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This article provides information on VACORP's Financial Strategies Conference and Special Meeting of the Members both of which will be held on Tuesday, November 15, 2011. The attached packet contains important information about the procedures for voting on the proposed merger. This document provides an update on the proposed merger with Mid-Atlantic Corporate and a revised merger timeline. This document includes a summary of all communications sent to members over the past month, as well as an update of the merger process and the revised tentative timeline for the completion of the merger. The second of two communications sent by VACORP and Mid-Atlantic regarding the proposed merger, as well as documents to help during your due-diligence process. The first of two joint mailings sent by VACORP & Mid-Atlantic Corporate regarding the proposed merger. Meeting materials, as well as a streaming audio and visual presentation from the last Town Hall Meeting are available... |
Bloomberg (January 27, 2012) - Treasuries fell, snapping a two-day rally that sent five-year yields to a record low yesterday, as economists predicted a government report today will show U.S. growth quickened at the end of last year. The 30-year bond led the decline on speculation the Federal Reserve’s pledge to keep its benchmark interest rate low through late 2014 will spur inflation. Five-year inflation swaps, which allow investors to exchange fixed interest rates for returns equivalent to the consumer price index, slipped after rising yesterday to 2.26 percent, the highest level since August. Five-year note yields were 0.77 percent after falling yesterday to a record low 0.75 percent. Benchmark 10-year note yields advanced two basis points to 1.95 percent today. Treasuries have lost 0.2 percent this year through yesterday, compared with a 0.3 percent decline at the same point last year, according to Bank of America Merrill Lynch indexes. U.S. GDP grew at a 3 percent annual pace in the fourth quarter after advancing 1.8 percent in the previous three months, according to the median forecast of 79 economists in a Bloomberg News survey before the Commerce Department’s report. Fed Chairman Ben S. Bernanke said Jan. 25 that he’s considering additional bond purchases to boost growth after the central bank’s Federal Open Market Committee announced that the target lending rate would stay low through late 2014. The announcements sparked a two-day rally in Treasuries. The difference between yields on five-year notes and Treasury Inflation Protected Securities, a gauge of trader expectations for consumer prices over the life of the debt known as the break-even rate, widened today to 1.81 percentage points, up from 1.55 at the end of last year. Demand for inflation protection has led to a 1.2 percent gain in TIPS this year, following a 14 percent return in 2011, according to Bank of America Merrill Lynch indexes. The Fed is replacing $400 billion of shorter-maturity Treasuries in its holdings with longer-term debt to cap borrowing costs. It plans to sell as much as $8.75 billion of securities due from March 2014 to January 2015 today under the plan, according to the New York Fed’s website. The central purchased $2.3 trillion of debt in two rounds of quantitative easing that ended in June. |
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