gap between Prime and Secondary The investment markets remain defensive with demand for prime, low yielding properties high although supply is scarce.
Some institutions actually package the pool in "simulation" mode and apply the historic yield
rate on those offers to understand if budget targets for the entering class would be exceeded.
By the time it had finished the Pru's battered shares were sporting a historic yield
of eight per cent, signalling for practical purposes a view that there is something like an even chance that this year's dividends will be halved.
Suspected of trying to ensure full compensation to farmers for intervention price cuts, some Member States are now disputing the reference period used by the Commission to calculate the 'historic yield' of arable crops in a given region - but as it involves GATT commitments, changing the reference period would be a complicated business.
The Commission is willing to take this on board and discuss a recalculation of the historic yield, but only if those Member States can prove that this is the case, to prevent 'shopping' for greater price cut compensation for farmers.
made up the difference based on historic yield
rates of the acreage each farmer enrolled in the subsidy program.
This gave the shares a historic yield
of 6.3 per cent after they had slipped 3p to 215 1 /2p, 7.4 times the year's underlying earnings.
This compares with historic yields
of 6.1 percent and 6.5 percent, respectively, for these portfolios.
Based on historic yields
, this multi-media format is showing promise as a leading industry commodity.