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rmb bonds - BNP Paribas Investment Partners
rmb bonds - BNP Paribas Investment Partners

Scenario Review - Mexico
Scenario Review - Mexico

Your Credit Report and Your Mortgage
Your Credit Report and Your Mortgage

... security number and possibly marital status. You should verify that these are accurate and up-to-date. Merchant Trade Lines or Credit Lines These include all regular installment or revolving credit lines such as department store charge cards, auto loans, mortgages, and credit cards. Information rega ...
The Determinants of the Market Interest Rate Given the quoted
The Determinants of the Market Interest Rate Given the quoted

... • More-distant cash flows are more adversely affected by an increase in interest rates – Lower coupon rate bonds have more interest rate risk than higher coupon rate bonds ...
Merrill Finch Inc
Merrill Finch Inc

... inflation, it is unlikely that the realized real rate of return would equal the expected 3%. For example, if inflation averaged 3.5% over the year, then the realized real return would only be 5.5% – 3.5% = 2%, not the expected 3%. ...
waste connections, inc.
waste connections, inc.

... Changes associated with current period hedging transactions represents costs incurred in connection with the termination of an interest rate swap. During the three months ended March 31, 2001, the Company determined that the debt to which the interest rate swap was designated would be repaid prior t ...
Average Credit Quality in Bond Portfolios
Average Credit Quality in Bond Portfolios

... funds with average maturities of less than three years. 5 Alternative measures of the length of a bond The “term” of a bond – how far distant in the future investors in bonds or bond portfolios receive cash flows - matters because the market value of a bond, other things equal, is lower and more sen ...
Chapter 9
Chapter 9

Financial System Overview and the Flow of Funds
Financial System Overview and the Flow of Funds

Function of Financial Markets
Function of Financial Markets

The Securitization of U.S. Bank Activities in the Eurodollar Market
The Securitization of U.S. Bank Activities in the Eurodollar Market

... the interest rate on such loans fluctuates with the interbank deposit rate and cannot be reduced to a fixed sum. ...
Defaults and Losses on Commercial Real Estate Bonds during the
Defaults and Losses on Commercial Real Estate Bonds during the

... 2 The market’s focus is on receiving the contractual amount of cash on the contractual date due, and is not, collectively, influenced by need to reserve more funds on loans that are classified as “defaulted” nor does the market have a direct relationship or a desire to make a future loan to this bor ...
Where Do Firms Issue Debt?
Where Do Firms Issue Debt?

... subsidiaries as issuers. However, there is one important caveat. The scope of the applicable corporation and bankruptcy law extends only to the respective entity. Only the assets held by the foreign subsidiary are subject to the creditor protection laws of the preferred jurisdiction. No difficulties ...
Glass-Steagall: Some Critical Reflections
Glass-Steagall: Some Critical Reflections

Middle East and North Africa: Demographic Highlights
Middle East and North Africa: Demographic Highlights

... • The population in these countries ranged from 0.8 million (Bahrain) to 84.5 million (Egypt) in 2010. The two most populous countries in this region (Iran and Egypt) had a population higher than that of Italy, the UK and France. The youth dependency ratio is also very high in most of these countrie ...
CH06 - Class Index
CH06 - Class Index

The Government Securities Market in Trinidad and Tobago
The Government Securities Market in Trinidad and Tobago

... and informing the public generally, as well as to assist markets in understanding the Bank’s policy actions and intentions. In addition to the regular publications of its Research Department, the Bank’s Outreach Programme has included lectures and speeches to school children by senior Bank officials ...
Charts That Got Us Thinking
Charts That Got Us Thinking

... Past performance is no guarantee of future results. The performance shown above is index performance and is not representative of any fund’s performance. Indices are unmanaged and not available for direct investment. For illustrative purposes only. The right-hand scale shows how many Japanese Yen ar ...
Chapter 6
Chapter 6

... The ability of reported earnings to reflect the company’s true earnings, as well as the usefulness of reported earnings to ...
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... Looking Ahead After studying this chapter, you should be able to: 1. Identify the basic requirements for an accounting ...
Sterling corporate bonds: an investor`s guide
Sterling corporate bonds: an investor`s guide

... which is on average lower than EUR or USD as you have large proportions of buy and hold investors. Average issue size is also lower. The chart below outlines some similarities between the GBP and EUR markets, as both have a very high level of concentration risk: the top 100 issuers accounted for mor ...
Investor protection
Investor protection

... We take our duty of care for our client interests very seriously. We do our best to exceed, not simply meet, the rules and guidance set by the regulator on the way we look after your Vanguard fund assets and manage any risks that may affect them. We have very robust oversight measures in place desig ...
Counterparty A
Counterparty A

... Case:one party has access to comparatively cheap fixed- rate funding but desires floating rate funding. Another party has access to comparatively cheap floating rate funding but desires fixed rate funding. Counterparty A: Borrows a floating rate of 6M LIBOR+50 bps, or at a semiannual fixed rate of 1 ...
Presentation_Fahim
Presentation_Fahim

... As financial market complexity and borrower diversity increased over time, investors and regulators have placed greater reliance on the opinions of credit rating agencies. ...
Chapter 2 Assignment Grid
Chapter 2 Assignment Grid

... Students seemingly understand assets and liabilities more easily than equity. An asset can be touched, a liability can be confirmed by looking at an invoice, but equity is conceptual. Equity is the owner's claims to the business assets; what’s left over after liabilities are subtracted from assets. ...
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Securitization

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization is believed to have played an important role in the U.S. subprime mortgage crisis.In addition, off-balance sheet treatment for securitizations coupled with guarantees from the issuer can hide the extent of leverage of the securitizing firm, thereby facilitating risky capital structures and leading to an under-pricing of credit risk. Off-balance sheet securitizations are believed to have played a large role in the high leverage level of U.S. financial institutions before the financial crisis, and the need for bailouts.The granularity of pools of securitized assets can mitigate the credit risk of individual borrowers. Unlike general corporate debt, the credit quality of securitized debt is non-stationary due to changes in volatility that are time- and structure-dependent. If the transaction is properly structured and the pool performs as expected, the credit risk of all tranches of structured debt improves; if improperly structured, the affected tranches may experience dramatic credit deterioration and loss.Securitization has evolved from its beginnings in the late 18th century to an estimated outstanding of $10.24 trillion in the United States and $2.25 trillion in Europe as of the 2nd quarter of 2008. In 2007, ABS issuance amounted to $3.455 trillion in the US and $652 billion in Europe. WBS (Whole Business Securitization) arrangements first appeared in the United Kingdom in the 1990s, and became common in various Commonwealth legal systems where senior creditors of an insolvent business effectively gain the right to control the company.
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