| How to Issue Corporate Bonds Posted: 08 Apr 2016 05:00 PM PDT Corporate bonds are a financial tool that a corporation uses to raise funding. They are an alternative to acquiring loans from a bank or issuing shares of stock. Corporations use the money from bond sales to finance a variety of improvements, like business growth, new factories, or new equipment. When an investor buys a corporate bond, he is essentially buying an IOU from the corporation that is to be paid back after a pre-determined time (the maturity date). The bond will also typically pay coupon payments, which are interest-based payments made to the bondholder at regular intervals (usually semi-annually).[1] Corporations usually enlist the help of investment banks, which function as underwriters, to organize the creation, marketing, and sale of the bonds. EditDeciding to Issue Corporate Bonds - Consider internal financing first. Internal financing is generally cheaper than seeking outside funding for a project. Conduct a review of your company's financials to uncover areas where you can save money or redirect funds. Some areas to check include within subsidiaries, executive perks, capital expenditure, and recruitment expenses, among others.[2]
- Look into alternative external fundraising options. If you determine that outside funding is necessary, consider selling stock or acquiring a loan. A loan can reliably provide capital to the company, however it can also restrict their activities and may charge a higher interest rate than a bond issuance would. With stock issuances, companies can get even cheaper capital, however now they have sold even more of their equity to investors and may be held responsible for fulfilling investor requests.
- Bonds should not be issued by companies who already carry large amounts of debt, as a bond issuance simply increases debt and makes an already unstable company more so.[3]
- Consider private placement. Private placement involves the selling of unregistered (not registered with the SEC, that is) stocks or bonds to institutional investors. This type of bond may be advantageous to a company as the costs of the issuance are cheaper due to smaller regulatory and marketing costs. However, this type of issuance still requires the assistance of an investment bank, both to file the proper letter of intent and private placement memorandum and to connect the issuing company with institutional investors (large, non-bank funds).[4]
- Calculate the cost of issuing bonds. In order to issue corporate bonds, the company will have to be sure that it is able to make payments on the bonds. That is, future cash flows will have to be substantial enough to cover both the coupon payments every six months or every year and the par value of the bonds when they reach maturity. This will require both a schedule of potential bond payments and the future expenses and earnings of the company.
- The company will also have to factor in transaction costs associated with the issuance of the bonds, which will be charged by the investment bank.
- For these reasons, bond issuances are usually not a good idea for startups, because their revenues may be low or negative for the first couple years of operation, leaving them unable to service their debt obligation.[5]
EditWorking With the Underwriter - Select an underwriter. The underwriter is an investment bank acts as a middleman between the bond issuer and the investors. The underwriting firm works with your company (the issuer) to begin the process of issuing corporate bonds by determining the specifics of the bond, including when the bonds will mature, the interest rate offered, and the price of the bonds. Both the issuer and the underwriting firm will be represented by legal counsel.
- Investment banks function as underwriters because they have a better understanding of bond market and regulations than the issuer.[6]
- Invite additional underwriters to be involved in the deal. The primary underwriter will invite other investment firms to join the deal. Those who accept the invitation create what is called an underwriting syndicate. Your project is deemed officially "launched" once the syndicate has been formed.
- Forming a syndicate allows the underwriters to reduce individual risk and reach a larger group of potential investors.[7]
- Work with the underwriter to create beneficial bond terms. Bonds are issued with specific durations and the duration and payment frequency of your bonds will depend on your capital needs. In addition, your bond will be rated for risk based on your company's risk profile. The combination of these factors will determine the interest rate on the bond. In addition, market analysis will determine the price on the bond. These are the basic terms of the bond, however there may be others, including:
- Whether or not the bond is secured by the company's assets. These "collateralized" bonds allow investors to claim the company's assets in the event the bond payments go unpaid. Collateralized debt may carry less interest expense for the issuer, as it is considered less risky.
- Callable bonds. These bonds are able to be "called," or paid off, before the maturity date.
- Convertible bonds. These are bonds that can be converted into a set number of the company's shares of stock. Ideally, these allows for the investor to benefit from rising stock prices and the company can then be off the hook for repaying the bonds.[8]
- Write and submit the registration statement to the SEC. The U.S. Securities and Exchange Commission (SEC) requires that corporations who desire to issue corporate bonds submit a registration statement with a prospectus that will outline the price of the bonds as well as what the company will do with the funds they plan to raise with the issue of corporate bonds. Filings with the SEC also include GAAP-compliant financial statements for the issuer, the issuer's type of business, a risk profile of the investment, a management profile, and, later, a list of major investors.
