Sukuk Risk Management and Hedging. Developing Government Sukuk for Investment Purposes. Key hedging products relating to sukuk
|
|
- Warren French
- 5 years ago
- Views:
Transcription
1 Developing Government Sukuk for Investment Purposes Susi Crawford Senior Associate 6 th May 2014 Key hedging products relating to sukuk Sukuk Risk Management and Hedging 6th May
2 Sukuk: Risk management What Risk? Risk of non-payment by the Issuer Types of risk management: Guarantees Security Reserve Accounts / Subordinated Loans Hedging products 6th May Sukuk: Hedging Products Profit Rate Swap: To give certainty of payments profit payments in respect of the sukuk certificates To hedge against the possible variance between profit rates due on income payable to Issuer and profit rate payments in respect of the sukuk certificates 6th May
3 Example: Profit Rate Swap for Sukuk Floating Rate ISSUER Fixed Rate Floating Rate HEDGING BANK SUKUK CERTIFICATE HOLDERS 6th May Example: Profit Rate Swap for Sukuk Income Stream Income Stream Income Stream Floating Rate ISSUER Variable Rate Floating Rate HEDGING BANK SUKUK CERTIFICATE HOLDERS 6th May
4 Sukuk: Hedging Products Cross Currency Swap: To hedge against currency fluctuations where sukuk certificates are issued in difference currency from income To hedge profit/cost of funding rates in difference currencies 6th May Example: Cross Currency Swap for Sukuk ISSUER USD HEDGING BANK EUR EUR SUKUK CERTIFICATE HOLDERS 6th May
5 Example: Cross Currency Swap for Sukuk 3M EURIBOR ISSUER 3M USD LIBOR 3M EURIBOR HEDGING BANK SUKUK CERTIFICATE HOLDERS 6th May Tahawwut Master Agreement: Hedging Products for Sukuk 6th May
6 Tahawwut Master Agreement: Product Documentation Profit Rate Swap (Mubadalatul Arbaah) Islamic Cross Currency Swap (Himaayah Min Taqallub) 6th May The Mubadalatul Arbaah (PRS) Documentation Party A and Party B have already entered into a Tahawwut Master Agreement To enter into the PRS, Party A and Party B enter into two separate DFT Term Agreements (each of which is documented in a separate DFT Terms confirmation: one in respect of the fixed rate leg of the PRS and one in respect of the floating rate leg of the PRS) Each DFT Terms confirmation contains a wa'ad (undertaking) to enter into one or more Designated Future transactions (if the wa'ad is exercised) One Sale or Two Sale Structure 6th May
7 PRS Templates - Process Schedule Fixed Rate Leg DFT Terms confirmation (Wa ad) Floating Rate Leg DFT Terms confirmation (Wa ad) Exercise leads to entry into Murahaba (Transaction Confirmation) Delivery of asset Payment (deferred or spot basis) 6th May The Himaayah Min Taqallub As aar (ICRCS) Documentation Party A and Party B have already entered into a Tahawwut Master Agreement To enter into the ICRCS, Party A and Party B enter into two separate DFT Term Agreements (each of which is documented in a separate DFT Terms confirmation: one in respect of currency one of the ICRCS and one in respect of the currency two of the ICRCS) Each DFT Terms confirmation contains a wa'ad (undertaking) to enter into one or more Designated Future transactions (if the wa'ad is exercised) Two Sale Structure 6th May
8 ICRCS Templates - Process Schedule Currency One DFT Terms confirmation (Wa ad) Currency Two Leg DFT Terms confirmation (Wa ad) Exercise leads to entry into Murahaba (Transaction Confirmation) Delivery of asset Payment (deferred or spot basis) 6th May Single Sale Structure documentation architecture: PRS example Tahawwut Master Agreement (including Schedule) (Master Terms) Profit Rate Swap (Single Sale Structure): DFT Terms confirmation (wa ad) Fixed Profit Rate/FPR Leg DFT Terms confirmation (wa ad) Floating Profit Rate /FLPR Leg Exercise Notice in relation to undertaking where Exercise Condition is met Murabaha Sale 6th May
9 Single Sale Structure: Exercise of wa'ad In the Single Sale Structure, a party may only exercise the wa'ad granted to it by the Undertaking Party on an Exercise Date if the Exercise Condition has been met It is possible for the Exercise Condition to be met only in relation to one of the two wa'ads on any Exercise Date: only one wa'ad may be exercised in respect of the PRS If the Exercise Condition is met in the fixed rate leg of the PRS (which means that it will not be met in the floating rate leg), the wa'ad contained in the DFT Terms Agreement for the fixed rate leg is exercisable (and the wa ad contained in the floating rate leg will not be exercisable) 6th May Single Sale Structure: Exercise of wa'ad: What is the Exercise Condition? The "Exercise Condition" is satisfied in respect of a Calculation Period if the Profit, as determined by the Calculation Agent in accordance with Paragraph 7, is greater than zero for that Calculation Period. In other words, Profit in respect of that leg of the PRS for a Calculation Period must be greater than zero in order to be exercisable If FPR (fixed rate) amount exceeds FLPR (floating rate) amount, Party B can exercise Party A s FPR wa ad : Party A Payment (Cost plus FPR amount less FLPR amount) FPR Assets (Copper) sold by Party B Party B If FLPR (floating rate) amount exceeds FPR (fixed rate) amount, Party A can exercise Party B s wa ad : Party A FLPR Assets (Zinc) sold by Party A Payment (Cost plus FLPR amount less FPR amount) Party B 6th May
