Membership 54% 18% 28% Bank Captive Independent & Mult Line

Size: px
Start display at page:

Download "Membership 54% 18% 28% Bank Captive Independent & Mult Line"

Transcription

1 Membership Bank Captive Independent & Mult Line 54% 18% 28%

2 Business Fixed Investment & Equipment Financing Volume ($ Billions)

3 New Business by Equipment Type Source: 2012 SEFA

4 $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 $0.0 $7.3 $5.7 $5.7 $7.1 Recent Trends New Business Volume $10.8 $11.5 $8.0 $8.2 $7.6 $6.8 $6.0 $6.2 $6.6 $6.9 $6.1 $6.2 $6.4 $5.9 $5.1 $5.0 $4.7 $6.8 $7.5 $7.5 $8.6 $7.2 Billions (US$) Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 MLFI Cumulative YTD Comparison (2012/2013): 2012: $43.8 ($B) 2013: $ 48.2 ($B) % chg: 10.1%

5 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Recent Trends Aging of Receivables Over 30 Days 2.7% 2.8% 2.7% 2.7% 2.5% 2.5% 2.5% 2.4% 2.3% 2.2% 2.0% 2.1% 2.2% 1.9% 1.9% 2.0% 1.8% 1.8% 2.0% 2.0% 2.0% 1.7% 1.6% 1.6% 1.4% 1.5% Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

6 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% 1.1% 0.7% 0.6% 0.9% Recent Trends Average Losses (Charge offs) 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.3% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

7 Key Metrics Through the Cycle 6.0% 5.0% Aging of Receivables & Charge-offs 4.0% 3.0% 2.0% 1.0% 0.0% 1Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 NBV (US $B) Aging of Receivables (30+) Charge offs New Business Volume (US $B)

8 LEASING INDUSTRY AND MANAGED PROGRAMS Paritosh K. Choksi Executive Vice President & Chief Operating Officer ATEL Capital Group, LLC October 8, 2013

9 CAPTIVE LEASING COMPANY Regional Footprint Need to Set up infrastructure Asset management expertise Equipment servicing and remarketing capabilities Equipment valuation Repossession Accounting and Operations Capabilities Payment of sales and property tax FASB13 Lease accounting software 2

10 ATEL INSTITUTIONAL PROGRAMS Diversification, Diversification, Diversification By geography By industry By asset class No Need to set up infrastructure Alternative to bond investment 3

11 ATEL PROFILE Over $2 billion of equipment leased to primarily Fortune 1000, investment grade U.S. corporations Over $250 million in growth capital loans to top tier venture backed companies Over $500 million in private portfolio leasing transactions Currently managing over $600 million of leased assets Full service asset management capabilities Experienced and stable management team Over 16 years average tenure with ATEL Over 30 years average industry experience Team of 85 professionals in San Francisco with offices in Denver, and sales branches nationwide 4

12 WHAT IS GROWTH CAPITAL? Growth Capital Short-Term generally 24 to 42 months Historical Interest Rates 12% to 18% Secured Loans Collateralized by Equipment or Blanket Liens Equity Enhancement Warrants to Purchase Stock 4% - 6% of Loan Amount Direct Equity Purchases in Private Equity Rounds 5

13 WHAT IS GROWTH CAPITAL? Venture Capitalists Objectives Provide Funding in Exchange for Ownership (equity dilution) Typically have a 5 to 10 year Funding Commitment Are Looking for Significant Equity Upside Home Runs Expect a Certain Number of Failures ATEL Growth Capital Objectives Provide Short-Term, Secured Loans to pre-ipo Companies with Top-Tier VC Funding Negotiate High Interest Rates on Short-Term Loans Loans Include Warrants and equity participation rights as part of Loan Terms Minimize default rate 6

14 WORKING WITH THE BEST VENTURE CAPITAL FIRMS* *No indication of future participation 7

15 ATEL ADVANTAGE Decline in Venture Funds Raised by VCs Attractive Entry Points CREATES Challenged IPO Market Conservative Approach Attractive Yields Positive Risk/Reward Increase in Deal Flow ATEL ADVANTAGE EXPERIENCED MANAGEMENT TEAM EXTENSIVE RELATIONSHIP NETWORK DEMONSTRATED TRACK RECORD OF SUCCESS 8

16 STRUCTURED TO LIMIT DOWNSIDE Structured to Limit Downside Rapid Cash Recovery on Short-Term Loans Collateralized by Equipment or Blanket Liens Senior Creditor Extensive, High Quality Due Diligence 9

17 ecoatm A CASE STUDY 10 Automated electronic recycling company focused on cell phones and tablets $3MM equipment financing loan Loan Term: 3 years Interest Rate on Loan: 15.01% Loan payoff 10 months: Total payment including pre-pay pay penalty $3.6MM IRR without warrant: 36% Company acquired of $350MM 5.5% warrant coverage Warrant proceeds $410.7K 60% + IRR to date

