Saturday, December 7, 2013

The Interest Rate and the Interest Rate

We will return to secular stagnation. But we need to clear some ground first. What is an interest rate?

Imagine you are in a position to acquire a claim on a series of payments  in the future. Since an asset is just anything that promises a stream of payments in the future, we will say you are thinking of buying of an asset. What will you look at to make your decision?

First is the size of the payments you will receive, as a fraction of what you pay today. We will call that the yield of the asset, or y. Against that we have to set the risk that the payments may be different from expected or not occur at all; we will call the amount you reduce your expected yield to account for this risk r. If you have to make regular payments beyond the purchase of the asset to receive income from it (perhaps taxes, or the costs of operating the asset if it is a capital good) then we also must subtract these carrying costs c. In addition, the asset may lose value over time, in which case we have to subtract the depreciation rate d. (In the case of an asset that only lasts one period -- a loan to be paid back in full the next period, say -- d will be equal to one.) On the other hand, owning an asset can have benefits beyond the yield. In particular, an asset can be sold or used as collateral. If this is easy to do, ownership of the asset allows you to make payments now, without having to waiting for its yield in the future. We call the value of the asset for making unexpected payments its liquidity premium, l. The market value of long-lasting assets may also change over time; assuming resale is possible, these market value changes will produce a capital gain g (positive or negative), which must be added to the return. Finally, you may place a lower value on the payments from the asset simply because they take place in the future; this might be because your needs now are more urgent than you expect them to be then, or simply because you prefer income in the present to income in the future. Either way, we have to subtract this pure time-substitution rate i.

So the value of an asset costing one unit (of whatever numeraire) will be 1 + y - r - c - d + l + g - i. In equilibrium, you should be just indifferent between purchasing and not purchasing this asset, so we can write:

1 + y - r - c - d + l + g - i = 1, or

(1) y = r + c + d - l - g + i

So far, there is nothing controversial.

In formal economics, from Bohm-Bawerk through Cassel, Fisher and Samuelson to today's standard models, the practice is to simplify this relationship by assuming that we can safely ignore most of these terms. Risk, carrying costs and depreciation can be netted out of yields, capital gains must be zero on average, and liquidity is assumed not to matter or just ignored. So then we have:

(2) y = i

In these models, it doesn't matter if we use the term "interest rate" to mean y or to mean i, since they are always the same.

This assumption is appropriate for a world where there is only one kind of asset -- a risk-free contract that exchanges one good in the present for 1 + i goods in the future. There's nothing wrong with exploring what the value of i would be in such a world under various assumptions.

The problem arises when we carry equation (2) over to the real world and apply it to the yield of some particular asset. On the one hand, the yield of every existing asset reflects some or all of the other terms. And on the other hand, every contract that involves payments in more than one period -- which is to say, every asset -- equally incorporates i. If we are looking for the "interest rate" of economic theory in the economic world we observe around us, we could just as well pick the rent-home price ratio, or the profit rate, or the deflation rate, or the ratio of the college wage premium to tuition costs. These are just the yields of a house, of a share of the capital stock, of cash and of a college degree respectively. All of these are a ratio of expected future payments to present cost, and should reflect i to exactly the same extent as the yield of a bond does. Yet in everyday language, it is the yield of the bond that we call "interest", even though it has no closer connection to the interest rate of theory than any of these other yields do.

This point was first made, as far as I know, by Sraffa in his review of Hayek's Prices and Production. It was developed by Keynes, and stated clearly in chapters 13 and 17 of the General Theory.

For Keynes, there is an additional problem. The price we observe as an "interest rate" in credit markets is not even the y of the bond, which would be i modified by risk, expected capital gains and liquidity. That is because bonds do not trade against baskets of goods. They trade against money. When we see a bond being sold with a particular yield, we are not observing the exchange rate between a basket of goods equivalent to the bond's value today and baskets of goods equivalent to its yield in the future. We are observing the exchange rate between the bond today and a quantity of money today. That's what actually gets exchanged. So in equilibrium the price of the bond is what equates the expected returns on the two assets:

(3) y_B - r_B + l_B + g_B - i = l_M - i

(Neither bonds nor money depreciate or have carrying costs, and money has no risk. If our numeraire is money then money also cannot experience capital gains. If our numeraire was a basket of goods instead, then we would subtract expected inflation from both sides.)

What we see is that i appears on both sides, so it cancels out. The yield of the bond is given by:

(4) y_B  = r_B - g_B + (l_M - l_B)

The yield of the bond -- the thing that in conventional usage we call the "interest rate" -- depends on the risk of the bond, the expected price change of the bond, and the liquidity premium of money compared with the bond. Holding money today, and holding a bond today, are both means to enable you to make purchases in the future. So the intertemporal substitution rate i does not affect the bond yield.

(We might ask whether the arbitrage exists that would allow us to speak of a general rate of time-substitution i in real economies at all. But for present purposes we can ignore that question and focus on the fact that even if there is such a rate, it does not show up in the yields we normally call "interest rates".)

This is the argument as Keynes makes it. It might seem decisive. But monetarists would reject it on the grounds that nobody in fact holds money as a store of value, so equation (3) does not apply. The bond-money market is not in equilibrium, because there is zero demand for money beyond that needed for current transactions at any price. (The corollary of this is the familiar monetarist claim that any change in the stock of  money must result in a proportionate change in the value of transactions, which at full employment means a proportionate rise in the price level.) From the other side, endogenous money theorists might assert that the money supply is infinitely elastic for any credit-market interest rate, so l_M is endogenous and equation (4) is underdetermined.

As criticisms of the specific form of Keynes' argument, these are valid objections. But if we take a more realistic view of credit markets, we come to the same conclusion: the yield on a credit instrument (call this the "credit interest rate") has no relationship to the intertemporal substitution rate of theory (call this the "intertemporal interest rate.")

Suppose you are buying a house, which you will pay for by taking out a mortgage equal to the value of the house. For simplicity we will assume an amortizing mortgage, so you make the same payment each period. We can also assume the value of housing services you receive from the house will also be the same each period. (In reality it might rise or fall, but an expectation that the house will get better over time is obviously not required for the transaction to take place.) So if the purchase is worth making at all, then it will result in a positive income to you in every period. There is no intertemporal substitution on your side. From the bank's point of view, extending the mortgage means simultaneously creating an asset -- their loan to you -- and a liability -- the newly created deposit you use to pay for the house. If the loan is worth making at all, then the expected payments from the mortgage exceed the expected default losses and other costs in every period. And the deposits are newly created, so no one associated with the bank has to forego any other expenditure in the present. There is no intertemporal substation on the bank's side either.

(It is worth noting that there are no net lenders or net borrowers in this scenario. Both sides have added an asset and a liability of equal value. The language of net lenders and net borrowers is carried over from models with consumption loans at the intertemporal interest rate. It is not relevant to the credit interest rate.)

