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IFR inner most Placements Roundtable 2015: part 1 IFR: Welcome to IFR’s inaugural inner most placement roundtable. private placements have obtained a lot of consideration of late: from the perspective of strikes towards Capital Markets Union in Europe; and in consequence each of market conditions led to via financial stimulus and liquidity circumstances led to via regulation. i needed to kick off with a really common question. When we say deepest placements, what are we in reality speakme about? making an allowance for we now have US private placements, Euro PP, Schuldschein, German and UK inner most placements; direct non-bank lending (which some americans check with as private deals); and issuance under MTN programmes, it’s not altogether evident if there’s an authorized definition. We also have unlisted and listed securities; syndicated and pre-positioned transactions. Stuart: what are your strategies on this? Stuart Hitchcock, NYL traders: My definition would be an unlisted, unregistered, long-term, purchase-and-grasp commitment above all out to one or greater institutional traders in bond layout. That’s likely as simplistic as I might put it. it will no longer encompass, at least in my eyes, issuance below EMTN programmes. might be they’re quasi-PP. I also wouldn’t include Schuldschein – a German bank vogue of financing beneath brief bond-trend files – as traditional PP. Alain Gallois, Natixis: I believe there are two definitions: a prison one where considerations are pre-positioned earlier than launch; and public transactions which might be dispensed through retail via what in French is called an offre au public, so a public offering like we even have within the US and Europe. For the bulk of the market, private placements are non-liquid, small sized, personal transactions positioned with a small variety of buy-and-hang traders. IFR: Can they be listed? Alain Gallois, Natixis: They can be listed or non-listed, as this market is also open to loan layout. today, what we have developed with the Euro PP market is peculiarly a listed market, some thing rather clear, in distinction to the Schuldschein market which is more a non-listed market. Stuart Hitchcock, NYL traders: in terms of the measurement, simply to define what i might describe as a PP, it may also be anything from US$20m equivalent anywhere as much as US$2bn and in terms of the investors, the quantity isn’t definitely a tremendous component. we are able to see it bilaterally the entire method up to 25–30 traders. That will be the form of latitude that i would usually see in a PP. IFR: Richard, the place do Schuldschein healthy into this, from the perspective of a strict definition of private placements? Richard Waddington, Commerzbank: I believe we all have our personal views on what they’re, but one of the regular threads [of private placements] is that they’re non-liquid contraptions issued by means of unrated mid-market corporates and sold to buy-to-cling traders. every of the distinct items you mentioned on your introduction is coming at it from a a bit of different perspective however, ultimately, I think the important thing threads are: unrated credit score, non-liquid, buy-to-hang buyers. Tenor-intelligent it varies, the Schuldschein market doesn’t go as long on the entire as the USPP market; it’s more in keeping with what you see within the Euro PP market in 5, seven, to 10 years for unrated company credit. Schuldschein can have an awful lot longer tenors however these aren’t what I classify as private placements; they’re more equivalent to public issuance by using German issuers. IFR: On situation size, bearing in mind Stuart’s point out of USPP issues up to US$2bn and allowing for ZF’s fresh €2bn Schuldschein, where does that depart Alain’s definition, about issues being pre-positioned, seeing that these are syndicated. Richard Waddington, Commerzbank: ZF changed into an anomaly, albeit a extremely wonderful anomaly. It hit the sweet spot available in the market, launching at €300m and blowing out at €2.2bn. That became a mixture of eye-catching pricing, and the appropriate credit with the appropriate profile. nonetheless it became a extensively syndicated placement, so I wouldn’t classify that as the typical inner most placement type route for commonplace Schuldschein, Euro PP or US PP. but like US PP, in Europe, they can also get huge considerations as smartly. Hitting US$1bn is at a big scale, nonetheless it may also be done. We’ve seen very huge considerations in Euro PP as neatly. In abstract, there are anomalies for all the products. Richard Waddington, Commerzbank: ZF turned into clearly an anomaly albeit a extremely enjoyable anomaly. It hit the candy spot out there, launching at €200m and blowing out €2.2bn. That was most likely a combination of pricing, the correct credit score with the correct profile but it changed into a broadly syndicated placement so I wouldn’t classify that as the usual private placement classification route for average Schuldschein, Euro PP or US PP. however like US PP, in Europe they can additionally get big issues as