JUNE 2013 Vol. 2 - No. 10 - Emirates NBD · 2014. 2. 25. · Top tips for beating stress in the workplace: • Recognize the symptoms of stress: raised heart rate, shallow breathing,

News update

>> MSCI upgrades UAE, Qatar to emerging markets status

>> Dubai GDP grew 5.3% in Q4, 2012

>> Dubai bank ENBD completes purchase of BNP’s Egypt arm

>> Dubai’s ICD raises USD2.55bn to refinance part of USD6bn loan

>> UAE regulator says bourse merger would have ‘many advantages’

>> Barwa Real Estate to sell USD7.1bn of assets to Qatari Diar

>> UAE’s Al Jaber aiming to conclude debt deal by Sept 30

>> DP World extends maturity on USD1bn loan for additional year

>> UAE finances strengthening but risks in Dubai – IMF

>> Dubai’s DEWA repaid USD871m sukuk on June 17

Beating the stress when you’re hot under the collar

How to plan for future personnel needs

IMF recommends measured growth of real estate sector

>> Read more >> Read more>> Read more >> Read more >> Read more

JUNE 2013 Vol. 2 - No. 10

Fed tapering begins as MSCI upgrades Qatar, UAE

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FX week in review

May 30 2013 June 20 2013Bahrain (BSE) 11 12.8Kuwait (KSE) 41.7 35.8Oman (MSM) 11.2 10.9Qatar (DSM) 9.6 10.6Saudi Arabia (TASI) 8.9 10.7Dubai (DFM) 44.1 45.5Abu Dhabi (ADX) 34.2 38.1S&P GCC 9.7 11

GCC regional markets (% change YTD)

Source: Zawya.com

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Beating the stress when you’re hot under the collar

By Jude Hardy

Long working hours, fast-paced modern workplaces and the stresses of everyday life all add to stress levels. Anyone can be affected by stress, but it’s how you deal with a stressful period that will really set you apart from your colleagues.

The first step is to recognize the signs of stress. These include becoming easily agitated or frustrated; having difficulty relaxing generally; physical symptoms like headaches and a lack of energy, increased heart rate and chest pain and even an upset stomach. These symptoms can all lead to more serious conditions, such as depression, anxiety, heart attacks, stroke, hypertension, and immune disorders.

So before you make yourself ill, take steps to

identify and tackle stress in the workplace. In this technological age, there are hundreds of phone apps designed to act as mobile stress relief reminders. Firstly, check out the Stress Tracker. Use this app to identify symptoms of stress and other potential triggers. Answer a few questions and this free tracker will tell you how stressed you are on a scale of one to 10 (one being “relaxed”, 10 being “stressed”). Another great free app for the iPhone is the Anti-Stress Quotes app. Perhaps all you need is to read a couple of lines about how stress is not worth stressing about!

It might seem simple to take a few deep breaths, but yes, there are even apps that instruct you on the best ways to do this. Take a look at Breathing Zone – an app that gives you a series of breathing exercises for “mindful breathing”. A colorful function allows the user to visualize each breath.

With so many people tied to their desks, it’s no wonder that chair-yoga was invented. That’s right, you can do a yoga session right from the comfort of your chair, in your office. You might get some funny looks from your colleagues, but once they see how relaxed you are, they’ll be asking you for recommendations. There are hundreds of apps that present quick in-seat yoga sessions, many of which are simply entitled “chair yoga”. The best way to find an app that suits you is to search the play store via your own smartphone.

If you’ve had a stressful day and still feel stressed after you’ve left on a business trip,

try the Airplane Yoga app; great for long-distance travelers. The app lays out a series of moves, from wrist rotations and forearm relief, to breath-awareness and seated poses, face massages and de-stress breathing. The exercises are slated to not only relieve stress, but also boost circulation, release tension, and eliminate sore limbs, aches and pains.

And if all these apps don’t work, think back to the stress ball that became so popular during the 1980s. Well now there’s AntiStress – an iPhone app that turns your smartphone into a stress buster. Instead of throwing the contents of your desk across the office, shake the iPhone during an anti-stress session and it will alert you to when you can stop shaking the handset. To release stress “a confident and non-stop shaking action is needed”, according to developers Signs Studios.

