[0] S&P Rates HSBC U.S. Dollar Liquidity Fnd 'AAAm'.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's Nov. 20, 2000-- Standard & Poor's today assigned its highest money market rating of triple-'Am' to the HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Global Liquidity Funds PLC -- HSBC U.S. Dollar Liquidity Fund (the fund). The rating is based on an analysis of the fund's conservative credit-quality policies, market-risk exposure, and management. The rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value at all times. Standard & Poor's will monitor the portfolio on an ongoing basis. The HSBC Global Liquidity Funds, PLC -- U.S. Dollar Liquidity Fund will be managed by HSBC Asset Management (Americas) Inc., a subsidiary of HSBC Holdings PLC (single-'A'-plus/A-1'). The fund will utilize Allied Irish Banks Allied Irish Banks, p.l.c. (AIB) (Irish: Bainc-Aontas Éireann),ISEQ: ALBK, LSE: ALBK, NYSE: AIB, FWB: AIB is a commercial bank based in Ireland not to be mistaken for Anglo Irish Bank. AIB is one of the so called Big Four commercial banks in Ireland. PLC (single-'A'-plus/'A-1') as the custodian and AIB/BNY Fund Management (Ireland) Ltd. as the administrator and registrar. The fund's investment objective is to provide investors with stability of capital and daily liquidity as well as an income comparable to normal U.S. Dollar-denominated, money-market interest rates. To achieve its objective, the fund intends to invest in a diversified portfolio of high quality money market instruments Money market instruments See: Cash investments such as: certificates of deposit, commercial paper, medium-term notes Medium-term note (MTN) A corporate debt instrument that is continuously offered to investors over a period of time by an agent of the issuer. Investors can select from maturity bands of: 9 months to 1 year, more than 1 year to 18 months, more than 18 months to 2 years, etc. , variable- and floating-rate notes Floating-rate note (FRN) Note whose interest payment varies with short-term interest rates. floating-rate note An unsecured debt issue with an interest rate that is reset at specified intervals (usually every six months) according to a , bankers acceptances, government issuances, and corporate bonds. The fund will maintain high credit-quality standards by investing at least 50% of its assets in securities rated 'A-1'-plus by Standard & Poor's or equivalent and a maximum of 50% in securities rated 'A-1'. In order to enhance liquidity and diminish sensitivity to changing interest rates the fund will maintain a weighted average maturity of 50 days or less. HSBC Global Liquidity Funds PLC is an open-ended investment company with variable capital organized under the laws of Ireland. It is authorized in Ireland by the Central Bank of Ireland This article is about the commercial banking company Bank of Ireland. For the central bank of the Republic of Ireland, see Central Bank of Ireland. The Bank of Ireland (Irish: Banc na hÉireann and qualifies as an undertaking for collective investment in transferable securities (UCITS Undertakings for the Collective Investment of Transferable Securities - UCITS A public limited company that coordinates the distribution and management of unit trusts amongst countries within the European Union. ) pursuant to the European Communities European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. Regulations. HSBC Global Liquidity Funds PLC is structured as an umbrella type company in that the directors may issue different classes of shares from time to time. The company offers an additional subfund: HSBC Sterling Liquidity Fund, which was rated triple-'Am' in August of 1999. As the newest addition to the family, HSBC U.S. Dollar Liquidity Fund is expected to commence operations on Nov. 20, 2000, Standard & Poor's said.--CreditWire |
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