UBL : DEBT AND CAPITAL MARKETS

Friday, April 17, 2009

Loan Syndication
Raising term financing from financial institutions
Can be used to raise large financing amount
Results in the use of bank lines by the corporation
Plain vanilla product
Advantage of bilateral-type operation as primary interface is with the Agent Bank only.
IBG acts as an Advisor, Arranger and/or Trustee of the loan facility
TFC
Redeemable capital issued under section 120 of the Companies Ordinance, 1984
Capital market alternative to traditional bank debt
Replicates the cash flows of a coupon-bearing bond
First TFC in Pakistan issued by Packages Limited in 1995
Two types of TFCs are:
Listed TFCs
Privately-Placed TFCs
IBG acts as an Arranger and Structuring Agent and Trustee
Listed TFC

Listed TFCs are made available to the general public in addition to institutional investors through listing on the stock exchange

Facilitate trading in the secondary market

Offered through both Private Placement (Pre-IPO) and Initial Public Offer (IPO)

Listing creates liquidity through bid and offer quotes in the secondary market

Increasingly growing with 14 companies offering TFCs worth PKR 16.8 billion at the Karachi Stock Exchange
alone in 2005. This trend also continued in the year 2006 and UBL IBG had significant market share of listed
TFC issues in 2006
Privately Placed TFC
Privately-Placed TFCs are not offered to the public
Offered to a single principal investor or to a group of institutional Investors, allowed under Section 120
of the Companies Ordinance, 1984
Arranging a Privately-Placed TFC issue takes considerably less time. Can be achieved in a matter of 4-8 weeks
Approvals are not required from regulatory authorities (stock exchanges, SECP) and the credit-rating
of the entity and instrument need not be obtained
Securitization
Securitization designed to improve the risk profile of the facility for the Issuer
IBG acts as Structuring Agent and Arranger
Asset Backed Securitization (ABS)
Bonds or notes backed by financial assets
Pools of financial assets are sold to SPV
SPV converts these pools to marketable securities in the form of Asset Backed Securities

Canon PowerShot A470 7.1 MP Digital Camera (Orange) - Review

For the list price ($129.00) I really couldn't find a better camera. I work in a photo processing lab, where I also deal with and sell cameras for most of the day, so before purchasing my own I did a lot of hands-on research playing with and reading about all the cameras that were within the price I wanted to spend.I'm still learning as far as all the fancy features, but if you're like me and just need a good camera for everyday type stuff, this one is perfect.With its 7.1 mega pixels, it takes really sharp pictures and what I really like is how fast the shutter is. There's virtually no delay between the time you focus the camera and go to snap the actual picture. That was my biggest problem with my old camera-- I'd go to focus in and then by the time I actually snapped the photo, the delay was so annoyingly long that the moment was lost.The LCD screen is a great size, not too large and not too small. At 2.5", you get a really good idea of what you're shooting, even without a viewfinder.The only complaint I have is that it's not as great outdoors in bright weather. The screen gets really washed out and makes it kind of difficult to get a good shot. This is fixable though, as they sell pop-up shade clips (about $10) you can attach to the camera so as to correct that. I haven't tried them personally, but heard they work really well.I also really like the size of the camera itself. A lot of people are attracted to the super slim tiny cameras you can fit in a pocket, but that didn't appeal to me.I wanted something I'd be comfortable holding, fit well in my hands, and didn't feel like I was going to drop it. Its like the perfect size for me, because it's still really compact but not so small that it gives me anxiety over dropping it/breaking something. Alternately, its not so big that I can't easily carry it around with me.
I would consider this camera a step up from a lot of others in the price range. Along with the scene modes (which is pretty standard on most point and shoots anyway) it has a manual setting, which is fun to play around with and really easy to navigate. For someone like me who is still learning all the technical stuff it's a good first camera. You can customize a fair amount but its not overwhelming and hard to learn. At my job we are trained on what are the best selling points, features, etc, and whereas I take that into mind I also know that everyone is picky in their own way and some people care about certain features more than others. Personally I just wanted something to use on vacations, to take pictures of friends and I, my cats, etc.If you want something for fast action scenarios, sporting events and the like, you might want to skip this camera. It's only got the standard 3.4 optical zoom, which really is not that far, and even though it zooms farther digitally...it will get more blurry the further in you go.That is one thing Canon needs to improve upon-- a lot of their lower end models like this one have poor image stabilizing.

UN hasn’t received any request from Pakistan for Benazir killing probe

Thursday, April 16, 2009

former Pakistan premier Benazir BhuttoUnited Nations has said that so far it had not received any request from the Pakistan government for an UN probe into the assassination of former Pakistan premier Benazir Bhutto.

The statement came on yesterday when the Pakistan’s National Assembly unanimously passed a resolution demanding a UN probe into the leader’s killing.

Responding to a question at her daily briefing, UN deputy spokeswoman Marie Okabe said on Monday that the UN had received no request from the Government of Pakistan for an investigation into the assassination of Benazir Bhutto. “No letter has been received yet,” the Daily Times quoted her as saying.

The resolution demanding a UN probe into Benazir’s killing was moved by Pakistan Law Minister Farooq Naek, who urged the government to approach the UN for an "international investigation commission" to look into the assassination of the PPP chairwoman.

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