10 Tips for perfect photo yesss111

10 Tips for perfect photo

Big investment companies such as Blackrock, Infesco and State Street have invested millions in building a new type of investment: the ETN of bonds, the idea was to bind two separate markets by tying up bonds traded slowly to light

-speed funds. Like a mutual fund, an ETF includes hundreds of bonds under a single ticker Unlike a mutual fund, ETFs are traded throughout the day on the stock exchange, such as shares of Apple or Bank of America.

This product is today more popular than ever before. All types of investors – from pension funds to insurance companies and pensioners – trade in it every day.

Needed speed or dangerous combination?

The biggest followers of bond-linked ETFs say their growth has added the speed needed for slow bond trading. So investors can move funds quickly when sentiment in the market is c


Skeptics say the ETFs of the bonds have created a dangerous combination, and the document can accelerate realizations if the runaway investors flood the debt market with more selling orders than they can digest

The institutional investors attacked: a success in raising Max’s bonds
The finance and credit cards company, Max (formerly Leumi Card), raised NIS 720 million in short-term bonds at an interest rate of only 1.14%
The finance and credit card company, Max (formerly Leumi Card), planned to raise NIS 500 million in bonds, but further to the demand of NIS 1.5 billion, raised the amount to NIS 720 million.
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The average duration of the debt is 1.6 years, and the interest rate is 1.14%. This is a low interest rate that expresses the institutions’ assessment that this is a stable company with a very high ability to repay the debt.

ratings on a regular basis and updates Them as required ”

It is often argued that they are too late to perform a rating action – for example, they lower the debt rating of a company that long ago recognized that it is in difficulties (and its bonds are already traded on junk yield). Remain optimistic, and their outlook for the future looks rosy, and in retrospect they turn out to be too rosy.

recycle an existing financial debt and to the Company’s current operations. The issue was rated by the S & P Maalot rating company ilA plus, a rating that was granted to Partner in 2015 (after being reduced from ilAA minus) and has since been maintained at its current level. There is no doubt that maintaining the high level of rating despite Partner’s financial position, as well as the other companies in the communications market, raises quite a few questions and questions.

a company and its ability to meet debt repayments, and is one of the main factors determining its credit rating. Money from the free flow serves companies for various purposes, such as dividend distribution,

Partner has moved to a negative free flow, the rating company: will be NIS 300-500 million in the next two years

S & P Maalot left Partner’s high debt rating ahead of bond issues, despite a drop in its free cash flow of NIS 124 million in 2018. In the past two quarters, S & P Maalot has become negative. Maalot follows all the

corporate acquisition or debt repayment. In the case of Partner, the cash flow is significant mainly for the purpose of reducing the debt. At the end of the first quarter of the year, the Company’s net debt stood at NIS 977 million.

The communications company, controlled by Haim Saban, recently announced its intention to raise NIS 326 million by expanding an existing series of bonds. The proceeds from the issue will be used by Partner to

In the first quarter of the year, Partner moved to present a negative free cash flow, as part of a long and sharp erosion trend that has continued since 2012 – when the local cellular market first opened to real competition, and a price war began. An in-depth look at the rating report indicates a reasonable concern that Ma’alot’s analysts do not really understand the depth of the crisis in the industry and the real situation of the companies operating in it



Free cash flow is a significant measure of the financial strength of

The rating report states that “the Company’s free cash flow (adjusted data that Maalot calculates as part of its rating, which is current cash flow after capital investments) amounted to NIS 635 million in 2017, compared with 870 million in 2016. We believe that the erosion trend And the company will present a free cash flow of NIS 300-500 million over the next two years. ”

Maalot’s analysts choose to mention the level of cash flow in 2016 and 2017, but ignore the level of free cash flow in 2018. In this year, Partner’s adjusted free cash

Max, which was controlled by Leumi, was sold about a year ago (the deal was completed earlier this year) to US private investment fund Warburg Pincus for NIS 2.5 billion. The sale was made pursuant to the regulatory obligation to separate the credit card companies from the banks. Subsequently, in April, Bank Hapoalim sold control of Isracard through the stock exchange.

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