- All of the participants in the deal, including the issuer and members of the underwriting syndicate, work collectively on the language and format of the registration statement.[9]
EditSelling the Bonds - Price the bonds. Set the final price of the issue after you've sent the registration letter and taken preliminary orders for the bonds. Submit the final pricing to the Trade Reporting and Compliance Engine (TRACE) which is a part of the National Association of Securities Dealers.
- The underwriter should price the bond in accordance with their understanding of the bond market.[10]
- Locate the right market for the bonds. Corporate bonds may be issued publicly or privately. Privately-marketed bonds are known as private placements. However, publicly-issued bonds can also be issued in capital markets or banking markets, or both. Work with the underwriter or underwriting syndicate to determine the best market for your bonds based on the nature of your issuance.[11]
- Market the bonds. The Lead Manger will complete a questionnaire from the Depository Trust and Clearing Corporation (DTC) which will allow you to be eligible for the bonds services that DTC provides, such as distribution and depository. Once your issue has been approved, you can commence marketing and taking orders for your bonds.[12]
- Bonds may be marketed to investors through the underwriters' personal connections or through financial publications like the Wall Street Journal or Barron's.[13]
- Deposit bonds and distribute funds. After you have issued your corporate bonds and deposited them with DTC, the lead underwriter handles the distribution of the bonds to the underwriting syndicates who in turn issue the bonds to investors. After the bonds have sold, the lead underwriter is responsible for distributing the funds to the issuer.
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| How to Deal With Panic Attacks As a Child or Teenager Posted: 08 Apr 2016 09:00 AM PDT Do you get anxious? Do you ever feel trapped and just want to run, but you can't? You might be having a panic attack. Panic attacks are bursts fear that usually include trouble breathing, shaking, sweating, or feeling like you're choking.[1] Panic attacks are scary and they can happen anywhere, such as while you are spending time with friends, working on homework, or sitting in class at school. But by learning to calm yourself in an attack, making changes to your diet and activity level, and seeking professional help, you can take back control. EditCalming Yourself During an Attack - Learn the signs. The sooner you recognize the signs of an attack, the better chance you have of controlling it. Panic attacks can come on suddenly through "triggers," but have clear patterns.[2]
- People who get panic attacks usually feel a sense of fear, danger, doom, or loss of control. You may feel detached – that is, like things around you aren't real.
- How do you feel right before an attack? This can tip you off: rapid heart rate, sweating, shaking, trouble breathing, and even chills or dizziness.
- For many people, panic disorder comes along with other fears, like being in closed spaces (called "claustrophobia").[3]
- Stay put. You might get an attack from fear of a closed space, reliving a scary event, or seeing a certain person. These can be "triggers." Your first reaction is to flee. But in most cases, it's better to stay where you are until the attack passes.[4][5]
- Unless it is unsafe, stay put while the attack occurs. If you're in a car, try to have the driver pull over and stop.
- Trying to run from your triggers can lead to what's called "phobic avoidance," which can be really harmful.
- People who have lots of attacks often get something called "agoraphobia." Doctors used to think this was a fear of public places. But we now know it occurs when people avoid being in public from fear of an attack or being embarrassed.
- Focus on something else. Instead of running, remind yourself that your fear will pass. Focus on a non-threatening or visible object, for example, like items in a shop window or the moving hands on a clock until you feel the panic subside.[6][7]
- If you can, recite something in your head like a favorite poem, a mantra, or the times-tables. This will distract you from what triggered the attack in the first place.
- You can also try to imagine something calm, like a place or situation that makes you peaceful, relaxed, and positive. It could be your grandma's house or by the seaside.
- Slow your breathing. Try to focus on your breathing, as well. You'll take short and shallow breaths in a panic, which can actually make your feelings of anxiety worse. Slow your breaths; breathe deeply.[8]
- Inhale slowly to the count of four and then exhale. This will help you relax your mind and body.
- Practice deep, slow breathing when you are relaxed to get used to it.
