Blog Page — Page 1458

JSE: Market positioning for rally

July 12, 2013 by IC Insider.com

Friday, 12 July 2013 | In Friday’s activity, stocks of 26 companies traded 8.5 million units valued at $53.32 million, quite a bit more than Thursday’s $30 million. The advance decline ratio remained even as the prices of 9 stocks each moved up and down. All the indices that had actively traded stocks posted moderate gains by the end of trading. There were no changes in US dollar cross listed indices and no trades taking place in these stocks. Proven Investments Preference shares was the most dominant traded with 4.91 million shares worth $25 million.

Trades of note Main Market | The all Jamaica Index put on 468.82 points to close at 88,174.96 and the JSE market index moved up by 266.31 to close at 86,944.14. Sagicor Life, which accounted for1.185 million shares valued at $10.14 million, was the other dominant trader with the stock trading between $8.50 and $8.60 before closing at $8.50. The bulk of the shares were crosses executed by Pan Caribbean Financial Services. Scotia Group traded 223,000 shares valued at $4.885 million as the stock closed the day at $22, up 90 cents. Pan Jamaican Investment Trust traded 53,705 shares valued at $2.77 million between $51.11 and $52 but closed unchanged at $51.11. Grace Kennedy traded down $2.29 at $57.21 as 81,350 units traded valued at $4.79 million.

Junior market | 7 stocks in the junior market traded as 3 advanced and 3 declined. Blue Power traded 216,016 units valued a $2.18 million as the stock traded between $10.10 and $10.15 before closing at $10.10. At the close there were 100,000 Blue Power shares on offer at $10.50. Lasco Distributors traded 476,710 shares between $1.55 and $1.60 but closed at $1.55 off 5 cents. Lasco Manufacturing traded 807,469 units between $1.60 and $1.70 and closed at $1.66 and Lasco Financial traded up 5 cents to close at $1.35 with 138,800 units. Paramount closed at $3.50 up 20 cents with only 5,000 shares trading. There was no stock on offer at the close. KLE Group closed at $2.60, an all-time low, as 30,000 shares traded off by 10 cents.

Market intelligence | Lasco Distributors has 1.14 million units on offer at $1.60 with a bid for 1,740 units at $1.55. Good support is at $1.40. Lasco Manufacturing and Lasco Financial seem to have limited supply. Cable & Wireless selling continues, but the sellers seem to be holding out for prices at 14 cents or more as the amounts offered at 15 cents remain at 29 million shares. There has been very little change since last week while the quantities for the few bids that are in have not increased much. Desnoes & Geddes has 1 million shares on offer at $5.18 along with 200,000 at $5 as reasonable demand is at $4.70. RJR still has a bid at $1.23 for 4.9 million units, there has not been much change to the supply. Good support exists for Sagicor Life at $8.40, while supply is limited below $9.30. Carreras support is pretty good at $53.50 and more bids have come in for the stock near to $54 as supply of the stock declines.

Grace Kennedy’s supply of 700,000 units at $61 still remains as a barrier for upward price movement for the time being as demand has declined sharply leading to the fall in the price today. The price could fall more unless Grace’s buy-back program kicks in as there is very few serious bids in for the stock close to the recent selling price. There are good bids in the market for JMMB’s stock between $7.85 and just over $8, decent supply is listed at $10.50 and above. Scotia Group supply is surely on the decline with some supply above $22. Scotia Investments sold today in Trinidad for the equivalent of $30.19 with the price there looking as if it will move up further as investors in that market look for income generating assets. At the present price, the stock would be yielding 6 percent in a market where long term yields are under two percent.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market indicator shows that bids for 6 stocks were higher with 1 stock having an offer lower than the last selling price. This is the strongest this signal has been since the last week of June, an indication that the market could be resuming the upward momentum in the days or weeks ahead.

Insider Trades | A related party to Mayberry Investments Limited purchased a total of 995,602 of the company’s shares during the period July 4 – 9, 2013 and a person connected to a senior officer of Trinidad Cement Limited purchased 108,000 of the company’s shares on July 8, 2013. These could be two bullish indicators for the shares of these two companies.

