Strips markets

The yield analysis described above considers coupon bonds as packages of zeros. How does one compare the yields of zero-coupon and coupon bonds A two-year zero is clearly the point of comparison for a coupon bond whose duration is two years. What about very long-dated zero-coupon bonds, though, for which no equivalent coupon Treasury is usually available The solution lies in the technique of stripping coupon Treasuries, which allows implied zero-coupon rates to be calculated, which can be compared with actual strip-market yields. 

Treasury analysts have observed some long-standing anomalies in the Treasury-strip market. These include the following ... 

The strips with the longest maturities are the most expensive. As in all well-developed strip markets. Treasury strips having the longest duration and the greatest convexity trade expensive relative to their theoretical values. Conversely, those with intermediate maturities tend to trade cheap to the curve. This is evident from a comparison of the Treasury strip and coupon curves. 

Intermediate maturity coupons are often cheap relative to the curve. Because of client demand for longer maturities, market makers often find themselves with large quantities of intermediate-maturity coupon strips. In the Treasury strip market, 3- to 8-year coupon strips have traded cheap to the curve for this reason. 

In contrast to the situation in most strip markets. Treasury strips with very short maturities do not trade expensive relative to the curve. When the yield curve is positive, short strips are often in demand because they enable investors to match liabilities without reinvestment risk and at a higher yield than they could get on coupon bonds of the same maturity. The Treasury strip yield curve, on the other hand, has been inverted from before there was a market. In other government strip markets, such as Frances, however, short maturities of up to three years are often well bid. 

Choudhry, M. 1999. Introduction to the Gilt Strips Market. London Securities Institute (Services) Limited. 

Agar occurs as a cell-wall constituent of the red marine algae Rho ophyceae, from which it is extracted by hot water, and marketed as a dry powder, flakes, or strips. It dissolves in hot water and sets on cooling to a jelly at a concentration as low as 0-5%. Its chief uses are as a solid medium for cultivating micro-organisms, as a thickener, emulsion stabilizer in the food industry and as a laxative. 

The urea produced is normally either prilled or granulated. In some countries there is a market for Hquid urea—ammonium nitrate solutions (32% N). In this case, a partial-recycle stripping process is the best and cheapest system. The unconverted NH coming from the stripped urea solution and the reactor off-gas is neutralized with nitric acid. The ammonium nitrate solution formed and the urea solution from the stripper bottom are mixed, resulting in a 32—35 wt % solution. This system drastically reduces investment costs as evaporation, finishing (priQ or granulation), and wastewater treatment are not required. 

Laminated Strand Products. The most recent developments in the family of wood-based composites are a group of laminated strand products, made with strands oriented in the long direction of the product and marketed as stmctural composite lumber. One product is made with long, narrow strips of softwood veneer. The strips or strands are about 2.5 x 13 x 600 mm (0.1 x 0.5 x 24 in.), coated with a PRE adhesive, and pressed under heat and pressure into large blocks. After the resin is cured the blocks are resawn and planed into lumber dimension stock. 

The most important considerations in marketing and estabUshing a crop from a new source are constancy of supply and quahty. Eor some spices, it is difficult to reduce labor costs, as some crops demand individual manual treatment even if grown on dedicated plantations. Only the individual stigmas of the saffron flower must be picked cinnamon bark must be cut, peeled, and roUed in strips mature unopened clove buds must be picked by hand and orchid blossoms must be hand pollinated to produce the vanilla bean. 

Condensable hydrocarbons are removed from natural gas by cooling the gas to a low temperature and then by washing it with a cold hydrocarbon hquid to absorb the condensables. The uncondensed gas (mainly methane with a small amount of ethane) is classified as natural gas. The condensable hydrocarbons (ethane and heavier hydrocarbons) are stripped from the solvent and are separated into two streams. The heavier stream, which largely contains propane with some ethane and butane, can be Hquefied and is marketed as Hquefied petroleum gas (LPG) (qv). The heavier fractions, which consist of and heavier hydrocarbons, are added to gasoline to control volatihty (see Gasoline and other motor fuels). 

Rheometric Scientific markets several devices designed for characterizing viscoelastic fluids. These instmments measure the response of a Hquid to sinusoidal oscillatory motion to determine dynamic viscosity as well as storage and loss moduH. The Rheometric Scientific line includes a fluids spectrometer (RFS-II), a dynamic spectrometer (RDS-7700 series II), and a mechanical spectrometer (RMS-800). The fluids spectrometer is designed for fairly low viscosity materials. The dynamic spectrometer can be used to test soHds, melts, and Hquids at frequencies from 10 to 500 rad/s and as a function of strain ampHtude and temperature. It is a stripped down version of the extremely versatile mechanical spectrometer, which is both a dynamic viscometer and a dynamic mechanical testing device. The RMS-800 can carry out measurements under rotational shear, oscillatory shear, torsional motion, and tension compression, as well as normal stress measurements. Step strain, creep, and creep recovery modes are also available. It is used on a wide range of materials, including adhesives, pastes, mbber, and plastics. 

For solvent extraction of pentavalent vanadium as a decavanadate anion, the leach solution is acidified to ca pH 3 by addition of sulfuric acid. Vanadium is extracted in about four countercurrent mixer—settler stages by a 3—5 wt % solution of a tertiary alkyl amine in kerosene. The organic solvent is stripped by a soda-ash or ammonium hydroxide solution, and addition of ammoniacal salts to the rich vanadium strip Hquor yields ammonium metavanadate. A small part of the metavanadate is marketed in that form and some is decomposed at a carefully controlled low temperature to make air-dried or fine granular pentoxide, but most is converted to fused pentoxide by thermal decomposition at ca 450°C, melting at 900°C, then chilling and flaking. 

Some by-product polyethylene waxes have been recently introduced. The feedstock for these materials are mixtures of low molecular weight polyethylene fractions and solvent, generaHy hexane, produced in making polyethylene plastic resin. The solvent is stripped from the mixture, and the residual material offered as polyethylene wax. The products generaHy have a wider molecular weight distribution than the polyethylene waxes synthesised directly, and are offered to markets able to tolerate that characteristic. Some of the by-product polyethylene waxes are distHled under vacuum to obtain a narrower molecular weight distribution. 

For many years atactic polypropylene was an unwanted by-product but today it finds use in a number of markets and is specially made for these purposes rather than being a by-product. In Europe the main use has been in conjuction with bitumen as coating compounds for roofing materials, for sealing strips where it confers improved aging properties and in road construction where it improves the stability of asphalt surfaces. Less important in Europe but more important in USA is its use for paper laminating for which low-viscosity polymers are used, often in conjunction with other resins. Limestone/atactic... 

A substantial part of the market for the ethylene-vinyl acetate copolymer is for hot melt adhesives. In injection moulding the material has largely been used in place of plasticised PVC or vulcanised rubber. Amongst applications are turntable mats, base pads for small items of office equipment and power tools, buttons, car door protector strips and for other parts where a soft product of good appearance is required. Cellular cross-linked EVA is used in shoe parts. 

Tubes and profiles remain a small but important market for PPVC, with garden hose being one well-known end-use. Other examples are trim and edging strips for furniture. 

Storage in the same primary container as will be used on the market, e.g., blister strips for tablets or ovules, tubes for creams, or vials and ampules for injectables. 

Since 1978, the microprocessor has been increasingly used in electrochemical apparatus34. For instance, the above-mentioned microprocessor-controlled pH meters appeared on the market in about 1979 and the first application of a microprocessor in the differential pulse technique was even reported in 197735, in stripping voltammetry in 197836 and in combinations of various techniques37 41 from 1980 to 1982. 

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