View Full Version : BJT
26-08-2005, 03:19 PM
I purchased Bab****& Brown Japan Property Trust (BJT) last week. Up 8% today on no news, I wonder what is brewing here? Sell side getting really thin
Preliminary final report:
12-09-2005, 04:16 PM
Koizumi's victory in the election should provide more confidence in the Japanese market with political stability being restored for the time being;)
30-09-2005, 03:23 PM
Annual report out:
Plus an announcement on Yen Interest Rate Hedging:
BAB****& BROWN JAPAN PROPERTY TRUST
30 September 2005
Yen Interest Rate Hedging
Bab****& Brown Japan Property Trust (gthe Trusth) (ASX: gBJTh) has started the process of putting in place Yen interest rate hedging arrangements in anticipation of potential future acquisitions of property interests and associated Yen borrowings.
As a partial step, the Trust has entered into a 5-year swap arrangement with UBS on a forward start basis in the principal amount of Yen 6 billion (approximately A$69.8 million). The Trustfs liability to make fixed interest payments under this swap commences in December.
Eric Lucas, Managing Director of the Trustfs responsible entity, Bab****& Brown Japan Property Management Limited, said that the decision to commence the process now of putting in place interest rate hedges for a portion of potential future borrowings was taken as the Trust is actively considering a number of potential acquisitions and the Trust has a general policy of seeking to hedge interest rate risk.
gOrdinarily we would look to lock in fixed interest rates on most, if not all, of the Trustfs associated Yen debt at the time of loan drawdown. However, with the recent strength in the Japanese economy and stock market being reflected in Yen interest rates creeping higher, a decision was taken to lock in on a forward basis for at least some portion of possible future borrowings.h
gGiven the number and overall size of the opportunities the Trust is considering, it is quite possible that similar additional hedging transactions will be entered.h
The Trust also confirmed that, consistent with its distribution hedging policy as set out in the Product Disclosure Statement (PDS) dated 21 February 2005, with six months having elapsed since original hedges were entered, it had entered into additional forward sales of Yen for A$ to maintain hedging of 100% of estimated distributions on an ongoing basis for the next 3 years and 90% for years four and five.
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