JSE share allotment

July 12, 2013 by IC Insider.com

The Jamaica Stock Exchange announced the formula for the allotment of shares in the recent issue of 38,250,000 ordinary shares which was oversubscribed by 60 percent. The IPO received 196 applications for the shares costing approximately J$160.663 million at the price of J$2.85 per each. The issue which was opened on Friday, July 5 2012 closed on Monday, 8 July 2012 after it was oversubscribed on the first day of issue.

All Reserved Share applicants will receive 100% of the amount of the Shares they applied for. Applicants for the general pool, who applied to receive shares of 500,000 units or less, will receive 100% allocation. This applies to 93 applicants, 6 applicants who applied for more than 500,000 shares will have the excess allocated on a pro-rated basis.

The shares are expected to start trading next week.

Read more about the Jamaica Stock Exchange IPO at JSE: 38m shares for IPO published 22 May 2013

Filed Under: Company News, General Business News, Initial Public Offers, JSE Main Market, Stock Market Tagged With: JSE Company, Trading Activity

AMG is investing for tomorrow

July 12, 2013 by IC Insider.com

AMG Packaging invested $108 million since last August in fixed assets including land, building and equipment. The additions moved fixed assets to $230 million, a major increase for a relatively small company. The company took on debt to help fund the expansion as well as providing working capital financing, while both inventories and trade receivables rose and was partially offset by a rise in payables.

At the end of April, loans stood at $91 million up from $30 million in May 2012 as borrowing added $70 million to debt with repayment of principal over 7 years at 9.25 percent interest for 5 years and variable thereafter at 3.25 percent above Treasury bill rates. Capital spend is yet to end. Management in their report to investors indicated that a multi-functional machine on order will replace older manual ones and a rotary die cut machine that is being manufactured will be shipped shortly. They are expected to increase production and enhance the quality of products.

2013 profit | Profit for the quarter came in at $7.3 million down from $15.7 million in 2012. For the nine months period, the bottom line reflected an increase in profits to $37.7 million up from $32.56 million in 2012. Revenues climbed in the latest quarter over that of 2012 but only by 5.7 percent to reach $111.37 million, while revenues for the nine months was up by 18 percent hitting $315.77 million. Sales slowed down sharply in the latest quarter from 34 percent increase in the three months to February and 18 percent increase in the November quarter.

Interestingly, even as revenue growth slowed in the May quarter, the margin continues to show improvements as gross profit increased over that of the 2012 May quarter and production raw material cost marginally more to generate the increased sales. Direct expenses climbed 27 percent in the quarter. Rises in administrative cost, finance, interest and depreciation combined to squeeze profit for the quarter, although profit before these expenses grew by $2 million, net profit fell by $8.4 million. In the quarter, interest cost came in at $2.8 million. There was none reflected in results in the prior period. Financial cost rose by $1.3 million and administrative cost increased by $1 million over the February quarter. Some of the increased cost is not expected to recur in the subsequent quarter but indications from the rise in administrative cost in the previous quarter compared with 2012 figures suggest that the cost structure going forward is set at higher levels than before. The company has been focusing its energies on cost containment and the reduction of raw material waste. The improved margins indicates that they have succeeded in this latter area. But there others that they are working on that will bring results in the future. The results to date indicate that they need to get revenues up at a faster pace than the latest quarterly results indicates to more than cover the increased overhead cost.

2012 profit | Sales for the year ended August, 2011 increased by 15.71% to $357.46 million as a result of an increase of 27.19% in the number of units produced. This increase in sales resulted in a 27.23% increase in Gross Profit of $81.31 million (2011- $63.91 million). For 2012, profit of $47.66 million was realised, up 52.45% over the 2011 prior year of $31.27 million.

Finances | Current assets of $199 million including cash of $49 million is more than adequate cover for current liabilities of $87 million. At the end of the February, cash was down to $7 million. Inventories climbed sharply and may well be attributable to the weakness of the exchange rate of the Jamaican dollar, in which case holding inventory at a lower exchange rate will act as insurance coverage for loss in value of the Jamaican dollar. The increase in inventories could well be that sales were taking place at a much slower pace than anticipated based on the hike in sales in the prior quarter.

Production improvement | AMG told its shareholders last year that the new 10,000 square feet warehouse facility was completed and will allow for additional space to stock raw material and finished products as well as expand the production capacity. The facility boasts two loading bays which will enable loading and unloading containers and minimise damage to the rolls. It will enable the company to store raw materials in a secure and proper environment. A paper clamp forklift was acquired and enables moving paper rolls in a more efficient manner.

