The Color Company Design Team by The Color Company

IN-HOUSE CAPABILITIES

LOCATIONS

SISTER COMPANIES DESIGN STUDIO

WHY THE COLOR COMPANY

IN-HOUSE CAPABILITIES THE PRINT GOES ON THROUGH THE NIGHT AT THE COLOR COMPANY TM Our 24/7 printing premises located in the heart of London allows The Color CompanyTM to guarantee a timely turnaround of the highest standard. Our skilled production team work around the clock to make your deadline our guarantee.

LOCATIONS With seven store locations across London, as well as our Large Format HQ in Birmingham and U.S stores in New York and Boston, The Color Company TM boasts a plethora of clients on a truly global scale.

THE WREN PRESS is a luxury stationers and the proud holder of two Royal Warrants. In addition to The Color Company TM, our Mayfair design studio handle all of the bespoke orders which come through The Wren Press, further adding to their expansive repertoire and impressive client list.

MARCH 18, 2017 £1.30 | €2

THE VO ICE

PÁIRC NA INSIDE hÉIREAN h N FREE guide to MARFCHES25 TIVAL , 2017 Road£1plans put St Patrick’s Day .30 | €2 GAA ground’s festivities in future in doubt London www.irishp ost.co.uk

ST PA TRICK’ S DAY 2017

London St Patrick’s Festival March 17 – 19

WHAT’S ON

YOUR ULTIM ATE EVENT GUIDE TO FESTIVAL THIS YEAR’S

FESTIVE

Pictures:

Mal McNal

FEASTS CELEBRITY CHEF RECIPE SECRETS

ABROAD UP CLOSE AND PERSO WITH JARLA TH REGANNAL

THE HUN T IS ON!

FIND TREAS OUR PULL URE WITH TRAIL MAP OUT TREASURE AND SPECI AL CLUES

SAINTLY

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THE VOIC E OF

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ST PATRICK MARCH ’S DAY SPECIAL 25, 2017 www.iri shpost.c o.uk

INSIDE : The bes from t picture St Patthis year’s s festivarick’s Day and parls, parade Britain ties acro s ss

ENDA’S IREL TRUMPBE BRAND TO I T S A CA FE AIN’S next week...

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Clubs, societies and organisations the length and breadth of Britain have get their annual saint’s day festivities underway

TAOISEACH Enda Kenny has taken time out during his visit to the US to announce the Irish Government is to hold a referendum on the issue of extending presidential voting rights to the Irish diaspora. The Taoiseach took the opportunity to make the announcement while speaking at the Irish Memorial in Philadelphia. The decision follows recommendations that the constitution be amended to provide for citizens resident outside the State to have the right to vote at presidential elections, including in Northern Ireland. The announcement is in keeping with similar arrangements in place in a majority of countries around the world.

Chris

Our involvement with The Irish Post allows The Color CompanyTM access to copy-writers and proof readers to complement editorialheavy design briefs.

AN IRISH MAN

‘I WAS A STOLEN BABY’

Picture:

THE IRISH POST is the biggest-selling national newspaper and online news site for the Irish community in Britain.

A CEL FREE EBR OF IRIS ATIO DAN H MU N CUL CE ANDSIC, TUR CHILDRE WIT EN’S H ACT FOO IVITIES, D, FILM MORE AND

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OF THE IRISH C OMMUN ITY IN B RITAIN

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RONAN FIGHT LEADS

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CALL TO VOTE: Taoiseach Enda Kenny made the announcement in Philadephia

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MAYFAIR DESIGN STUDIO No matter the industry, branding is what separates you from the herd. Business is increasingly competitive, and a strong professional identity with flawless design is crucial to establishing and maintaining a firm presence in any market. The Color CompanyTM studio is dedicated to delivering sophisticated and timely design, tailored to you. It is our custom to work closely with our clients so that we may create lasting, professional relationships and understand all that their business embodies and envisions.

