobe City s Local Government Bonds P12 4. Appendix P17 1.Overview Overview of Kobe City Kobe City Area 557.02km2
More informationNEWS RELEASE. R&I Affirms Ratings: 4 Major Life Insurance Groups R&I Changes Outlook to Positive: Dai-ichi Life Group, Sumitomo Life Group
May 18, 2018 R&I Affirms Ratings: 4 Major Life Insurance Groups R&I Changes Outlook to Positive: Dai-ichi Life Group, Sumitomo Life Group Rating and Investment Information, Inc. (R&I) has announced the
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017
11 December 2017 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors October 2017 According to securities statistics, the amount outstanding of equity securities and
More informationCapital Market Press Conference 2013 / Frankfurt, 5 December 2013
Capital Market Press Conference 2013 / 2014 Frankfurt, 5 December 2013 Key financial figures of KfW Group (IFRS) 2013: Solid business performance, decreasing profit, very sound capital basis 2011 2012
More informationETF. ETN Annual Report 2015
ETF. ETN Annual Report 2015 Table of contents Introduction 1 1 2014 Annual Overview (1)Trading volume and turnover 4 (2)Investor Trends by Investor type 6 (3)Beneficiary survey 9 (4)New listings 26 2 Turnover,
More informationTokyo Metropolitan Government
Tokyo Metropolitan Government Bureau of Finance, November 06 Highlights Tokyo is one of the largest cities in the world in terms of GDP. Tokyo at a Glance Tokyo (A) Japan (B) A/B(%) Population 3.5mn 7.mn
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationAchieving consistent distributions for investors in hedged international managed funds. Macquarie Investment Management
Achieving consistent distributions for investors in hedged international managed funds Macquarie Investment Management Dated: OCTOBER 2013 A Contents Contents Overview 1 Background 2 Distribution with
More informationBig Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
More informationPerformance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
More informationFiscal Year 2018 Project 1 Annual Budget
Fiscal Year 2018 Project 1 Annual Budget Table of Contents Table Page Summary 3 Summary of Costs Table 1 4 Treasury Related Expenses Table 2 5 Summary of Full Time Equivalent Table 3 6 Positions Cost-to-Cash
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2018
PRESS RELEASE 10 December 2018 Securities issued by Hungarian residents and breakdown by holding sectors October 2018 According to securities statistics, the amount outstanding of equity securities and
More informationEnsuring an Appropriate Level of Expressway Management by Using Outcome Indicators. Katsuhiko NAKAMURA
Ensuring an Appropriate Level of Expressway Management by Using Outcome Indicators Role of JEHDRA after Privatization of Highway Public Corporations in Japan 29 September 2011 XXIV th World Road Congress
More informationBig Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2012 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR-TO-DATE FINANCIAL
More informationSix good reasons for choosing DNB in the new banking environment
Six good reasons for choosing DNB in the new banking environment Bank of America Merrill Lynch, 18th Annual Banking & Insurance CEO Conference 2013 24 September, London Rune Bjerke, CEO of DNB 1 Reason
More informationChanges in Key Consolidated Management Indices and Other Figures (Quarterly) 5 Copyright(C) JTRUST Co.,Ltd. All Rights Reserved.
Changes in Key Consolidated Management Indices and Other Figures (Quarterly) 5 Balance by product Jun 211 Sep 211 Dec 211 Mar 212 Jun 212 Sep 212 Dec 212 Mar 213 Commercial notes 2,158 2,6 2,84 2,119 2,484
More informationFY May-2006, 3Q Result Presentation. April
FY May-2006, 3Q Result Presentation April 11 2006 http://www.kobetsu.co.jp/ 3Q of FY May-2006 Summary million yen Sales Recurring Profit Net Profit 13,000 12,000 11,000 10,532 12,241 1,900 1,700 1,100
More informationFY rd Quarter Presentation Material
FY2015 3 rd Quarter Presentation Material January 8, 2016 AEON Co., Ltd. FY 2015 3 rd Quarter: Financial Results Operating revenue for the first 9 months of the fiscal year was at a record high, with operating
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019
7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt
More informationReview of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
More informationOTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
More informationJapan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd \ mil ( )ratio of OR Mar-13 Mar-14 Securities Finance Bussiness 14,093 16,363 Margin Loan Business 6,625 9,240 (37.5%) (47.2%) Interest on Loans 1,760 4,012 Interest
More informationFINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016
FINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016 Manitoba Finance General Inquiries: Room 109, Legislative Building Winnipeg, Manitoba R3C 0V8 Phone: 204-945-5343 Fax:
More informationImpacts of interest rate environment on Japanese insurance sector
NOT FOR CIRCULATION Impacts of interest rate environment on Japanese insurance sector - From "negative spread" to "negative rate" - November 2016 Takashi HAMANO Deputy Commissioner for International Affairs
More informationQUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy?
