The multi-employer pension scheme for higher education workers in the UK said long-dated derivatives were becoming expensive for counterparties to roll over with banks when break clauses are reached.Yorkshire Water’s break allowed USS to offer an alternative, adding an inflation match in the scheme’s liability-driven investment (LDI) portfolio.Ben Levenstein, head of private debt and special situations at USS Investment Management, the scheme’s in-house asset manager, said it restructured Yorkshire Water’s inflation swap to match its own requirements.“We got to a situation where both parties were happy with the predicted stream of cash flows from the new swap put in place,” he said.USS, which has 7.4% of its assets in LDI, purchased long-dated inflation swaps from Yorkshire Water that mature in 2063.It also removed any further break clauses.Levenstein said USS began discussions with the water company a year ago, knowing it would require inflation-linked financing.Water companies in the UK are owned privately, but their revenues are regulated by the government and include annual adjustments in line with the retail prices index, the same inflation measure used by USS to increase pensions.He said the scheme was keen to continue sourcing direct inflation-swap deals with companies that require counterparties with a longer-term perspective.“We are very keen to explore new opportunities,” he said. “USS is perfectly suited to this sort of investment with inflation and duration exposure.“There have not been many of these transactions before, so we have developed the process to undertake ones like this.”USS declined to comment on the structure of the deal, including whether the swap was collateralised.Levenstein, however, said Yorkshire Water was a “strong” counterparty.The pair set up a special-purpose vehicle, Aysgarth Finance, to manage the swap’s cashflows.Earlier this year, Yorkshire Water announced it held £2bn in inflation swaps, with further breaks in 2018, 2020, 2023 and 2025 but plans in place to manage the breaks in 2018.Yorkshire Water said its inflation-linked derivatives portfolio was putting pressure on the company’s credit quality, downgraded recently by Moody’s. The £49bn (€67bn) Universities Superannuation Scheme (USS) has become a direct counterparty to a UK utility company in an inflation swap used to manage liabilities.Inflation swap derivatives are normally run through banks that act as counterparties to both sides.The cost of managing these transactions, however, has increased due to banking regulation since the financial crisis.The deal with Yorkshire Water, thought to be worth more than £130m, was arranged when the company’s previous swap deals approached a break clause – where banks and customers often renegotiate the pricing of derivatives.
DEREK MONTGOMERY/Herald photoThe University of Wisconsin volleyball team heads into the 2005 season with high expectations coming off a successful 2004 season highlighted by an impressive NCAA tournament run. The Badgers advanced to the Elite Eight as they defeated the second-ranked Hawaii Rainbow Wahine before losing to eventual champion Stanford.Though last year’s stellar NCAA showing may add pressure for the relatively young Badger squad to live up to expectations, head coach Pete Waite welcomes the attention going into the new season.“Well, sure, (we’ll have to live up to expectations), but that’s where we want to be, though,” Waite said. “We want to be one of those top teams in the country and a premier program, so we’re really just still growing. The majority of our starters are still sophomores, so they’re still learning and maturing, but it’s a great blend of players and personalities, so they’re going to be really strong.”The Badgers ended last season with a No. 14 national ranking, but with six of seven starters returning from a year ago, they earned themselves a No. 10 pre-season ranking in the CSTV/AVCA Coaches’ Poll. However, Waite is well aware that pre-season rankings go by the wayside when the season gets underway.“Obviously, being ranked 10th nationally is a great honor, but it doesn’t mean anything until you start playing and you really have to prove yourselves,” Waite said. “And we have a tough schedule ahead of us. We know that and the team knows it.”Senior co-captains Aubrey Meierotto and Sheila Shaw return to lead this year’s squad. Shaw is coming off a banner season in which she earned unanimous all-Big Ten and honorable mention All-American honors.The Badgers’ youth was a slight problem early last year, especially with newcomers Jocelyn Wack and Jackie Simpson starting at libero and setter, respectively. However, Waite now believes that his team has rid itself of the learning bumps and should be well prepared for an exciting season.“Well, last year, with three freshmen starters and the libero being a freshman, they were just getting into college and the speed of the college game, and it took them about half the season to figure it out,” Waite said. “Once they did, they got on a great run and they really realized what a great team they could be. The spring season helped them mature, and over the summer they worked really hard in our camp and playing a lot of beach volleyball, so, individually, they put the time in to make them good and strong this year.”And with so many returnees, Waite believes that his team possesses a close-knit relationship that most others do not and that will contribute to much of the team’s success. Wisconsin lost only starting opposite hitter Jill Odenthal and reserve outside hitter Marian Weidner from last season’s rotation.“[Having so many returnees is] huge,” Waite said. “We can start at a higher point when we walk in the gym in preseason and, automatically, we were playing as well as we were in our last match starting at the beginning of the year, so if we go from there and improve, they’re going to do some amazing stuff.”While the Badgers are ranked No. 10 in the nation, two Big Ten teams are still ranked ahead of them — Penn State and Minnesota at No. 5 and No. 6, respectively. Wisconsin has finished fourth in the conference in each of the past two seasons.Nevertheless, the Badgers have their eyes set on the conference crown.“As a team, obviously we’d love to win a Big Ten championship, and we talk about that all the time,” Waite said. “We’re ranked 10th in the country, but there’s two more teams in the Big Ten ranked above us in the top 10 nationally, so it’s going to be a battle not just with those teams, but with the next four or five teams below us, so it’s going to be exciting. I think the fans will have a great time watching this team this season. I really encourage a lot more students coming out. We’re going to have a student section … and the Field House is going to be a really, really exciting place to play.”The Badgers open their regular season Friday as they travel to Colorado Springs, Colo., to play in the Air Force Falcon Invitational. Wisconsin is set to play San Jose State and Weber State on the first day of action and will look to get back in the swing of things sooner rather than later.“The competition is pretty good,” Waite said. “These are teams we haven’t really seen before, so we have to get on the court and figure out [how] they play. We’ll have scouting reports on them, and we’ll start doing that into this week, so we’ll learn more about them then.”