18 ATEL GROWTH CAPITAL TRACK RECORD Venture Capital Venture Capital Market of $25 Billion Venture Financing ATEL Ventures has financed $260 million in secured financing to 92 emerging growth companies Strong Track Record Historical IRR of 15.85% excluding warrant proceeds based on completed and matured transactions since 2003 High Exit Rate 36% exit rate (IPOs and acquisitions) Low Default Net default loss rate of 1.11% over the past 10 years 3 Yr Treasury Rates 0.66% 11

19 ATEL GROWTH CAPITAL DIVERSIFICATION ATEL s Originations/Diversification by Industry 7% Internet Products & Services 16% 34% Life Sciences 22% Hardware & Peripheral Devices 22% Clean Technology Software 12

20 EXITS IN 2012 AND 2013 Venture backed initial public offerings (IPO) have been on a rebound since 2010 and Q saw the strongest opening quarter for IPOs in five years. IPOs have historically represented the best exit strategy for warrant holders. IPOs on ATEL Portfolio Neophotonics Corporation (ticker: NPTN) IPO in Feb Enphase Energy, Inc. (ticker: ENPH) IPO in April 2012 M&A transactions on ATEL Portfolio EcoATM was purchased by Outerwall (NASDAQ: OUTR) in late July 2013 Complete Genomics was acquired in late March 2013 by a Chinese firm MiaSole was acquired in Q by Chinese firm Hanenergy. Axial Biotech, Inc. sold the bulk of its portfolio to Transgenomics in Sep

21 SELECTED GROWTH CAPITAL PORTFOLIO COMPANIES Clean Tech Hardware & Peripheral Internet Products & Services Life Sciences Software IPO or Acquisition 14

22 LEASING TRACK RECORD Leasing Industry Participate in the U.S. equipment finance market with an annual funded volume of over $725 billion of new transactions Representative Leases Primarily operating leases with investment grade U.S. corporations collateralized by business critical equipment Portfolio Return ATEL Funds weighted average gross IRR of 10.89% over the past 13 yrs* Alpha Outperform weighted average treasury by 649 basis points *Performance of completed transactions from 1999 through 6/30/

23 INDUSTRY AVERAGE LOSSES BY QUARTER Average losses steadily increased from 2Q 07 and peaked in 4Q 09 Losses have steadily declined since 4Q 09 AVERAGE LOSSES 2.50% 2.00% 1.50% 1.00% 2.24% 2.10% 1.99% 1.70% 1.79% 1.67% 1.46% 1.50% 1.33% 1.13% 1.07% 1.07% 0.96% 0.98% 0.90% 0.83% 0.81% 0.82% 0.73% 0.70% 0.50% 0.00% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Average Losses Average Losses are annualized actual losses (charge-offs) as a percentage of average net receivables SOURCE: Equipment Leasing and Finance Association 16

24 ATEL LOSSES Zero losses from 2007 December 2011 Portfolio has a weighted average credit rating of Baa2 (Moody s) Historical default rate of 0.04% per annum vs. an industry average of 0.8% (over 20 times better than industry average) 17

25 ATEL ADVANTAGE REPRESENTATIVE CUSTOMERS 18

26 LEASE TRANSACTION PROCESS STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 Lessee chooses equipment from vendor Lessee & ATEL negotiate and agree on terms of a lease contract Vendor delivers equipment to lessee ATEL purchases the equipment from vendor after equipment is delivered and a lease is signed Lessee pays the monthly lease rental payments to ATEL 19 NOTE: At end-of-lease, Lessee has the option of: purchasing the equipment or renewing the lease or returning the equipment

27 ATEL ADVANTAGE ASSET MANAGEMENT Eleven professionals committed to Lease and Asset Management ATEL has developed a comprehensive set of relationships with vendors appraisers, brokers, and other third-parties to value, release and remarket its equipment Rigorous due diligence process with expertise in equipment valuation and remarketing Lease structuring expertise and established relationships with many end users and remarketing facilitators Actual residual realization averaged 35% over booked residual since inception Asset Management philosophy: RENEW, RENEW, RENEW 20

28 ATEL ADVANTAGE ASSET MANAGEMENT Outstanding Asset Retention ATEL s Remarketing Philosophy: High Retention of Equipment at Lease Maturity 100% 90.0% 75% Short-Term Renewals (less than 12 mo.): 20.2% 50% Long-Term Renewals (more than 12 mo.): 30.6% Purchased by Lessee: 39.2% 25% 0% RETAINED 10.0% RETURNED EQUIPMENT Returned to ATEL: 10.0% This chart illustrates the decision exercised by ATEL lessees at the original lease maturity date 21