QUESTION 1 Compute the cash cycle based on the following information: Average Collection Period = 47 Accounts Payable Period = 40 Average Age of Inventory = 55 QUESTION 2 Jan 41,700 July 39,182 Feb 18,921
More informationSingapore Exchange Limited Building Tomorrow s Market, Today
Singapore Exchange Limited Building Tomorrow s Market, Today Singapore Exchange SGX: Building Tomorrow s Market, Today SGX: Our Fundamentals FY2002 Half Year Results Going Forward SGX: Building Tomorrow
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationETF. ETN Annual Report 2016
ETF. ETN Annual Report 2016 Table of contents Introduction 1 1 2015 Annual Overview ⑴ Trading volume and Trading value 4 ⑵ Investor Trends by Investor type 6 ⑶ Beneficiary survey 9 ⑷ New listings 26 2
More informationHUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
More informationThe Bank of Japan s Eligible Collateral Framework and Recently Accepted Collateral
The s Eligible Collateral Framework and Recently Accepted Collateral 1 The s Eligible Collateral Framework and Recently Accepted Collateral I. Summary 1 The completely revised its eligible collateral framework
More informationSCIJ Global X Scientific Beta Japan ETF
Global X Scientific Beta Japan ETF ETF.com segment: Equity: Japan - Total Market Competing ETFs: FJP, GSJY, QJPN, JHDG, EWJ Related ETF Channels: Multi-factor, Smart-Beta ETFs, Single Country, Total Market,
More informationDulles Corridor Enterprise Financial Update Dulles Corridor Advisory Committee Meeting
Dulles Corridor Enterprise Financial Update Dulles Corridor Advisory Committee Meeting May 30, 2014 Discussion Outline Finance Plan for the Metrorail Project Allocation of Estimated Capital Costs and TIFIA
More informationInvestor Conference Call FY2019 First Quarter Ended August 31, October 16, 2018 at 11 a.m. ET
Investor Conference Call FY2019 First Quarter Ended August 31, 2018 October 16, 2018 at 11 a.m. ET Forward-Looking Statements This presentation contains certain statements that are considered forwardlooking
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31
Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable
More informationHIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of January 31
Unaudited Balance Sheet As of January 31 Total Enrollment: 371 Assets: Cash $ 1,408,868 $ 1,375,117 Invested Cash 4,664,286 4,136,167 Premiums Receivable 94,152 91,261 Prepaid 32,270 33,421 Assessments
More informationMortgage Trends Update
Mortgage Trends Update UK Finance: Mortgage Trends Update December 218 of first-time reaches 12-year high in 218 Key data highlights: There were 37, new first-time buyer mortgages completed in 218, some
More informationJapan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency)
Japan Expressway Holding and Debt Repayment Agency (Incorporated Administrative Agency) http://www.jehdra.go.jp 1. Summary of operations implemented using FILP funds Japan Expressway Holding and Debt Repayment
More informationSummary of Reference data
Summary of Reference data Fiscal Year August 2015 (September 1, 2015 to August 31, 2016) (Tokyo Stock Exchange, 1st Section:3048) 1. Fiscal Year August 2015 2. Earnings Forecast for FY2016 3. Topics FY2016
More informationGeneral Electric Company Financial Services Funding Policy
General Electric Company Financial Services Funding Policy How we minimize interest rate and currency risk "This document contains "forward-looking statements" within the meaning of the Private Securities
More informationBusiness & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
More informationReview of Membership Developments
RIPE Network Coordination Centre Review of Membership Developments 7 October 2009/ GM / Lisbon http://www.ripe.net 1 Applications development RIPE Network Coordination Centre 140 120 100 80 60 2007 2008
More informationWESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
More informationNew Securities Code Specifications
New Securities Code Specifications (Established in July 1988) (Amended in June 2000, April and October 2002, April, June, and August 2003, April 2004, February, April, and September 2005, May 2006, January,
More informationTERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
More informationGlobal One Real Estate Investment Corp. (Code: 8958) Semiannual Report. For the 28 th Period. From 1 April 2017 to 30 September 2017
Global One Real Estate Investment Corp. (Code: 8958) Semiannual Report For the 28 th Period From 1 April 2017 to 30 September 2017 http://www.go-reit.co.jp/eng/ About GOR The investment theme of GOR is
More informationDisclaimer. kabu.com Securities Co., Ltd.
