Md. Ashequr Rahman’s Post

Here are the Results Interpretations to the 15.95% 25-Years Treasury bonds auctions Table held on 19.06.2024; 1. Redemption Date: April 22, 2046 - This is the date when the bond will mature, and the principal amount will be repaid to investors. 2. Number of Bids Received: 1260 - The total number of bids submitted by investors wanting to purchase the bonds. 3. Number of Successful Bids: 233 - The number of bids that were accepted. 4. Highest Bid / 100: 110.0000 - The highest price per 100 units of the bond that was bid. 5. Lowest Bid / 100: 94.8910 - The lowest price per 100 units of the bond that was bid. 6. Minimum Successful Price / 100: 105.5500 - The lowest price per 100 units at which bids were successful. 7. Weighted Average Price (WAP) for Successful Bids: 106.0636 - The average price of all successful bids, weighted by the volume of each bid. 8. Weighted Average Yield-to-Maturity: 15.3816 - The average annual yield an investor can expect if the bond is held until maturity, weighted by the volume of each successful bid. 9. Weighted Average Coupon Yield: 15.0381 - The average annual interest rate paid by the bond, weighted by the volume of each successful bid. 10. Amount Offered (TZS '000,000): 149,000.00 - The total amount of bonds offered in the auction, in millions of Tanzanian Shillings (TZS). 11. Total Tendered (TZS '000,000): 572,274.90 - The total amount of money that investors bid in the auction, in millions of TZS. 12. Undersubscribed/Oversubscribed (±) (TZS '000,000): -423,274.90 - The difference between the amount offered and the amount tendered. A negative value indicates oversubscription, meaning more money was bid than the amount offered. 13. Successful Bids (TZS '000,000): 149,000.00 - The total value of bids that were accepted, matching the amount offered. 14. Coupon 1: 21/10 - The first coupon payment date, likely October 21. 15. Coupon 2: 22/04 - The second coupon payment date, likely April 22 Interpretation -High Demand: The auction was significantly oversubscribed (by TZS 423,274.90 million), indicating strong investor demand. -Excess market Liquidity : The auction was oversubscribed by TZS 423.274bn this shows there is excess liquidity in the market and the investors confidence is much in the bonds - Price and Yield: The range of bids and the weighted averages suggest the market's valuation and expected returns. The higher the price relative to the face value, the lower the yield, and vice versa. - Interest Payments: Coupons are paid twice a year, on October 21 and April 22.

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Case The client participated in a bank auction for the sale of pledged assets, specifically a manufacturing facility. The bank is under the management of the state Deposit Guarantee Fund. Outcome: Another participant won the auction. Solution: Through negotiations with the auction winner, an agreement was reached for my client to purchase the winner's enterprise. This acquisition would enable the subsequent purchase of the manufacturing facility and integration of the enterprise into the corporate ownership structure. The transaction was planned to occur between the enterprise's auction victory and the direct purchase of the manufacturing facility. The client's payment for the enterprise was made through apartments in a newly constructed building that were not yet commissioned, lacked registration in the real estate rights registry, and did not have ownership documentation. Timeframe: The maximum allowed time for the transaction was 23 days (any delay would result in the auction results being annulled and a new auction being conducted). Key Objectives: 1. Commission the apartments, register them in the real estate rights registry, and obtain ownership documentation. 2. Exchange the apartments for corporate rights to the auction-winning enterprise. 3. Recapitalize the auction-winning enterprise to fund the purchase of the manufacturing facility, including completing compliance and financial monitoring procedures. 4. Fulfill payment obligations under the auction terms. 5. Lift registration restrictions on the manufacturing facility and resolve mortgage-related encumbrances on the property. 6. Register ownership rights to the manufacturing facility under the auction-winning enterprise. Results: The deal was closed in 18 days The total deal value was approximately USD 1 million.

New challenge : Started as an Auction, Continued as Brokers! Hello everyone! Today, I want to share a story about a very interesting auction. It is intriguing for everyone: the portfolio‘s owner, the debt amount, and even the deal's timeline. But let's go step by step. We were fortunate to work with one of the leading microfinance companies in Spain. They are market leaders with an impeccable reputation, known for always selling their portfolios at high prices. A "Serious" Portfolio = A Long + term Process? The portfolio was very large: the initial debt amount was €5,700,000, and the total debt amount was €18,300,000. The debt was primary, unsecured, and pre-legal—very high quality in terms of microcredit debt. Given the seller's status, it could not have been otherwise. For auction convenience, the portfolio was divided into 7 lots. We were already rubbing our hands in anticipation of solid profits, as bids were made on three of the seven lots during the auction. But not so fast—the debt seller did not approve them. Why? The reason was the low price increase from the starting bid during the auction. At the last moment, the seller decided that the market situation had changed, so the offered price did not satisfy them. Frustrating… However, this is a common situation in the market, and we continued to work on this auction. What is the Specificity of Our Work? Negotiations, and more negotiations. Moreover, you need to work on two fronts: with the seller and with the buyers. It might seem simple: get the debt from the seller and collect offers from buyers. However, before that, you also need to persuade the debt owner to divide the portfolio into lots and set a market-attractive starting price. How a Failed Auction Became a "Million-Dollar Deal" We know all the key buyers in the market, understand the quality of the debts, but the work on this portfolio dragged on for months. Finally, we found a major buyer ready to buy this portfolio for about 20 percent of the principal debt. The entire portfolio at once. That’s more than one million euros! Deals of this scale are rare. Of course, we still have to close the deal, but it is an excellent example of how patience can be rewarded. Many say that a good deal is a quick deal. Maybe, but definitely not in Spain. Thus, CF has gained another specialization. We are growing!