29 TRACK RECORD REALIZED RETURNS REPRESENTATIVE TRANSACTIONS LESSEE: UNION PACIFIC RAILROAD COMPANY CREDIT RATING: A+ EQUIPMENT TYPE: Refrigerated Boxcar COST: $15,308,805 WEIGHTED AVERAGE TERM: 70 months GROSS RENT RECEIVED: $11,245,658 SALE PROCEEDS: $12,902,386 TOTAL PAYMENTS: $24,148,044 WEIGHTED AVERAGE IRR: 12.25% WEIGHTED AVERAGE LIKE TERM TREASURIES: 6.27% SPREAD OVER WEIGHTED AVERAGE LIKE TERM TREASURIES: 5.98% 22

30 TRACK RECORD - GROSS RETURN & SPREAD ANALYSIS ATEL Cash Distribution, Capital Equipment & Institutional Funds Return & Spread Analysis for Leases Funded & Completed from 1999 to 2011 Weighted Average IRR 12.00% Weighted Average Like Term Treasuries 4.63% Spread over Like Term Treasuries 7.37% Average Term 53 months Total Equipment Price $372.2MM Rents Collected $298.0MM Sales Proceeds Collected $227.5MM Total Payments Collected as Multiple of Purchase Price 1.4x 23

31 ATEL OFFERINGS Customize portfolio for an investment of $20MM in Growth Capital Loans Operating Lease portfolio with investment grade companies as lessees 24

32 THANK YOU Paritosh K. Choksi Executive Vice President & Chief Operating Officer ATEL Capital Group, LLC October 8, 2013

ATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today

ATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today ATEL Growth Capital Fund 8, LLC Financing Tomorrow s Technologies... Today RISK FACTORS Investors are encouraged to carefully read the Prospectus for ATEL Growth Capital Fund 8, LLC which has been provided

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

NATIONAL CREDIT UNION SHARE INSURANCE FUND

NATIONAL CREDIT UNION SHARE INSURANCE FUND NATIONAL CREDIT UNION SHARE INSURANCE FUND PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW Balance Sheet Other - Insurance and Guarantee Program

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

More information

Quest for Growth Results for Q3, January-March 2003

Quest for Growth Results for Q3, January-March 2003 Quest for Growth Results for Q3, January-March 2003 1 Jan Keuppens joins Quest Management Investment Manager Quoted Portfolio of Quest for Growth Former technology analyst with AXA Investment Managers,

More information

The Impact of Interest Rates on Real Estate Securities

The Impact of Interest Rates on Real Estate Securities The Impact of Interest Rates on Real Estate Securities The challenge for real estate securities investors is determining how monetary policy and interest rates affect prices and returns. Highlights Not

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

More information

The case for high yield

The case for high yield The case for high yield Jennifer Ponce de Leon, Vice President, Senior Sector Leader Wendy Price, Director, Institutional Product Management We believe high yield is a compelling relative investment opportunity

More information

Risks and Rewards in High Yield Bonds

Risks and Rewards in High Yield Bonds Risks and Rewards in High Yield Bonds Peter R. Duffy, CFA, Partner, Senior Portfolio Manager Navy Yard Corporate Center, Three Crescent Drive, Suite 400, Philadelphia, PA 19112 www.penncapital.com 1 What

More information

ATEL. Financing America

ATEL. Financing America ATEL 15 Investors are encouraged to read the Prospectus for ATEL 15, LLC carefully. The Prospectus has been provided in conjunction with this presentation. This presentation constitutes neither an offer

More information

FINANCING SOLUTIONS FOR THE NEXT CENTURY

FINANCING SOLUTIONS FOR THE NEXT CENTURY FINANCING SOLUTIONS FOR THE NEXT CENTURY We re committed to you Since our founding in 1977, ATEL Capital Group committed itself to fulfilling the mission we set decades ago; care for our investors and

More information

SLVO Silver Shares Covered Call ETN

SLVO Silver Shares Covered Call ETN Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 April 15, 2014 SLVO Silver Shares Covered Call ETN Credit Suisse AG, Investor Solutions April 2014 Executive Summary Credit Suisse Silver

More information

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007

More information

Bond Snapshot with Kathy Jones The Year of the Taper

Bond Snapshot with Kathy Jones The Year of the Taper Bond Snapshot with Kathy Jones The Year of the Taper Kathy Jones, Vice President Fixed Income Strategist Schwab Center for Financial Research February 2014 Overview of Topics Tapering Implications Where

More information

Venture Lending, Working Capital and Term Loans for Emerging Companies: Borrower and Lender Perspectives

Venture Lending, Working Capital and Term Loans for Emerging Companies: Borrower and Lender Perspectives April 10, 2014 Venture Lending, Working Capital and Term Loans for Emerging Companies: Borrower and Lender Perspectives Panelists: Russell D. Pollock, Partner, Greene Radovsky Maloney Share & Hennigh,