10 Two Sales Structure documentation architecture: ICRSC example Tahawwut Master Agreement (Master Terms) Schedule Islamic Cross Currency Swap (Two Sales Structure): DFT Terms confirmation (wa ad) USD Leg DFT Terms confirmation (wa ad) EUR Leg Exercise Notice Exercise Notice Murabaha Sale Murabaha Sale 6th May Two Sales Structure: Exercise of wa'ad In the Two Sales Structure, each party may exercise the wa'ad granted to it by the Undertaking Party on an Exercise Date On any Exercise Date, both wa'ads may be exercised in respect of the ICRCS The wa'ad contained in the DFT Terms Agreement for the USD leg is exercisable and the wa ad contained in the DFT Terms Agreement for the EUR leg is also exercisable If a wa'ad is exercised, the Undertaking Party must buy Assets from the Exercising Party and execute a Murabaha Sale Confirmation evidencing the Murabaha Sale between the parties: there are two Murabaha Sales in respect of each Exercise Date in respect of a ICRCS 6th May
11 Two Sales Structure: Exercise of wa'ad Party A and Party B have now entered into a ICRCS The Calculation Agent determines Profit in relation to each leg of the ICRCS in respect of the first Calculation Period If Party B exercises Party A s USD wa ad, the cash and asset flows will be as follows: Party A Payment (Cost plus Profit (i.e. USD Amount)) FPR Assets (Copper) sold by Party B Party B If Party A exercises Party B s FLPR wa ad, the cash and asset flows will be as follows: Party A FLPR Assets (Zinc) sold by Party A Payment (Cost plus Profit (i.e. EUR Amount)) Party B 6th May ICRCS: Profit Types Profit can have different formulations: Profit Type 1 = Profit for Initial Exchange / Final Exchange of Capital Amount in USD or EUR Profit Type 2 Fixed Profit Rate = Profit for interim profit rate payments linked to fixed profit rate Profit Type 2 Floating Profit Rate = Profit for interim profit rate payments linked to floating profit rate i.e. LIBOR / EURIBOR 6th May
12 PRS /ICRCS Templates Points to Note Agency arrangements Broker arrangements Tax, especially VAT Sale of commodity as is, where is Exclusion of Vienna Sales Convention Calculation Agent duty Deed 6th May Developing Government Sukuk for Investment Purposes Clifford Chance, 10 Upper Bank Street, London, E14 5JJ Clifford Chance 2014 Clifford Chance LLP is a limited liability partnership registered in England and Wales under number OC Registered office: 10 Upper Bank Street, London, E14 5JJ We use the word 'partner' to refer to a member of Clifford Chance LLP, or an employee or consultant with equivalent standing and qualifications 12
ISDA-IIFM Islamic Hedging Product Standards
ISDA-IIFM Islamic Hedging Product Standards Workshop on IIFM Standards - Islamic Hedging and Liquidity Management Session: Islamic Hedging Standards Wednesday, 13 September 2017, London Ijlal Ahmed Alvi
More informationNew product documentation for Mubadalatul Arbaah (Profit Rate Swaps)
New product documentation for Islamic Profit Rate Swaps 1 Briefing note 10 April 2012 New product documentation for Mubadalatul Arbaah (Profit Rate Swaps) The recent announcement by the Government of Hong
More informationNew product documentation for Wiqayah Min Taqallub As'aar Assarf (Islamic Foreign Exchange Forwards)
New product documentation for Islamic Foreign Exchange Forwards 1 Briefing note 6 June 2016 New product documentation for Wiqayah Min Taqallub As'aar Assarf (Islamic Foreign Exchange Forwards) Today marks
More informationIslamic Hedging Products IIFM Specialized Sessions on Islamic Finance ISEF, Surabaya
Islamic Hedging Products IIFM Specialized Sessions on Islamic Finance ISEF, Surabaya FX Forward i Cross Currency Swap i Profit Rate Swap i Ashraf Gomma Ali Director/Regional Head, Shariah & Governance
More informationIntroduction to Islamic Financial Risk Management Products
Introduction to Islamic Financial Risk Management Products 1 Client briefing Summer 2013 Introduction to Islamic Financial Risk Management Products Introduction: the main features of Islamic finance 1
More informationIntroduction to the ISDA/IIFM Tahawwut Master Agreement. Tariq Zafar Rasheed
Introduction to the ISDA/IIFM Tahawwut Master Agreement Tariq Zafar Rasheed Overview Background to the ISDA/IIFM Tahawwut Master Agreement (TMA) Shari ah Principles TMA Documentation Architecture Example
More informationTahawwut Master Agreement: Pertinent Issues and Legal Practices in Malaysia
Tahawwut Master Agreement: Pertinent Issues and Legal Practices in Malaysia IIFM Specialized Sessions on Islamic Finance at ISEF, 7 th November 2017, Surabaya Dr. Akhmad Affandi Mahfudz, CPIF Director
More informationIIFM Standards Published and Under-development