- Challenge your fear – but don't fight the attack. Tell yourself that the panic is temporary. Try to figure out what triggered you and remind yourself that your fear is not real and will pass. Don't let it get the best of you.[9]
- Don't try to resist the feeling of anxiety. Resisting and failing might only increase your panic.
- Tell yourself that what you are feeling is uncomfortable, but won't hurt you.
EditMaking Lifestyle Changes - Do things to relax. If you suffer from panic attacks, it can be hard to come down and feel at ease. Try to learn ways to relax to relieve the tension. These may also help you keep your cool when actually having an attack.[10]
- Massage, yoga, aromatherapy, or pilates can relieve physical tension and put you at ease.
- For younger kids, do a calm activity you like. Paint, color, play outside, or read.
- Something called "progressive muscle relaxation" can work, too. To do this, tense one muscle at a time and then release it. Do this for all your major muscle groups.[11]
- You might even try different kinds of meditation. The slow, regular breathing and inner focus are especially helpful.
- Relax at least one or two times per day with whichever technique you like. Avoid practicing right after or before a meal, as hunger and fullness can distract you.[12]
- Get moving. Add exercise to your life, as well, especially aerobic kinds. This sort of exercise will cause your brain to release a hormone called serotonin, which will improve your wellbeing and mood.[13]
- Aerobic exercise boosts your heart-rate and breathing and includes things like running, fast walking, biking, and swimming. Get at least 150 minutes of moderate aerobic exercise per week.
- Add some strength training to your routine, as well, working major muscle groups once or twice a week.
- Get enough sleep. Did you know that sleep loss can make you more anxious? Lack of sleep can leave you feeling irritable, grumpy, or on edge. Some research shows that enough of it every day, on the other hand, may help lessen anxiety disorders.[14]
- Get enough rest! Kids from 3 to 13 years old need about 9 to 11 hours of sleep every night. Teens need 8.5 to 9 hours.[15]
- Cut out the caffeine, too. Try to avoid things like cola and coffee if you're having panic attacks. Not only will these things disrupt your sleep, but they'll increase your stress levels.
- Avoid alcohol, cigarettes, and other drugs. Drinking and smoking can be really harmful for kids and teens. It can be even more harmful when you have panic attacks. These substances are mood-altering, meaning they change the way your feel and the way your brain works – and not for the better.[16]
- It's best to stay away from drugs entirely. People with anxiety disorders are 2-3 times more likely than others to develop a drug abuse problem.
- Alcohol and drugs will not improve the way you feel. In fact, they can make anxiety and panic attacks worse.
EditGetting Support and Help - Talk to a counselor or therapist. If your fear and anxiety are getting out of control, you probably need help. One place to start is a counselor. Talking to someone – a professional – will help you learn more about what is making you panic, why, and how to reduce and control your symptoms.[17]
- Try your school. Many schools have counselors on staff to help students get through problems just like this. Ask to make an appointment.
- Talk to a trusted adult. Let an adult that you trust like a parent, teacher, close relative, or school worker know what is going on. They can help you look in your area for licensed social worker, therapist, or doctor who can help.
- A therapist might start you on a program of something called "Cognitive Behavioral Therapy" or CBT. You'll have regular sessions, work to identify what's behind the attacks, and get rid of your fears and anxieties. CBT will also teach you ways to deal with future attacks.[18]
- Let your friends know. Your friends may not realize that you're struggling with anxiety and panic attacks. They may not know what is going on, if or when you get an attack. Let them know – good friends will try to understand and help.[19]
- Friends can support you and help you through this tough time. If you feel comfortable (and you might not), you might let your other peers at school or work know what's going on, too.
- Having friends who know about your condition will help if you have an attack, as well. They can reassure you, calm you, and be there until you improve.
- Join a support group. You might also join a peer support group. There are lots of people like you who have problems with anxiety. It sometimes helps to see that you're not alone and learn how to manage the condition from each other.[20]
- See whether there are local groups where you live. In the Britain there are charity organizations like Anxiety UK that focus on anxiety-related issues, for instance.[21]
- Support groups often have face-to-face meetings, where you'll be able to talk about your problems in person. Other times, they can offer guidance in writing or over the phone.