A new two-colour printing and rotary die cut machine is installed and in production. This acquisition increased production as well as widens the product base. A partition machine was also acquired, expanding the product offering to service companies that package glass products.

Management decided to rearrange the shift system to accommodate a third shift in the near future. The new hours will be 6am to 2pm and 2pm to 10pm. This will eliminate the down time as well as minimize the overtime.

Filed Under: Company News, Company Results Tagged With: AMG Packaging, JSE Company

TTSE: TCL rolls on as trading picks up

July 12, 2013 by IC Insider.com

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Friday, 12th July 2013 | The Trinidad stock market saw greater level of trading on the last day of the week as 15 stocks traded with a volume of 938,000 units valued at $4.16 million as 5 stocks advanced, 2 declined and 8 traded firm.

Trinidad Cement, an IC Insider buy rated stock, remains the main focus on the exchange in today’s trading as the stock traded 590,300 shares, more than twice that of 230,565 shares on Thursday. The value of today’s trade amounted to $649,327 compared to Thursday‘s valued of $242,088. The stock gained 5 cents to $1.10 as the stock continues to respond to the return to profitability as reported by the March quarterly results and the low valuation. The bid for TCL is at $1.10 for 32,794 units and there was no stock on offer suggesting that there are more gains ahead for the stock.

Jamaica Money Market Brokers traded 228,000 shares for $114,000. Guardian Holdings contributed 46,202 shares with a value of $739,232 as the price increased by 1 cents to end the day at $16, while ANSA McAL added 19,573 shares valued at $1,301,017 as the price fell 3 cents to close at $66.47. Point Lisas Industrial Port Development Corporation traded 10,000 shares, which increased 9 cents to close at $3.85. Conversely, Unilever Caribbean traded 9,135 units and lost 15 cents to close at $54. Clico Investment Fund posted 4,400 shares valued at $99,000 as the price remained at $22.50. Sagicor Financial Corporation added 17,560 shares firm, at $6.20.

Scotia Investment traded at $1.90 the equivalent of J$30.19 well over the J$26.50 bid price on the Jamaica Stock exchange. The stock traded just 3,924 units and gained 5 cents but there was no stock on offer to fill the 49,904 units on the buy side at $1.87 each. West Indian Tobacco Company that has been on a tear in recent weeks, remained stuck below $118 as it traded 2,592 shares at $117.51.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 2 stocks were higher with 5 stocks having offers lower than their last selling price.

Watch these stocks next week | Trinidad Cement, Scotia Investments, Point Lisas Industrial Port Development, One Caribbean Media and Unilever Caribbean.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

FX: US dollar slips back a little

July 11, 2013 by IC Insider.com

Thursday, 11th July 2013 | There was $24.3 million in US dollar equivalent purchased by authorised dealers on Thursday and they sold the equivalent of US$23.3 million to end users, well down on the US$31.6 million sold on Wednesday. The amount of US dollar currency purchased was US$20.2 million and US$19.6 million was sold. There was moderately more Canadian dollars and Pound Sterling purchased than sold.

The selling rate for the US dollar fell 2 cents from to close at $101.77. At the same time the buying rate edged down by 5 cents, closing at $100.95. The highest buying rate for the US dollar climbed by $1 to close at $103.20. There was no change in the highest selling rate nor the lowest buying rate, but the lowest selling rate increased by $15.55 to $99.05.

The US dollar fell against most currencies in light of the Fed in the USA indicating that they intent to keep interest rates low until possibly 2015. The change in value affected the conversion rates of the Jamaican currency against the Pound and the Canadian dollar in Thursday’s trading.

Buying of the Canadian jumped $2.04 to $96.48 and the selling rate moved up by 59 cents while closing at $97.59. The highest buying rate for the Canadian dollar climbed by 65 cents to close at $98.15 and the highest selling rate moved up 11 cents. The lowest buying rate remained the same as for Wednesday at $77.94 and the lowest selling rates move up by 40 cents to close at $93.40.

The buying rate of the Pound went up by $1.23 on the day to $151.73 and the selling rate rose by $1.69 cents to close at $151.89. The highest buying rate for the British Pound increased by $1.60 to close at $154, the lowest buying rate increased by 41 cents to $122.92. The highest selling rate moved down by $3.69 to $158.47 and the lowest selling rates decreased by $1.70 to $146.80.