CONTENTS IIFM Standards Page 1-4 Islamic Credit Support Documentation Islamic Hedging Standards Liquidity Management Standards Other Standards Currently Under Development Chairman s Message Page 1 IIFM
More informationHedging & Islamic Finance
Hedging & Islamic Finance The consensus is now developing in the Islamic Financial Services Industry on the requirement for risk mitigating/hedging tools, as the institutions operating on Shari ah principles
More informationIIFM Documentation and Product Standards An Overview
IIFM Documentation and Product Standards An Overview Annual IIFM Seminar at Pre-Conference Day of World Islamic Banking Conference (WIBC) Monday, 4 th December 2017, ART Rotana Hotel, Amwaj Islands, Kingdom
More informationSUMMARY OF OUR CONCLUSIONS
CLIFFORD CHANCE LLP WHETHER THE PROPOSED EU FINANCIAL TRANSACTION TAX AS APPLIED TO FX FORWARDS, FX SWAPS, FX OPTIONS AND NON-DELIVERABLE FORWARDS CONTRAVENES THE FREE MOVEMENT OF CAPITAL SUMMARY OF OUR
More informationIslamic Repo & Collateralization Possibilities and the Role of Sukuk
Islamic Repo & Collateralization Possibilities and the Role of Sukuk Euroclear Treasury & Collateral Management Conference Thursday, 11 th February 2010 Emirates Palace, Abu Dhabi Mr. Ijlal Ahmed Alvi
More informationIntroduction to ISDA/IIFM Tahawwut (Hedging) Master Agreement & its significance as a Framework Document
Introduction to ISDA/IIFM Tahawwut (Hedging) Master Agreement & its significance as a Framework Document IIFM Seminar on Hedging & Liquidity Management in Islamic Finance Morning Parallel Session, Pre-Conference
More informationEurozone Exit - ISDA Documentation Considerations ISDA Definitions
CLIFFORD CHANCE LLP Memorandum TO David Geen, ISDA DATE June 2015 FROM Chris Bates Habib Motani Jeremy Walter Michael Brown DIRECT DIAL +44 207006 1000 Eurozone Exit - ISDA Documentation Considerations
More informationThe Financial Transaction Tax - 14 questions and answers
September 2011 The Financial Transaction Tax - 14 questions and answers The European Commission today released a Directive implementing a Financial Transaction Tax (FTT). If enacted, most transactions
More informationMIFID2 FOR ASIAN FINANCIAL INSTITUTIONS POSITION LIMITS: HARMONISATION, MONITORING AND REPORTING DECEMBER 2017
MIFID2 FOR ASIAN FINANCIAL INSTITUTIONS POSITION LIMITS: HARMONISATION, MONITORING AND REPORTING DECEMBER 2017 IS MIFID2 RELEVANT TO ME? Trading on EU trading venues Using an EU affiliate to book trades
More informationIIFM Documentation and Product Standards An Overview
IIFM Documentation and Product Standards An Overview CBK-IIFM Seminar on Islamic Hedging, Liquidity Management and Sukuk Wednesday, 10 th October 2018 Al Thuraya Ballroom, JW Marriott Hotel, Al Shuhada
More informationThe SCA approves Regulations concerning Securities Lending and Borrowing, Short Selling, Market Making and Liquidity Providers
Briefing note October 2012 The SCA approves Regulations concerning Securities Lending and Borrowing, Short Selling, Market Making and The UAE Securities and Commodities Authority (the "SCA") has issued
More informationInstruments for hedging against exchange rate risk in the Republic of Serbia. Monetary Operations Department National Bank of Serbia
Instruments for hedging against exchange rate risk in the Republic of Serbia Monetary Operations Department National Bank of Serbia April 2018 CONTENTS: I Dinarisation Strategy II Need for hedging against
More informationFrom PLI s Course Handbook Islamic Financing: A Comparative Analysis of Sukuk and Conventional Bonds and Securitizations #15105
From PLI s Course Handbook Islamic Financing: A Comparative Analysis of Sukuk and Conventional Bonds and Securitizations #15105 14 SECURITIZATION GLOSSARY Submitted by: Mark Adelson Nomura Securities International,
More informationESMA provides clarity on trading obligations for derivatives under MiFID II
ESMA provides clarity on trading obligations for derivatives under MiFID II On 28 September 2017, the European Securities and Markets Authority (ESMA) published its report on the revised trading obligation
More informationIslamic Financing Products and Concepts, Current Market Trends and Opportunities. Nadim Khan, Partner, Herbert Smith LLP July 2010
Islamic Financing Products and Concepts, Current Market Trends and Opportunities Nadim Khan, Partner, Herbert Smith LLP July 2010 1 Overview Introduction to Islamic Finance The Key Products The Compliance
More informationUAE securities regulator creates regime for promotion and introduction to UAE investors
UAE securities regulator creates regime for promotion and introduction to UAE investors 1 Briefing note February 2017 UAE securities regulator creates regime for promotion and introduction to UAE investors
More informationABS New Markets Japan
ABS New Markets Japan 2 ABS New Markets Japan Fact pattern This scenario considers a UK RMBS master trust structure (a UK SPV Issuer, ultimately backed by a pool of UK collateral) admitted to trading on
More informationThe Goldman Sachs Group, Inc.