More information

Sankaty Advisors, LLC

Sankaty Advisors, LLC Leveraged Loans: A Primer December 2012 In today s market environment of low rates and slow growth, we believe that leveraged loans offer a unique diversification option for fixed income portfolios due

More information

INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds

INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds 14\GBS\22\25062C.docx INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Building a Better Portfolio: The Case for High Yield Bonds By Adam Marks, Area Vice President and Jamia Canlas, Senior Analyst By looking

More information

Q3 2015 Investor Presentation

Q3 2015 Investor Presentation Firm Capital Mortgage Investment Corporation Firm Capital Mortgage Investment Corporation is a non-bank lender providing residential and commercial real estate financing. Q3 2015 Investor Presentation

More information

1. 2015 Gross Borrowing Requirements and Funding Plan

1. 2015 Gross Borrowing Requirements and Funding Plan 1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase

More information

ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL

ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL Sr. No. Demat Request No.(DRN) DP ID Client ID Date of Demat Request Received Quantity Requested Date of Demat Request Processed No. of days of

More information

Treasury Yield Curve (percent) 2-yr/10-yr Treasury Spread (bp) 10-year Corporate Spreads (bp) 5-yr Investment Grade Corporate CDS Markit (bp)

Treasury Yield Curve (percent) 2-yr/10-yr Treasury Spread (bp) 10-year Corporate Spreads (bp) 5-yr Investment Grade Corporate CDS Markit (bp) 5. Treasury Yield Curve (percent) 35 2yr/1yr Treasury Spread (bp) 4.5 4. 3 3.5 25 3. 2.5 2. 15 1.5 1..5 Treasury 'A' Financial 'A' Industrial 'A' Utility 5. 8 9 21 211 212 213 214 215 The Treasury yield

More information

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017 From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days

More information

BUSINESS LOAN APPLICATION

BUSINESS LOAN APPLICATION BUSINESS LOAN APPLICATION Superior National Bank & Trust Company 235 Quincy Street, P.O. Box 450 Hancock, MI 49930 phone 906.482.0404 toll-free 1.866.482.0404 1 INTRODUCTION Thank you for considering Superior

More information

Diversifying with Negatively Correlated Investments. Monterosso Investment Management Company, LLC Q1 2011

Diversifying with Negatively Correlated Investments. Monterosso Investment Management Company, LLC Q1 2011 Diversifying with Negatively Correlated Investments Monterosso Investment Management Company, LLC Q1 2011 Presentation Outline I. Five Things You Should Know About Managed Futures II. Diversification and

More information

U.S. Credit Card. Trends, Liquidation and Portfolio Pricing

U.S. Credit Card. Trends, Liquidation and Portfolio Pricing U.S. Credit Card Sector Update: Market Trends, Liquidation and Portfolio Pricing Agenda U.S. Credit Card Sector AY Year in Review Key Economic Trends Liquidation and Pricing Changes Market Trends Unfolding

More information

Mortgage Strategies in the Current Economic Environment. Katie Hopkins SVP, Investment Strategies khopkins@viningsparks.com

Mortgage Strategies in the Current Economic Environment. Katie Hopkins SVP, Investment Strategies khopkins@viningsparks.com Mortgage Strategies in the Current Economic Environment Katie Hopkins SVP, Investment Strategies khopkins@viningsparks.com Mortgage Market Trends page 2 Limited Mortgage Opportunities Fed products, 15yr

More information

Annual Treasury And Investment Portfolio Update for 2015

Annual Treasury And Investment Portfolio Update for 2015 Item No.: 7d_Supp Meeting Date: March 8, 2016 Annual Treasury And Investment Portfolio Update for 2015 Commission Briefing Presented by Diane Campbell March 8, 2016 Treasury Management Update Background

More information

Gaining Millennial Members BUILDING PARTNERSHIPS WITH PRIVATE STUDENT LOANS

Gaining Millennial Members BUILDING PARTNERSHIPS WITH PRIVATE STUDENT LOANS Gaining Millennial Members BUILDING PARTNERSHIPS WITH PRIVATE STUDENT LOANS Presented by: Jillian Gajtka Manager Strategic Partnerships Who We Are: Credit Union Student Choice By credit unions, for credit

More information

Loan Consolidation. Mark Riggs

Loan Consolidation. Mark Riggs Loan Consolidation Mark Riggs Bedford Springs, October 12-14, 2015 Introduction Today's students are graduating with loan balances as large as a home mortgage, but unlike a mortgage, student debt is typically