neatly. Hitting US$1bn is at a huge scale however it will also be accomplished. We’ve seen very large considerations in Euro PP as neatly. In summary there are anomalies for the entire products however they do ensue. Alain Gallois, Natixis: to come back again to Stuart’s factor, we like huge inner most placements; we favor to work for US$2bn than US$20m. Emilie Wong, ING: From our standpoint, what we call inner most placements is funding by an unrated SME. we are seeing more move-border activity, so fewer French SMEs coming to the Euro PP market, and extra diversification. For us private placements are tailor-made financing solutions conducted below the radar to a couple of selected traders. What we’d call private placements is the rest from €50m as much as likely €500m. which we’ve considered out there from some French SMEs. however most significantly, it needs to be beneath the radar and tailored generally in a maturity latitude of 5 to probably 10 years. So clearly they’re now not publicly announced and there are not any big roadshows. They’re bilateral discussions with between one and 10 key traders per transaction. IFR: Nick, let me come to you. You chair the Pan-European inner most Placement Working community. I imagine these sorts of existential questions came up for your deliberations. Nicholas Pfaff, ICMA: The solutions so far illustrate the difficulty that in case you check with a personal placement, there’s a variety of views and a diversity of products. the wider challenge is for you to privately region any class of protection, so it’s also a technique. for those who try to show it right into a product, you need to make an effort to define it both when it comes to what it is at present in the European market and also perhaps what it may also be if we’re going to show this into a much bigger market. certainly, in the efforts that we made within the Pan European deepest Placement Working community, we spent lots of time on definitions and we have one which I’m comfortable to claim generally covered what changed into mentioned, youngsters we emphasised the unlisted aspect of the market. IFR: On that selected element, should you see a inventory market [i.e. Euronext] launching a personal placement phase, what do you consider about that? Nicholas Pfaff, ICMA: As Alain spoke of, the Euro PP market has developed as a listed market because of a constraint within the French coverage code (Code des Assurances). That has for the reason that been lifted so there’s a vogue now faraway from a market that has historically been predominantly listed to one that these days is roughly half-half between listed and unlisted transactions. Euronext has certainly launched a product to serve the listed part. I feel we should see how the market reacts to that. it might neatly be that the market would wish to retain a listed part of the privately-positioned market. It doesn’t make our definitional efforts more straightforward, but I consider we need to hold an open mind, whereas on the identical time recognising that if you step returned from the Euro PP market, frequently one among key features is it’s an unlisted market. Stuart Hitchcock, NYL buyers: what’s a Euro PP? The name gets bandied around a lot however from a 3rd-celebration perspective, it’s a bit of of a wierd one since it appears as even though there are lots of native markets which have at all times been there. The French market has done a great job lately of increasing issuance for certain sorts of provider, however we’re now not speaking Pan-European PP. What’s the exact definition of that? Alain Gallois, Natixis: The initiative got here from the domestic French market, which saw its initial transaction in 2012. Why? because on the one hand whatever thing like 20% to 25% of the euro corporate market is made up of French issuers and we’ve considered a lot of potential with SMEs. then again, there’s a true force from huge investors in France who are trying to find diversification, new names, yield decide on-up and so forth. Some buyers, in particular the big assurance organizations and asset managers noted: “I need to go into non-liquid, non-rated small caps which have a nice story; my buyside analyst can do the credit score work and that i can take €20m-€30m out of a €60m exchange.” That’s Euro PP. After that initiative, the Pan-European Working group become convened to are attempting and build from the values of the French and create a true European market which doesn’t exist although in the Euro PP market we’re now seeing greater non-French issuers and non-French investors coming in, mainly when you consider that the starting of 2015. Jason Rothenberg, MetLife deepest Capital traders: where do the non-French investors tend to be from? Alain Gallois, Natixis: you have got UK guys, the Swiss, Belgium, Italy and it’s notably funds, asset managers, some life insurance, inner most banking and some banks. IFR: Jason, let me come to you. Given your focal point on the USPP market, are you bemused via the quantity of the noise emerging during the past yr to 18 months round European inner most placements and the undeniable fact that we’re