Read the following article ‘Hong Kong MTR sells US$1.2 billion green bond, largest issued in the city, after Covid-19 crisis leads to its worst financial performance in two decades’.
Hong Kong MTR sells US$1.2 billion green bond, largest issued in the city, after Covid-19 crisis leads to its worst financial performance in two decades Hong Kong’s embattled rail operator has sold a 10-year green bond worth US$1.2 billion in a move seen as an attempt to alleviate the financial damage wreaked upon it by the Covid-19 pandemic. The MTR Corporation said late on Wednesday that it had issued the largest green bond ever offered in the city, under its US$5 billion debt issuance programme, the second time in four years it had tapped into green finance. The corporation said the issuance was oversubscribed with an order book of over US$3.75 billion, allowing the final issue price to tighten by 0.42 per cent from the initial price guidance. ‘Being the largest green bond issued from Hong Kong, the success of the issuance indicates that the corporation’s green strategy has been well endorsed by international investors, who are willing to lend support to the sustainability of our businesses,’ said MTR Corp’s finance director Herbert Hui. MTR’s CEO Jacob Kam Chak-pui said the move further reflected its commitment to the environment and sustainable community development. ‘The sustainability journey is a never ending one, but MTR shall continue to explore playing an active role and making further contributions,’ he said. Green bonds are a type of fixed-income financial instrument created to fund projects that have positive environmental benefits. The rail operator recorded net losses of HK$334 million (US$42.8 million) in the first six months of 2020, from a profit of HK$5.5 billion in the same period last year — its worst performance since going public two decades ago. First is green bond in 2016, together with subsequent green finance arrangements, the MTR Corp has raised HK$16.8 billion so far, funding projects which improve energy efficiency, enhance railway service and conserve nature. They included the Kwun Tong Line Extension, South Island Line, replacement of air-cooled chillers in the MTR network, installation of energy storage equipment in a depot and ventilation building as well as conservation of the Lok Ma Chau Wetland, which is managed by MTR. Carrying a coupon rate of 1.625 per cent per annum payable semi-annually with a maturity date of August 19, 2030, the new green bond was priced at 98.695 per cent face amount with an overall yield of 1.768 per cent. The bond is expected to be rated ‘AA+’ and ‘Aa3’ by Standard & Poor’s and Moody’s Investors Services respectively, both on a par with the sovereign ratings of the Hong Kong government.
Source: Abridged from Yau, C (2020) ‘Hong Kong MTR sells US$1.2 billion green bond, largest issued in the city, after Covid-19 crisis leads to its worst financial performance in two decades’, South China Morning Post, 13 August.
Answer the following question.
Question 1 (60 marks) :
Critically appraise the above news article and submit a written report. The report should focus on the MTR Corporation with publicly available financial information, and relate to the topic on sources of long-term financing. Write no more than 500 words (please provide a word count). The report should cover knowledge of theories, analysis of concepts, company background, issues and recommendation, research evidence and the organization’s efforts.
Youngsters with incapacities experience levels of worry because of the psychological and physical difficulties; society doesn't allow a parent's understanding. Parental worry, from the parent of an incapacitated kid, show more elevated levels of pressure contrasted with a parent with a non-debilitated kid (Cuzzocrea, Murdaca., Filippello, and Larcan, 2016). Stressors between a parent with a non-incapacitated youngster and a handicapped kid are differing. A parent with a non-handicapped youngster may encounter normal stressors, for example, training their kid to keep up a perfect room, remind them to do their tasks, diverting negative practices, and so forth. In any case, a parent of a handicapped youngster handles difficulties. Contingent upon the youngster's finding, difficulties can be diverting a kid from over and over hitting their face (self-hurt), low subjective advancement, nonverbal regardless of what number of correspondence exercises, physical weaknesses that a few kids can't walk or now and again need help encouraging themselves, etc. Because of the one of a kind and different physical and mental impedances, guardians need to change their way of life so they can suit their handicapped youngster. Obliging their kid isn't as straightforward as most may watch. Guardians can encounter money related weights, wretchedness, weariness, stereotyped (some strict convictions see inability as discipline), sentiments of social segregation (societies' pity and disgrace), and worries about long lasting consideration or different difficulties of the youngster (Lindo, Kliemann, Combes, and Frank, 2016). At the point when a parent encounters pressure, the kid can likewise be influenced by it. Affectively tending to parental pressure is pivotal for the improvement of a kid's well-being and working inside the family and bigger society just as for the guardians' well-being (Lindo, Kliemann, Combes, and Frank, 2016). Unmistakably, stress isn't pleasurable nor agreeable; it can adversely influence the psyche and body. A subjective research strategy could profit the investigation of the parental pressure the guardians of a crippled kid understanding. It can likewise assess the best mediation for guardians to adapt to it. Subjective research is a type of request that breaks down the data (non-numerical) passed on through language and conduct in the regular habitat (Monette, Sullivan, and DeJong, 2013). This technique can likewise accumulate data with respect to culture, feelings, values, convictions, and so forth. Subjective research comes in a wide range of methodologies and can be directed as receptive inquiries in light of the fact that the appropriate responses can give helpful data. This is one of the benefits of phenomenology; it is a convention that incorporates an assortment of methodologies and energizes uniqueness and innovativeness, essential enthusiasm of human educational encounters (Hopkins, Roger, and Pratt, 2017). In view of this examination, a phenomenological meeting is accepted that this subjective technique is fit powerful for this exploration. Phenomenological strategy can give understanding on a conduct or circumstance. Phenomenology enables us to comprehend and acknowledge instructive issues by investigating the interesting encounters and points of view of people engaged with the procedure (Hopkins, Regehr, and Pratt, 2017). This technique leads its exploration with meetings, watch foundations, investigating areas, taking an interest in comparative occasions, so as to comprehend the parent's pressure. Phenomenological technique will depend on the guardians' viewpoint of the examination (Monette, Sullivan, and DeJong, 2013). The distinction from other subjective techniques, phenomenological research doesn't start its investigation with a hypothesis. The expert will pick between which sort of phenomenological way to deal with lead in the exploration. They're hermeneutic understanding of the writings so as to investigate lived encounters and supernatural spotlights on guardians' importance of an encounter of a circumstance (Chrisflip. 