The Color Company TM design team collectively encompasses a broad spectrum of skills and are equipped to see through any project to completion. Our designers offer personable service on the following products: • • • • •

LOGO DESIGN CORPORATE IDENTITY & BRANDING WEBSITE DESIGN PRINTED COLLATERAL COPY WRITING AND PROOFING

• • • • •

EDITORIAL WORK STATIONERY DESIGN ADVERTISING & E-MARKETING LARGE FORMAT & DISPLAY IMAGE RETOUCHING

OUR CREDENTIALS

MEET THE DESIGN TEAM The entire team possesses the experience, passion and expertise to take your vision from its concept and carry it each step of the way through to the finished product.

ELLIE KLOPFER

SOPHIE MARSH

RACHEL HAGGERTY

LEE DUSKWICK

DESIGN MANAGER

GRAPHIC DESIGNER

EDITORIAL DESIGNER

BA (Hons) Graphic Design and Photography Kingston University

BA (Hons) Graphic Communication UCA

BA (Hons) Advertising and Brand Design University of Bedfordshire

OLIVER TANG

Industry Experience - 8 years

Industry Experience - 6 years

Industry Experience - 2 years

DIGITAL DESIGNER

OUR CLIENTS

Found from webiste recreated PMS

buckingham palace

Thank you so much for your hard work and dedication in getting this project finished and delivered! The final pieces are phenomenal. It has been an absolute pleasure working with you. STEPHANIE CAVIN EDUCATION PROJECT LEAD FOR EUROPE - TIFFANY & CO

Thank you so very much for the great work your studio did. You produced some great pieces that were so well received at the event. You were cool, calm and always professional and very patient!! The pieces delivered to the venue looked terrific. We really do appreciate the great work you did for us. I hope that we can work together again in the future. NICKI LYNCH EVENTS MANAGER â&#x20AC;&#x201C; THE IRELAND FUND

INFRASTRUCTURE CASE STUDY

Freidig Shipping Limited is a newly incorporated Marshall Islands company. We have been working with them over the past month to create pitch documents to encourage new investment in their ÂŁ650M enterprise of Subsea/ Subsector Companies. With the only element that was to remain untouched being the logo, this project gave us the design scope to develop the brandâ&#x20AC;&#x2122;s identity to its fullest potential.

A MARITIME ABOUT US HERITAGE

Freidig was the last wooden barque sailing for the shipping company O.T. Tonnevold, Grimstad. Barque Friedig was owned by the Tonnevold Family from 1897 to 1912.

FREIDIG SHIPPING

FAMILY OWNED

Freidig was the last wooden barque sailing for the shipping company O.T. Tonnevold, Grimstad.

Barque Friedig was owned by the Tonnevold Family from 1897 to 1912.

ABOUT A MARITIME US HERITAGE PROJECT DESCRIPTION

Freidig Shipping Limited is structured in the Marshall Islands to optimize tax efficiency and benefit from a jurisdiction which is highly regarded within the shipping industry for transparency and professionalism Projected EBITDA of US$126,000,000 by 2019 when company will be fully operational Projected IRR 25.54% to September 2021 with breakeven at 4 years and 8 months Chosen shipyard is PaxOcean Group in Singapore â&#x20AC;&#x201C; one of major global designers and shipbuilders of Offshore Service vessels in the oil and gas exploration and production industries Thome International is appointed Project Manager for the vessel design and build programme

FREIDIG SHIPPING

Freidig Shipping Limited is a newly incorporated Marshall Islands company focussing on leasing vessels in the Offshore Services Market

Principal focus will be servicing sub-sea oil and gas extraction units providing a mix of Diver Support Vessels (DSVs) and Multipurpose Support Vessels (MSVs)

Freidig was the last wooden barque sailing for the shipping Projected IRR 25.54% to Tonnevold, Grimstad.