If these transactions are income-positive for all periods for both sides, why aren't they carried to infinity? One reason is that the yields for the home purchaser fall as more homes are purchased. In general, you will not value the housing services from a second home, or the additional housing services of a home that costs twice as much, as much as you value the housing services of the home you are buying now. But this only tells us that for any given interest rate there is a volume of mortgages at which the market will clear. It doesn't tell us which of those mortgage volume-interest rate pairs we will actually see.

The answer is on the liquidity side. Buying a house makes you less liquid -- it means you have less flexibility if you decide you'd like to move elsewhere, or if you need to reduce your housing costs because of unexpected fall in income or rise in other expenses. You also have a higher debt-income ratio, which may make it harder for you to borrow in the future. The loan also makes the bank less liquid -- since its asset-capital ratio is now higher, there are more states of the world in which a fall in income would require it to sell assets or issue new liabilities to meet its scheduled commitments, which might be costly or, in a crisis, impossible. So the volume of mortgages rises until the excess of housing service value over debt service costs make taking out a mortgage just worth the incremental illiquidity for the marginal household, and where the excess of mortgage yield over funding costs makes issuing a new mortgage just worth the incremental illiquidity for the marginal bank.

Monetary policy affects the volume of these kinds of transactions by operating on the l terms. Normally, it does so by changing the quantity of liquid assets available to the financial system (and perhaps directly to the nonfinancial private sector as well). In this way the central bank makes banks (and perhaps households and businesses) more or less willing to accept the incremental illiquidity of a new loan contract. Monetary policy has nothing to do with substitution between expenditure in the present period and expenditure in some future period. Rather, it affects the terms of substitution between more and less liquid claims on income in the same future period.

Note that changing the quantity of liquid assets is not the only way the central bank can affect the liquidity premium. Banking regulation, lender of last resort operations and bailouts also change the liquidity premium, by chaining the subjective costs of bank balance sheet expansion. An expansion of the reserves available to the banking system makes it cheaper for banks to acquire a cushion to protect themselves against the possibility of an unexpected fall in income. This will make them more willing to hold relatively illiquid assets like mortgages. But a belief that the Fed will take emergency action prevent a bank from failing in the event of an unexpected fall in income also increases its willingness to hold assets like mortgages. And it does so by the same channel -- reducing the liquidity premium. In this sense, there is no difference in principle between monetary policy and the central bank's role as bank supervisor and lender of last resort. This is easy to understand once you think of "the interest rate" as the price of liquidity, but impossible to see when you think of "the interest rate" as the price of time substitution.

It is not only the central bank that changes the liquidity premium. If mortgages become more liquid -- for instance through the development of a regular market in securitized mortgages -- that reduces the liquidity cost of mortgage lending, exactly as looser monetary policy would.

The irrelevance of the time-substitution rate i to the credit-market interest rate y_B becomes clear when you compare observed interest rates with other prices that also should incorporate i. Courtesy of commenter rsj at Worthwhile Canadian Initiative, here's one example: the Baa bond rate vs. the land price-rent ratio for residential property.


Both of these series are the ratio of one year's payment from an asset, to the present value of all future payments. So they have an equal claim to be the "interest rate" of theory. But as we can see, none of the variation in credit-market interest rates (y_B, in my terms) show up in the price-rent ratio. Since variation in the time-substituion rate i should affect both ratios equally, this implies that none of the variation in credit-market interest rates is driven by changes in the time-substitution interest rate. The two "interest rates" have nothing to do with each other.


(Continued here.)


EDIT: Doesn't it seem strange that I first assert that mortgages do not incorporate the intertemporal interest rate, then use the house price-rent ratio as an example of a price that should incorporate that rate? One reason to do this is to test the counterfactual claim that interest rates do, after all, incorporate Samuelson's interest rate i. If i were important in both series, they should move together; if they don't, it might be important in one, or in neither.

But beyond that, I think housing purchases do have an important intertemporal component, in a way that loan contracts do not. That's because (with certain important exceptions we are all aware of) houses are not normally purchased entirely on credit. A substantial fraction of the price is paid is upfront. In effect, most house purchases are two separate transactions bundled together: A credit transaction (for, say, 80 percent of the house value) in which both parties expect positive income in all periods, at the cost of less liquid balance sheets; and a conceptually separate cash transaction (for, say, 20 percent) in which the buyer foregoes present expenditure in return for a stream of housing services in the future. Because house purchases must clear both of these markets, they incorporate i in way that loans do not. But note, i enters into house prices only to the extent that the credit-market interest rate does not. The more important the credit-market interest rate is in a given housing purchase, the less important the intertemporal interest rate is.

This is true in general, I think. Credit markets are not a means of trading off the present against the future. They are a means of avoiding tradeoffs between the present and the future.

58 comments:

  1. I haven't read all this carefully, nor do I understand any of the technical stuff, but just from looking at the graph:
    your rent/price-red line there refers to the asset (land) that is scarce and is supposed to appreciate (roughly) with inflation, while your bond-blue line refers to the asset (bond's face value) that is constant.
    So, the red line is normalized for inflation, while the blue line goes up and down reflecting the expectation for the inflation at any given moment. And so the blue line really is the interest rate, and the red line is, well, just rent.
    Does it make sense, in the layman's world?

    ReplyDelete
  2. Interesting post. But I think the whole thing is slightly muddled (as it was in Keynes too). Here is an extended response:

    http://fixingtheeconomists.wordpress.com/2013/12/28/interest-rates-and-animal-spirits-a-response-to-jw-mason/

    ReplyDelete
    Replies
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  3. Philip,

    Thanks for the response. It's interesting that Brad DeLong had the same reaction -- that there is no reason to think of asset yields as incorporating separate terms for liquidity and risk. But he thinks it's all risk, whereas you think it's all liquidity! personally, I think there are reasons to think about both. For example, future Social Security benefits carry very little risk, but they are very illiquid, since they cannot be transferred to a third party or pledged as collateral.

    This does not matter for the point here, though. The point is just that the margin on which the interest rate is et is not consumption today vs. consumption tomorrow, but more dangerous vs. safer balance sheet positions. Whether we think of "danger" here as risk or liquidity or both, is secondary.

    One thing I do appreciate is that you describe my post as a restatement of Keynes' liquidity preference theory of interest. That's exactly right. The main problems with JMK's statement, in my opinion, are that he thinks of liquidity only in terms of the asset side of the balance sheet, and he is inconsistent in using liquidity as a generic property of assets and as a synonym for money, in ways that (again IMO) create serious contradictions in his argument and open the door for a reading in terms of what Perry Mehrling calls "monetary Walrasianism." What I'm trying to do here is develop a statement of the liquidity preference theory of interest rates that reflects the fact that liquidity is just as much a property of the liability side as of the asset side of balance sheets.

