Buying and selling debt
|
|
- Frank Wilkins
- 8 years ago
- Views:
Transcription
1 FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Buying and selling debt Trends from around the world 5 November 2012
2 Who made the discovery which has most deeply affected the fortunes of the human race? The man who first discovered that a debt is a saleable commodity. (American Bankruptcy Law Journal, 2007) 2
3 Key Themes in the Market Single trades vs portfolio sales Yield play vs asset play Key issues 3
4 The Australian Experience Dr David Goldman, Partner Sydney
5 Single trades Growing secondary market in debt in Australia Single trades are the largest part of secondary market in Australia Large & mature market in Europe Insider trading Must not trade bonds/debentures with inside information But no regulation of loans not a security covered by Aust provisions (Div 3, Part 7.10 Corporations Act 2001) Process Sale process is very structured and straightforward Terms you would expect for any sale/purchase Some elements to reflect nature of asset being sold/purchased (i.e. debt) Be careful a trade is usually by phone! Ensure you have all internal approvals in place and are ready to trade Written confirmation follows the trade Price Timing LMA terms 5
6 Portfolio sales Groups of loans Performing loans par deals e.g. Macquarie s 2009 $1bn acquisition of Ford s motor vehicle finance portfolio (75k cars) e.g. Macquarie s 2009/2010 acquisition of Ford s floor plan finance portfolio Non-performing loans distressed deals e.g. BoSI, BoQ, Suncorp portfolios e.g. Smaller bespoke portfolios Key issue price Large bid/ask spread in distressed portfolio sales to date E.g. BoQ $230m commercial property loan book Market in Australia largely focussed on distressed real estate European market not so narrow Warranties Due diligence 6
7 Yield play vs Asset play Yield/arbitrage Opportunistic - buy cheap, sell for more Increasingly seeing bounce strategies Loan (not bond) trading Asset loan to own 2 strategies Recapitalise in existing structure Debt for equity swap Common in both Aust & Europe Feasibility - largely driven by tax New structure - pre-pack sale Far more common in UK ( Insolvency brothel of Europe ) Controversial practice in Australia 7
8 Key Issues Borrower s consent needed to assign debt? First issue that should be checked as part of DD In absence of formal consent, sub-participation can pass the economic benefit of the loan When writing loans Reducing scope/need for borrower consent will promote liquidity in secondary market e.g. European approach deemed consent if borrower does not object within x days Be careful with confidentiality provisions Process often takes longer than market timelines indicate E.g. T+10 business days to complete is often T+60 Portfolio sales Market does not like selling on non-standard documents 8
9 The German Experience Dr Rüdiger Litten, Partner Frankfurt
10 The German NPL Market of the last 12 years 2000: no market 2004/5: opening of floodgates several multi billion deals 2006/7: sharp decline 2012: few large portfolio deals; fair number of small and medium sized deals 10
11 Why? First years of the century: German national character prevails (do it big, or do nothing!) Today: Reasons for selling debt: NPL volume increased because of financial crisis (PWC estimate: EUR 196bn) Upcoming changes in regulatory capital (Basel III) Certain banks in trouble Reasons for not selling debt Government support for moderate run-off Pricing gap Reputational risks 11
12 Who sells German NPLs? German lending market rests on 3 equally sized pillars: Public banks Cooperative banks Private banks Predominantly private banks sell onto the market And recently: Bundesbank (Lehman legacy) 12
13 Who buys German NPLs? 2005: all big investment banks (Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Merrill Lynch, Lehman Brothers, CSFB); and opportunity funds (Lone Star, Fortress, Cerberus) 2012:funds (Blackstone, Lone Star, Colony Capital, Pimco) 13
14 Who services German NPLs? Some funds have their own exclusive servicers (Lone Star > Hudson Advisors) Otherwise: diversified specialised servicer industry (Immofori, SGK, Hatfield Philipps, Lohnbach) 14
15 How are German NPLs (typically) sold? Vendor due diligence 2-stage auction process investors submit price indication on basis of info memo (and legal documentation) purchaser due diligence in data room; binding offer asset deal by way of sub-participation, assignment or assumption of contract; or share deal: outright sale and transfer or spin-off pursuant to Transformation Act 15
16 What are the (legal) challenges? Banking secrecy & data protection Banking licence requirement Transfer of employees ( 613a BGB) True sale > insolvency remoteness Transfer of collateral > mortgages > refinancing register 16
17 How is the outlook? Gradually increasing offering Small to medium sized portfolios Mostly real estate, but also consumer and corporate loans 17