truly having the conversation of what deepest placements are, seeing that’s fairly clear within the US? Jason Rothenberg, MetLife inner most Capital buyers: it is relatively clear in the US PP market. The dialogue highlights that there are loads of changes between the a number of markets you outlined; the Schuldschein market which has been round for fairly a long time and the Euro PP market which is newer. but in terms of the styles of organizations that approach the house, the typical maturity, the common credit best or the size of the deals, it’s distinctive in every market. some of the issues I believe about after I feel about the definition of deepest placements is that each deal is privately negotiated, so in most situations we start with a template. in the US PP market it’s the mannequin variety of the observe purchase settlement but there’s a chance to negotiate probably the most keyword phrases of that doc. We’ve had individuals name us sometimes and say they’re doing a ‘private placement’ and asserting it that morning and needing to take bids that afternoon. That, in my intellect is on no account a non-public placement because private placements contain a certain amount of credit score evaluation and negotiation of documentation. The manner is a part of that definition. To clarify yet another point, I feel about 30% of the offers that get done within the typical US PP market are rated companies; it’s no longer only for unrated agencies but for rated agencies that want to diversify their sources of financing in a unique market. IFR: On the element about privately negotiated transactions, how inner most can it’s if there are 10 of you worried within the negotiation? Are bilaterals the candy spot or are you satisfied seeing others in there? Jason Rothenberg, MetLife inner most Capital buyers: We’re satisfied to work youngsters the provider prefers to work. Issuers have the choice of doing a broadly marketed agency transaction, which is a lot of what we do. they can also put collectively a smaller club deal or they could work bilaterally with just one investor. when it comes to the negotiation, there’s a chance, even on the extensively marketed offers the place there’s a couple of investors, to supply feedback on advised time period adjustments or issues that we’d like to see as a way to be capable of get extra comfortable with the deal. these things get fed in the course of the agent returned to the company and the enterprise’s advice, and infrequently they are protected within the deal, so there’s at all times an opportunity to have an effect on the constitution. IFR: How open is that technique? if you’re proposing comments through the agents or via advice, do you’ve got a sense of what other counterparties in the trade may be proposing? Jason Rothenberg, MetLife private Capital buyers: No. usually that would simply go back in the course of the agent and the agent might inform us if other individuals are asking for the same things or not. It isn’t a circumstance the place we’re speakme to other potential buyers at the equal time. IFR: Stuart, would that jive with your experience? Stuart Hitchcock, NYL investors: fully. The issuer is the focus and it’s a privately negotiated deal. The simplest element i would add to Jason’s remark: because it is negotiated, since it is bendy, it’s open to all manner of styles of financing or credit score so it will also be investment grade, sub-investment grade, assignment, infrastructure, unsecured, secured, public, deepest, it can be covenanted, it can be uncovenanted with a most favoured lender’s clause only. the flexibleness of the document that we now have and the capacity to barter it and offer it out to each small corporations and additionally the largest and largest and even the large rated businesses enable it to be absolutely bendy. Calum Macphail, M&G: Going lower back to the element about why the center of attention has been so a great deal on Europe over the last 12 to 18 months, there has been high-quality want to look European corporates – which historically have been very reliant on banks – transition to a extra balanced funding mannequin. You’ve seen that within the public markets the place corporates have increasingly long past and issued public bonds. The force in opposition t private placement markets in Europe is about attempting to convey that right down to the subsequent measurement of enterprise and create a funding menu for them that goes past easily bank funding. IFR: So right here’s my political question. To what extent, taking into account the work of the Pan European inner most Placement Working group that you just also sit down on, are you being pressured by the public policy agenda to create provide and demand for something that isn’t in fact there? Calum Macphail, M&G: As an investor we’re always drawn to funding opportunities and turning out to be the pie of where we can go to. Diversifying these opportunities has to be an excellent factor. What you call the market to a degree is beside the point. If it’s a superb business that we get the opportunity to lend to, why wouldn’t we have an interest? Ash Shah, Barclays: From the standpoint of a financial institution operating and trafficking out there, we study all of the corporations that prospectively wish to concern, whether or not they’re rated or unrated however notably – as Calum points out – one of the vital guys who this initiative is focused at: the small and medium size organizations that virtually by way of definition should be unrated and so they can need to do an unlisted offer because their expenses are lessen. we are able to’t be doing listed offers as a result of investors wish to do them. The provider has to pay for it so an unlisted choice is critical to them. in case you consider about that, there are loads of corporates that need funding across Europe. in case you look at our company bank, which manages a lot of these category of company relationships, we don’t have any shortage of enquiry around that. I feel Calum’s element is right in that the united states PP market has achieved a very good job of attempting to fund a few of these but there’s nonetheless a stratum of company that doesn’t get entry to that market. I’m speakme about ones that tend to fall even underneath what the united states PP market tends to be respectable at. There are measurement biases or industry biases or whatever thing it might possibly be. That’s not to say the U.S. PP market can’t get there; it actually can, but if we are able to promote other traders into what’s functioning already, everyone’s better off, issuers and buyers. And we’ll be doing our bit for the political world too. FTSE 250 organizations have access to a wonderfully good US PP market which can also include European traders and often does. however does the FTSE 350, does the next layer down have access to capital when banks have broadly retreated and are not likely to move back and fund those businesses? it is the query we don’t know the answer to but when as a community we will advance whatever, it is going to have vast take-up. Richard Waddington, Commerzbank: if you look lower back over the remaining 4 or five years, unrated corporates didn’t have that many alternate options. there were either bank loans or US PP. What you’re seeing here is the growth and construction of the market, and obviously there’s political help for it. however the situation is: even if we’re attempting to push for a greater unified market, I think the market is at all times going to stay fragmented to a definite extent in Europe on account of the different legislation, distinctive regulatory bases and distinct investor bases. It’s vital to try and harmonise it, but that you can handiest get up to now. It’s a journey we’re all on. the U.S. condition is easier, they’ve received greater standardised documentation. it’s going to clearly be negotiated however, at the conclusion of the day, you’re working with one legislation and there’s a tons deeper investor base. We haven’t acquired that in Europe. It’s constructing, even though, and it’s going to be enjoyable to look the place we come out. We’re all trying to pull in the same path in terms of getting extra liquidity, and greater issuers available in the market, but the fragmented nature of the market skill that the eu Market is unlikely to strengthen in this sort of homogenous method as the US PP market. Calum Macphail, M&G: I a little disagree with Richard. There’s a part of certainty in what he says but we simply don’t be aware of and that i agree it’s a journey. however we should bear in mind that the USA market has also been on a event to get where it is today and it has bought an extended history that is not aiding the eu market at this aspect in time. for this reason, to are expecting them to become similar is just a little unfair. IFR: Brian, let me deliver you in on this one. Is the trouble and industry being expended on the development of a pan-European deepest placement market a waste of time? should still we not be specializing in morphing the U.S. private placement market to accommodate the different issuers out there, given its standardised documentation? Brian Bates, Morrison & Foerster: I don’t like to use the phrases ‘waste of time’ because any time we’re trying to expand the markets, allow more buyers, carry greater buyers into the market, make the market attainable to more issuers, that’s at all times an excellent activity. What I do find unhelpful from an issuer’s perspective is the fragmentation we’re talking about. I think a lot of this has to do with the need for participants available in the market to create new products with a view to have an avenue for their funding or for their legislation businesses to be involved in a market they’re not mainly adept at at the moment. growing new items for those motives isn’t principally advantageous. To Ash’s element, we’ve been trying for years to get loads of European buyers involved in the USPP market and that’s been further and further a success over time. I hope that could be the center of attention of the recreation. I hope the focus of the country wide governments can be to realize that we already have an present set of documentation that has survived the worst monetary crisis because