Self liquidating premium


21-Jun-2020 20:07

The management has blamed this on liquidity constraints and restrictions placed on access to trade finance lines, which has affected its ability to trade.Senior commodities banker-turned-consultant Jean-Francois Lambert said the move by DBS to cut its RCF exposure is a "logical step", given that most other banks have also done so by selling their exposures in the RCF to funds.The third-quarter losses of US

The management has blamed this on liquidity constraints and restrictions placed on access to trade finance lines, which has affected its ability to trade.Senior commodities banker-turned-consultant Jean-Francois Lambert said the move by DBS to cut its RCF exposure is a "logical step", given that most other banks have also done so by selling their exposures in the RCF to funds.The third-quarter losses of US$1.17 billion that Noble announced last Thursday undoubtedly contributed to DBS' throwing in the towel, Dr Pirrong said."People keep looking for the bleeding to stop, but it just seems to get worse." Noble has racked up losses exceeding US$3 billion so far this year.How big an impact the loss of DBS' support would have on Noble would depend more on the type of other financing that was pulled, market observers said, as the sale of the stake in the RCF means that someone else will continue to lend in DBS' place.Craig Pirrong, a professor of finance at University of Houston who conducts research on the economics of commodity markets, said the cut in other financing from DBS signals a loss of confidence by the bank in Noble's prospects.

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The management has blamed this on liquidity constraints and restrictions placed on access to trade finance lines, which has affected its ability to trade.

Senior commodities banker-turned-consultant Jean-Francois Lambert said the move by DBS to cut its RCF exposure is a "logical step", given that most other banks have also done so by selling their exposures in the RCF to funds.

The third-quarter losses of US$1.17 billion that Noble announced last Thursday undoubtedly contributed to DBS' throwing in the towel, Dr Pirrong said.

"People keep looking for the bleeding to stop, but it just seems to get worse." Noble has racked up losses exceeding US$3 billion so far this year.

How big an impact the loss of DBS' support would have on Noble would depend more on the type of other financing that was pulled, market observers said, as the sale of the stake in the RCF means that someone else will continue to lend in DBS' place.

Craig Pirrong, a professor of finance at University of Houston who conducts research on the economics of commodity markets, said the cut in other financing from DBS signals a loss of confidence by the bank in Noble's prospects.

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.17 billion that Noble announced last Thursday undoubtedly contributed to DBS' throwing in the towel, Dr Pirrong said."People keep looking for the bleeding to stop, but it just seems to get worse." Noble has racked up losses exceeding US billion so far this year.How big an impact the loss of DBS' support would have on Noble would depend more on the type of other financing that was pulled, market observers said, as the sale of the stake in the RCF means that someone else will continue to lend in DBS' place.Craig Pirrong, a professor of finance at University of Houston who conducts research on the economics of commodity markets, said the cut in other financing from DBS signals a loss of confidence by the bank in Noble's prospects.

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"I guess the discount in selling was a bit better than that." Pulling out trade facilities, however, is a different issue altogether.

"Trade facilities are the only lifeline left to Noble for trading," he said. " Revolving credit facilities are typically syndicated deals involving multiple banks, and provide liquidity for working capital; a company can draw on it as and when needed.