Top apps:

• Breathing Zone (USD3.99/AED14) • Airplane Yoga (USD3.99/AED14) • AntiStress (USD0.99/AED4) • Stress Tracker (free) • Anti-Stress Quotes (free) • Chair Yoga (numerous, free and paid)

Top tips for beating stress in the workplace:

• Recognize the symptoms of stress: raised heart rate, shallow breathing, excess sweating, and panicked thoughts.

• If you start to feel stressed, take a long, deep breath. Sure, your colleagues might look at you strangely, but you’ll feel much better.

• Get outside of the office. If it becomes too much and it feels like the walls are closing in on you, walk outside, into the sunshine or a wide, open space. That closed-in feeling will soon disappear.

• Identify external aspects of your life that calm you down. It might be Beethoven, it might be a cup of tea. Just make sure you get some of that stress-relief when you’re feeling it the most. © Zawya

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How to plan for future personnel needsBy Jude Hardy

There’s a lot of advice out there about how to conduct effective interviews, how to source the right candidate for a role, and even how to see through CV jargon to a candidate’s ‘true’ value. While it might be easier to source employees for low-profile roles, finding, interviewing, and selecting candidates for high-profile, top-management roles is not so easy.

Your CEO has just announced he/she is retiring – what do you do? Rush around in a panic, wondering how you’re going to replace the irreplaceable is one option. A preferable option, of course, would be to plan ahead,

pre-empting the CEO’s decision to retire.

According to Executive Search Consultants Stanton Chase International, top senior positions are the most difficult to fill for two main reasons – firstly, finding good quality candidates takes some time; and secondly the HR department may not even know what kind of employee they’re looking for and why. So what’s their advice? Start gathering information as soon as possible. This will undoubtedly speed up the recruitment process.

The way to speed up this recruitment process is three-fold:

1. Be prepared. It might not seem very appropriate to plan for a colleague’s departure before they’ve even announced it, but if you’re facing the prospect of replacing top management, it is necessary. Before any vacancy occurs, ask your HR department to do some research. What should they look for in top candidates? If they can first determine this, it will save a lot of time further down the road. Knowing where to find your prospective replacement CEO will cut down on hassle, time, and frustration in the long run. “Don’t react to a situation; plan for it,” the Stanton Chase team advised.

2. Look to the long term. Although this is related to point 1., it’s important for companies to realize that they need to keep in close touch with their HR departments. Firstly finding out what business development opportunities the

company might be making and then involving the HR department on the decision process, can not only dramatically reduce lead times for finding top management; but when the time comes to implement any strategic business plans (expansion or new directions) you’ll already have suitable candidates lined up.

3. Recycle. This doesn’t mean recycle the same candidates, or candidates you’ve seen before and haven’t hired, but go through those stacks of resumes that might not seem great for one job – you might find some hidden gems in there that are deemed appropriate for other positions in the future. This will give you a head start. “The key is to communicate with these candidates,” the Stanton Chase team said. “Explain why they weren’t considered for the current position. Then, make sure they understand that you are still interested for the future.”

Of course once you’ve taken these three preparatory steps and have actually sourced a candidate you think worthy of the role, it’s important to remember these points for selection:

• Cultural fit. Just because the candidate looks good on paper doesn’t mean they’re going to fit in with your company’s culture. This is even more important for CEOs and top management; if they don’t fit in and they’re supposed to be leading the company, then there’s a problem.

• Vision. Make sure you’ve outlined your

company’s vision long before interviewing any potential candidates for top management positions. If you don’t know your vision, you won’t be able to communicate it to them either.

• Get a second opinion. More often than not, CEOs and other members of top management are asked to find their own replacement. If you’re asked to do this, bring in someone to give an independent opinion on the candidate.

• Plan out the transition. Any CEO or top executive departure from a company can leave it reeling. If you’re worried about this transitional period, make sure your departing CEO makes some kind of transition plan for his/her predecessor. After all, there’s no better person to hand over than the departing employee themselves. © Zawya



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MARKETS UPDATE

Fed tapering begins as MSCI upgrades Qatar, UAEGlobal markets’ fears have come true.

The U.S. Federal Reserve chairman Ben Bernanke’s pronouncement that he could start winding down the monetary stimulus program has upset the global market rally and dampened optimism.

Investors have lost their nerves and virtually all asset classes took a battering as analysts expect tapering – the Federal Reserve’s preferred word to signal a rollback of its expansionary monetary policy – to begin its initial phase as early as September with monetary purchases ending by mid-2014 if the U.S. economy continues to recover.