2014). A case of a hermeneutic inquiry could be, "what experienced stressors that guardians of an incapacitated kid have," that is deciphered through composed material, for example, past research, web composed web journals, web-based social networking, for example, Facebook. Supernatural phenomenology is progressively coordinated, requesting model, "what is it like to be a parent of an incapacitate youngster," or, "what stressors guardians of impaired kids understanding and how they handle those stressors?" For this examination, supernatural phenomenology is advantageous. When a phenomenology is picked, the expert will start this stage called sectioning. Sectioning is the place the specialist needs to get of their own discerning and individual encounters to genuinely comprehend the marvel of the subjects that are a piece of the exploration (Chrisflip, 2014). As indicated by my experience, I inquired about fatherly worry of my proposition of what and how to oversee parental worry as a parent of a debilitated youngster. In spite of the fact that I for one know and comprehend the fatherly pressure, I need to put my sentiments and encounters aside for me to actually encounter other parent's emotions and encounters. This progression is picking the proper subjects in this examination study. Albeit fatherly pressure is coordinated to guardians of the crippled kid, fatherly pressure can likewise be coordinated to any overseer of the incapacitated youngster. This can be grandparents, other relatives, temporary parents, maybe instructors, childcare educators, and other overseers that is consistently around the kid. The quantity of subjects can be in any event five meetings, in any case, the bigger number of subjects to meeting to lead can be valuable until there is no fresher data to case-note. In the meeting, it should comprise at any rate a couple of open-finished inquiries identified with the marvel, or for this situation, being a parent of an impaired kid. The remainder of the inquiries addresses will even now identify with the marvel, just to be asked with an alternate kind of inquiry. The meeting can comprise of a specific measure of inquiries that is settled on the specialist. It is ideal to keep the meeting short and not muddled or befuddling to react to so as to get a positive proclamation from the meeting. After all meetings are finished, the specialist should finish an information investigation. Information examination uses horizonalization. This is considered "noteworthy articulations" accumulated from the meeting that depict the experience of the engaged marvel. For instance, huge explanations are articulations from the parent of the incapacitated kid that depict their experience. The critical proclamations can find precisely what experience the parent experiences and how they do and oversee it. The information will give the pith of the marvel (Chrisflip, 2014). This will offer onlookers a chance to assimilate an encounter of the wonder, as spectators getting a comprehension of what it resembles to be a parent of a crippled youngster. Eyewitness would then be able to comprehend the difficulties that reason the fatherly stressors also. As valuable as wonder technique can be, there are constraints when using for research purposes. One of the main issues specialists may experience is the trouble in enlisting members to meet. There could be numerous reasons why it tends to be hard to assemble members. For instance, it tends to be that a few people basically would prefer not to member or it very well may be unreasonably close to home for them to respond to the inquiries. Another issue can be that there is essentially insufficient time to give and assemble information; it can occupy additional time than anticipated. The information accumulate can likewise be hard to translate. Contingent upon the reactions, some of them can be troublesome, in any event, when sectioning happens, there is no conviction that there is inclination or not from the professional in the exploration. Counting that if there was few members, regardless of whether the least sum is implied by five, those consequences of that modest number of members can't decide aftereffects of different people. For this situation different guardians can't encounter similar stressors dependent on a little gathering. Maybe it might be sure outcomes if there is countless members for the examination. At long last, in confinements, social setting might be a test in the meetings. Depending of the foundation culture, there are a few societies that expel handicaps, particularly mental incapacities. Those finding with a psychological incapacity show evident stereotyped, statuses as "insane." Or there is some culture where they accept the specialist could be "over overstating" or "they don't have the foggiest idea what they're discussing." These reactions can be hard to decipher. Since it is affirmed that the wonder technique is the best subjective methodology for the exploration point of fatherly pressure taken care of by guardians of debilitated kids. There are upsides and downsides from uses the marvel strategy anyway despite everything it is the most valuable methodology for the exploration proposition pf fatherly pressure. Finishing interviews from guardians/overseers is immediate and extraordinary information that can be effectively assembled to thoroughly analyze the different encounters. The information can be important proof for future, new mediations for guardians to deal with these stressors. The data can present to society the unnoticeable difficulties guardians of crippled kids involvement.>GET ANSWER