New Issue-ICO adds 200 mln euros to 2014 bond


Borrower Instituto de Credito Oficial (ICO)Issue Amount 200 million euroMaturity Date July 08, 2014Coupon 4.5 pctIssue price 99.79Reoffer price 99.79Spread 80 basis pointsUnderlying govt bond Over 4.75 pct July 2014 SPGBPayment Date October 20, 2011Lead Manager(s) BNP ParibasRatings Aa2 (Moody’s)Listing LuxFull fees UndisclosedDenoms (K) 1Governing Law EnglishNotes Launched under issuer’s EMTN programmeThe issue size will total 1.2 billioneuro when fungibleISIN XS0646719954Security details and RIC, when available, will beonCustomers can right-click on the code forperformance analysis of this new issueFor ratings information, double click onFor all bonds data, double click onFor Top international bonds newsFor news about this issuer, double click on the issuer RIC,where assigned, and hit the newskey (F9 on Reuters terminals)Data supplied by International Insider.

37 notes

Infections after prostate biopsy on the rise


More than a million prostate biopsies are done each year on Medicare patients, often to investigate suspicious results from prostate cancer screening. But the majority of those are false alarms, and some doctors worry that many men could be suffering needlessly due to screening.Just last week, a government-funded expert panel concluded that prostate cancer screening saves few or no lives, but causes harm through treatment or further invasive testing such as biopsies.According to the U.S. Preventive Services Task Force (USPSTF), up to one in five men will have abnormal screening results that trigger a biopsy over a decade.In the new study, published in the Journal of Urology, 6.9 percent of men who had a prostate biopsy landed in the hospital within a month. Among a group of men who didn’t get a biopsy but were of similar age, the rate was only 2.7 percent.Still, the lead researcher on the study said it doesn’t prove biopsies caused serious complications in four out of a hundred patients (the difference between the two rates).”There is no away to confirm that this is biopsy-related,” Dr. Stacy Loeb, a urologist at the NYU Langone Medical Center in New York, told Reuters Health.Another urologist, Dr. Herbert Lepor, agreed.”Maybe the person who goes to the doctor to have a biopsy is more inclined to see the doctor, who then sends him to the hospital to have a hip replacement or be treated for pneumonia,” said Lepor, who also works at NYU but was not linked to the study.However, the results do show an uptick in infections of the urinary system, such as prostatitis and kidney infections, in men who’ve had a biopsy.About four out of 1,000 in the biopsy group were hospitalized as a result of such an infection in the month following their procedure, compared to two out of 1,000 in the comparison group.”The rare patient, less than one percent in our study, has a serious infectious complication leading to hospitalization,” said Loeb. “We think it’s probably related to antibiotic resistance.”That’s because doctors perform the biopsy through the rectum, possibly introducing bacteria into the prostate or blood stream.Both doctors said they disagree with the USPSTF’s new recommendation, still in draft form, against prostate-specific antigen (PSA) screening for prostate cancer.”Young men who would benefit from early prostate cancer diagnosis should not be afraid of getting a biopsy,” said Loeb. “But they should inform their physicians of any risk factors for resistant bacteria, such as recent antibiotic use or hospitalization.”According to the USPSTF, prostate biopsies cause fever, infection, bleeding or temporary urinary difficulty in about 68 men per 10,000 biopsies.If a cancer is found, treatment such as radiation or surgery leads to common side effects such as incontinence and impotence. Yet many prostate tumors will never cause trouble if left alone, the panel cautions.

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Munich Re adds more natural catastrophe protection to cat bond


S&P said the world’s biggest reinsurer is seeking $75 million of protection to add to its existing coverage from North Atlantic hurricane risk in selected states within the U.S. between April 2012 and March 2015 and major European windstorms between November 2011 and March 2015.Insurers have used catastrophe bonds since the 1990s to manage their exposure to natural disasters by transferring potential losses to investment funds. Investors receive a high rate of interest but risk losing part or all of their principal if a catastrophe occurs.The proceeds from the sale of the notes will be invested in preselected U.S. Treasury money market funds with ratings of ‘AAA’ at the time of closing, S&P said.AIR Worldwide Corp. (AIR) will provide the risk analysis for the transaction and will act as the event calculation agent. Following a qualifying event, AIR will calculate an index value.The index value for the European windstorm peril will be based on industry losses reported by European data aggregator PERILS AG and predetermined payout factors by country, the S&P said.This is the third take-down from the Queen Street Capital catastrophe bond in 2011. Munich Re sold a further $100 million in March to cover against North Atlantic and European windstorm risk, and another $150 million in July for more European windstorm coverage.The launch of the cat bond notes from Munich Re follow a stall in issuance in the summer months following the release of new loss estimates from catastrophe risk assessor firm RMS.Europe’s second-biggest insurer Axa launched a 100 million euro cat bond called Calypso Capital at the beginning of the month to cover it against potential losses from European windstorms.Both bonds are due to close by the end of the month, S&P said. (To join the Thomson Reuters Insurance Linked Securities Community for more news and analysis, click here)

Egypt’s generals ban religious slogans in vote, Muslim Brotherhood mulls its motto


(An Egyptian protester holds up a Koran while participating in a rally at Tahrir square in Cairo July 29, 2011/Mohamed Abd El-Ghany)