In reality the Fed’s decision to ease back should be good news for the global markets, which have become accustomed to central bank handouts and have focused on monetary policy of central banks as a guide rather than global macroeconomic and corporate fundamentals.

The Fed announcement came days after the International Monetary Fund suggested the U.S. should prepare for a smooth exit, as the economy improves.

However, it warned that a long period of exceptionally low interest rates may entail potential unintended consequences for domestic financial stability and “has complicated the macro-policy environment in

some emerging markets.”

Indeed, the Fed announcement comes at a time when emerging markets are showing signs of weariness.

“Growth in the developing world will remain solid, albeit slower than the frenetic growth rates seen during the pre-crisis boom period, as developing countries grapple with home-grown challenges brought on by capacity constraints in many middle income countries,” said the World Bank in its latest forecast.

The bank said risks to the region include a gradual reduction in Chinese investment, Japanese quantitative easing, rapidly expanding credit, and rising asset prices.

The bank also believes Middle East and North Africa will collectively grow at 2.5%, although energy exporters may be more comfortable.

Most experts don’t expect the Fed tapering to have a huge impact on GCC markets, given their loose connection to global markets. In fact, the MSCI’s decision to upgrade the UAE and Qatar may well insulate the regional markets for some time.

Emirates NBD expects the upgrade to attract institutional investors and see additional flows of USD 400 million into the two markets.

News of Abu Dhabi and Dubai working on merging their financial markets are also a welcome signal.

Still, most of the high-flying GCC markets were trending lower by the third week of June, compared to the end of May, although Qatar, Saudi Arabia and Bahrain – which have lagged their Gulf peers for much of the year – ticked upwards.

Oil

Oil prices have declined 8% this year, and crude’s immediate reaction to the Fed tapering was to post its biggest two-day drop since September. With plenty of oil from OPEC and non-OPEC sources sloshing around in the market, and global economy growing at a slow pace, the big risk for MENA oil-exporting economies is a collapse in crude prices.

Gold

Gold is down by 24% this year, and lost 9%

in the third week of June alone, as all the trends seem to turn against the yellow metal. The CME Group Inc’s decision to raise initial margins for Comex gold after prices plunged 6% on June 20, accelerated the decline. With U.S. monetary policy recoiling, the safe haven asset may not be so safe anymore.

Currency

As gold suffered, the U.S. dollar soared, as it rose 2% against a basket of currencies in the third week of June alone.

In the week the Fed announced its big decision, the euro fell 1.6% against the greenback – its biggest weekly loss since early February. Meanwhile, the dollar rose 3.9% against the yen - its biggest weekly rise since December 2009. © Zawya


May 30 2013 June 20 2013Bahrain (BSE) 11 12.8Kuwait (KSE) 41.7 35.8Oman (MSM) 11.2 10.9Qatar (DSM) 9.6 10.6Saudi Arabia (TASI) 8.9 10.7Dubai (DFM) 44.1 45.5Abu Dhabi (ADX) 34.2 38.1S&P GCC 9.7 11

GCC regional markets (% change YTD)

Source: Zawya.com

2012 2013 2014 2015 2016 2017 2018

Real GDP 2.2 1.9 2.7 3.5 3.6 3.4 2.9

CPI, Headline Inflation 2.1 1.8 1.8 1.9 2.1 2.2 2.3

Unemployment Rate (%) 8.1 7.5 7.2 6.8 6.2 5.7 5.4

Current Account (% of GDP) -3 -2.9 -3.1 -3.2 -3.2 -3.2 -3.2

Source: International Monetary Fund

U.S. macroeconomic indicators (% change)


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IMF recommends measured growth of real estate sector The International Monetary Fund is recommending that shielding the banking system from concentration risk to government-related entities (GRE) and real estate sector are key to safeguarding the UAE economy.

In its annual report on the country, the IMF lauded the authorities for skillfully managing the economic recovery and using its strengths as a safe haven to its advantage in the midst of regional turmoil.

But while GREs have seen their balance sheets recover slowly, the job is still not complete.

While real estate and tourism are set to drive growth in the non-oil sector, there are concerns that inflation could pick up on the back of a housing market recovery.

