darcyocvarney-blog

[darcyocvarney-blog]

The shell games continue

Laurence Fletcher and a team of reporters from Canberra to the small town of Apache Junction in Arizona have a special report today that is the latest in our series “Shell Games,” exploring the extent and impact of corporate secrecy in the United States and beyond. “The bonds that turned to dust” tracks the fate of $500 million of highly illiquid paper purportedly issued by a company in a trailer-park suburb of Phoenix, on behalf of a small Australian commodities firm — and backed by the proceeds from $10 billion of diesel from the tiny autonomous Russian republic of Bashkortostan. The bonds proved to be impossible to sell, and a Cayman Island-based fund, DD Growth Premium, that bought them went into liquidation in the spring of 2009. The fund’s implosion left behind a band of irate investors and an enduring riddle as to what exactly happened. Read the story in multimedia PDF format here: http://link.reuters.com/sut23s We kicked off the series at the end of June with “A little house of secrets on the Great Plains.” The story focused on a house in Cheyenne, Wyoming, that is home to more than 2,000 companies. The state is already cracking down, as we reported last week. The second story “China’s shortcut to Wall Street” examined how shell companies have been used to bring Chinese companies to the U.S. market. Watch this space for more in the series.

[darcyocvarney-blog]

New Issue-BNG adds 50 mln stg to 2017 bond

Borrower Bank Nederlandse Gemeenten (BNG)Issue Amount 50 million sterlingMaturity Date November 29, 2017Coupon 3.25 pctIssue price 104.683Spread 97 basis pointsUnderlying govt bond Over the 4.0 pct 2016 UKTPayment Date October 21, 2011Lead Manager(s) Royal Bank of ScotlandRatings Aaa (Moody's), AAA (S&P),AAA (Fitch)Listing AmsterdamFull fees UndisclosedDenoms (K) 1Notes The issue size will total 250million sterling when fungibleParent ISIN XS0562887082Security details and RIC, when available, will beonCustomers can right-click on the code forperformance analysis of this new issueFor ratings information, double click onFor all bonds data, double click onFor Top international bonds newsFor news about this issuer, double click on the issuer RIC,where assigned, and hit the newskey (F9 on Reuters terminals)Data supplied by International Insider.

[darcyocvarney-blog]

China Dev Bank three-year bond yield at 4.23 pct, as expected

The result was below Thursday's indicative secondary market yield of 4.3653 percent bid for three-year financial bonds issued by policy banks .($1=6.35 yuan)