    A third problem with Keynes presentation is that he ignores the transaction demand for money, and the accelerator principle of investment, in order to produce a model with a unidirectional casual structure from financial markets to investment to output, rather than a jointly determined equilibrium. This is the standard critique of liquidity preference as JMK stated it, and the problem that ISLM "corrects." But it is not such a big problem, in my opinion.

    So I agree with you that Keynes' argument is a bit of a muddle. I don't think my ideas are muddled (of course not!), but I agree the presentation here is less clear than it could have been. it's a work in progress.

    ReplyDelete
    Replies
    1. 1) I'm not talking about the liquidity of an asset. I'm talking about the fact that liquidity preference determines interest rates. This is entirely different. Of course some assets are riskier than others. But we're asking what determines yields. That's a different question.

      2) It does matter because you've included a variable that can give a quanta of risk. Once you allow risk to be objectively quantified then you can model that risk and... poof! Liquidity preference disappears.

      After all, why would a rational agent need liquidity preference in a world where all risk is modeled? Rather they would just choose their preferred level of risk (0, 0.5, 0.9999... whatever). We can then start drawing indifference curves and off we go!

      Delete
    2. I'm not talking about the liquidity of an asset. I'm talking about the fact that liquidity preference determines interest rates. This is entirely different. Of course some assets are riskier than others. But we're asking what determines yields. That's a different question.

      It looks like the same question to me. Yields, like prices, are relative. To say that liquidity preference determines interest rates, is the same as saying that the relative liquidity of (some set of) assets determines their relative yields.

      It does matter because you've included a variable that can give a quanta of risk. Once you allow risk to be objectively quantified then you can model that risk and... poof! Liquidity preference disappears.

      I don't agree. All that liquidity preference requires is that not all future cashflows can be mobilized to make payments today. Fundamental uncertainty is one way of motivating that, but it's not logically necessary. Again, Social Security benefits are illiquid not because of uncertainty but because of legal restrictions on their sale or hypothecation.

      Of course you are right that a great deal of mainstream work (tho not all of it!) ignores uncertainty and liquidity and thinks all asset prices can be reduced to stochastic risk. That leads to a lot of silliness. But I don't see why we have to go to the opposite extreme. Certainly Keynes was willing to describe future contingencies as being characterized as both risk and uncertainty. Now, it may well turn out to be the case that risk in the conventional sense is not very interesting, but the proposition that no events in the future have calculable probabilities seems hard to defend. Why is this the particular hill you want to die on?

      After all, why would a rational agent need liquidity preference in a world where all risk is modeled?

      I'm not understanding how you go from some risk to all risk.

      Delete
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    We have provided over $1 Billion in business loans to over 15,000 business owners just like you. We use our own designated risk technology to provide you with the right business loan so you can grow your business. Our services are fast and reliable, loans are approved within 72 hours of successful application. We offer loans from a minimum range of $5000 to a maximum of $20 million.

    - Complete Name:
    - Loan amount needed:
    - Loan Duration:
    - Purpose of loan:
    - City / Country:
    - Telephone:
    - How Did You Hear About Us:
    Have You Applied Before?...
    With Best Regards.
    Mrs. Magaret Becklas
    Emaill: anatiliatextileltd@gmail.com
    Emaill: bdsfn.com@gmail.com

    We have provided over $1 Billion in business loans to over 15,000 business owners just like you. We use our own designated risk technology to provide you with the right business loan so you can grow your business. Our services are fast and reliable, loans are approved within 72 hours of successful application. We offer loans from a minimum range of $5000 to a maximum of $20 million.

    - Complete Name:
    - Loan amount needed:
    - Loan Duration:
    - Purpose of loan:
    - City / Country:
    - Telephone:
    - How Did You Hear About Us:
    Have You Applied Before?...
    With Best Regards.
    Mrs. Magaret Becklas
    Emaill: anatiliatextileltd@gmail.com
    Emaill: bdsfn.com@gmail.com

    ReplyDelete
  14. My name is Marian and i live in west Virginia and i am a happy woman today, I told my self that any Loan lender that could change my Life and that of my family, i will refer any person that is looking for loan to them.I would like to bring this to the notice of the public about how i meet martins Walters after i lost my job and being denied loan by my bank and other financial institution due to my credit score. I could not pay my children’s fees,I was behind on bills, about to be thrown out of the house due to my inability to pay my rent, It was during this period my kids were taken from me by foster care. Then i set out to seek for funds online where i lost $3,670 that i borrowed from friends which i was rip off by two companies. Until i read about: martinswalters28@gmail.com
    where i was granted a loan to pay up my debts and to start up a business. You can contact them through the email above or martinswaltersloanfirm@yahoo.com. I am doing this to save as many that are in need of a loan not to be victim of scams on the internet.

    ReplyDelete
  15. We are Providers of all types of BG and SBLC with the best workable procedures. Our BG/SBLC ranges from MT799, MT760,(Both two way confirmation), MT103/23, MT103 (Both can be one way confirmation and two way confirmation) in USD and EUROS. Issuing Bank ranges from Top world 25 banks with face value ranging from 1M EUROS/USD to 5B EUROS/USD

    BROKERS ARE WELCOME & 100% PROTECTED!!!
    Intermediaries/Consultants/Brokers are welcome to bring their clients and cases to our attention and in complete confidence we will work together for the benefits of all parties involve

    For further details contact us with the below information Thank you.

    Contact : Mr. SIVAJOTHI GNANATHEEVAM
    Email: leasingmandate@gmail.com
    Skype ID: leasingmandate

    ReplyDelete
  16. We are Providers of all types of BG and SBLC with the best workable procedures. Our BG/SBLC ranges from MT799, MT760,(Both two way confirmation), MT103/23, MT103 (Both can be one way confirmation and two way confirmation) in USD and EUROS. Issuing Bank ranges from Top world 25 banks with face value ranging from 1M EUROS/USD to 5B EUROS/USD

    BROKERS ARE WELCOME & 100% PROTECTED!!!
    Intermediaries/Consultants/Brokers are welcome to bring their clients and cases to our attention and in complete confidence we will work together for the benefits of all parties involve

    For further details contact us with the below information Thank you.

    Contact Person: Mr. Tommy Champion
    Email: trustco.financeplc@gmail.com
    Skype ID: trustco.financeplc

    ReplyDelete
  17. My name is Marian i live in west Virginia and i am a happy woman today, I told my self that any Loan lender that could change my Life and that of my family, i will refer any person that is looking for loan to them.I would like to bring this to the notice of the public about how i meet martins Walters after i lost my job and being denied loan by my bank and other financial institution due to my credit score. I could not pay my children’s fees,I was behind on bills, about to be thrown out of the house due to my inability to pay my rent, It was during this period my kids were taken from me by foster care. Then i set out to seek for funds online where i lost $3,670 that i borrowed from friends which i was rip off by two companies. Until i read about: martinswalters28@gmail.com
    where i was granted a loan to pay up my debts and to start up a business. You can contact them through the email above or martinswaltersloanfirm@yahoo.com. I am doing this to save as many that are in need of a loan not to be victim of scams on the internet.

