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Grant versus Loans: from ex-ante to ex-post
Grant versus Loans: from ex-ante to ex-post

chapter 5
chapter 5

... company is not returning cash to its shareholders or repaying debt. It is borrowing additional funds and raising additional equity to fund its growth. US Airways operates in a difficult industry. The company has been unable to generate a positive cash flow from its operations, a definite red flag fo ...
Accounting Notes
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American Funds® IS US Govt/AAA
American Funds® IS US Govt/AAA

... loans or floating-rate loans, are rated below-investment grade and may be subject to a greater risk of default than are investment-grade loans, reducing the potential for income and potentially leading to impairment of the collateral provided by the borrower. Bank loans pay interest at rates that ar ...
Testimony Of James Goulka Managing Director Arizona Technology
Testimony Of James Goulka Managing Director Arizona Technology

... document wherein an investor identifies how he/she qualifies as accredited. I have attached the form that the Arizona Technology Investor Forum requires of all members. Most organized angel groups such as ours use a form substantially identical to this. Furthermore, the documents relating to every p ...
Richmond ETF update
Richmond ETF update

... The ETF attributes section on the first page contains a number of metrics that professional investors use to value individual securities against a market or index average. These metrics can also be used to value and compare funds to the market by taking the average of all the securities held in the ...
Code of Practice for Banks - Guernsey Financial Services Commission
Code of Practice for Banks - Guernsey Financial Services Commission

... ensure that credit and other decisions are made free of conflicting interests, on an arm’s length basis and free from inappropriate pressure from outside parties; ensure that the assessment of any credit decision includes not only an assessment of the identity and geographical location of the borrow ...
Lyxor Green Bond (DR) UCITS ETF
Lyxor Green Bond (DR) UCITS ETF

... This factsheet is for professional clients only. This document is of a commercial nature and not of a regulatory nature. It is each investor's responsibility to ascertain that it is authorised to subscribe, or invest into this product. Prior to investing in the product, investors should seek indepen ...
Investors Guide To CMOs
Investors Guide To CMOs

... principal, or face amount, of the bond for a prescribed period of time in return for a specified annual rate of interest. The bondholder receives interest, generally in semiannual payments, until the bond is redeemed. When the bond matures or is called by the issuer, the issuer returns the “face va ...
Municipal Bonds: Finding Value Through Credit Analysis
Municipal Bonds: Finding Value Through Credit Analysis

... Municipal yields shows Municipal yields rise only a fraction of Treasury yields. The top left chart shows that during the 1993-2007 time period, when Treasury yields move 100bp, Municipal yields move just 61bp. It also shows that this was a relatively “tight” relationship. The bottom chart at left s ...
JBWere SMA Listed Fixed Income Portfolio
JBWere SMA Listed Fixed Income Portfolio

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HERE - Augustana College
HERE - Augustana College

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Chapter 13
Chapter 13

...  What is liquidity? Why are creditors very interested in the liquidity of entities they provide credit to? Liquidity is an entity’s ability to make payments as they come due. Lenders and creditors want to assess the liquidity of an entity to ensure that it will be able to pay amounts owed. If there ...
Slide 1 - Stanley Gibbons
Slide 1 - Stanley Gibbons

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Press release - PAI Partners

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A stable option for uncertain times

... uncertain times Now that your organization has settled on using corporate-owned life insurance to informally finance its nonqualified deferred compensation plan, it’s time to talk details. When you use Principal Executive Variable Universal Life II1 insurance, you get a death benefit that can provid ...
Insurance-Linked Securities: A Primer
Insurance-Linked Securities: A Primer

... on the level of regional and peril diversification and the size of loss layer within the structure. Structures with more gradual provide greater diversification. Binary structures can be wiped out quickly if the pre-specified event occurs. These structures allow for more targeted risk exposures. Ind ...
RBC High Yield Bond Fund - RBC Global Asset Management
RBC High Yield Bond Fund - RBC Global Asset Management

... position. The fund benefitted from its exposure to high yield bonds in general, while its conservative cash position reduced volatility but also served as a drag on performance. Demand for higher bond yields and a healthy economic backdrop should continue to support corporate bonds. Given that centr ...
Fed Defies Transparency Aim in Refusal to Disclose
Fed Defies Transparency Aim in Refusal to Disclose

... whether they have borrowed money from the Fed. They received $120 billion in capital from the TARP, which was signed into law Oct. 3. In an interview Nov. 6, House Financial Services Committee Chairman Barney Frank said the Fed's disclosure is sufficient and that the risk the central bank is taking ...
TDAS240 - TD Ameritrade Singapore
TDAS240 - TD Ameritrade Singapore

... deficiency. You will also be responsible for any short fall in the account after such a sale. 3. The firm can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that the firm cannot liquidate securities in ...
Asset Allocation: A New Look at an Old Theme
Asset Allocation: A New Look at an Old Theme

... At RGIA, we look at the different asset classes in terms of four separate categories of investments, and in terms of what they bring to your portfolio – Income, Diversification, Growth, or Aggressive Growth. How your portfolio is allocated to each of these categories is directly related to your uniq ...
The value of illiquidity
The value of illiquidity

... markets. For example, in the case of private equity, corporate fundamental data are just as relevant as they are in valuing and analyzing companies in public equity markets. But due to the lack of market regulations, some market participants may have access to a much greater depth of information abo ...
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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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