More information

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking

More information

COE BIDDING RESULTS 2009 Category B Cars >1600 cc

COE BIDDING RESULTS 2009 Category B Cars >1600 cc Quota System A COE BIDDING RESULTS 2009 B Jan-2009 Quota 1,839 1,839 1,100 1,099 274 268 409 411 767 758 Successful bids 1,784 1,832 1,100 1,097 274 260 401 386 763 748 Bids received 2,541 2,109 1,332

More information

NTREIS MLS Area Housing Activity Report Compiled for North Texas Real Estate Information System. Current Month Summary for: July 2016

NTREIS MLS Area Housing Activity Report Compiled for North Texas Real Estate Information System. Current Month Summary for: July 2016 Use PDF Bookmarks for direct link to report tables. NTREIS MLS Area Housing Activity Report Compiled for North Texas Real Estate Information System Current Month Summary for: July 2016 Property Type Sales

More information

A Leveraged Lease Primer

A Leveraged Lease Primer A Leveraged Lease Primer Understanding the tax and accounting treatments of this powerful equipment finance tool. The leveraged lease product has been used by many large corporations to finance capital

More information

Share of Dealership Profits. Auto Lending Abuses: The Pitfalls of Financing Cars. Car Lending Abuses. The Trust Tax.

Share of Dealership Profits. Auto Lending Abuses: The Pitfalls of Financing Cars. Car Lending Abuses. The Trust Tax. Share of Dealership Profits 70.0% 60.0% Auto Lending Abuses: The Pitfalls of Financing Cars 50.0% 40.0% 30.0% Presentation of Chris Kukla NC State Bar Legal Assistance for Military Personnel Meeting October

More information

Funding Alternatives in the Current Economic Environment

Funding Alternatives in the Current Economic Environment Funding Alternatives in the Current Economic Environment RISE 2010 Alan Bickerstaff Technology and Emerging Companies Group Andrews Kurth LLP 111 Congress Avenue, Suite 1700 Austin, Texas 78701 (512) 320-9229

More information

CARE HOME SAMPLE PACK LIMITED

CARE HOME SAMPLE PACK LIMITED MANAGEMENT ACCOUNTS For the month of May 2010 1 KPIs Registered beds: 45 Jan-10 Feb-10 Mar-10 Apr-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Year to Date Average Occupancy 43.50 43.00 41.30 41.90

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management 2 With bond yields near 60-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate

More information

Diminished Liquidity in the Corporate Bond Market: Implications for Fixed Income Investors

Diminished Liquidity in the Corporate Bond Market: Implications for Fixed Income Investors Diminished Liquidity in the Corporate Bond Market: Implications for Fixed Income Investors 3/16/215 Summary In the wake of the 27-8 Financial Crisis, investors increased their holdings of fixed income

More information

Opportunities and risks in credit. Michael Korber Head of Credit

Opportunities and risks in credit. Michael Korber Head of Credit Opportunities and risks in credit Michael Korber Head of Credit August 2009 Overview Fixed income assets, characteristics and risks Where the current opportunity is in fixed income markets How to access

More information

Are you protected against market risk?

Are you protected against market risk? Are you protected against market risk? The Aston Hill Capital Growth Fund provides low volatility access to U.S. equities with a strong focus on downside protection. Since taking over management of the

More information

10-Year Private Equity Fund Quarterly Cash Flow Model: Fund-Level

10-Year Private Equity Fund Quarterly Cash Flow Model: Fund-Level 10-Year Private Equity Fund Quarterly Cash Flow Model: Fund-Level Fund Start: January 1, 2014 General Assumptions Acquisition Timing Assumptions Waterfall Hurdle Rate Assumptions Operating Assumptions

More information

Strategic and Operational Overview May 11, 2016

Strategic and Operational Overview May 11, 2016 Strategic and Operational Overview May 11, 2016 Safe Harbor Statement This presentation contains several forward-looking statements. Forward-looking statements are those that use words such as believe,

More information

Discussion of Discounting in Oil and Gas Property Appraisal

Discussion of Discounting in Oil and Gas Property Appraisal Discussion of Discounting in Oil and Gas Property Appraisal Because investors prefer immediate cash returns over future cash returns, investors pay less for future cashflows; i.e., they "discount" them.

More information

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015

HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS. September 2015 HIGH DIVIDEND STOCKS IN RISING INTEREST RATE ENVIRONMENTS September 2015 Disclosure: This research is provided for educational purposes only and is not intended to provide investment or tax advice. All

More information

Mark Weiss, President

Mark Weiss, President Mark Weiss, President Safe Harbor Certain items in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements

More information

Guggenheim Investments. European High-Yield and Bank Loan Market Overview

Guggenheim Investments. European High-Yield and Bank Loan Market Overview Guggenheim Investments European High-Yield and Bank Loan Market Overview August 2015 European High-Yield & Bank Loan Market Overview Please see disclosures and legal notice at end of document. 2 August