    ReplyDelete
  18. We offer certified and verifiable bank instruments via Swift Transmission from a genuine provider capable
    of taking up time bound transactions.

    FOR LEASING OF BG/SBLC
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M
    LEASING FEE = 4%+1%

    FOR PURCHASE OF FRESH CUT BG/SBLC
    PRICE = 32%+1%
    MINIMUM FACE VALUE OF BG/SBLC = EUR/USD 1M

    Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly
    renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding: For further details contact us with the below information.

    Contact Name: SILKE CHRISTA CERVENY

    Email: inquiry.dcifinancial@gmail.com

    skype : inquiry.dcifinancial

    ReplyDelete
  19. Hello,my name is Shelly Moore,and i live in Florida, USA. I want to talk about something that I am just very happy and excited about; I had a small bakery, and in my apartment, I had a bad credit. It became very though for me, because people do not want to loan; banks and other financial institution do not want to loan money to me due to my bad credit. So I needed to find someone that could pay really quick. We wanted to add on to our bakery in other words we needed an $85,000 loan which was really difficult at that time, before a friend of mine 'Helen Waters' introduced me to;orchardfundingplc@gmail.com. I was so scared because I didn't want to get scammed. On a second thought i took the risk and applied for the loan. That day I got a response and I got funded in two days, I am so excited, I couldn't believe how quick it was. I now have a decent credit and my business has expanded. All thanks to Orchard Funding Plc who made this possible for me. So if you are out there in search of a loan please kindly apply now on;orchardfundingplc@gmail.com.and also, that's the right
    company where you can get your desired loan amount validly and without any stress,or waste of time.THANKS..

    ReplyDelete
  20. WE OFFER ALL KIND OF LOANS APPLY FOR AFFORDABLE LOANS.

    ADAM FRED Loan Company is a well established finance company who are committed to providing our customers and suppliers with simple and competitive forms of finance solutions for all business users. An independent finance house and brokerage specializing in vendor finance schemes.

    As a company we have a wealth of experience in the market, predominantly offering leasing solutions to businesses looking to finance all types of equipment. . Our dynamic approach in the market has led us to significantly develop our range of products and services in order to help commercial customers with all finance requirements Reduce your
    payments to ease the strain on your monthly expenses.

    we give out loan with an affordable interest rate of 2% Do
    you have a low credit score, and you will find it difficult to get loans
    from local banks and other financial institutions? solution to your
    financial problem is Dr. Ezra Sebastian The Terms and Conditions are very simple
    and considerate

    DO YOU NEED 100% FINANCE?
    ( Adamfredloanfirm@yahoo.com or Text or call us on 15017229938 OR 18144768385) aims is to provide Excellent Professional Financial Services.

    Please, contact us for more information: ( Adamfredloanfirm@yahoo.com or Text or call us on 15017229938 OR 18144768385)

    Our services include the following:

    * Personal Loans
    * Debt consolidation loans
    * Possibility
    * Business Loans
    * Education Loans
    * Mortgage
    *Refinancing Loans
    * Home Loans



    NOTE:Bear in mind that it will only take less than 48 Hours to process your file is 100% Guaranteed no matter your Credit Score.

    email (Adamfredloanfirm@outlook.com) you can email us with your information.
    email us: Adamfredloanfirm@yahoo.com or Text or call us on 15017229938 OR 18144768385


    Yours Sincerely,

    We look forward to hear from you ASAP

    ReplyDelete
  21. Good Day,

    Are you in any kind of financial difficulties; Do you need a loan to clear your debts; Are you going to increase your finances; You're a business person who wants to expand his / her business. We advise hereby contact the real hero, trust, and effective loan lending company for your loan. I recognized both by individuals and the government of our great effectiveness.

    Interested persons should contact us via email:- trustloanaccess@gmail.com to enable us open a loan processing file.

    We are certified, reliable, efficient, fast and dynamic. And we are capable of offering you a loan of £ 5,000.00 British pound to £ 25,000,000.00 British pound with low interest rate of 3% per year.

    Please contact us, if you need a loan from my company. Our e-mail address of contact: trustloanaccess@gmail.com

    Sincerely,
    Mrs Samir Desai


    Happy day (loan offer)

    ReplyDelete
  22. Are you an individual businessman or a business organisation that wishes to expand in business ??, we offer financial instrument such as BGs, SBLCs,MTNs, LCs, CDs and others on lease and sales at a rate of 4%+2% of the face value and reasonable conditionfrom a genuine provider. You are at liberty to engage our leased facilities into trade programs as well as in signatory project(s) such as Aviation, Agriculture, Petroleum, Telecommunication and any other project(s) etc.

    Email:~ inquiry.firstchoice@gmail.com
    admin@firstchoicefinancing.co.uk
    Skype ID:contact.firstchoice

    With our financial/bank instrument you can establish line of credit with your bank and/or secure loan for your projects in which our bank instrument will serve collateral in your bank to fund your project.

    We deliver with time and precision as set forth in the agreement. Our terms and Conditions are reasonable and we work directly with issuing bank lease providers, this instrument can be monetized on your behalf for upto 100% funding. Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

    All relevant business information will be provided upon request.

    BROKERS ARE WELCOME & 100% PROTECTED!!!

    If Interested kindly contact me via

    Email:~ inquiry.firstchoice@gmail.com

    Skype ID:contact.firstchoice

    serious enquiry only.

    ReplyDelete
  23. If you need to hack into any database, delete record, improve credit score, spy on whatsapp, text, phone, emails, as long as it's hack contact jack @via Email :: dhackerj7@gmail.com //. Whats-App ::+60167569133 he is great, you won't be disappointed, cheap and fast, he saved my relationship Tell him Loya

    ReplyDelete

  24. We are a Finance Industry Company professionals with over 15 Years Experience and a focus on providing Bank Guarantee and Standby Letter of Credit from some of the World Top 25 Prime Banks primarily from Barclays, Deutsche Bank, HSBC,Credit Suisse e.t.c.

    FEATURES:
    Amounts from $1 million to 5 Billion+
    Euro’s or US Dollars
    Great Attorney Trust Account Protection
    Delivered via MT760, MT799 and MT103 Swift with Full Bank Responsibility
    Brokers Always Protected

    Purchase Instrument of BG/SBLC : 32%+2% Min Face Value cut = EUR/USD 1M-5B
    Lease Instrument of BG/SBLC : 4%+2% Min Face Value cut = EUR/USD 1M-5B

    Interested Agents/Brokers, Investors and Individual proposing international project funding should contact us for directives.We will be glad to share our working procedures with you upon request.