Projected EBITDA of company O.T. US$126,000,000 by 2019 when company will be fully operational

September 2021 with breakeven at 4 years and 8 months

FAMILY OWNED

The company will acquire up to 30 newly built vessels and lease them to existing operators in the Arabian Gulf and Gulf of Mexico

Barque Friedig was owned by the Tonnevold Family to 1912.Thome International is

Chosen shipyard is PaxOcean from 1897 Group in Singapore â&#x20AC;&#x201C; one of major global designers and shipbuilders of Offshore Service vessels in the oil and gas exploration and production industries

appointed Project Manager for the vessel design and build programme

SERVICES CASE STUDY

Leading Hotels of the World is comprised of more than 375 hotels in 75 countries. It is one of the largest luxury hotel collections in the world. Since 2014 we have worked closely with the marketing team to craft their event collateral from posters, banners and magazines to monthly newsletters and bespoke invitations.

MAGNIFICENT JOURNEYS V I L A V I TA PA R C R E S O RT & S PA P O RT U G A L

C R E AT I V E I N D U S T R I E S F O R U M 2 1 - 24 A P R I L 2 0 1 7

FINANCE CASE STUDY

The Principal Financial Group is a global financial investment management leader. We work with teams based in the UK, Ireland and America, to stringent brand guidelines, to help design their printed and digital collateral for locations across the globe.

Preferred securities have been an attractive fixed income sector for investors around the world for many years, but they are still not widely understood. The purpose of this guide is to provide a better understanding of these instruments and their market, as well as why preferred securities may be a compelling investment choice for some investors.

Principal Global Investors

Preferred securities, often known as “preferreds” or “hybrids,” are similar to, but not exactly the same as, the more traditional preferred or preference shares markets. Preference shares were first issued in the United Kingdom and United States in the 19th century by railway companies. Investors demanded “preference,” or priority, in the payment of dividends over common/ordinary shares. In the 1970s and 1980s, the preferred share market evolved to finance the construction cycle for U.S. utilities. In the early 1990s, the preferred share market restored capital to the U.S. banking industry after the savings and loan crisis. The hybrid preferred securities market evolved as a new generation of preferreds.

What are preferred securities?

Preferred securities are typically subordinated in the capital structure and can usually defer or skip payments without creating an event of default. Preferred securities are issued mainly by large banks and insurance companies for regulatory and rating agency capital purposes. Similar to other fixed income investments, the performance of preferred securities can be affected by interest rates and credit risks.

• Yield enhancement • High credit quality • Low default and deferral history

Increasing risk premiums

Capital structure

Dated

Guide to Preferred Securities

• Fixed income diversification

Preferred securities

Increasing subordination

Cumulative

Spectrum Asset Management

Preferred securities have several characteristics that investors find attractive:

Senior debt ($25 par baby bond) Subordinated debt (Regulatory capital)

Non-deferrable

$25/$1000 par jr sub debt Typically dated $25 par REIT preferred Perpetual Deferrable

Perpetual Non-cumulative

$25/$1000 par preferred $1000 par additional tier 1 CoCo

Common equity

principalglobal.com |

The preferred securities market The hybrid securities market can be divided into a retail $25 par sector and an institutional $1,000 par capital securities sector. This market began in the early 1990s, largely driven by regulatory rules for financial institutions. Until then, most preferreds were issued by railways, utilities and industrial firms. The market for U.S. dollar-denominated preferreds, totaling nearly $500 billion, trades on the NYSE or over-the -counter.

$25 par securities When Texaco issued the first $25 par security in 1993, it was not only structured more like a bond, but it also targeted the retail market. Texaco listed the securities on the NYSE, a market where retail investors were comfortable because of their equity investing experience. Like with the Texaco issuance, denominating $25 par securities in small sizes enables a retail investor to buy 100 shares for around $2,500. This differs from the corporate bond market which trades over-the-counter (OTC) in large lot sizes and is not as easily accessible to retail investors. Today, $25 par preferred securities are still dominated by retail rather than institutional investors.

