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Don founded Kamakura Corporation in April 1990 and currently serves as its chairman and chief executive officer where he focuses on enterprise wide risk management and modern credit risk technology. His primary financial consulting and research interests involve the practical application of leading edge financial theory to solve critical financial risk management problems. Don was elected to the 50 member RISK Magazine Hall of Fame in 2002 for his work at Kamakura. Read More

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Kamakura Corporation
2222 Kalakaua Avenue

Suite 1400
Honolulu HI 96815

Phone: 808.791.9888
Fax: 808.791.9898
info@kamakuraco.com

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James McKeon
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Phone: 215.932.0312

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Phone: 647.405.0895
 
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Phone: +65.6818.6336

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Phone: +61.3.9563.6082

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Phone: +49.17.33.430.184

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Minato-ku, Tokyo, 107-0061 Japan
Toshio Murate
Phone: +03.5778.7807

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The latest implied forward rate forecast from Kamakura Corporation shows projected 10 year U.S. Treasury yields up 0.05% to 0.13% from last week while fixed rate mortgage yields are 0.04% higher.  Mortgage yields, determined by the Monday through Wednesday weekly survey of the Federal Home Loan Mortgage Corporation, lag Treasury movements simply because of the 3-day yield calculation used in the Primary Mortgage Market Survey ®.  The 10 year U.S. Treasury yield is projected to rise from 2.63% at Thursday’s close (up 0.06% from last week) to 3.074% (down 0.06% from last week) in one year.  The 10 year U.S. Treasury yield in ten years is forecast to reach 4.584%, 12 basis points higher than last week.  The 15 year fixed rate mortgage rate is forecast to rise from the effective yield of 3.41% on Thursday (unchanged from last week) to 3.855% (up 0.002% from last week) in one year and 5.78% in 10 years, up 0.001% from last week.

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The BP PLC (BP) subsidiary BP Capital Markets PLC is one of the most heavily traded bond issuers in the domestic U.S. corporate bond market.  Bonds issued by BP Capital Markets PLC have a guarantee of the parent BP PLC.  For convenience, we discuss both legal entities today as if they were indistinguishable from a bondholder’s perspective.  We analyzed BP PLC group bonds on August 7, 2013 using data as of August 6. Today’s note incorporates BP Capital Markets PLC bond price data as of November 5, 2013 so that we may take an updated look at the bond market perspective on BP PLC.

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The latest implied forward rate forecast from Kamakura Corporation shows projected 10 year U.S. Treasury yields up 0.02% to 0.07% from last week while fixed rate mortgage yields are up to 0.04% higher.  Mortgage yields, determined by the Monday through Wednesday weekly survey of the Federal Home Loan Mortgage Corporation, lag Treasury movements simply because of the 3-day yield calculation used in the Primary Mortgage Market Survey ®.  The 10 year U.S. Treasury yield is projected to rise from 2.57% at Thursday’s close (up 0.04% from last week) to 3.011% (up 0.07% from last week) in one year.  The 10 year U.S. Treasury yield in ten years is forecast to reach 4.461%, 2 basis points higher than last week.  The 15 year fixed rate mortgage rate is forecast to rise from the effective yield of 3.41% on Thursday (unchanged from last week) to 3.854% (up 0.006% from last week) in one year and 5.78% in 10 years, down 0.016% from last week.

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Petroleo Brasileiro S.A. (“Petrobras”) (PBR) (PBRQF) is the largest company in the southern hemisphere by market capitalization and the largest company in South America by revenues. The Petroleo Brasileiro S.A. investor information website explains the firm’s world-wide operations in detail. In this note, we turn to the U.S. dollar bonds issued by Petroleo Brasileiro S.A. affiliates Petrobras Global Finance B.V. and Petrobras International Finance Co., both with the guarantee of the parent. We describe the bonds of both legal entities as being bonds issued by Petroleo Brasileiro S.A. for brevity.

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The latest implied forward rate forecast from Kamakura Corporation shows projected 10 year U.S. Treasury yields down 0.10% to 0.04% from last week while fixed rate mortgage yields are 0.04% lower to 0.02% higher.  Mortgage yields, determined by the Monday through Wednesday weekly survey of the Federal Home Loan Mortgage Corporation, lag Treasury movements simply because of the 3-day yield calculation used in the Primary Mortgage Market Survey ®.  The 10 year U.S. Treasury yield is projected to rise from 2.53% at Thursday’s close (down 0.08% from last week) to 2.939% (down 0.09% from last week) in one year.  The 10 year U.S. Treasury yield in ten years is forecast to reach 4.442%, 4 basis points lower than last week.  The 15 year fixed rate mortgage rate is forecast to rise from the effective yield of 3.41% on Thursday (unchanged from last week) to 3.848% (down 0.010% from last week) in one year and 5.80% in 10 years, up 0.017% from last week.

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