More information

A Picture Worth 1,000 Words

A Picture Worth 1,000 Words Volume 24, No. 4, January 28, 2011 CWS CAPITAL PARTNERS LLC CWS Capital Partners LLC CALENDAR OF EVENTS Prior to March 2011 K-1 s Mailed April 13, 2011 CWS Capital Partners Annual Shareholder s Meeting

More information

A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING

A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING A GUIDE TO AUSTRALIAN FIXED INCOME INVESTING The Australian fixed income market vs the Australian share market The Australian share market is dynamic. On any given trading day, share prices may move rapidly

More information

Start Your. Business Business Plan

Start Your. Business Business Plan Start Your Waste Recycling Business A TECHNICAL STEP-BY-STEP-GUIDE OF HOW TO START A COMMUNITY-BASED WASTE RECYCLING BUSINESS Start Your Waste Recycling Business Business Plan INTERNATIONAL LABOUR OFFICE

More information

Topics to be Discussed Description of Fixed Income Securities Characteristics Used to Evaluate Securities. Fixed Income Securities

Topics to be Discussed Description of Fixed Income Securities Characteristics Used to Evaluate Securities. Fixed Income Securities Topics to be Discussed Description of Characteristics Used to Evaluate Securities Treasury Bonds Agency Bonds Municipal Bonds Corporate Bonds Institutional Bonds Evaluation of Bonds Preferred Stock Description

More information

Chapter 10 Capital Markets and the Pricing of Risk

Chapter 10 Capital Markets and the Pricing of Risk Chapter 10 Capital Markets and the Pricing of Risk 10-1. The figure below shows the one-year return distribution for RCS stock. Calculate a. The expected return. b. The standard deviation of the return.

More information

Working Capital and the Financing Decision C H A P T E R S I X

Working Capital and the Financing Decision C H A P T E R S I X Working Capital and the Financing Decision C H A P T E R S I X Limited 2000 Figure 6-1a The nature of asset growth A. Stage I: Limited or no Growth PPT 6-1 Dollars Temporary current assets Capital assets

More information

STATEMENT 7: DEBT MANAGEMENT

STATEMENT 7: DEBT MANAGEMENT STATEMENT 7: DEBT MANAGEMENT This statement discusses debt management, including maintaining the Commonwealth Government Securities (CGS) market and the proposed investment of financial assets in the Future

More information

Understanding Bank Loans: Opportunities for Diversification and Risk Reduction

Understanding Bank Loans: Opportunities for Diversification and Risk Reduction Understanding Bank Loans: Opportunities for Diversification and Risk Reduction December 28 By: Niklas Nordenfelt, CFA Senior Portfolio Manager, Co-Manager of Sutter High Yield Fixed Income Paolo L. Villasenor

More information

Interest Rates. Countrywide Building Society. Savings Growth Data Sheet. Gross (% per annum)

Interest Rates. Countrywide Building Society. Savings Growth Data Sheet. Gross (% per annum) Interest Rates (% per annum) Countrywide Building Society This is the rate of simple interest earned in a year (before deducting tax). Dividing by 12 gives the monthly rate of interest. Annual Equivalent

More information

If you are having technical difficulties, please call Go To Webinar at (800) 263 6317

If you are having technical difficulties, please call Go To Webinar at (800) 263 6317 If you are having technical difficulties, please call Go To Webinar at (800) 263 6317 STAR Ohio Update November 19, 2013 Josh Mandel, Treasurer of Ohio Conrad R. Metz, Chief Investment Officer Jason Click,

More information

Prospect Capital Corporation (NASDAQ: PSEC)

Prospect Capital Corporation (NASDAQ: PSEC) Analyst Rating About Prospect Capital Corporation Prospect Capital Corporation (Prospect Capital) is a financial services company that lends to and invests in middle market privately-held companies. The

More information

BERYL Credit Pulse on High Yield Corporates

BERYL Credit Pulse on High Yield Corporates BERYL Credit Pulse on High Yield Corporates This paper will summarize Beryl Consulting 2010 outlook and hedge fund portfolio construction for the high yield corporate sector in light of the events of the

More information

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management

Navigating Rising Rates with Active, Multi-Sector Fixed Income Management Navigating Rising Rates with Active, Multi-Sector Fixed Income Management With bond yields near 6-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate interest

More information

Treasury Presentation to TBAC

Treasury Presentation to TBAC Treasury Presentation to TBAC Office of Debt Management Fiscal Year 2015 Q1 Report Table of Contents I. Fiscal II. A. Quarterly Tax Receipts p. 4 B. Monthly Receipt Levels p. 5 C. Eleven Largest Outlays

More information

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008

Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Performance Summary Below are summary performance numbers for Last Atlantis Partners, LLC share classes. To download detailed

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS With about $713 billion in assets, the bank loan market is roughly half the size of the high yield market. However, demand