    We Facilitate Bank instruments SBLC for Lease and Purchase. Whether you are a new startup, medium or large establishment that needs a financial solution to fund/get your project off the ground or business looking for extra capital to expand your operation,our company renders credible and trusted bank guarantee provider who are willing to fund and give financing solutions that suits your specific business needs.

    We help you secure and issue sblc and bank guarantee for your trade, projects and investment from top AA rated world Banks like HSBC, Barclays, Dutch Ing Bank, Llyods e.t.c because that’s the best and safest strategy for our clients.e.t.c

    DESCRIPTION OF INSTRUMENTS

    1. Instrument: Funds backed Bank Guarantee(BG) ICC-600
    2. Currency : USD/EURO
    3. Age of Issue: Fresh Cut
    4. Term: One year and One day
    5. Contract Amount: United State Dollars/Euros (Buyers Face Value)
    6. Price : Buy:32%+1, Lease: 4%+2
    7. Subsequent tranches: To be mutually agreed between both parties
    8. Issuing Bank: Top RATED world banks like HSBC, Barclays, ING Dutch Bank, Llyods e.t.c
    9. Delivery Term: Pre advise MT199 or MT799 first. Followed By SWIFT MT760
    10. Payment Term: MT799 & Settlement via MT103
    11. Hard Copy: By Bank Bonded Courier


    Interested Agents,Brokers, Investors and Individual proposing international project funding should contact us for directives.We will be glad to share our working procedures with you upon request.



    Name:Richardson McAnthony
    Contact Mail : intertekfinance@gmail.com

    ReplyDelete
  25. We are Ireland based major/Direct providers of Fresh Cut BG, SBLC, POF, MTN, Bonds and CDs and this financial instruments are specifically for lease and sale.We are one of the leading Financial instrument providers with offices all over Europe.
    we always deliver on time and precision as Set forth in the agreement. You are at liberty to engage our leased facilities into trade programs, project financing, Credit line enhancement, Corporate Loans (Business Start-up Loans or Business Expansion Loans), Equipment Procurement Loans (Industrial Equipment, Air crafts, Ships, etc.) as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed, Our Terms and Conditions are reasonable.
    DESCRIPTION OF INSTRUMENTS:
    1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)
    2. Total Face Value: 10M MIN to 50B MAX USD or Euro
    3. Issuing Bank: HSBC, Deutsche Bank Frankfurt, UBS or any Top 25 .
    4. Age: One Year, One Day
    5. Leasing Price: 4+ 1%
    6. Sale Price: 32+2%
    7. Delivery by SWIFT .
    8. Payment: MT103-23
    9. Hard Copy: Bonded Courier within 7 banking days.
    If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.
    Inquiries from agents/ brokers/ intermediaries are also welcomed; do get back to us if you are interested in any of our services and for quality service.
    Name : Cathal Mc Hugh
    E-mail : Cathalmchugh0700@gmail.com
    Skype id : Cathalmchugh0700@gmail.com

    ReplyDelete
  26. Are you tired of seeking loans and Mortgages,have you been turned down constantly By your banks and other financial institutions,We offer any form of loan to individuals and corporate bodies at low interest rate.If you are interested in taking a loan,feel free to contact us today,we promise to offer you the best services ever.Just give us a try,because a trial will convince you.What are your Financial needs?Do you need a business loan?Do you need a personal loan?Do you want to buy a car?Do you want to refinance?Do you need a mortgage loan?Do you need a huge capital to start off your business proposal or expansion? Have you lost hope and you think there is no way out, and your financial burdens still persists? Contact us (gaincreditloan1@gmail.com)

    Your Name:...............
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    Your Telephone Number:.....................
    Business Plan/Use Of Your Loan:...............
    Contact Us At : gaincreditloan1@gmail.com
    Phone number :+44-75967-81743 (WhatsApp Only)

    ReplyDelete
  27. We have a direct genuine provider for BG/SBLC specifically for lease, at leasing price of 4+2 of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

    Contact : Mr. Johnson Hatton
    Email:johnsonhatton@gmail.com
    Skype ID: johnson.hatton007

    Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

    All inquires to Mr. Johnson Hatton should include the following minimum information so I can quickly address your needs:

    Complete contact information:
    What exactly do you need?
    How long do you need it for?
    Are you a principal borrower or a broker?

    Contact me for more details.

    Johnson Hatton

    ReplyDelete
  28. Are you having one or two difficulties from other financial instrument lender? I want you to take a chance with us you will never regret doing business deal with our firm.We have direct and efficient providers.

    I am the sole (Direct) mandate to several genuine efficient providers for lease/sales BG/ SBLC and other financial instruments, at reasonable prices, Issuance by top AAA rated Bank in Europe.Presently, we focus on BG/SBLC for Lease and Sale transactions, However, our Lease BG/SBLC/MTN is 3+1% and Sale at 30%+1%.

    Should you find this interesting and acceptable? Kindly, contact us and we shall review and respond with DOA within 48hrs maximum.

    Please request for full procedure details if interested.(WE MOVE FIRST)

    For further inquiry contact:

    Contact us for further detail:
    Email:~ summitfinancialplc@gmail.com
    skype: bgmandate@outlook.com


    Contact us for your bank instruments such as SBLC/BG/LC/MTN 100% Protected

    ReplyDelete


  29. Hello Loan Seekers,

    Do you need an urgent loan to start up business, debt loan? buy a car or a house? If yes worry no more, For we offer all kinds of loan at a

    low and affordable interest rate of 2%, without collateral and without credit check, DR LUTHER MADISON LOAN COMPANY is the

    place you should get your loan from approved within the maximum period of 24 hours, get back to us if you need a loan for as low as %2

    interest rate with the below informations you can get hold of Dr Luther Madison
    Email: Drluthermadisonloancompany@gmail.com
    Phone:+1 (619)-377-7967

    Do you have a bad credit?
    Do you need money to pay bills?
    Do you need to start up a new business?
    Do you have unfinished project at hand due to bad financing?
    Do you need money to invest in some area of specialization which will profit you? and you don’t know what to do.

    We offer the following loans below,
    personal loans[secure and unsecured]
    business loans[secure and unsecured]
    combination loans
    students loans
    consolidation loans,Truck loans, car loans, and so many others.