Prospectus Supplement to the Prospectus, as it may be amended from time to time, that forms a part of Registration Statement No. 333-198735. The Goldman Sachs Group, Inc. Medium-Term Notes, Series D TERMS
More informationEquity Swap Definition and Valuation
Definition and Valuation John Smith FinPricing Equity Swap Introduction The Use of Equity Swap Valuation Practical Guide A Real World Example Summary Equity Swap Introduction An equity swap is an OTC contract
More informationThe Goldman Sachs Group, Inc.
1 / 44 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-154173 Prospectus Supplement to Prospectus dated April 6, 2009. The Goldman Sachs Group, Inc. Medium-Term Notes, Series D TERMS OF
More informationTHE BELGIAN LEGAL FRAMEWORK FOR FINANCIAL SERVICES. LOUNIA CZUPPER 30 May 2017
LOUNIA CZUPPER 30 May 2017 CONTENT 1. Where do we go from here? 2. End of passport rights for UK firms what are the alternatives? 3. Factors in making location decisions 4. Corporate regulatory environment
More informationAXIS financing: A case study on cross border Islamic financing
AXIS financing: A case study on cross border Islamic financing a presentation for IFN Indonesia Forum 2012 by Indri Pramitaswari SH, Partner - Issuers Day, 16 April 2012 Hadiputranto, Hadinoto & Partners
More informationIDB TRUST SERVICES LIMITED (Incorporated as a limited par value company in Jersey)
(Incorporated as a limited par value company in Jersey) FINANCIAL STATEMENTS 29 Dhul Hijjah 1433H (14 November 2012G) and INDEPENDENT AUDITOR S REPORT 29 Dhul Hijjah 1433H (14 November 2012G) CONTENTS
More informationSHARIAH COMPLIANT STRUCTURING CAPABILITIES. November 2017
SHARIAH COMPLIANT STRUCTURING CAPABILITIES November 2017 DISCLAIMER Market Securities (Dubai) Limited ( MSD ) is regulated by the DFSA and authorised to deal in investments as well as advise on and arrange
More informationThe Effect of Innovative Islamic Profit Rate Benchmark on Pricing Islamic Derivatives Securities
The Educational Review, USA, 2018, 2(8), 427-431 http://wwwhillpublishercom/journals/er The Effect of Innovative Islamic Profit Rate Benchmark on Pricing Islamic Derivatives Securities Ra fat T Al-Jallad
More informationReferences herein to "this opinion" are to the opinion given in Section 3.