the exceptional depression. even though it’s technically an illiquid market, it in fact isn’t illiquid. that could advantage European buyers as smartly. From the issuers’ viewpoint, it’s just simple economics; the bigger a market is, the greater aggressive it is and the stronger pricing and phrases you’ll get as an issuer. So fragmentation I don’t believe is constructive, however it’s not a waste of time to are trying to develop different alternate options. Calum Macphail, M&G: Isn’t it a question of segmentation in place of fragmentation, and asserting that the U.S. market has historically only been willing to fund one stratum of company? Brian Bates, Morrison & Foerster: Calum and i were on so many panels collectively, I feel like we’re the siblings who can never agree. I feel the term ‘US inner most placement’ is completely out of date. For years now, half of the market is non-US issuers and, although it’s smaller than we want, a significant portion of the market is non-US buyers. I coined the phrase ‘global private placement market’ and that i really accept as true with that the so-known as US PP market is a global deepest placement market. We do deals in Asia, Europe, the us, Canada, South the united states, Australia, anyplace. If that’s not a world deepest placement market, I don’t comprehend what is. deepest, incidentally, has nothing to do with the mechanics that people have spoke of thus far these days; it’s the indisputable fact that the protection, even if debt or fairness, isn’t supposed to be positioned with the time-honored public. The other elements that have been brought up are mechanics. IFR: Emilie, even if you call it segmentation or fragmentation, are there merits for issuers? I ask because it strikes me if the a considerable number of markets are at distinct aspects in their cycles, issuers may get more advantageous execution in a single phase than one other. Emilie Wong, ING: Fragmentation has benefited some investors hugely. It’s worth declaring additionally that some jurisdictions are greater bendy when it comes to covenants. Some investor bases can do Euro PP without any covenants, while others should have them. Fragmentation additionally helps the issuer because they could choose and judge depending on the size they need to carry. Some markets, as an example, will not assist you to carry €500m. in case you don’t have some key traders from certain jurisdictions like France, you’re absolutely not going to lift €500m in the Euro PP market. If, besides the fact that children, you’re a family-owned enterprise, if you are looking to evade disclosure however you are aiming to lift €50m–€100m you can select and decide between markets and be more flexible. At this stage, fragmentation may additionally also lead some investors to take advantage of the flexibleness allowed by using much less harmonisation and push for bilateral offers, to get better allocation, to seize assets they wish to access for diversification purposes. Ash Shah, Barclays: if you examine how the deepest pools of capital on earth have developed, they’ve developed via fitting homogenous. seem to be at the Eurobond market. It’s developed into a multi-trillion dollar market since it’s homogenous. look on the public dollar market, the deepest pool of capital on earth because it’s homogenous. If we’re going to are trying and galvanise traders and issuers to advance a pan-European market, let’s no longer discuss UK traders and UK issuers, French issuers and French buyers; it’s about being pan-European. and you need to get some stage of homogeneity into documentation. I suppose Brian’s factor is right which is in case you’ve bought an entire stratum of organizations, French, Italian, UK, Australian, at any place they’re on earth, which are already doing offers on a broad set of normal terms with just a few variations as Jason outlined, that’s already discovered a base of issuance. What basically needs to take place – and Calum and that i agree on this – is that investors should be challenged on funding to do deals for the stratum of enterprise that doesn’t have entry to that market even now. it’s the key. in the intervening time we’re doing offers for the FTSE one hundred, FTSE 250, DAX 30, CAC 40. but what in regards to the next layer down and the subsequent layer down? What governments are difficult us to find is a solution for is small and medium companies. If we go to a small company with a treasury group of 1 with 10 funding options they’re under no circumstances going to be able to sensibly sift via all of those options. We need to give something that if truth be told is greatly uniform with adaptations as are crucial for that company or that investor in certain. in case you have numerous alternate options, that’s ok for a large business with a sophisticated treasury group to evaluate. nonetheless it’s not fair to challenge a mid-cap with that. We need to be large adequate to be in a position to say: “This should fit most traders in Europe bar one or two covenant adjustments or some exercises around that, that should work”. That’s what the Eurobond market does. There’s now not a huge amount of