    1. Full Names:
    2. Country:
    3. State:
    4. Contact Address:
    5. Loan Amount Needed:
    6. Duration of the Loan:
    7. Monthly Income:
    8. Direct Telephone Number:
    9: Scanned Copy of your ID:
    Have you applied for loan online before (yes or no)

    EMAIL: [Drluthermadisonloancompany@gmail.com]
    Best Regards,
    Dr Luther Madison
    +1 (619)-377-7967

    ReplyDelete
  30. Dear Sir/MA

    We are international financier, trust Consultant of worldwide development prime lending's.We are Specialist of funds, loans, bank guarantees. We are working with large lending's affiliated to a corporate consortium group operators and providers of Bank Financial Instruments. Through this large lending's,Trade group consortium, we can arrange the following services as their trust consultant.
    Worldwide project financing, Loans,BG,SBLC,MTN,POF,LC,SKR Discounting,Project Funding,Letter of credit, and lots more for investors
    If you are interested contact us immediately by Email


    Thank you
    BROKERS ARE WELCOME & 100% PROTECTED!!!
    Regards,
    Rajnesh Gounder
    Email:grounesh.advisory1@gmail.com
    Skype ID:uzbroker.zeng1

    ReplyDelete

  31. Urgent Affordable loan. search no more. contacting the right company for legitimate loan lender have always been a huge problem to clients who have financial problem and in need of solution to it at an affordable interest rate? processed within 4 Of 6 working days. have you been turned down constantly by other banks and other financial institutions? contact GUARANTY TRUST LOANS Inc, We offer loans ranging from (6,000.00 $ˆ£ To 100,000,000 $ˆ£ Or It\'s equivalent In Euro & Usd, Pounds). At 2.% interest rate per-year. Loans for developing business a competitive edge/Business expansion. We are certified, trustworthy, reliable, efficient, fast and dynamic. And a Co-operate Financier For Real Estate And Any Kinds Of Business Financing, Contact us today at: guarantytrustloans1@gmail.com


    DO YOU NEED 100% FINANCE? we give out loans with an affordable interest rate of 2%

    Our services include the following:

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    We are certified and your privacy is 100% safe with us. Worry no more about your loans or finances.contact email: guarantytrustloans1@gmail.com

    Get your instant loan approval

    ReplyDelete
  32. *FOXX Financial Loan Offer*

    We give out loan at the rate of 3% interest rate, if you are interested for a loan, you are here by
    advise to fill and return the loan application form to this Email( foxx.loanfinancialaid@gmail.com) alone to know if you are truly interested in loan. I am here to put smiles in all sad faces.

    FULL NAMES:
    ADDRESS:
    COUNTRY:
    AMOUNT NEEDED:
    DURATION OF LOAN:
    PURPOSE OF LOAN:
    SEX:
    MARITAL STATUS:
    MONTHLY PAYMENT:
    PHONE NUMBER:
    EMAIL:

    By replying with these details to (foxx.loanfinancialaid@gmail.com),
    we shall move forward to the next step which is the terms and
    re-payment plan schedule.

    Mr. Howard M Colleman .

    Phone: +18475128241

    ReplyDelete
  33. We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

    We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.

    The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760.

    DESCRIPTION OF INSTRUMENT:
    Instrument: Bank Guarantee (BG/SBLC).
    Total Face Value: Minimum of 1M Eur/USD (One Million Eur/USD) to Maximum of 5B Euro/USD(Five Billion Eur/USD).
    Issuing Bank: HSBC London, Barclays Bank, Deutsche Bank Frankfurt, Hong Kong, Any AA rated Bank in Europe or any Top 25 WEB.
    Age: One Year, One Day
    Leasing Price: 4% of Face Value plus 1% commission fees to brokers.
    Delivery: Bank to Bank SWIFT.
    Payment: MT-760.
    Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request plus our terms and
    procedures.

    Contact name: Azra Ishaque

    Email : lintel.financialservicesplc@gmail.com

    Skype : lintel.financialservicesplc

    ReplyDelete
  34. Finding a genuine provider of financial instrument is very

    challenging but we are certified Financial Instrument providers in

    United Kingdom. Presently, we only focus on BG/SBLC for Lease and

    Sale transactions. However, our Lease BG/SBLC is 4+2% and Sale at

    32+2%.

    Should you find this interesting and acceptable? Kindly, contact us

    and we shall review and respond with draft Contract/MOU within

    48hrs maximum.

    Please request for full procedure details if interested.

    For further inquiry contact:
    James Raymond
    Skype ID:James119@tutanota.com
    Email:jamesraymond@tutanota.com

    ReplyDelete
  35. Good day everybody am Craig Wise By name i want to give thanks and a great appreciation to Mr Larry Scott Loan Company for offering me loan for purchasing my house with a low interest rate. I want to give thanks to him for giving me this loan. My friends out there who needs loan for different purposes i advice you contact Mr Larry Scott Loan Company for loan instead of falling in to hands of Scammers online. Am happy today because of Mr Larry Scott Loan Company. So if you want to contact them for a loan you contact them on: (scottlarry918@gmail.com)

    Craig Wilson

    ReplyDelete
  36. How I Got My Loan From A Genuine And Reliable Loan Company

    My name is Mrs RODNEY BRITTANY NICOLE. I live in United State Of America working here I am from Philippines and i am a happy woman today? and i told my self that any lender that rescue my Company and my Family situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $300,000,00 and was scammed by those fraudulent lenders and a friend introduce me to MR IBRAHIM MUSA,and he lend me the loan without any stress,you can contact him at (powerfinance7@gmail.com)

    LOAN APPLICATION FORM
    **********************
    Your full name:
    Country/State:
    Loan Amount:
    Duration
    Phone:
    Monthly income:
    Occupation:

    Awaiting your swift response.
    May Allah bless you.
    IBRAHIM MUSA
    power Financial Service Pvt.
    Contact Him At :powerfinance7@gmail.com
    WhatsApp Number +919717357946

    ReplyDelete
  37. Are you having one or two difficulties from other financial instrument lender? I want you to take a chance with us you will never regret doing business deal with our firm.We have direct and efficient providers.

    I am the sole (Direct) mandate to several genuine efficient providers for lease/sales BG/ SBLC and other financial instruments, at reasonable prices, Issuance by top AAA rated Bank in Europe.Presently, we focus on BG/SBLC for Lease and Sale transactions, However, our Lease BG/SBLC/MTN is 3+1% and Sale at 30%+1%.

    Should you find this interesting and acceptable? Kindly, contact us and we shall review and respond with DOA within 48hrs maximum.

    Please request for full procedure details if interested.(WE MOVE FIRST)

    For further inquiry contact:

    Contact us for further detail:
    Email:~ summitfinancialplc@gmail.com
    skype: bgmandate@outlook.com


    Contact us for your bank instruments such as SBLC/BG/LC/MTN 100% Protected

    ReplyDelete
  38. Dear sir / ma
    We offer
    Fresh Cut BG / SBLC, MTN Specifically for Lease @ (3.0 + 0.5 + X)%. Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected We are direct to a provider for BG/SBLC specifically for lease, at leasing price of (3.0 + 0.5 + X)% of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.
    Our BG/SBLC Financing can help you get your project funded, loan financing by providing you with yearly renewable leased bank instruments. We work directly with issuing bank lease providers, this Instrument can be monetized on your behalf for 100% funding: For further details contact us with the below information.
    Contact : Mr. Benard butty
    Contact: bgfinance.butty@gmail.com
    Skype ID: bglease.butty

    ReplyDelete
  39. We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

    We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.

    The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760.