“Dubai aims to build on its successes in becoming a services hub for the wider region and recently announced plans for several mega-projects in real estate and tourism, notably including Mohamed bin Rashid City,” the IMF said.

“If Dubai succeeds in its bid for the World Expo 2020, the implementation of many of these plans would likely accelerate.”

The UAE government is also working on a number of legal and business frameworks to raise its profile in the eyes of investors. These include a new company law that is being drafted.

“To bolster investor confidence and to prevent a repeat of the Dubai debt crisis of 2009, the Central Bank of the UAE is tightening banking sector regulation,” said the Economist Intelligence Unit.

“There will be delays and modifications to some of the new regulations, but we expect the Central Bank to push ahead with them.

However, some pressures are building up in the economy, notes the IMF.

“It is important looking at the stock of real estate that is going to come into the market to be careful to ensure that the measures are in place to moderate the pace of growth to

avoid any risk of another boom-bust cycle,” Masood Ahmed, the head of the IMF’s Middle East department, said in Dubai, according to media reports.

Demand for real estate from expatriates and foreigners could suffer due to continue economic weakness in the European Union and Asia – two of Dubai real estate’s key markets. Economic sanctions on Iran blocks another key market for Dubai’s tourism and real estate sector.

These issues could escalate at a time when the Dubai economy has not fully recovered from the crisis and is still working its way through its debt pile.

Dubai’s total debt stands at USD 142 billion (around 102% of its GDP), of which USD 35 billion is directly related to government or government-guaranteed debt.

Despite making great efforts to resolve debt issues surrounding many GRES, their debt has actually risen to USD 93 billion from USD 84 billion last year. A substantial USD 60 billion of the debt is due over the next four years, the IMF said.

The emirate should use strong global liquidity flow to resolve some of its debt so that it can focus on its ambitious plans.

“A faster pace of consolidation in Dubai would be desirable to address the emirate’s continued debt-related risks,” the fund said. © Zawya

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ApartmentsDIFC 12%Discovery Gardens 50%Downtown Dubai 27%Dubai Marina 30%Greens 25%Jumeirah Beach Residence 24%Jumeirah Lake Towers 23%Palm Jumeirah 25%

VillasArabian Ranches 25%Dubai Sports City 19%Green Community 15%Jumeirah Islands 39%Jumeirah Village 20%Meadows 22%Palm Jumeirah 27%Springs 29%Source: Asteco

Dubai real estate prices (% increase Q1, 2012- Q1, 2013)


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FX week in review By Tim Fox, chief economist - ENBD

USD strength broadens out

USD strength continued last week even as other asset markets were steadier following reassurances from Fed officials about QE ‘tapering’. The USD appears to be on course to recapture JPY100 (our 1-month target) only two weeks after it plunged to 94, and the DXY index is showing that its recovery is becoming more broad based entering H213. The coming week will see US economic data continue to take center-stage with central banks also likely to be a significant influence on events this week.

US jobs data again in the spotlight

The key economic releases in the week ahead will be the June US non-farm payrolls report as well as the national ISM surveys, especially following numerous comments from Fed officials over the last week emphasizing how data dependent the intention to ‘taper’ QE later this year is. A number of Fed officials have also highlighted the softness of inflation

indicating that it may be prudent to wait to make sure inflation doesn’t continue to underperform expectations. The Fed has also been at pains to stress that tapering does not equate to monetary tightening and that rate hikes will probably not occur until 2015 at the earliest, consistent with the unemployment rate at least meeting its 6.5% threshold. The markets are looking for a rebound in the manufacturing ISM index from 49.0 in May to 50.5 in June and for the non-farm payrolls to rise by 165k, with the unemployment rate dipping to 7.5%. Such outcomes would keep alive the prospect of the first ‘tapering’ being announced in September, consistent with our own expectation. This should help to keep the USD supported overall, but other variables also have to be taken into account, especially events in Europe and in Japan.

Eurozone problems are returning

At the end of last week Cyprus was downgraded by Fitch and S&P to selective default, after Cyprus completed an exchange of government bonds for longer-dated securities. This caused the ECB to rule Cyprus bonds as ineligible as collateral, highlighting the structural fault lines that remain in the Eurozone despite measures undertaken a few months ago to ease the country’s debt burden and avoid a sovereign default. Situations elsewhere in the Eurozone are also problematic, with Ireland falling back into recession in Q1, and with France on course to miss its deficit targets according to president

Hollande. In the coming week the focus will be on the ECB meeting on Thursday.