December 2013September 2014 CLIFFORD CHANCE LLP 10 UPPER BANK STREET LONDON E14 5JJ TEL +44 20 7006 1000 FAX +44 20 7006 5555 DX 149120 CANARY WHARF 3 www.cliffordchance.com our ref: JDT/JRW/RHJ/70-4053111940578622
More informationBBVA Subordinated Capital, S.A. Unipersonal
BBVA Subordinated Capital, S.A. Unipersonal FINAL TERMS DATED 3 APRIL 2014 Issue of EUR 1,500,000,000 Fixed Reset Notes due April 2024 Guaranteed by Banco Bilbao Vizcaya Argentaria, S.A. under the 40,000,000,000
More informationEMIR the road ahead is clearing an update
Thursday, 7 January 2016 EMIR the road ahead is clearing an update First phase interest rate derivatives After months of internal wrangling between the European Commission and ESMA over the details on
More informationInstructions to Signing the 2013 Multilateral Amendment Agreement for Certain Rate Swap and Other Transactions
Instructions to Signing the 2013 Multilateral Amendment Agreement for Certain Rate Swap and Other Transactions August 29, 2013 Dear Market Participant: If you wish to amend your outstanding rate swap and/or
More informationRISK DISCLOSURE STATEMENT
RISK DISCLOSURE STATEMENT This General Risk Disclosure (the Notice ) supplements the Lloyds Bank Corporate Markets Plc General Terms of Business (the General Terms ), which you may receive from us from
More informationIlliquid Assets Vs. Material Holdings
CPA Audit LLP, Peek House, 20 Eastcheap, London EC3M 1AL Telephone: 020 7621 9010 Facsimile: 020 7621 9011 email: info@cpaaudit.co.uk web: www.cpaaudit.co.uk Illiquid Assets Vs. Material Holdings Introduction
More informationMandatory Exchange Trading for Swaps to Begin February 18, 2014
January 30, 2014 Mandatory Exchange Trading for Swaps to Begin February 18, 2014 I. Mandatory Exchange Trading The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) mandates
More informationMath 441 Mathematics of Finance Fall Midterm October 24, 2006
Math 441 Mathematics of Finance Fall 2006 Name: Midterm October 24, 2006 Instructions: Show all your work for full credit, and box your answers when appropriate. There are 5 questions: the first 4 are
More informationDr. Maddah ENMG 625 Financial Eng g II 11/09/06. Chapter 10 Forwards, Futures, and Swaps (2)
Dr. Maddah ENMG 625 Financial Eng g II 11/09/06 Chapter 10 Forwards, Futures, and Swaps (2) Swaps A swap is an agreement to exchange one cash flow stream for another. In a plain vanilla swap, one party
More informationESMA Consultation Paper on the Alternative Investment Fund Managers Directive
July 2011 ESMA Consultation Paper on the Alternative Investment Fund Managers Directive On 13 July 2011, the European Securities and Markets Authority ("ESMA") released its first draft technical advice
More informationSHELL INTERNATIONAL FINANCE B.V. THE HAGUE. INTERIM FINANCIAL REPORT (unaudited)
THE HAGUE INTERIM FINANCIAL REPORT (unaudited) 30 June 2011 TABLE OF CONTENT BOARD OF DIRECTORS 1 DIRECTORS INTERIM REPORT 2 BALANCE SHEET AT 30 JUNE 2011 4 PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED
More informationDATED 12 NOVEMBER 2015 NEWDAY FUNDING RECEIVABLES TRUSTEE LTD AS RECEIVABLES TRUSTEE
CLIFFORD CHANCE LLP EXECUTION VERSION DATED 12 NOVEMBER 2015 NEWDAY FUNDING RECEIVABLES TRUSTEE LTD AS RECEIVABLES TRUSTEE NEWDAY FUNDING TRANSFEROR LTD AS TRANSFEROR BENEFICIARY AND TRANSFEROR NEWDAY
More informationCIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2015
CIMB BANK BERHAD (13491-P) CONDENSED INTERIM FINANCIAL STATEMENTS UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2015 30 June 2015 31 Dec 2014 30 June 2015 31 Dec 2014 Note Assets Cash and short
More informationMaterial Characteristics Disclosure
Forward Rate Agreement to Non-Swap Dealer/Non-Major Swap Participant Counterparties Forward Rate Transaction The attached pre-trade template term sheet (the Term Sheet ) sets forth the typical and static
More informationChapter 5. Rules and Policies AMENDMENTS TO ONTARIO SECURITIES COMMISSION RULE TRADE REPOSITORIES AND DERIVATIVES DATA REPORTING
Chapter 5 Rules and Policies 5.1.1 Amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting AMEDMETS TO OTARIO SECURITIES COMMISSIO RULE 91-507 TRADE REPOSITORIES AD DERIVATIVES
More informationChina extends foreign exchange cash pooling pilot programme to multinationals
China extends foreign exchange cash pooling pilot programme to multinationals nationwide 1 Briefing note May 2014 China extends foreign exchange cash pooling pilot programme to multinationals nationwide
More informationHong Kong takes steps towards becoming a cen e fo Islamic Finance
Hong Kong takes steps towards becoming a centre for Islamic Finance 1 Briefing note Summer 2013 Hong Kong takes steps towards becoming a cen e fo Islamic Finance Since 2007, Hong Kong has been looking
More informationJPMorgan Chase Bank, N.A. Structured Products Programme for the issuance of Notes, Warrants and Certificates