More information

A Guide to the Insider Buying Investment Strategy

A Guide to the Insider Buying Investment Strategy Mar-03 Aug-03 Jan-04 Jun-04 Nov-04 Apr-05 Sep-05 Feb-06 Jul-06 Dec-06 May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06

More information

Managing Currency Mismatch. May 2010

Managing Currency Mismatch. May 2010 Managing Currency Mismatch May 2010 FX Volatility 2 Very High Volatility in Asian Currencies Currency Performance % 140 130 120 110 100 90 80 70 60 50 40 Jan-06 Jun-06 Dec-06 Jun-07 Dec-07 May-08 Nov-08

More information

Financing for the Next Level C E O - S O L O M O N G L O B A L H O L D I N G S

Financing for the Next Level C E O - S O L O M O N G L O B A L H O L D I N G S Financing for the Next Level J. LUKE WESTERMAN C E O - S O L O M O N G L O B A L H O L D I N G S Table of Contents How to get your business growth capital Overview of capital sources Debt Traditional Financing

More information

FINANCIAL RESULTS Q1 2016

FINANCIAL RESULTS Q1 2016 FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets

More information

White Paper. ALM: Manage Your Interest Rate Risk From the Bottom Up

White Paper. ALM: Manage Your Interest Rate Risk From the Bottom Up White Paper ALM: Manage Your Interest Rate Risk From the Bottom Up Use asset and liability management (ALM) software and effective business practices to manage interest rate risk. As a credit union leader,

More information

Evolution Strategy. Evolution Highlights. Chryson Evolution Strategy & Performance 2012-2013

Evolution Strategy. Evolution Highlights. Chryson Evolution Strategy & Performance 2012-2013 Evolution Strategy Chryson Evolution Strategy & Performance 20-20 Evolution Highlights Trading with defined strategy Trade CFDs only in FTSE 100 companies Utilising short and long positions Due to the

More information

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive?

FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS. Why does the bank loan sector remain so attractive? FLOATING RATE BANK LOANS: A BREAK FROM TRADITION FOR INCOME-SEEKING INVESTORS Bank loans present a compelling income opportunity and a portfolio diversifier that provides protection against traditional

More information

OPERATING FUND. PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER

OPERATING FUND. PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER PRELIMINARY & UNAUDITED FINANCIAL HIGHLIGHTS September 30, 2015 RENDELL L. JONES CHIEF FINANCIAL OFFICER MANAGEMENT OVERVIEW September 30, 2015 Balance Sheet Cash and cash equivalents had a month-end balance

More information

SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET

SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET In Accordance With NRS 350.013 June 30, 2015 7-1 Table of Contents Introduction... 7-3

More information

ILLUSTRATION 17-1 CONVERTIBLE SECURITIES CONVERTIBLE BONDS

ILLUSTRATION 17-1 CONVERTIBLE SECURITIES CONVERTIBLE BONDS ILLUSTRATION 17-1 CONVERTIBLE SECURITIES CONVERTIBLE BONDS Issued ten, 8%, $1,000 par value bonds at 110. Each bond is convertible into 100 shares of $5 par value common. Entry at date of issue: Cash 11,000

More information

Committee of the Whole. January 22, 2014

Committee of the Whole. January 22, 2014 Committee of the Whole January 22, 2014 Drivers for 2003 IT Outsourcing Cost savings - privatization model ($2- $3MM/year) Cost avoidance Data center lease with County expiring ($3.5MM) Disaster recovery

More information

Solid Financial Position Improving Efficiency

Solid Financial Position Improving Efficiency Solid Financial Position Improving Efficiency Kim Ignatius CFO, Sanoma Group Sanoma Capital Markets Day 12 October 2009 Solid financial performance improving efficiency Cost reductions Reshaping operations

More information

Banco Santander Chile: Solid results in 2Q14. Sound outlook for 2015

Banco Santander Chile: Solid results in 2Q14. Sound outlook for 2015 0 Banco Santander : Solid results in 2Q14. Sound outlook for 2015 August 2014 Important information 1 Banco Santander caution that this presentation contains forward looking statements within the meaning

More information

Jeff Haby, P.E. Director Sewer System Improvements. September 15, 2015. Agenda

Jeff Haby, P.E. Director Sewer System Improvements. September 15, 2015. Agenda SAWS Sanitary Sewer Overflow Reduction Program Jeff Haby, P.E. Director Sewer System Improvements SA Military Engineers Meeting Agenda SAWS Overview Consent Decree CD Compliance Programs Program Transition

More information

Need to know finance

Need to know finance Need to know finance You can t hide from it Every decision has financial implications Estimating sales and cost of sales (aka direct costs) Gross Profit and Gross Profit Margin (GPM) Sales cost of sales