Filed Under: FX Market, Stock Market Tagged With: Daily Trading, FX Market, Trading Activity

JSE: Market gives back but not much

July 11, 2013 by IC Insider.com

Thursday, 11th July 2013 | Sagicor Life was the dominant stock in Thursday’s trading as 1.59 million units with a value of $13. 49 million were traded by Sagicor Investments in crosses that saw the stock dip to $8.45. Next in volume was junior market listing, Lasco Financial, with 5.46 million units trading between $1.30 and $1.31 valued at $7.1 million. Over 5.3 million units were bought by Mayberry Investments on behalf of clients.

In the day’s activity, 26 stocks accounted for 10.5 million units at a value at $30.1 million. The advance decline ratio was 5 advancing to 4 declining but all the indices moved down moderately with the exception of the US dollar index and the cross listed that had no trades.

Main Market | The all Jamaica Index lost 528.73 points to close at 87,706.14 and the JSE market index fell by 300.90 closing at 86,677.83. Jamaica Broilers traded 72,000 units to close at $5.10 down 10 cents, NCB traded 20,000 at $19.50 and D&G traded 41,600 at $5. Jamaica Producers gained 49 cents to close at $20 with small volume traded.

Junior market | 12 stocks in the junior market traded as the index closed down 9.93 points to 814.85 traded. Access Financial traded just 1,000 shares and gained 55 cents to close at an all-time high of $9.05. Cargo Handlers traded at a 52 weeks high of $13 but with just 500 units, the stock gained $2 in the process. Blue Power traded up by 15 cents to close at $10.15, just over 23,000 shares changed hands. Lasco Distributors closed down 10 cents as 543,000 shares traded at a value of $871,000 and Lasco Manufacturing fell 5 cents to $1.65 with 1.66 million shares trading at a value of $2.75 million. AMG Packaging with came out with third quarter results today showing a reduction in the latest quarter versus that of 2012, but higher nine months results than for the similar period last year, traded 187,6000 units and closed at $4.25 with no change in price. 75,000 shares that were on offer for weeks at $4.70 were sold today at $4.25 each at 11 am which seems to have been influenced by the results.

Proven Investment Preference shares traded 507,000 units valued at $2.58 million, there was no trades in the ordinary shares. There is still no stock on offer at the close as was the case yesterday. There is a bid for more than 200,000 units at US$.115 per share.

Market intelligence | Cable & Wireless selling continues, but the sellers seem to be holding out for prices at 14 cents or more as the amounts offered at 15 cents remain in excess of 29 million shares, while the few quantities for the few bids have not increased much. RJR still has a bid at $1.23 for 4.9 million units and there has not been much change to the supply. Good support exists for Sagicor Life at $8.40, Carreras support is pretty good at $53.50 and more bids have come in for the stock close to $54. Demand seems to have pulled back for Jamaica Broilers, even as the supply does not seem overwhelming. Grace Kennedy supply of 700,000 units at $61 still remains as a barrier for upward price movement for the time being. Mayberry’s sell order of Blue Power supply has fallen to 216,000 units at $10.50 as 7,400 units were traded today at that price. There are good bids in the market for JMMB’s stock between $7.85 and just over $8, decent supply is listed at $10.50 and above.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 5 stocks were higher with 4 stocks having offers lower than their last selling price. This fluidity here is an indication of cautiousness currently in the market.

New issue IPO | Eppley limited a subsidiary of Musson Group, is the latest company to make an appeal to the public with an initial public offering contained in a prospectus just released today. The shares are clearly not for the average investors, with a price of $277 each when it opens on Monday 22 July 2013 and only 218,999 shares will be available for subscription to raise $82.6 million. The broker is Proven Wealth Management. IC Insider will have a full assessment of this offering as well as the results for AMG Packaging.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

TTSE: T&T Cement continues in focus

July 11, 2013 by IC Insider.com

Thursday, 11th July 2013 | Trinidad Cement, an IC Insider buy rated stock, remains the main focus on the exchange as it traded 230,565 shares on Thursday valued at $242,088 with no price change at $1.05. The stock is responding to return to profitability as reported by the March quarterly results and the low value which it is now priced at.