USD/JPY underpinned by improving

Japanese data

Economic data from Japan last week lent strong support to the government’s approach to stimulating the economy through a mixture of bold monetary and fiscal policy measures. PMI data improved in June while industrial production, retail sales and housing starts all rose in May. Most importantly inflation also rose in May, with the targeted CPI inflation rate ex-fresh food prices increasing to zero up from -0.4% y/y in April. This provides reassurance that the 2.0% inflation target in two-years’ time remains a realistic possibility, helping the Nikkei to end the week positively. This in turn helped USD/JPY to finish strongly as well, bringing it back within range of 100 and of the year’s highs at 103.74. The start of this week will see the Bank of Japan’s Quarterly Tankan survey of business conditions released, an important bellwether of the economy’s strength. The focus will be on the headline index for business conditions reported by large manufacturers, which rose to -8 in Q1 up from -12 in Q4. The expectation is for a further improvement to +3 in Q2, although it remains to be seen if the recent volatility in Japanese financial markets could have affected it. Should the outcome be as positive as expected then further gains for the Nikkei can be expected, and for these to feed through to benefit USD/JPY in the process.

BoE and RBA rate decisions due

Finally both the UK and Australia face monetary policy decisions in the coming week, but neither of them are expected to result in a change of policy for the moment leaving the GBP and the AUD relatively unmoved. In the Bank of England’s case, the focus will be on the new governor Mark Carney’s first Monetary Policy Committee meeting, but although he is likely to want to move fast to establish his authority, it seems more likely that the ‘forward guidance’ for monetary policy he is charged with providing will not be seen until the next meeting in August. In Australia the RBA may also hold-off from cutting interest rates further from their current 2.75%, while keeping the doors open for a cut in August should inflation data released later in July underperform.

Global FX reserves composition updated

In terms of the AUD, it is worth noting that the IMF released data showing the composition of global foreign exchange reserves last week, including for the first time estimates for those reserves held in the AUD and CAD. These showed that the AUD and the CAD combined accounted for USD194bn of the USD6.05 trillion total official FX reserves in Q1 of this year. In percentage terms the AUD was 1.63% of total FX reserves in Q1, up from 1.48% in Q4, whilst the CAD’s share was 1.57%, also up from 1.48% previously.© Zawya

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NEWS UPDATES

MSCI upgrades UAE, Qatar to emerging markets statusIndex compiler MSCI Inc. promoted the United Arab Emirates and Qatar to emerging markets status, a move that is likely to further boost investor sentiment for the Gulf economies.

The elevation of the MSCI U.A.E. and MSCI Qatar indices from frontier to emerging markets will coincide with the May 2014 semi-annual index review, MSCI said in its yearly market classification report, posted on its website.

“The MSCI decision to upgrade Qatar and United Arab Emirates from frontier markets to emerging markets, with effect May 2014, reflects a growing realization of how far these economies and their financial markets have developed in recent years,” said Sam Vecht, BlackRock’s head of the emerging markets specialist team and portfolio manager of the Frontiers Investment Trust. – Zawya Dow Jones

Full story: bit.ly/1aYDTPZ

Dubai GDP grew 5.3% in Q4, 2012Growth in Dubai’s gross domestic product accelerated to 5.3% year-on-year in the fourth quarter of 2012, the government’s statistics centre said.

A statement by the centre quoted its executive director Arif Obaid al-Muhairi as saying economic indicators suggested growth would rise further. – Thomson Reuters

Full story: bit.ly/10smk6E

Dubai bank ENBD completes purchase of BNP’s Egypt armEmirates NBD, Dubai’s largest lender, has completed the acquisition of BNP Paribas’ Egyptian assets after receiving regulatory approval in the North African country, the bank said in a statement.

In December, ENBD announced it had agreed to buy the Egyptian business of BNP Paribas for USD 500 million in a first step towards diversifying beyond its Dubai base. – Thomson Reuters

Full story: bit.ly/1aYEvVE

Dubai’s ICD raises USD2.55bn to refinance part of USD6bn loanIn another sign that demand for Dubai debt is rising, Investment Corporation of Dubai said it raised USD2.55 billion through a syndicated loan, more than it initially aimed for, to refinance part of a previous USD6 billion facility that is due to mature in August.