change between styles of Eurobonds but it’s [the uniformity] that receives investors purchasing and buying and selling them. That’s the place the Pan European PP market may still be in terms of a modus operandi. we are able to get good deals done quickly and everyone knows what they’re about and it’s a uniform market. everybody here knows what a Eurobond is generally. If we’re going to get to pan-European market of a cloth depth and measurement, I feel we want some thing like that. Richard Waddington, Commerzbank: You’re appropriate: it’s critical to service the next layer of issuers that isn’t presently smartly supplied for. You’ve obtained the documentational point which is being pushed, but the largest problem in terms of setting up the market is going down the credit score curve and getting extra investors to take part. There are a lot of institutional investors that still struggle with unrated credit. France is a really first rate example of how that has developed. In Germany, the institutional market isn’t as neatly developed and that’s partly because of the regulatory issues. Pushing investors to move down the credit score curve and getting comfy with unrated credit is our largest problem. You’re correct: it’s critical to carrier the subsequent layer of issuers that isn’t greatly serviced here. You’ve acquired the medical doctors facet which is being pushed, but the place the largest problem is when it comes to developing the market is to go down the curve and get more traders looking at it. There are a lot of institutions that, for instance, nonetheless fight with unrated credit score. France is a extremely good example of how that’s developed. In Germany, too, the institutional market isn’t as developed accurately and that’s partly a regulatory challenge. Pushing investors to move down and get relaxed with unrated credits and happening the curve is our biggest problem. Nicholas Pfaff, ICMA: I’m getting a bit bit concerned about the use of SME terminology. We deserve to focus on medium-sized groups. there is a threshold we don’t wish to go beneath. In our discussions within the working community, there’s a transparent consensus that at some aspect you reach an organization measurement which is definitely gold standard serviced through banks. The banks have the numbers, they have got the history, they’ve got the branches. What we’re basically talking about is medium-sized or intermediate-sized, what within the UK is known as mid and mid-cap plus. I believe it’s critical to body that because the SME term, a little bit like the private placement time period, is terribly elastic. Alain Gallois, Natixis: I agree. We need to be very careful concerning the measurement of business we recommend to buyers. It may well be a dangerous game and could ruin the market. On the situation of fragmentation, I’m now not certain the markets are fragmented; they’re just at a couple of stages of building. US PP is a worldwide market, you’re appropriate. but who cares? The vital thing is to have equipment accessible for issuers that healthy with what investors need to have in their portfolio. Harmonisation is all the time key in facilitating what we want to do: finance small and mid-cap corporations in the true economic climate and put them in entrance of traders who completely deserve to diversify and to locate new credits to invest in. To be clear: the 1st step of the Euro PP market became around diversification into the mid-cap section. the first effort of the Euro PP market was: “I wish to have my full allocation. deals are seven, eight 10 times oversubscribed. I’m bored to death with this kind of transaction, I want my full allocation”. Then we saw these big buyers equipping themselves with analysts who were capable of remember and analyse smaller credit and they moved into a lessen range when it comes to the measurement of the company. I’m no longer speaking right here about first-rate as a result of there are small or mid caps which have notable exceptional. but this is how we developed the Euro PP market which is greater of a French market today but it surely’s a true mid-cap market it truly is opening to new sorts of issuers. Brian Bates, Morrison & Foerster: Why are the French calling it a eu deepest placement market when it’s French? We don’t call it the Missouri private placement market. Alain Gallois, Natixis: It’s advertising. company SSD Issuance: true 10 non-German deals 2014Corporate SSD Issuance: proper 10 non-German offers 2014BorrowerCountry of IssuerDeal size (€m)VoestalpineAustria250.00Petrobras DistribuidoraBrazil225.00Regus GroupUnited Kingdom210.00OrpeaFrance203.00RHIAustria170.00AT&S Austria Technologie & SystemtechnikAustria157.95Pennon GroupUnited Kingdom150.00Akka TechnologiesFrance140.00Energie BurgenlandAustria140.00UmdaschAustria140.00Source: Thomson Reuters LPCCorporate SSD Issuance: top 5 non-German deals Q1 2015Corporate SSD Issuance: precise 5 non-German deals Q1 2015BorrowerCountry of IssuerDeal dimension (€m)ClariantSwitzerland300.00Ubisoft EntertainmentFrance200.00ArcadisNetherlands170.00LenzingAustria150.00Amer SportsFinland125.00Source: Thomson Reuters LPC.