West Indian Tobacco Company had 2,684 shares trading with a value of $315,397 at the same price as Wednesday’s close of $117.51, while Financial Corporation added 1,670 shares valued at $10,354. There was no change in the price of Scotiabank which traded 5,192 shares at $69.96 with a value of $363,232. Agostini’s Limited had a volume of 19,128 shares traded at value of $318,863. Unilever Caribbean stock price increased 15 cents to end the day at $54.15 a 52 weeks high, while trading a mere 50 shares. Guardian Holdings traded 1,884 units and the price declined by 23 cents to end the day at $15.99.

Market activity resulted in 10 securities trading of which 2 advanced, 1 declined and 7 traded firm. The volume traded was 264,357 shares on the main market, valued at $1,463,540 and Clico Investment Fund, traded 112,800 shares valued at $2,538,000, more than twice Wednesday levels in the Mutual Fund Market and closed with the price at $22.50, the same as yesterday. The total amount traded in the market was priced $4.18 million, less than Wednesday’s $5 million.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 5 stocks were higher with 6 stocks having offers lower than their last selling price.

Filed Under: Stock Market, TTSE Market Tagged With: Daily Trading, Trading Activity, TTSE

FX: Rates mixed as selling exceeds buying

July 11, 2013 by IC Insider.com

Wednesday 10th July 2013 | There was $24.7 million in US dollar equivalent purchased by authorised dealers on Wednesday and they sold the equivalent of US$31.58 million to end users. The amount of US dollar currency purchased was less than the amount sold by US$7.2 million as US$22 million was purchased and US$29.3 million sold. There was moderately more Canadian dollars and Pound Sterling purchased than sold.

The selling rate for the US dollar fell 10 cents from Tuesday’s rate to close at $101.80, at the same time the buying rate edged up by 5 cents, closing at $101.00. The highest buying rate for the US dollar fell by $1 to close at $102.20. There was no change in the highest selling rate, while the lowest buying rate increased by 17 cents and the lowest selling rate increased by 83 cents to $83.50.

Buying of the Canadian went down by 47 cents to $94.45 and the selling rate fell by 15 cents while closing at $97.00. The highest buying rate for the Canadian dollar climbed by $1.05 to close at $97.50 and the highest selling rate moved up 16 cents. The lowest buying rate remained the same as for Tuesday at $93.

The buying rate of the Pound went down by 31 cents on the day to $150.50 and the selling rose by 53 cents to close at $151.89. The highest buying rate for the British Pound fell $1.60 to close at $152.40. The highest selling rate moved down by $3.85 to $154.79 and the lowest selling rates increased by 95 cents to $148.50.

Filed Under: FX Market, Stock Market Tagged With: Daily Trading, FX Market, Trading Activity

JSE: Neither fish nor fowl

July 10, 2013 by IC Insider.com

Wednesday 10th July 2013 | The movement in the indices of the Jamaica Stock Exchange sums up the market as in the end it was neither fish nor fowl. There were very moderate shifts with the junior market slipping back from a series of days when it kept moving up to new records highs. The volume of stocks traded was 5.08 million at a value of $19.97 million, a little more than Tuesday’s $15.1 million. The advance decline ratio remained almost evenly split, with 7 declining and 8 advancing.

Main Market | The various indices all moved by less than 100 points as only the junior market and combined indices declined. In trades of note, Carreras gained $1 closing at $55 while trading 13,600 units. Grace Kennedy slipped 50 cents to close at $59.50, as 14,500 units traded. Jamaica Producers dropped 46 cents to $19.50 with 21,840 units trading.

Junior market | 10 stocks traded in the junior market with the price of 3 moving up and 4 fell. Lasco Distributors off 10 cents closed at $1.70 while trading 703,738 units and Lasco Manufacturing, which also lost 10 cents, closed at $1.70 for 1 million shares traded. Lasco Financial Services traded over a 1.1 million shares and lost 5 cents as the price settled at $1.30 for the day. Blue Power, surprisingly, traded up to $10.75 in early trading but closed at $10.00 with more than 295,000 shares trading with the stock up 1 cent. Mayberry Investments was the main buyer for their own account. General Accident traded 100,000 shares to close at $2. The only other trade of note is Access Financial which traded at an all-time high of $8.50, with 1,500 shares trading. Supply of this stock is scarce and bodes well for further gains.