- Seek medical advice. You might also need to talk to a medical doctor, either along with or apart from therapy. Your doctor will be able to look at your case and give you options for other treatment. This might include anti-anxiety meds or anti-depressants.[22]
- The doctor might give you "selective serotonin uptake inhibitors" (SSRIs), for example. These are anti-depressants like Prozac and Zoloft that can ease panic attacks.
- You could also be prescribed "serotonin and norepinephrine uptake inhibitors" (SNRIs) or benzodiazepine. The first are anti-depressants like SSRIs. The second are depressants like Xanax. These last ones can be habit-forming and are usually only for short-term use or emergencies.
- All meds can have side-effects. Talk to a doctor and only take medication that is prescribed for you.
- Keep in mind that SSRI anti-depressants carry a black box warning because they can increase the risk of suicidal thoughts and behavior in teens and young adults up to the age of 25.[23] Discuss the risks with your doctor before you decide to take an SSRI anti-depressant.
- Panic can sometimes take over quicker than you realize. When this happens, find another person and tell them that you're panicking. This could be a friend, a teacher, or a family member.
- Carry something that you can hold on to during a panic, like a necklace you like, a small crystal, a hairband around your wrist - any small item you can hold to give you a sense of control.
- Panic attacks can sometimes be very serious. If you find they are severe and frequent, seek professional help.
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| How to Apply Easy Eye Makeup Posted: 08 Apr 2016 01:00 AM PDT Of all the different types of makeup, eye makeup can be the trickiest and most time-consuming to do. If you're just starting to learn how to use makeup, it's a good idea to stick to simple, easy styles before trying out more complicated ones. Whether you're applying "no makeup" makeup or looking glam, easy eye makeup should only take a few minutes with a little practice. EditDoing Natural-Looking Eye Makeup - Brush a neutral eyeshadow across your eyelid. Load an eyeshadow brush with your makeup of choice and simply swipe it across your entire closed eyelid. Stop just above your crease.
- Avoid shimmery eyeshadows during the day if you're going for a "no makeup" look.
- Taupes, browns, honeys, and creams are the best eyeshadows to use for natural-looking makeup.
- Pick a color that is either slightly darker or lighter than your natural skin tone. If your skin is darker, a lighter eyeshadow usually works best, and vice versa if you're on the paler side. If you have medium skin, then you can pick either.[1]
- Even neutrals can stand out and be obvious if you pick one too different from your natural skin tone.[2]
- Dab a touch of highlighter at the inner corner of each eye. Select a very light eyeshadow, such as honey or white. Lightly load a clean eyeshadow brush and touch it to the corner of your eye near your tear ducts. This small detail will brighten up your eyes.
- You can also choose to use any other type of powder highlighter for this step. Foundations, concealers, and contouring kits will work here.[3]
- Blend your eyeshadow well. Use either a clean eyeshadow brush or the same brush you used on your main eyeshadow. Start from the upper outer corner of your eye where the eyeshadow begins. Make small, circular buffing motions across your eye's crease with the brush. Go over it a few times until the makeup looks totally natural.
- Blending softens harsh lines to create a more natural look. Here, well-blended makeup will form a gradient from your lid color to the surrounding skin tone.
- Since you only have one neutral color, it shouldn't take much time to blend properly.[4]
- Put on some subtle eyeliner. Apply a thin strip of eyeliner along your upper lashline.
- For the natural look, avoid heavy eyeliner. If your skin and eyes are fairly dark, some eyeliner on your lower lashline can appear natural. Otherwise, stick to the upper lid only.
- If you're a beginner and making a straight line is difficult, try using a kohl pencil rather than liquid or gel liner. Kohl pencils are easier to smudge and blend.[5]
- If you have blonde or red hair, consider using a brown or taupe eyeliner. Black eyeliner can stand out too much on people with lighter hair.
- If you're just learning how to do makeup, applying eyeliner can be tricky, especially when you're trying to make it look natural. Consider skipping it for now if you have trouble.
- Finish up with some light mascara. Brush a single layer onto your top lashes.
- Like eyeliner, this is another step that's optional for the natural look. Mascara is much easier to apply also but isn't essential, especially if you have naturally well-defined eyelashes.
- Wipe excess mascara off your brush before applying.