Disclaimer This document is an Englishlanguage translation of the nonconsolidated financial summary of the financial results for the third quater of the fiscal year ending March 31, 2013(from April 2012
More information2014 Annual Results. Company Presentation
2014 Annual Results Company Presentation 1 genda Result Highlights Review of Operations Outlook Appendices 2 Result Highlights 3 inancial Highlights Results (RMB 000) For the year ended 31 December 2014
More informationGlobal One Real Estate Investment Corp. (Code: 8958) Semiannual Report. For the 29th Period. From 1 October 2017 to 31 March 2018
Global One Real Estate Investment Corp. (Code: 8958) Semiannual Report For the 29th Period From 1 October 2017 to 31 March 2018 http://www.go-reit.co.jp/eng/ About GOR The investment theme of GOR is to
More informationDividend Report. December 2018
Warning: Aberdeen Global has the discretion to determine the and rate of dividend to be distributed. The dividends are not guaranteed and may be investment income, gains or at the discretion of the Board
More informationRMBS ARREARS STATISTICS
RMBS ARREARS STATISTICS Australia (Excluding Non-Capital Market Issuance) At February 9, RMBS Performance Watch Australia at February 9, Australia Prime Standard & Poor's Rating Services Mortgage Performance
More informationUnrestricted Cash / Board Designated Cash & Investments December 2014
Unrestricted Cash / Board Designated Cash & Investments December 2014 25.0 20.0 21.0 20.8 18.9 19.9 15.0 10.0 11.5 12.8 11.6 9.1 10.4 9.8 11.1 10.2 9.8 17.0 16.8 15.4 14.7 14.2 14.1 13.6 13.0 12.0 10.2
More informationCost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
More informationDulles Corridor Enterprise Financial Update Dulles Corridor Advisory Committee Meeting
Dulles Corridor Enterprise Financial Update Dulles Corridor Advisory Committee Meeting December 15, 2014 Discussion Outline Finance Plan for the Metrorail Project Allocation of Estimated Capital Costs
More informationNOTICE OF THE 63rd ORDINARY GENERAL MEETING OF SHAREHOLDERS
This document has been translated from the Japanese original for the convenience of non-japanese shareholders. In the event of any discrepancy between this document and the Japanese original, the original
More informationRelease date: 12 July 2018
Release date: 12 July 218 UK Finance: Mortgage Trends Update May 218 Mortgage market sees pre-summer boost as remortgaging continues strong upward trend Key data highlights: There were 32,2 new first-time
More informationSmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $
WORKSHEET 1: REQUIRED START-UP FUNDS Item Required Amount () Fixed Assets 1 -Buildings 2 -Land 3 -Initial Inventory 4 -Equipment 5 -Furniture and Fixtures 6 -Vehicles 7 Total Fixed Assets Working Capital
More informationSection 6621 of the Internal Revenue Code establishes the interest rates on
Part 1 Section 6621.--Determination of Rate of Interest 26 CFR 301.6621-1: Interest rate. Rev. Rul. -32 Section 6621 of the Internal Revenue Code establishes the interest rates on overpayments and underpayments
More informationOverview of Principal Group Companies and Bases
Overview of Principal Group Companies and Bases Operations in Japan Principal Established ORIX Business (Acquired) Ownership Corporate Financial Services Leasing, Lending, Other Financial Services Apr.