EXECUTION COPY PRICING SUPPLEMENT Pricing Supplement dated 17 March 2016 JPMorgan Chase Bank, N.A. Structured Products Programme for the issuance of Notes, Warrants and Certificates U.S.$20,000,000 Callable
More informationMiFID II: Information on Financial instruments
MiFID II: Information on Financial instruments A. Introduction This information is provided to you being categorized as a Professional client to inform you on financial instruments offered by Rabobank
More informationInterbank Money Market Operations:
Interbank Money Market Operations: -developing Shari ah compliant solutions - potential for Islamic liquidity management AAOIFI World Bank Annual Conference on Islamic Banking and Finance 14 th -15 th
More informationQatar's Corporate Legal Framework
Qatar's Corporate Legal Framework 2 Qatar's Corporate Legal Framework Contents Background 3 Qatar corporate legal framework 3 The Qatar Financial Centre (QFC)... 3 State of Qatar... 3 Foreign investment
More informationCitiFirst Investments plc (An umbrella fund with segregated liability between sub-funds) Interim Report and Condensed Unaudited Financial Statements
(An umbrella fund with segregated liability between sub-funds) Interim Report and Condensed Unaudited Financial Statements Table of Contents Page Company information 3 Manager s report 5 Balance sheet
More informationRisk-Adjusted Return: Quarterly Update
Risk-Adjusted Return: Quarterly Update R R f R f Economics Nobel Laureate William F. developed the ratio to measure risk-adjusted investment return. The ratio allows us to evaluate the performance of an
More informationTHE SUBORDINATED SUKUK MURABAHAH PROGRAMME TRANSACTION DIAGRAM (1) The Trustee, acting on behalf of the holders of the Subordinated Sukuk, and RHB Islamic shall enter into a Service Agency Agreement, pursuant
More informationDATED 12 NOVEMBER 2015 NEWDAY FUNDING LOAN NOTE ISSUER LTD AS LOAN NOTE ISSUER NEWDAY FUNDING RECEIVABLES TRUSTEE LTD AS RECEIVABLES TRUSTEE
CLIFFORD CHANCE LLP EXECUTION VERSION DATED 12 NOVEMBER 2015 NEWDAY FUNDING LOAN NOTE ISSUER LTD AS LOAN NOTE ISSUER NEWDAY FUNDING RECEIVABLES TRUSTEE LTD AS RECEIVABLES TRUSTEE HSBC CORPORATE TRUSTEE
More informationMAF Sukuk Ltd. Financial Statements for the year ended 31 December 2015
Financial Statements for the year ended 31 December 2015 Contents Page Independent auditors report 1 Statement of profit or loss and other comprehensive income 2 Statement of financial position 3 Statement
More informationOctober 2016 METHODOLOGY. Derivative Criteria for European Structured Finance Transactions
October 2016 METHODOLOGY Derivative Criteria for European Structured Finance Transactions PREVIOUS RELEASE: FEBRUARY 2016 Derivative Criteria for European Structured Finance Transactions DBRS.COM 2 Contact
More informationMIFID2 ASIAN FINANCIAL INSTITUTIONS BEST EXECUTION SEPTEMBER 2017
MIFID2 ASIAN FINANCIAL INSTITUTIONS BEST EXECUTION SEPTEMBER 2017 IS MIFID2 RELEVANT TO ME? Trading on EU trading venues Using an EU affiliate to book trades Providing services to / trading with EU clients
More informationFORM 10-Q. INTEL CORPORATION (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period
More informationSHARIAH PRONOUNCEMENT
SHARIAH PRONOUNCEMENT In the name of Allah, the Most Gracious, the Most Merciful All praise is due to Allah, the Cherisher of the world, and peace and blessing upon The Prophet of Allah, on his family
More informationOCTOBER 2017 METHODOLOGY. Derivative Criteria for European Structured Finance Transactions
OCTOBER 2017 METHODOLOGY Derivative Criteria for European Structured Finance Transactions PREVIOUS RELEASE: OCTOBER 2016 Derivative Criteria for European Structured Finance Transactions DBRS.COM 2 Contact
More informationACI Dealing Certificate (008) Sample Questions
ACI Dealing Certificate (008) Sample Questions Setting the benchmark in certifying the financial industry globally 8 Rue du Mail, 75002 Paris - France T: +33 1 42975115 - F: +33 1 42975116 - www.aciforex.org
More informationIndicative Termsheet 8y DB Note with Annual Coupons
1 Target Market (TM) Investors who have a diversified investment portfolio and are looking for: - a core, income product - a USD investment and as a Europe based investor, Where the product is denominated
More informationDATED 24 JUNE 2015 NEWDAY FUNDING LOAN NOTE ISSUER LTD AS LOAN NOTE ISSUER NEWDAY FUNDING RECEIVABLES TRUSTEE LTD AS RECEIVABLES TRUSTEE
CLIFFORD CHANCE LLP EXECUTION VERSION DATED 24 JUNE 2015 NEWDAY FUNDING LOAN NOTE ISSUER LTD AS LOAN NOTE ISSUER NEWDAY FUNDING RECEIVABLES TRUSTEE LTD AS RECEIVABLES TRUSTEE HSBC CORPORATE TRUSTEE COMPANY
More informationIslamic Risk Management. Instruments. First International Islamic Finance Conference Labuan - Malaysia. (6-7 July 2004)
First International Islamic Finance Conference Labuan - Malaysia (6-7 July 2004) Islamic Risk Management Corporate and Investment Banking Instruments Table of contents SECTION 1 The FX & Debt/Deposit issues
More informationconsider whether or not the existing FIA-E netting opinions would continue to apply if such amendments are made.
