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更多“Wordsworth believes that tranq…”相关的问题
A.the colonists
B.the capitalists
C.the labouring people
D.the intellectuals
A.William Wordsworth
B.Samuel Coleridge
C.Robert Southey
D.John Keats
A.Williamn Wordsworth
B.Samuel Taylor Coleridge
C.Robert Southey
D.William Blake
A．The beneficial influence of the nature
B．The power of human mind
C．The splendor of childhoo
D．The love among the people
A.reason
B.intuition
C.judgement
D.imagination
A.To romanticists,poetry is an expression of an individual's feelings and experiences no matter how fragmentary and momentary these felings and experiences are.
B.Romanticist take delight only in sound effect,the theme of a work is not their concer.
C.Romanticist are not patient people
D.they would leave before the revelation of the theme.
E.Poetry should present the apparent and tangible.
A．are individualistic
B．tend to crystallize sentiment into an object
C．are not sentimental
D．are really not fashion conscious
Securitisation proposals
One of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:
– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points
– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%
– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%
– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation process
The non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.
The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.
However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.
Islamic finance
Moonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.
Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.
Required:
(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)
(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)
(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)
(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks)