Proven Investment ordinary shares, which are quoted in US dollars, traded 136,075 units at a value of US$15,462, the stock gained .001 of a cent. Importantly, there was no stock on offer at the close.

Market intelligence | Cable & Wireless moved up by 2 cents in today’s trading, but only 65,000 shares traded, which hardly dented the supply at 15 cents which remains at over 29 million units. The demand for the stock has not changed much since Tuesday. The position with RJR with a bid at $1.23 for 4.9 million units has not changed nor has the supply. Good support exists for Sagicor Life at $8.40, Carreras support is pretty good at $53.50 and this could be the floor for the price for a while. Demand seems to have pulled back for Jamaica Broilers with the only serious bid at $4.80. The stock traded 289,000 units and lost 5 cents to close at $5.20. Grace Kennedy supply of 700,000 units at $61 remains as a barrier for upward price movement for the time being. Mayberry’s sell order of 305,000 Blue Power stock was partially reduced as buying lowered the amount to 223,000 units which are on offer at $10.50. There are good bids in the market for JMMB’s stock between $7.85 and just over $8 while decent supply is listed at $10.50 and above.

IC bid-offer Indicator | At the end of trading, the Investor’s Choice bid-offer market sentiment indicator shows that bids for 4 stocks were higher with 3 stocks having offers lower than their last selling price.

Filed Under: JSE Main Market, Stock Market Tagged With: Daily Trading, JSE Company, Trading Activity

BOJ raises rates to attract money

July 10, 2013 by IC Insider.com

Bank of Jamaica, the country’s central bank, pushed up rates on its open market operations when it announced the latest series of CDs to mop up liquidity of Jamaican dollars.

At the last Treasury bill auction, investors sent a clear signal that they wanted higher rates to take on the risk of tying up their funds for more than three months. Will this move result in higher rates in the financial markets for the rest of the year? Some persons are of that view in light of the tight situation with the foreign exchange market. There is also the view that with the government pulling more revenues than originally projected and generating a smaller deficit than planned so far, the rest of the year could prove tight economically thus reducing demand in the country and by extension foreign currency.

According to a release from the bank, “To augment its liquidity management operations, the Bank of Jamaica will be offering two variable rate instruments commencing Tuesday, 09 July 2013 to Friday, 12 July 2013.”

The previous issue was priced at 6.99 percent for the 365 days instrument, 36 basis points lower than the current one.

The instruments on offer are:

A 365-day Certificate of Deposit, for an unlimited amount. The instrument re-prices semi-annually at 0.23 percentage point above the six month GOJ Treasury Bill rate existing at the start of each re-pricing period. The initial coupon for the first six months is 7.35 per cent per annum.
An 18-month Certificate of Deposit, for an unlimited amount. The instrument re-prices semi-annually at 0.25 percentage point above the six month GOJ Treasury Bill rate existing at the start of each re-pricing period.

The initial coupon for the first six months is 7.37 per cent per annum. These offers are available directly to Primary Dealers and commercial banks. Other investors may access these instruments through a Primary Dealer. The term sheets for these Certificates of Deposit will be circulated via electronic mail to all Primary Dealers and commercial banks and will also be available on the Bank’s website at www.boj.org.jm

The bank says that it will continue to offer its regular 30-day Certificate of Deposit at the current interest rate of 5.75 per cent per annum.

The previous issues which were available between Monday, 01 July 2013 to Thursday, 04 July 2013 carried the following terms:

Variable Rate Certificate of Deposit 2013(D) which was originally issued on 12 June 2013 and is now being re-opened for a limited nominal amount of $2.0 billion. The tenor for the re-opened instrument is 164-days. This instrument maintains the original issue terms, viz, the initial coupon is 6.77 per cent per annum up to the first interest payment date on 12 September 2013 and re-prices quarterly at 0.15 percentage point above the three month GOJ Treasury Bill rate for the next interest payment date up to the maturity date on 12 December 2013.
A 365-day Certificate of Deposit, for an unlimited amount. The instrument re-prices quarterly at 0.23 percentage point above the three month GOJ Treasury Bill rate existing at the start of each re-pricing period. The initial coupon for the first three months is 6.99 per cent per annum.

Filed Under: Economy Tagged With: BOJ, FX Market, GOJ, TBills