    Below is our instrument description.

    DESCRIPTION OF INSTRUMENT:
    1. Instrument: Bank Guarantee (BG/SBLC) (Appendix A)
    2. Total Face Value: Eur 5M MIN and Eur 10B MAX (Ten Billion USD).
    3. Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank Frankfurt.
    4. Age: One Year, One Month
    5. Leasing Price: 4% of Face Value plus 2% commission fees to brokers.
    6. Delivery: Bank to Bank swift.
    7. Payment: MT-103 or MT760
    8. Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request plus our terms and procedures: If you are interested please contact me for us to proceed further

    Regards

    Devdutt Vyas
    Email: devdutt_vyas@outlook.com
    devdutt.vyas2016@gmail.com
    Skype: devdutt.vyas

    ReplyDelete
  40. Dear Sir/Ma,

    We Facilitate Bank Guarantee (BG) & Standby Letter of Credit (SBLC) Instrument Direct Mandate Provider of Fresh Cut Bank Instrument for Lease/Purchase such as BG, SBLC, MTN.

    We are a Finance Industry Company professionals with over 15 Years Experience and a focus on providing Bank Guarantee (BG),Standby Letter of Credit (SBLC), MTN (Mid Term Note) and LTN (Long Term Note) from some of the World Top 25 Prime Banks primarily from Barclays, Deutsche Bank, HSBC, Credit Suisse e.t.c.

    FEATURES:

    Bank Guarantees & SBLC’s in Standard Formats from Major Banks! Amounts from $1 million to 5 Billion+ Euro’s or US Dollars Great Attorney Trust Account Protection Delivered via MT760 Swift with Full Bank Responsibility MT799 and MT103 preadvice included.

    Brokers Always Protected.

    Purchase Instrument of BG/SBLC : 32%+2% Minimum Face Value = EUR/USD 1M-5B

    Lease Instrument of BG/SBLC : 4%+1% Minimum Face Value = EUR/USD 1M-5B

    We will be glad to share our working procedures with you upon request.

    Name : Brian Fitzgerald

    Email: secureinquiryfinance@gmail.com

    Skype: secureinquiryfinance

    ReplyDelete
  41. We can help facilitate the financial service bank instrument SBLC /BG, We remain the best financial consulting company with years of experience in the international and local finance market.

    We have become the hallmark of excellent service in this industry with trusted and genuine FCA registered SBLC Providers who have truly succeeded in creating significant value for all clients and brokers involved in leasing or purchasing sblc .

    We issue from Top rated world Banks and also work with brokers and agents with 100% healthy commissions paid on every deal.

    Leasing SBLC : 4% +2%

    Purchasing SBLC : 32% +2%

    DESCRIPTION OF INSTRUMENTS:

    1. Instrument: Bank Guarantee (BG/SBLC)

    2. Total Face Value : Please inform us

    3. Issuing Bank: HSBC, Barclays London or Deutsche Bank Frankfurt or any Top 25 WEB

    4. Age: One Year, One Day

    5. Leasing / Selling SBLC / BG

    6. Delivery: SWIFT MT799/MT760.

    7. Payment: MT-103.

    8. Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request and we are ready to forward to you the DOA/CONTRACT of work once you inform us if you will be Leasing or Purchasing.

    Best Regards

    NAME;Fred Stones
    E MAIL;premiumfinanceserviceltd@gmail.com .skype:fredforrealasurance403

    ReplyDelete
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  43. We have a direct genuine provider for BG/SBLC specifically for lease, at leasing price of 4+2 of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

    Contact : Mr. Johnson Hatton
    Email:johnsonhatton@gmail.com
    Skype ID: johnson.hatton007

    Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved.

    All inquires to Mr. Johnson Hatton should include the following minimum information so I can quickly address your needs:

    Complete contact information:
    What exactly do you need?
    How long do you need it for?
    Are you a principal borrower or a broker?

    Contact me for more details.

    Johnson Hatton

    ReplyDelete
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  45. We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both individuals and corporate bodies.

    DESCRIPTION OF INSTRUMENTS

    1. Instrument: Funds backed Bank Guarantee(BG) ICC-600
    2. Currency : USD/EURO
    3. Age of Issue: Fresh Cut
    4. Term: One year and One day
    5. Contract Amount: United State Dollars/Euros (Buyers Face Value)
    6. Price : Buy:32%+1, Lease: 4%+2
    7. Subsequent tranches: To be mutually agreed between both parties
    8. Issuing Bank: Top RATED world banks like HSBC, Barclays, ING Dutch Bank, Llyods e.t.c
    9. Delivery Term: Pre advise MT199 or MT799 first. Followed By SWIFT MT760
    10. Payment Term: MT799 & Settlement via MT103
    11. Hard Copy: By Bank Bonded Courier


    Interested Agents,Brokers, Investors and Individual proposing international project funding should contact us for directives.We will be glad to share our working procedures with you upon request

    Name: Ardan Clooney

    Email:brandfinance33@gmail.com

    ReplyDelete
  46. We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both individuals and corporate bodies.

    DESCRIPTION OF INSTRUMENTS

    1. Instrument: Funds backed Bank Guarantee(BG) ICC-600
    2. Currency : USD/EURO
    3. Age of Issue: Fresh Cut
    4. Term: One year and One day
    5. Contract Amount: United State Dollars/Euros (Buyers Face Value)
    6. Price : Buy:32%+1, Lease: 4%+2
    7. Subsequent tranches: To be mutually agreed between both parties
    8. Issuing Bank: Top RATED world banks like HSBC, Barclays, ING Dutch Bank, Llyods e.t.c
    9. Delivery Term: Pre advise MT199 or MT799 first. Followed By SWIFT MT760
    10. Payment Term: MT799 & Settlement via MT103
    11. Hard Copy: By Bank Bonded Courier


    Interested Agents,Brokers, Investors and Individual proposing international project funding should contact us for directives.We will be glad to share our working procedures with you upon request

    Name: Muhammed Emir Harun

    Email:info.financewizardltd@gmail.com


    ReplyDelete
  47. We offer fresh cut bank instrument for lease, such as BG, SBLC, MTN, Bank Bonds, Bank Draft, T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both individuals and corporate bodies.

    DESCRIPTION OF INSTRUMENTS

    1. Instrument: Funds backed Bank Guarantee(BG) ICC-600
    2. Currency : USD/EURO
    3. Age of Issue: Fresh Cut
    4. Term: One year and One day
    5. Contract Amount: United State Dollars/Euros (Buyers Face Value)
    6. Price : Buy:32%+1, Lease: 4%+2
    7. Subsequent tranches: To be mutually agreed between both parties
    8. Issuing Bank: Top RATED world banks like HSBC, Barclays, ING Dutch Bank, Llyods e.t.c
    9. Delivery Term: Pre advise MT199 or MT799 first. Followed By SWIFT MT760
    10. Payment Term: MT799 & Settlement via MT103
    11. Hard Copy: By Bank Bonded Courier


    Interested Agents,Brokers, Investors and Individual proposing international project funding should contact us for directives.We will be glad to share our working procedures with you upon request

    Name: Ardan Clooney

    Email:brandfinance33@gmail.com

    ReplyDelete
  48. Email : Email : CMRDA HORSE ACCOUNT LIMITED
    Company number 08432412
    Furley Page Llp, 39 St Margaret's Street, Canterbury, Kent, CT1 2TX.