More information

BROADWAY FINANCIAL CORPORATION

BROADWAY FINANCIAL CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest

More information

7. Foreign Investments in India

7. Foreign Investments in India 93 Foreign Investments in India ISMR 7. Foreign Investments in India Introduction From 1992, Foreign Institutional Investors (FIIs) have been allowed to invest in all securities traded on the primary and

More information

The U.S. Leveraged Loan Market Today s drivers, tomorrow s challenges. Meredith Coffey, LSTA 212-880-3019 mcoffey@lsta.org

The U.S. Leveraged Loan Market Today s drivers, tomorrow s challenges. Meredith Coffey, LSTA 212-880-3019 mcoffey@lsta.org The U.S. Leveraged Loan Market Today s drivers, tomorrow s challenges Meredith Coffey, LSTA 212-88-319 mcoffey@lsta.org Presentation Overview Today s Leveraged Loan Market Tomorrow s Regulatory Environment

More information

Interim Results to 31 December 2012

Interim Results to 31 December 2012 Interim Results to 31 December 2012 Presentation to investors 22 nd February 2013 David Carr Chief Executive Officer Stuart Harrison Chief Financial Officer Agenda > Result highlights > VHP performance

More information

ALM in UK Life. DRAFT 12 January 2011 V1

ALM in UK Life. DRAFT 12 January 2011 V1 ALM in UK Life WP & Annuity strategy t John Lister DRAFT 12 January 2011 V1 1 ALM in UK Life Summary Asset and Liability management is at the core of what we do This combined with the quality of our credit

More information

Risk Control and Equity Upside: The Merits of Convertible Bonds for an Insurance Portfolio

Risk Control and Equity Upside: The Merits of Convertible Bonds for an Insurance Portfolio Risk Control and Equity Upside: The Merits of Convertible Bonds for an Insurance Portfolio In a survey of insurance company Chief Investment Officers conducted by Eager, Davis & Holmes 1 in May 2009, 43%

More information

Trailing PE 15.1. Forward PE 11.8 SAMPLE. Buy 42 Analysts. 1-Year Return: 16.4% 5-Year Return: 105.2%

Trailing PE 15.1. Forward PE 11.8 SAMPLE. Buy 42 Analysts. 1-Year Return: 16.4% 5-Year Return: 105.2% ORACLE CORPORATION (-N) Last Close 34.93 (USD) November 18, 2013 NEW YORK Exchange AVERAGE SCORE Avg Daily Vol 17.7M Market Cap 156.9B POSITIVE OUTLOOK: 's current score of 8 places it among the top quartile

More information

TLG IMMOBILIEN AG H1 2015 Results August 2015

TLG IMMOBILIEN AG H1 2015 Results August 2015 TLG IMMOBILIEN AG H1 2015 Results August 2015 Disclaimer This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking

More information

MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER

MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER madisonadv.com madisonfunds.com 2015 2Q EXCELLENCE IN INVESTMENT MANAGEMENT MADISON CORPORATE BOND FUND INVESTMENT STRATEGY LETTER Market Review With Independence Day fast approaching, fireworks began

More information

Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services

Overview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services Equity Risk Management Strategy Overview Approved for public distribution October 2013 Services Portfolios & Products Equity Risk Management Strategy* Tactical allocation strategy that seeks to adjust

More information

STAR Ohio Update. November 19, 2013

STAR Ohio Update. November 19, 2013 STAR Ohio Update November 19, 2013 Conrad R. Metz, Director of Investments Ryan A. Bilsky, Deputy Director of Investments Jason Click, Vice President Public Funds Administrators If you are having technical

More information

Noble Royalties, Inc.

Noble Royalties, Inc. Noble Royalties, Inc. { America s Leader for Private Royalty Ownership Welcome } For over a century, sophisticated investors have understood the benefits of More Diversification Means Reduced Portfolio

More information

The Coming Volatility

The Coming Volatility The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April

More information

Business Plan Planning Service Financial Analyses and Projections

Business Plan Planning Service Financial Analyses and Projections Business Plan Planning Service Financial Analyses and Projections Financials Included With Every Ceo Resource Plan These are the financial analyses and projections that are included with all plans developed

More information

Venture Lending, Working Capital and Term Loans for Emerging Companies: Borrower and Lender Perspectives

Venture Lending, Working Capital and Term Loans for Emerging Companies: Borrower and Lender Perspectives Presenting a live 90-minute webinar with interactive Q&A Venture Lending, Working Capital and Term Loans for Emerging Companies: Borrower and Lender Perspectives Negotiating Loan Terms, Collateral Requirements,

More information

Blackstone Reports Third Quarter Results

Blackstone Reports Third Quarter Results Blackstone Reports Third Quarter Results New York, October 15, 2015: Blackstone (NYSE:BX) today reported its third quarter 2015 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said,

More information