T-Bill Auction Result (30-Oct-24) Market Treasury Bills - Auction Result In today's T-bill auction, The SBP raised a total of PKR 820bn, exceeding the target of PKR 400bn. The cut-off yields for 3M, 6M, and 12M have decreased by 140bps, 84bps, and 64bps, respectively. Current Auction Result (30-Oct-24) Cut-Off Yields 3M: 13.8998% (-140 bps) 6M: 13.5000% (-84 bps) 12M: 13.0997% (-64 bps) Weighted Average Yield 3M: 13.8676% (-120 bps) 6M: 13.3413% (-81 bps) 12M: 12.9344% (-71 bps) Previous Auction Result (16-Oct-24) Cut-Off Yields 3M: 15.2994% 6M: 14.3430% (-5 bps) 12M: 13.7350% (0 bps) Weighted Average Yield 3M: 15.0639% 6M: 14.1545% (-8 bps) 12M: 13.6409% (14 bps)

❓SO......WHY?❓ In this series of posts, we will be adressing some of our most frequently asked questions. Giving you some clarity as to how IDS can help you and your organisation with your surplus asset disposal! ❓"For operational and logistics reasons we send our disposals to auction. Why would we need your services?"❓ In our considerable experience many surplus producers are primarily focused on their core product or service and less likely to maximise the potential, or conversely, adequately recognise the hazards associated with disposals. In practical terms this usually means: 1.  All surplus, regardless of commodity, is sent via the same disposal route or auction house. 2. The client relies on the marketing capability of the auctioneer to attract the correct sphere of bidders and extract best value. 3.  Buyers and Sellers premiums charged by auctioneers have escalated in recent years along with additional costs of logistics, marketing, and presentation. The result is a far lower return to the asset owner. 4.  Auctioneers often sell the majority of surplus to dealers and traders and not to the end-user market. It is universally recognised by some bidder groups that auction results can be manipulated. 5. Quality and valuable surplus is often destroyed for fear of consequences that can easily be mitigated. 6. Accountability is compromised as the client often loses visibility of the chain of custody through resellers. Stock that is free of traceability is an opportunity for internal corruption, tax evasion, and money laundering. Essentially, IDS minimises cost and maximises return by turning all the above on its head. We choose a commodity specific disposal route utilising only the best marketing platforms. We minimise costs of sale by selecting the most efficient disposal methods and maximise return by selling to end-user markets where we can. We have significant experience of working with national and international government bodies where accountability has been key. We can ensure that all statutory regulation and corporate policy is enacted and guaranteed on the downstream sale. If you have any other questions, or would like to arrange for an appraisal of your current disposals procedure, please send us a message or call on +44 (0) 7891 640 307 You can also find lots more information on our website www.i-disposals.com #AssetDisposal #StrategicAssetManagement #Auctioneers #BetterReturn #CircularEconomy #ESG #IntelligentDisposalSolutions

Online sales remain more than 300 percent higher than five years ago. [repost] https://bit.ly/48J52sH via artnet Margaret Carrigan #artsales #artmarket #marketresearch #salesanalysis #marketanalysis #marketstudy #sales #artrevenue #onlineart #onlineartsales #youngcollectors #artcollectors #artbuyers #artcollectors #onlineplatforms

Topline Alert - PIB (Fixed) Auction Result Sep 19, 2024 After rejecting T-Bills auction yesterday, Government has raised Rs83bn against target of Rs200bn in todays fixed local currency bond/PIB auction. This clearly shows government improving liquidity position. As a result, drastic fall was seen in yields with 3-Year bond now at 12.9%, 5-Year bond at 13.4% and 10-Year bond at 13.2%. This is down 190-335 basis points from previous auction. 2 year zero coupon bond issued for the first time at cut off yield of 13.98% far lower than expectations. Interestingly in last 1 year this bond rally has resulted in 3 year bond yield falling from 21% to 12.9%, 5 year is down from 18% to 13.4% while 10 year is down from 16.6% to 13.2%. Regards, Topline Research

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