Memorandum TO Futures Industry Association Europe DATE 13 November 2014 COPY TO FROM Jeremy Walter and Timothy Cleary Clifford Chance LLP FILE REF DIRECT DIAL +44 207006 1449 Two-Way Margining for Client
More information2 December InfoNet. MiFID II/R Seminar. Indirect Clearing. Sponsored by
2 December 2015 InfoNet MiFID II/R Seminar Indirect Clearing Sponsored by AGENDA 08.30-09.00 Registration 09.00-09.20 Presentation Jeremy Walter, Partner, Clifford Chance 09.20-10.20 Panel Session Janina
More informationCondensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board
Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2016 Condensed Interim Consolidated Balance Sheet December 31, 2016 December 31, 2016 March 31,
More informationDelamare Finance Plc. 382,500,000 Class A Secured % Bonds due ,000,000 Class B1 Secured % Bonds due 2029
Delamare Finance Plc 382,500,000 Class A Secured 5.5457% Bonds due 2029 200,000,000 Class B1 Secured 6.0670% Bonds due 2029 50,000,000 Class B2 Secured Floating Rate Bonds due 2029 Cash Manager Quarterly
More informationFORM 10-Q. INTEL CORPORATION (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly
More informationAbu Dhabi Commercial Bank PJSC
Abu Dhabi Commercial Bank PJSC Review report and condensed consolidated interim financial information for the nine month period ended September 30, Table of contents Report on review of condensed consolidated
More informationSwan Trust Series E
Swan Trust Series 20071E December 1st 2013 February 28th 2014 Quarterly Information Report Portfolio: Swan Trust Series 20071E Quarterly Information Report: December 1st 2013 February 28th 2014 Amounts
More informationTITLOS PLC. (Incorporated in England and Wales under registered number ) Expected Maturity Date Final Maturity Date Issue Price
TITLOS PLC (Incorporated in England and Wales under registered number 6810180) Initial Principal Amount Interest Rate Expected Maturity Date Final Maturity Date Issue Price Expected Moody's Rating 5,100,000,000
More informationDUTCH BILL IMPLEMENTING REVISED SHAREHOLDERS' RIGHTS DIRECTIVE SENT TO PARLIAMENT
SHAREHOLDERS' RIGHTS DIRECTIVE SENT On 16 October 2018, a Bill implementing the revised shareholders' directive was sent to Parliament. The objective of the revised shareholders' rights directive is to
More informationLecture 9. Basics on Swaps
Lecture 9 Basics on Swaps Agenda: 1. Introduction to Swaps ~ Definition: ~ Basic functions ~ Comparative advantage: 2. Swap quotes and LIBOR zero rate ~ Interest rate swap is combination of two bonds:
More informationROLE OF MULTILATERAL INSTITUTIONS IN THE FORMATION OF ISLAMIC FINANCIAL POLICY
04 ROLE OF MULTILATERAL INSTITUTIONS IN THE FORMATION OF ISLAMIC FINANCIAL POLICY Islamic banking in its present form though can be traced back to four decades back; however, it has its values embedded
More informationFINAL TERMS PART A - CONTRACTUAL TERMS. 1. Issuer: Banco Bilbao Vizcaya Argentaria, S.A. (a) Series: EUR 1,500,000,000. (b) Tranche: EUR 1,500,000,000
FINAL TERMS 5 April 2017 Banco Bilbao Vizcaya Argentaria, S.A. Issue of EUR 1,500,000,000 Floating Rate Notes due April 2022 under the 40,000,000,000 Global Medium Term Note Programme PART A - CONTRACTUAL
More informationNDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China
1 Briefing note September 2015 NDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China Recent legal updates from China demonstrate a shift in the government's
More informationIslamic Finance: Hedging Instruments and Structured Products. Dr Ken Baldwin Islamic Development Bank 27 th January 2014
Islamic Finance: Hedging Instruments and Structured Products Dr Ken Baldwin Islamic Development Bank 27 th January 2014 Religious Context Islamic financial institutions offer products consistent with Islamic
More informationCondensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board
Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2017 Condensed Interim Consolidated Balance Sheet December 31, 2017 December 31, 2017 March 31,
More informationEmployee Benefits News
Employee Benefits News October 2011 Employee Benefits News Executive remuneration: new consultations and revised ABI guidelines Consultation on enhanced disclosure and "say on pay" proposals The Business
More informationDodd-Frank 2013 What You Need to Know
Dodd-Frank 2013 What You Need to Know 1 Derivatives will be cleared Securities requirements will abound Regulations will converge internationally 2 3 During today s presentation we ll be using a fictional
More informationAPPLICABLE FINAL TERMS
APPLICABLE FINAL TERMS 22 November 2017 Banco Bilbao Vizcaya Argentaria, S.A. Issue of EUR 150,000,000 Floating Rate Senior Non-Preferred Notes due December 2023 under the 40,000,000,000 Global Medium
More informationENGAGEMENT LETTER. Compliance of granting new loans and/or equity contributions with EU state aid law: Offer regarding Legal Advisory Services
ENGAGEMENT LETTER THIS ENGAGEMENT LETTER is made and entered into as of [...] between Termoelektrarna Šoštanj d. o. o. Cesta Lole Ribarja 18 SI - 3325 Šoštanj ("TEŠ") and Clifford Chance Deutschland LLP
More informationBonds explained. Member of the London Stock Exchange
Bonds explained Member of the London Stock Exchange Killik & Co We pride ourselves on being a relationship firm. Each client has their own dedicated Broker, who acts as the single point of contact to provide
More informationX-CCY BASIS. What does it mean CCB?
