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Market Insights - Quarterly outlook
Market Insights - Quarterly outlook

... The first quarter was a remarkable one for equities. After solid returns in 2016, global equities continued to rally, rising by almost 7%. Even more unusually, these returns have been delivered with record low volatility. Starting in October, the S&P 500 saw not a single day with a decline greater t ...
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... then lending out this money in order to earn a profit. • Is the engaging in the business of keeping money for savings and checking accounts or for exchange or for issuing loans and credit. ...
official - Government Printing Press
official - Government Printing Press

... (b) branches oUhe State Bank of India and its Associates as per -II. In case,for any particular issue, the receiving office/s is/are restricted to centres, irwill be armouncedas part of SpeCific Loan Notification. Oi) FIls, NRIs and Qverseas Corporate bodies predominantly owned should submit their a ...
Fixed Income Municipal Bonds
Fixed Income Municipal Bonds

... municipal securities must be included in calculating the tax. In most states, interest income from securities issued by governmental entities within the state is also exempt from state and local taxes for residents of that state. In addition, interest income from securities issued by U.S. territorie ...
Decision of the HDAT Council Management No 70/27.2.2015
Decision of the HDAT Council Management No 70/27.2.2015

... authorised to bind it (together with the authorisation documents and any professional certification documents of relevant staff). 5. Financial information on the applicant (capital adequacy data, together with the balance sheets for at least the last two years). 6. A document stating the Clearing Sy ...
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... or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the anticipated effect of the Financing transactions on the Company’s operations and financial condition) are forward-looking statements. These forwa ...
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Political economy of debt
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... (in the hands of professional investors, highly volatile, increasingly speculative, bent on high yields) – plus corollaries DSWs • Public credit (hence: money in circulation and in reserve) has become dependent upon contemporary financial markets • The stable cornerstone of the financial markets as ...
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Changes In Money Market Fund Regulations
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... short-term municipals has moved their yields even higher than comparable maturity US Treasury yields by about 15 bps, as of October 5. For tax-exempt bond buyers who benefit, the after-tax yield is even more advantageous. ...
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... method over estimated useful lives of two to eight years. Leasehold improvements are amortized over the lesser of the estimated useful life of the improvement or the term of the lease. Construction in process is not depreciated until the project is complete, at which time the amounts are transferred ...
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... • Designed to protect a bond (fixed income) portfolio against interest rate risk, both (1) Reinvestment risk and (2) Price Risk • Match your desired holding period with the duration (not maturity) of your bond portfolio. • Note: Duration (portfolio) is the weighted average of the individual bond’s d ...
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July 2011 - Cypress Financial Planning
July 2011 - Cypress Financial Planning

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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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