“This is because the prices on high-yield bonds are based on a somewhat higher risk of recession than we believe there are grounds for,” he said. He said AP Pension had appointed Babson Capital Management as its new manager for global high yield, and that the pension fund had so far invested DKK1.5bn in this asset class via the new manager.“We have not taken a decision on whether we want to invest more currently,” he added. Of AP Pension’s DKK96bn in assets under management, around DKK18bn is invested in credit bonds.“We have currently placed more than DKK7bn in high-yield bonds and are overweight compared with our strategic benchmark,” Magnussen said.He said he expected the bonds to produce an annual return of 6.5-7.5% with the right manager.“It was important for us to chose a manager that had traditionally captured rises in the market,” he said.Corporate bond yields have been rising partly because of developments in the US energy sector, AP Pension said.Many businesses in this sector have been raising finance by issuing high-yield bonds, it said, but many have been hit hard in the last few years by falling oil prices, scaring some investors away from their bonds.This has increased yields to a level where they represent a good potential investment, the pension fund said.“We are on the lookout for investments that can supplement low-yield bonds and equities, which are experiencing high volatility at the moment,” Magnussen said.“At the same time, we must have control over the risk in relation to the time horizon we are investing in.”He added that AP Pension believed high-yield corporate bonds enabled this control.Magnussen said Babson typically picked corporate bonds with around five years to maturity.Up to now, AP Pension has mainly had a shorter duration on this type of investment, at between one and 1.5 years.Babson is soon to be re-branded under the Barings name as part of recently announced plans by its parent MassMutual. Denmark’s AP Pension is increasing its investments in high-yield corporate bonds and has appointed Babson Capital Management as its manager for global high yield.The DKK96bn (€12.9bn) labour-market pensions provider said yields on high-yield corporate bonds in the US and elsewhere had risen so much that it was now turning its sights towards this fixed income sector.Ralf Magnussen, investment director at AP Pension, said: “We think high-yield corporate bonds, particularly in the US but also in Europe, are an attractive investment.”He said the instruments were now giving high returns in relation to the risks they presented.
As to the number of businesses thatrenewed their permits, Tabud said 14, 274 were issued with tax order ofpayments – short of the projected 16,391 business establishments. ILOILO City – The scheduled inspectionof business establishments beginning Tuesday, Jan. 21, did not push through. It was decided that the checking ofbusiness permits would be moved to days after the Dinagyang Festival, accordingto Business Permits and Licensing Office (BPLO) head Norman Tabud. As of 9 a.m. on Tuesday, 9, 228 of the12,410 that paid were issued with business permits. Tabud said there was a revision in theexecutive order of the city mayor creating the inspection team. Iloilo City Hall. IAN PAUL CIRDERO/PN The Dinagyang Festival highlight is onSunday, Jan. 26. According to Tabud, more citygovernment departments would be joining the inspection team. Of the 14,275, 12, 410 already paid while1,865 were “due for payment”, said Tabud. “Meaning to say, amo ‘ni sila ang nakahabol sa deadline.” It was previously reported that theBureau of Fire Protection, City Tourism and Development Office and CityTreasurer’s Office would help the BPLO in the inspection beginning Jan. 21 or aday right after the Jan. 20 deadline of the period for renewal of businesspermits. Tabud said they target to complete theissuance of business permits to all who applied by the end of January./PN
AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisOTSEGO COUNTY, Mich. — A driver may face additional charges after a traffic stop led to the seizure of a small amount of crystal meth and drug paraphernalia in his car.The Otsego Prosecutor’s Office charged 40–year–old Samuel Schlaff with possession of meth, driving with a suspended license and license plate, and no insurance.Michigan State Police cited him back in April. A fugitive team arrested Schlaff on the outstanding warrant on July 11th. He’s currently sitting in Otsego County Jail.Two other passengers with Schlaff were arrested for outstanding warrants.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious Word on the Street: What used to be cool that isn’t anymore?Next Weekend apartment fire on Lockwood Street in Alpena
2 Former Bayern Munich shot-stopper Kahn did not hold back in the wake of the embarrassing exit.And he identified Arsenal star Mesut Ozil (who clashed with German fans after the game) and Juventus midfielder Sami Khedira as the two most culpable for the holder’s early exit.He said: “They deserved to go out. The players didn’t show enough commitment throughout the group stage.“They lacked togetherness, and their play was far too static.“The main disappointments for me were Sami Khedira and Mesut Ozil. Sami Khedira attempts to console Ozil after defeat to South Korea sent the Germans packing “They were bypassed during the first game against Mexico, and were left on the bench against Sweden.“They got another chance on Wednesday, but neither of them could take it.“They are two of our most experienced players, yet they failed in too many areas.“The German FA has a lot of work ahead. They must ask themselves which players they should rely on in the years to come. 2 Oliver Kahn has blasted two of Germany’s biggest players in the wake of their disastrous World Cup campaign.Joachim Low’s men have already returned home after finishing bottom of Group F thanks to a 2-0 defeat by South Korea. Kahn, who captained the national team to the Final in 2002, did not hold back in his scathing assessment “What went wrong for #GER?” 🤔“Mesut Ozil!” 😡Germany fans in Russia blame the Arsenal man for World Cup exit.#WorldCup | #TSWorldCup pic.twitter.com/0JPQQndqmV— talkSPORT (@talkSPORT) June 27, 2018Germany fans also blamed Ozil for the holder’s early exit“This disappointment follows on from a season in which the Bundesliga’s level has dropped.“Our clubs had poor results in European football, and so this failure is not down to bad luck – our national game is not in good form.“The German team should have asked itself questions after winning the World Cup in Brazil.“There wasn’t enough desire to stage a repeat performance.“I didn’t see a real team. The players were not united, there was a lack of communication – and with an attitude like that it is impossible to go far.“The coach has extended his contract until 2022. The team has had a painful failure, and he is partly to blame.“But I would be amazed if he is not still in charge in the months to come.“He had done a great deal for the national team since 2006, and they have reached at least the semi-finals in every major competition.“That is exceptional. You mustn’t change absolutely everything.”Not since 1938 have Germany failed to progress from the group stages of the World Cup Finals.A shock defeat to Mexico and a last-minute winner against Sweden mean they finished bottom of Group F with just three points.