    We have genuine financial instrument to help you support and make your dream project come to reality.With our cutting edge and group capital fund we can finance your signatory projects and help you to enhance your business plans,this offer is open to both individuals and corporate bodies.

    DESCRIPTION OF INSTRUMENT:
    (1) Instrument: Bank Guarantee {BG} /StandBy Letter of Credit.{SBLC} (Appendix A).
    (2) Total Face Value: Eur/USD 1M{Minimum} to Eur/USD 100MNJH{Maximum}.
    (3) Issuing Bank: AAA Rated Bank (Prime Bank).
    (4) Age: One Year and One Day.
    (5) Leasing Price: 4% of Face Value plus 2% commission.
    (6) Delivery: bank to bank SWIFT MT-799 and/or MT-760.
    (7) Payment: MT103 (TT/WT).
    (8) Hard Copy: Bonded Courier Service.

    Intermediaries/Consultants/Brokers are welcome to bring their clients and are 100% protected. In complete confidence, we will work together for the benefits of all parties involved,If in need of our services, contact me for detail information.

    For all inquires Contact:

    Name : HALL THOMAS
    Email : cmrdahorseactltd@gmail.com

    ReplyDelete
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    ReplyDelete
  50. Dear Sir/Ma,

    We Facilitate Bank Guarantee (BG) & Standby Letter of Credit (SBLC) Instrument Direct Mandate Provider of Fresh Cut Bank Instrument for Lease/Purchase such as BG, SBLC, MTN.

    We are a Finance Industry Company professionals with over 15 Years Experience and a focus on providing Bank Guarantee (BG),Standby Letter of Credit (SBLC), MTN (Mid Term Note) and LTN (Long Term Note) from some of the World Top 25 Prime Banks primarily from Barclays, Deutsche Bank, HSBC, Credit Suisse e.t.c.

    FEATURES:

    Bank Guarantees & SBLC’s in Standard Formats from Major Banks! Amounts from $1 million to 5 Billion+ Euro’s or US Dollars Great Attorney Trust Account Protection Delivered via MT760 Swift with Full Bank Responsibility MT799 and MT103 preadvice included.

    Brokers Always Protected.

    Purchase Instrument of BG/SBLC : 32%+2% Minimum Face Value = EUR/USD 1M-5B

    Lease Instrument of BG/SBLC : 4%+1% Minimum Face Value = EUR/USD 1M-5B

    We will be glad to share our working procedures with you upon request.

    Name : Brian Fitzgerald

    Email: secureinquiryfinance@gmail.com

    Skype: secureinquiryfinance

    ReplyDelete
  51. Are you looking for financing source such as Bank Guarantee (BG) and Standby Letter Of Credit (SBLC)?
    I am a direct mandate to a Financial Institution who is also known as private lender specialized in the Lease of Bank / Financial Instruments in the form of Bank Guarantees (BG), Standby Letter of Credit (SBLC), Documentary Letter of Credit (DLC), Letter of Credit (LC), Performance Bonds (PB);
    Whether you are new starting up, medium or large establishment that needs a financial solution to fund/get your project started or an established business looking for extra CAPITAL to expand your operations, our company renders all the credible and trusted bank guarantee providers who are willing to fund and give financing solutions that suits your specific business needs.

    We help/assist you secure SBLC and bank guarantee (BG) for your trade and investment from world ranked Banks such as; HSBC, Barclays Deutsche Bank Frankfurt, and Any A rated Bank in Europe e.t.c

    DESCRIPTION OF INSTRUMENT:

    (1) Instrument: Bank Guarantee {BG} /StandBy Letter of Credit.{SBLC} (Appendix A).

    (2) Total Face Value: Eur/USD 1M{Minimum} to Eur/USD 10B{Maximum}.

    (3) Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank Frankfurt.

    (4) Age: One Year and One Day.

    (5) Leasing Price: 5% of Face Value plus 2% commission.

    (6) Delivery: bank to bank SWIFT MT-799 and/or MT-760.

    (7) Payment: MT103 (TT/WT).

    (8) Hard Copy: Bonded Courier Service.

    RWA ready to close leasing with any interested client in few banking days
    We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.

    For further inquiry contact
    Email : Saban.financialbg@gmail.com
    Skype : Saban.financialbg

    ReplyDelete
  52. Apply for a loan

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  53. Apply for a loan

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  54. We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

    We deliver with time and precision as sethforth in the agreement. Our terms and Conditions are reasonable, below is our instrument description.

    The procedure is very simple; the instrument will be reserved on euro clear to be verified by your bank, after verification an arrangement will be made for necessary bank documents and stock testing expenses, the cost of the Bank Guarantee will be paid after the delivery of the MT760.

    DESCRIPTION OF INSTRUMENT:
    Instrument: Bank Guarantee (BG/SBLC).
    Total Face Value: Minimum of 1M Eur/USD (One Million Eur/USD) to Maximum of 5B Euro/USD(Five Billion Eur/USD).
    Issuing Bank: HSBC London, Barclays Bank, Deutsche Bank Frankfurt, Hong Kong, Any AA rated Bank in Europe or any Top 25 WEB.
    Age: One Year, One Day
    Leasing Price: 4% of Face Value plus 1% commission fees to brokers.
    Delivery: Bank to Bank SWIFT.
    Payment: MT-760.
    Hard Copy: Bonded Courier within 7 banking days.

    All relevant business information will be provided upon request plus our terms and
    procedures.

    Contact name: Azra Ishaque

    Email : lintel.financialservicesplc@gmail.com

    Skype : lintel.financialservicesplc

    ReplyDelete
  55. Urgent Affordable loan. search no more. contacting the right company for legitimate loan lender have always been a huge problem to clients who have financial problem and in need of solution to it at an affordable interest rate? processed within 4 Of 6 working days. have you been turned down constantly by other banks and other financial institutions? contact Mr Eric Benson Financial Corporation Inc, We offer loans ranging from (6,000.00 $ˆ£ To 100,000,000 $ˆ£ Or It\'s equivalent In Euro & USD, Pounds). At 2.% interest rate per-day. Loans for developing business a competitive edge/Business expansion. We are certified, trustworthy, reliable, efficient, fast and dynamic. And a Co-operate Financier For Real Estate And Any Kinds Of Business Financing, Contact us today at: ericloanfinance122@gmail.com or contact Call/Text +19705928271

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