$1,000 par capital securities Also known as capital securities, these preferred securities are designed to have similar trading characteristics to corporate bonds. Accounting for a majority of the U.S. dollar-denominated preferred market, capital securities trade OTC with accrued interest in large, institutional lot sizes. The first hybrid $1,000 par preferred security was issued in 1996 by First Bank System, a regional U.S. bank. The issuance was driven by a decision from the U.S. Federal Reserve that allowed U.S. banks to treat qualifying trust preferred securities as part of their regulatory capital. This decision established the U.S. banks on par with European and other foreign banks. Capital security issuance to institutional investors became a cheap option (versus equity issuance) for a bank raising regulatory capital.

Credit quality of preferreds The stable credit quality of preferreds reflects the resiliency of large banks and insurers, which represent the major issuers. Post global financial crisis, the banking and insurance industries have evolved into two of the most attractive industry sectors due to strengthened credit fundamentals. This improvement has been driven by regulatory changes implemented in the U.S. through the Dodd-Frank Act, globally through the Basel III agreement for banks, and in Europe through Solvency II for insurers. Unlike before the global financial crisis, banks are now more “utility-like,” characterized by steadier profits, higher capital levels, lower leverage, tighter regulation, and simplified, better managed business models. Today, the insurance industry exhibits even stronger capital and liquidity, supported by sound risk management and enhanced regulatory initiatives. Following the global financial crisis, the fundamental health of the financial industry has resulted in a reduction in global systemic risk. Most preferred securities are rated by the large credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch. It has become an industry standard that preferreds are formulaically rated several notches below the rating of the senior debt of the same issuer. Nearly 90% of the senior debt of preferred issuers is investment grade, making preferreds reasonably comparable to high grade rather than below investment-grade fixed income due to better underlying credit fundamentals. Historically, the default characteristics of preferreds have been markedly lower than those of below investment-grade bonds. Moreover, similar to investment grade debt, preferred securities have experienced little to no defaults over the past several years.

Approximately half of the preferred securities market today is rated investment grade, which is significantly lower than in 2007 when the market was mostly investment grade. After the global financial crisis, the major rating agencies adjusted their preferred security rating methodologies — principally for banks — under the rationale that preferred ratings should no longer benefit from government support (i.e., a bailout). This resulted in preferred ratings being lowered by three notches to an average rating of “BBB-” compared with a rating of “A-” before the global financial crisis. The rating agencies have reduced their government support assumptions for senior and subordinated debt as well, which has led to some ratings compression between debt and preferreds.

Companies issue preferreds for a variety of reasons Most of the preferred securities market comprises large global financial services issuers. Among the many benefits are:

Regulatory capital credit Global banking regulation categorizes certain preferred stock and contingent capital as AT1 capital. Notably, preferreds serve as an important source of regulatory capital providing support for bondholders and other senior creditors.

Lower capital cost Due to greater risks in common stock ownership, equity investors require a higher return than that demanded from preferred investors. As a result, preferreds can present a lower cost option to the issuer and provide some equity credit. Importantly, preferred issuance is non-dilutive to shareholders.

Structural benefits Due to deferrable income features, non-payment of interest or dividends does not create an event of default for the issuer. Embedded call options can also add value.

Tax advantages The tax characteristics of preferred securities can vary by jurisdiction, and can be attractive to both the issuer and the investor. Interest payments are generally tax deductible to the issuer and may be fully taxable to the investor. Dividend payments are not tax deductible to the issuer and may be tax beneficial to the investor. From a U.S. investor’s perspective, dividend payments made by a U.S. issuer can qualify for favorable tax treatment.

Rating agency equity credit The major credit rating agencies can award some equity credit to preferred securities when analyzing a company’s enterprise credit rating. Consequently, the issuance of a preferred security could have less of an impact on an issuer’s financial leverage (compared with that of a straight bond), while supporting the issuer’s senior debt rating.

Meeting investor demand The development of the $25 par retail-oriented preferred securities market tapped a new investor base for issuers. The yields demanded by retail investors may differ from institutional investors depending on market conditions. From a capital raising perspective, an issuer has the benefit of choosing the market with the best demand and pricing dynamics.

principalglobal.com |