Written By The youngest World Athletic Champion and the second-fastest man on Earth, Yohan Blake, on Monday, announced that soon after the upcoming Tokyo Olympics in 2020, the Jamaican will set up a programme in India to scout and harness Indian sprinters and sprinting talent. Blake, who is currently in India to promote the Road Safety World Series, highlighted that there is a lot of talent in India and all it needs is a bit of recognition and harnessing. Jamaica’s Yohan Blake won gold in 4x100m relay at 2012 Olympics and subsequently at Rio 2016. He also won silver in 100m and 200m at the 2012 London Olympics.WATCH: Jamaican Sprinter Yohan Blake Arrives In India To Promote Road Safety World Series’We need to emulate Virat Kohli and other cricketers’ While responding to Republic World’s question about Indian sprinters and their growth in athletics, Blake said, “I said to the West Indies cricketers, we need to emulate Virat Kohli and other cricketers in India and there is nothing wrong if they emulate us and the sprinters. I am coming next year after the Olympics and I am going to start a programme here in India to harness the talent of young sprinters because I met some of them in Doha and I think that there is a lot of talent to harness. If we as an outsider can come and show them what it takes to go to a different level and it is not going to be easy.”READ | Sakshi & Pawan To Lead India At South Asian GamesWhen queried about the edge that Jamaican sprinters sport over others, the sprinter said, “In Jamaica, we have a lot of poverty. That is where most of the sprinters come from. The country is riddled with poverty and we use that as our way to get out of poverty and if we can show, we can come to India with a group, and say listen, this is where we are coming from and this is how hard we have worked. There are billions of people in India and I know that there is a lot of talent, it is just we who have to recognize it and harness it and if we can keep an academy for them, and see who is better, and we are going to do that with the academy.”READ | UFC: Conor McGregor’s Diet Plan Ahead Of 2020 Comeback Will Inspire YouREAD | Nepal President Declares 13th South Asian Games Open In KathmanduAlso known as the, ‘Beast of Jamaica,’ Yohan Blake highlighted, “By using these legendary players on billboards, having them advertise, will tell people what can we do to save a life, what can we do to promote road safety and to push this. Millions of people in India will be watching this series to see their hero, their legend but them coming together. They realise that there is something happening in India and they have taken a stand for it.” 9 months ago Post Mellisa Benoist’s confession of domestic abuse, husband Chris Wood tweets in support WE RECOMMEND 9 months ago Ryan Reynolds’ chilling session on the streets gets captured by wife Blake Lively Last Updated: 2nd December, 2019 20:55 IST World’s 2nd Fastest Man Yohan Blake To Start Programme For Indian Sprinters Post-Olympics Yohan Blake, who is currently promoting the Road Safety World Series, highlighted that there is a lot of talent in India and all it needs is a bit of harnessing Session ID: 2020-09-09:8f56f2026df03c4da6ae7cb2 Player Element ID: video_player_5f5831f070a11 OK Close Modal DialogBeginning of dialog window. 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This video is restricted from playing on your current domain Error Code: PLAYER_ERR_DOMAIN_RESTRICTED First Published: 2nd December, 2019 20:55 IST LIVE TV Jitesh Vachhatani 9 months ago Jamaican sprinter Yohan Blake arrives in India to promote Road Safety World Series 9 months ago Yohan Blake to promote road safety in India