- If you have blonde hair or red hair, brown mascara will look more natural than black.[6][7]
EditCreating an Easy Classic Look - Select your eyeshadows. For this look, you will need two different eyeshadows: a lighter base color and a darker color to use for shading.
- You can pick any color for the base, as long as it's lighter than the crease color. Pick your favorite or coordinate it with your clothes.
- Some colors will look more flattering on you than others. Shades that match your eye color (blues for blue eyes, for example) will make them pop. Bright, vivid colors will look great on darker skin, while jewel tones tend to suit lighter skin.
- The most common shadow color to use is a simple black. A darker version of the base eyeshadow is also popular.
- Many eyeshadows come in palettes containing colors that work well together.[8]
- Brush your base color onto your entire eyelid. Load a clean eyeshadow brush with powder. Apply the eyeshadow to your lid beginning at the outer edge. Move the brush horizontally across your eyelid. Go back and forth a couple times for even coverage.
- Tap off the excess before bringing a loaded eyeshadow brush to your face to prevent fallout. This is especially important when working with non-neutral colors that contrast with your skin.
- Apply the darker color along your eyelid's crease. Start from the outer corner and swipe across inward towards your nose. You can use the same brush you used with the first color without needing to clean it off.
- Dab some highlighter at the inner corner of each eye. Load a clean eyeshadow brush with a little highlighter and gently touch it by your tear duct. This will brighten your eyes and make them look more vivid.[9]
- Highlighters can be any type of powder makeup that is very light (at least a little lighter than your natural skin tone). Popular choices of eye shadow highlighters are honey and white. You can also use lighter tones from powder foundations, concealers, or contouring kits.
- Blend your eyeshadows well. Use a clean makeup brush. A buffing brush will work best. Place the brush at the outer corner of your eyelid at the lashline. Make small, circular buffing motions from the corner to about a quarter of the way across your eyelid. This should blend the two colors together to create a seamless, airbrushed look. Next, run your brush back and forth along your eye crease. This will soften the shadow and make it look less harsh.[10]
- Add some eyeliner. Feel free to go a little heavy with the liner if you want. For the easiest (but still glamorous) look, simply line your upper lid with black. Start at the top outer corner of your eyelid and trace the lid towards your nose.
- If your hand isn't steady, try using a pencil instead of liquid liner. Liquid liner can be easier for some people to use but is harder to smudge and blend to correct uneven lines.
- Another easy and popular eyeliner style is the cat eye look. Simply add two more lines to the standard upper eyelid one you started with. Extend this line further out until the corner lines up with the end of your eyebrow. Next, take it back in and lightly line the outer half of your lower lid. Liquid and gel liners typically give you the best results for this sharp look.
- Finish up with mascara. Mascara works to open up your eyes by enhancing the lashes. For this style, you can use dark, dramatic mascara on either the top or both eyelids.
- Do your best to keep your mascara from clumping. To prevent clumping don't use more than two coats. If your mascara is clumping with only one or two coats, try removing excess product from the brush with a tissue before applying.[11]
EditPrepping Your Canvas - Start with your usual face routine. If you use foundation and/or concealer, apply these products before working on your eyes. Leave your eyebrows, blush, bronzer, and any contouring for after you apply your eye makeup.
- You don't always have to put makeup on in this order. Some people, including professional makeup artists, have a unique preferred application method. When you're just starting out, however, this is the easiest and most widely-used option.
- Apply eye primer. No matter what style eye makeup you'll end up putting on, putting down a base layer of primer on your lids will give you the best results. Primer gives you a smooth surface to work with, making the rest of your eye makeup much easier to apply. It also helps keep your makeup in place, preventing it from rubbing or sliding off.
- General makeup primer will also work for this step.
- If you don't have primer, you can use a layer of foundation and concealer instead. Make sure to seal it with powder to help your eyeshadow stick to this base.[12]
- Curl your eyelashes. Eyelash curlers can look intimidating, but they're actually very easy to use. If you decide to curl your lashes, be sure to do so before applying any mascara. Curling after the mascara has been applied can cause lash breakage.[13]
- Curling your eyelashes will make them look longer and fuller. It also makes your eyes look more open and alert.[14]
EditThings You'll Need - Makeup or eye primer
- Makeup brushes
- Eyeshadow(s)
- Eyeliner
- Mascara
- Eyelash curler
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