More informationFOR RELEASE: MONDAY, MARCH 21 AT 4 PM
Interviews with 1,012 adult Americans conducted by telephone by Opinion Research Corporation on March 18-20, 2011. The margin of sampling error for results based on the total sample is plus or minus 3
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. April 2016
10 June 2016 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors April 2016 According to securities statistics data, the amount outstanding of equity securities and
More information1Q of FY ending December 31, (0.2) (1.9) 11.3 (0.2) (0.2) (0.2) (0.2) (1.2) (89.2) 0.1
August 6, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, June 30, ) I. Consolidated business results for the three months ended June 30, (Billions of yen, %) Year-on
More informationPHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018
Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714
More informationAlgo Trading System RTM
Year Return 2016 15,17% 2015 29,57% 2014 18,57% 2013 15,64% 2012 13,97% 2011 55,41% 2010 50,98% 2009 48,29% Algo Trading System RTM 89000 79000 69000 59000 49000 39000 29000 19000 9000 2-Jan-09 2-Jan-10
More informationFactor Leave Accruals. Accruing Vacation and Sick Leave
Factor Leave Accruals Accruing Vacation and Sick Leave Factor Leave Accruals As part of the transition of non-exempt employees to biweekly pay, the UC Office of the President also requires standardization
More informationMulti Asset Indices Selection and Rebalance Dates
29 January 2015 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future dates of selection and rebalance of various Multi-Asset
More information11-Year Consolidated Financial Highlights
11-Year Consolidated Financial Highlights As of March 31, 2017 2007.3 2008.3 2009.3 2010.3 Net Sales ( million) 1,376,958 1,487,496 1,660,162 1,415,718 Operating Profit ( million) 162,315 70,048 65,204
More informationFIXED INCOME UPDATE 1
1 FIXED INCOME UPDATE Abstract Rates are headed down on lower inflation Inflation is likely to hit the RBI s disinflationary path Bond yields may further fall on continuation of rate cuts Macro conditions
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationConstructing a Cash Flow Forecast
Constructing a Cash Flow Forecast Method and Worked Example A cash flow forecast shows the estimates of the timing and amounts of cash inflows and outflows over a period of time. The sections of a cash
More informationBTP Stop and Search Data - August 2012
BTP Search Data - August 2012 Guidance Notes This analysis covers the period 01 September 2011 to 31 August 2012. These are the latest stop and search figures, compiled from data recorded on 03 October
More informationCommon stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
More informationShanghai Market Turning the Corner
Shanghai Market Turning the Corner C. H. Kwan Senior Fellow, Nomura Institute of Capital Markets Research When the Lehman Shock hit major global stock markets in mid-september 2008, the Shanghai Composite
More information1.2 The purpose of the Finance Committee is to assist the Board in fulfilling its oversight responsibilities related to:
Category: BOARD PROCESS Title: Terms of Reference for the Finance Committee Reference Number: AB-331 Last Approved: February 22, 2018 Last Reviewed: February 22, 2018 1. PURPOSE 1.1 Primary responsibility
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More informationFinancial Highlights: The Second Quarter Ended September 30, Consolidated Financial Highlights ( from April 1, 2015 to September 30, 2015 )
(Unaudited translation of Kessan Tanshin, provided for reference only) Financial Highlights: The Second Quarter Ended September 30, 2015 1. Consolidated Financial Highlights ( from April 1, 2015 to September
More informationFY18 Results Presentation 31 July Thomas Beregi, CEO Michael Eadie, CFO
FY18 Results Presentation 31 July 2018 Thomas Beregi, CEO Michael Eadie, CFO Leadership in the credit impaired consumer segment ANALYTICS & DISCIPLINE OPERATIONAL EXCELLENCE SUSTAINABILITY & COMPLIANCE
More informationTerm Deposits. Figure 1. Term Deposit Spread over Relevant BBSW: November v October. 3 Month Spread. Background on Term Deposits
Deposit Review November 2016 Term Deposits Jack Pobjoy Credit Analyst (+61) 3 9670 8615 jack.pobjoy@bondadviser.com.au While global interest rate volatility continues, term deposit (TD s) rate spreads
More informationDivision of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates
Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation
More informationCITI Bank Bangkok branch. Set B Capital Item1 Capital Structure Table 2 Capital of Foreign Banks Branchs Unit : THB. Item June 30, 2009
CITI Bank Bangkok branch Set B Capital Item1 Capital Structure Table 2 Capital of Foreign Banks Branchs Unit : THB Item June 30, 20 1 Assets required to be maintained under Section 32 17,753,449,882.45
More informationKey IRS Interest Rates After PPA
Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below
More informationNOTICE OF CONVOCATION OF THE 16TH ANNUAL GENERAL MEETING OF SHAREHOLDERS
These documents are partial translations of the Japanese originals for reference purposes only. In the event of any discrepancy between these translated documents and the Japanese originals, the originals
More informationChapter 6. Solution: Austin Electronics. State of Economy Sales Probability
Chapter 6 Problems 6-1. Austin Electronics expects sales next year to be $900,000 if the economy is strong, $650,000 if the economy is steady, and $375,000 if the economy is weak. The firm believes there
More informationPlease scroll to find the 2018 and 2019 global fund holiday calendars.