X-CCY BASIS What does it mean CCB? Similarly to tenor spreads in single currency interest rate markets, basis spreads between cash-flows in two different currencies widened significantly after the financial
More informationSukuk Trends and listing on Stock Exchanges and Use of Sukuk/Islamic Securities as Collateral Current Status, Developments and Key Challenges
Sukuk Trends and listing on Stock Exchanges and Use of Sukuk/Islamic Securities as Collateral Current Status, Developments and Key Challenges 11 th Meeting of the Organisation of Islamic Cooperation (OIC)
More informationNavigating Chinese Outbound Investment in the EU: Merger Control
Navigating Chinese Outbound Investment in the EU: Merger Control Ninette Dodoo Head of Antitrust Practice, China 16 17 September 2013 ABA Section of International Law China Inside and Out Overview China
More informationInternational Endesa B.V. Financial Statements 2011
International Endesa B.V. Financial Statements 2011 Index Page Financial Statements 2011 Management Board report 2 Financial Statements 6 Balance sheet 7 Profit and loss 8 Statement of cash flows 9 Statement
More informationABC Islamic Bank (E.C.) CBB Composition of Capital Disclosure Requirements As at 30 September 2017
ABC Islamic Bank (E.C.) CBB Composition of Capital Disclosure Requirements As at 30 September 2017 APPENDIX I - REGULATORY CAPITAL DISCLOSURES PD 2 : Reconciliation of Regulatory Capital i) Step 1: Disclosure
More informationBond Basics January 2008
Bond Basics: What Are Interest Rate Swaps and How Do They Work? Interest-rate swaps have become an integral part of the fixed-income market. These derivative contracts, which typically exchange or swap
More informationDerivatives regulatory driven changes to documentation. Marc Benzler, Habib Motani and Gareth Old. 16/17 September 2014
Marc Benzler, Habib Motani and Gareth Old 16/17 September 2014 Introduction 2 Introduction Developments in Europe and the US Europe overall and specific German issues Major heads of change Dodd Frank/EMIR
More informationCRA3: Commission Adopts Detailed Disclosure Rules for Structured Finance Instruments
CRA3: Commission Adopts Detailed Disclosure Rules for Structured Finance Instruments 1 Briefing note October 2014 CRA3: Commission Adopts Detailed Disclosure Rules for Structured Finance Instruments On
More informationAmortizing and Accreting Swap Vaulation Pratical Guide
Amortizing and Accreting Swap Vaulation Pratical Guide Alan White FinPricing http://www.finpricing.com Summary Interest Rate Amortizing or Accreting Swap Introduction The Use of Amortizing or Accreting
More informationSUPPLEMENT. to the publication. Accounting for Financial Instruments - Standards, Interpretations, and Implementation Guidance
NOVEMBER 2001 SUPPLEMENT to the publication Accounting for Financial Instruments - Standards, Interpretations, and Implementation Guidance originally issued in July 2001 This document includes the final
More informationCALCULATION OF REGISTRATION FEE. Offering Price
Page 1 of 11 424B2 1 dp16384_424b2-ps294.htm FORM 424B2 CALCULATION OF REGISTRATION FEE Title of Each Class of Securities Offered Senior Floating Rate Notes due 2020 Maximum Aggregate Amount of Registration
More informationQ&A NJEDA School Construction Bond RFP dated December 6, 2013
Q&A NJEDA School Construction Bond RFP dated December 6, 2013 1. Is the Authority interested in receiving RFP responses from firms seeking to serve as a co-managing underwriter? A. Not at this time. The
More informationMan AHL Diversified Futures Ltd
Man AHL Diversified Futures (the "Company") is a futures and options fund and will invest, without limitation, into sectors including stocks, bonds, currencies, interest rates, energies, metals, credit
More information