The firm, an investment arm of the Dubai government, had targeted USD 2 billion but strong demand from banks for Dubai government-related debt allowed it to raise more, according to a statement from the Dubai media office. The USD 2.55 billion facility had both conventional and Islamic components. – Zawya Dow Jones

Full story: bit.ly/15TIJbz

UAE regulator says bourse merger would have ‘many advantages’A potential merger between the two main stock exchanges of Dubai and Abu Dhabi would have “many advantages” for the country’s financial sector, the chief executive of the United Arab Emirates’ equities market regulator said.

“In case the two markets are merged into one it will have many advantages, although the SCA has not seen any negative aspects in the current situation of having two markets,” Abdulla al-Turifi, CEO of the Securities and Commodities Authority, said in an emailed statement. – Thomson Reuters

Full story: bit.ly/127uoWJ



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Barwa Real Estate to sell USD7.1bn of assets to Qatari DiarQatari developer Barwa Real Estate plans to sell assets worth QAR 26 billion (USD 7.1 billion) to the property arm of the country’s sovereign wealth fund to reduce debt, the company said.

Among the assets being sold to Qatari Diar, which owns 45% of Barwa, will be the Barwa Commercial Avenue, Barwa Al Sadd and Barwa City projects, along with parts of the company’s investment portfolio, it said. – Thomson Reuters

Full story: bit.ly/116Tz1I

UAE’s Al Jaber aiming to conclude debt deal by Sept 30U.A.E. conglomerate Al Jaber Group is aiming to finalize a multi-billion dollar debt deal with its creditors by the end of September, an event that would cap nearly three years of negotiations, people familiar with the matter said.

The group’s lenders and advisors met in Abu Dhabi to discuss the latest on the debt process, said several people who attended the meeting.

“We’ve been told the company aims to close the transaction by the end of September,” said one of the sources. “It is achievable but it is still a stretch,” said the person, referring to the lengthy documentation process. – Zawya Dow Jones

Full story: bit.ly/13hYZau

DP World extends maturity on USD1bn loan for additional yearDP World the world’s third-largest port operator, said that it has extended the maturity date on a USD1 billion revolving credit facility for an additional year as it secured attractive market terms.

The loan maturity has been extended to the second quarter of 2018 from the second quarter of 2017, the company said in a statement. The original loan had carried an interest rate of 225 basis points over the London interbank offered rate (Libor), according to Thomson Reuters data.

“The facility provides DP World with flexibility to manage cash flow and investment in its portfolio. This flexibility is now available for a further year,” the statement said. – Thomson Reuters

Full story: bit.ly/116TTh7

UAE finances strengthening but risks in Dubai – IMFThe United Arab Emirates is succeeding in strengthening its state finances by restraining spending, and managed last year to reduce the oil price which it needs to balance its budget, the International Monetary Fund said.

But the possibility of another boom-and-bust cycle in debt-laden Dubai is a risk for the UAE economy in the medium term, the IMF warned after the emirate announced a string of huge real estate development projects.

The IMF’s report, released after annual consultations with the UAE, indicated the country is doing more than other Gulf Arab oil exporters to rein in growth of government spending and reduce its vulnerability to any steep fall of the oil price. – Thomson Reuters

Full story: bit.ly/19LtFRm

Dubai’s DEWA repaid USD871m sukuk on June 17Dubai Electricity and Water Authority said it repaid a AED 3.2 billion (USD 871.2 million) Islamic bond on June 17.

“The payment of the maturity proceeds along with interest was made on 17th June 2013,” DEWA said in a statement to Nasdaq Dubai.

The sukuk was initially issued in June 2008, the state utility said. It did not mention the interest payment in the statement. – Thomson Reuters

Full story: bit.ly/12vKQEq. © Zawya

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http://www.zawya.com/story/TR20121014nL5E8LE0WJ2


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Is the lowest home loan rate always the best one?

Buy your home wisely.

It is important to evaluate the variable rate before selecting your Home Loan.

When financing your home, it’s tempting to go with the lowest possible interest rate. However, it’s worth noting that most advertised rates are fixed for a short intro period. Evaluating the variable rate which includes both the base rate and margin after the fixed intro period can help you make a balanced decision. Your financial evaluation and property selection should be based on a variable rate rather than the lowest fixed rate offered for a short intro period.

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