Please scroll to find the 2018 and 2019 global fund holiday calendars. 2018 Exchange-Traded fund holiday Vanguard Ireland-domiciled ETFs Jan Feb Mar Apr May Jun 1 2 5 12 15 25 9 12 14 15 16 19 28 20 29
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More information4. Credit market. Credit spreads remain at tight levels on the whole
. Credit market Credit spreads have been stable at tight levels on the whole, and the favorable environment for financing remained unchanged as the amount issued and originated increased for products such
More informationLooking to the medium term
Looking to the medium term Issued: 4 September 2013 Legal notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not
More informationLOUISVILLE GAS AND ELECTRIC COMPANY Gas Rates 2018 Monthly Billing Adjustments
2018 Monthly Billing Adjustments GAS LINE TRACKER CHARGES GAS LINE TRACKER CHARGES DSM (2) PER MONTH PER METER PER MONTH PER CCF TAX CUTS AND JOBS ACT $ Per CCF Firm Trans. SURCREDIT ($ per ccf) (3) GAS
More informationMETRO. Monthly Board Report. June 2006
METRO Monthly Board Report Operating Capital Service Performance June 26 7/17/26 June 26 MONTHLY BOARD REPORT INDEX Section A Section B Section C Section D Section E Section F Section G Operating Budget
More informationCRA Conference, SCCL Stockholm June 14. Eva Lindebäck Brandt Director Corporate Finance, AB Volvo
CRA Conference, SCCL Stockholm June 14 Eva Lindebäck Brandt Director Corporate Finance, AB Volvo Agenda VOLVO GROUP FINANCIAL MANAGEMENT CRA RELATIONSHIP NEW CRA REGULATIONS SUMMARY AB Volvo 2 Agenda VOLVO
More informationMONEY AND BANKING STATISTICS
MONEY AND BANKING STATISTICS DECEMBER 20/JANUARY 2017 HIGHLIGHTS ON MAJOR ECONOMIC AGGREGATES HIGHLIGHTS ON MAJOR MONETARY AGGREGATES MONTHLY % VARIABLE CHANGE ANNUAL MONTHLY % PERCENTAGE CHANGE CHANGE
More informationEconomic Activity Index ( GDB-EAI ) For the month of May 2013 G O V E R N M E N T D E V E L O P M E N T B A N K F O R P U E R T O R I C O
Economic Activity Index ( GDB-EAI ) For the month of May 2013 General Commentary May 2013 GDB-EAI for the month of May registered a 3.4% year-over-year ( YOY ) reduction May 2013 EAI was 126.7, a 3.4%
More informationFY2007 Kobe City IR Seminar. FY2006 Results AA. (Stable) KOBE CITY.
FY2007 IR Seminar FY2006 Results AA (Stable) KOBE CITY http://www.city.kobe.jp 1 Table contents Toward Creation Affluent City Table contents P 1 Expenditure by item P11 Overview P 3 Bond outsting P12 Size
More information