18 The Canadian Experience Tony Reyes, Partner Toronto
19 Portfolio sales Portfolio sales in Canada not common except in restructuring of financial institutions: have been more common in U.S. due to regional lenders and different regulatory regime portfolios are packaged for maximum realizations by type and by performing vs. non-performing 19
20 Single trades Single trades more common in Canada. Three general types: take-out financing for fatigued lenders debtor-in-possession financing in formal restructurings buying for control or blocking position 20
21 Take-out financing Take-out financing is done in a variety of ways (some of which involve the sale/purchase of debt instruments): factoring of receivables. Receivables of debtor company are sold and title to receivables passes to financing party. A specialized type of lending. sale of high-yield bonds or debentures in the public market. Subject to securities laws and disclosure (prospectus) requirements. Often contain an equity component or conversion feature. sale of indebtedness and security. Can occur where traditional lender will exit for a sale price that is usually a portion of the face value of the loan. Sells position and assigns the benefit of the security. The debtor will normally agree (if this is required) since it is a take-out of an unfriendly lender. Not as common as it was in the past. asset-based loans, usually on current assets (accounts receivable and inventory). U.S. styled loans, with heavy documentation and frequent audit and monitoring. Fee-intensive and quite expensive in interest/fee terms. fixed asset security, for bricks and mortar types of collateral. 21
22 Debtor-in-possession financing has been recognized in Canada for some years. Was formalized by statutory amendments in will prime all security and government receivables, with very specific and limited exceptions. current case before Supreme Court of Canada regarding pension deficiencies. yields are high, and terms are tight. Can include profit-sharing or equity kickers. 22
23 Purchases for control position or blocking position, or for yield investor may acquire secured or unsecured debt for leverage or control / yield. secured debt may be acquired from lender, or from public market if available. unsecured debt is a riskier acquisition. May (or may not) have blocking position due to voting requirements under Canadian insolvency statutes. specialized investors will acquire claims of creditors for cents on the dollar. Requires insight or just good luck. Unlike the trading of bonds, this appears to be under the regulatory radar. 23
24 The United Kingdom Experience
25 The Middle East Experience Patrick Bourke, Partner Dubai
26 What we can offer Experience of an international legal practice with a specialist distressed debt team. Strong relationships with financial institutions and investors on the buy and sell side. Familiarity with standard LMA (English law) and LSTA (New York law) debt trading terms. Advice on single asset trades and non-performing loan portfolio trades. 26
27 Disclaimer The purpose of this presentation is to provide information as to developments in the law. It does not contain a full analysis of the law nor does it constitute an opinion of Norton Rose on the points of law discussed. No individual who is a member, partner, shareholder, director, employee or consultant of, in or to any constituent part of Norton Rose Group (whether or not such individual is described as a partner ) accepts or assumes responsibility, or has any liability, to any person in respect of this presentation. Any reference to a partner or director is to a member, employee or consultant with equivalent standing and qualifications of, as the case may be, Norton Rose LLP or Norton Rose Australia or Norton Rose Canada LLP or Norton Rose South Africa (incorporated as Deneys Reitz Inc) or of one of their respective affiliates. 27
28
An Alternative Way to Diversify an Income Strategy
Senior Secured Loans An Alternative Way to Diversify an Income Strategy Alternative Thinking Series There is no shortage of uncertainty and risk facing today s investor. From high unemployment and depressed
More informationChapter 11: Applications and Advantages in European High Yield Restructurings
Chapter 11: Applications and Advantages in European High Yield Restructurings from PwC's Deals Practice Business Recovery Services April 2015 The European high-yield debt market has seen tremendous growth
More informationPensions. Briefing. The PPF Entry Process. Stage 1. Stage 2. December 2011. Summary
Pensions FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Briefing The PPF Entry Process December 2011 Summary
More informationDistressed Portfolio Companies
Distressed Portfolio Companies Imminent Conflicts of Interest for Private Equity Sponsors August 2009 2009 Cleary Gottlieb 2006 Steen Cleary & Hamilton Gottlieb Steen LLP. All & Hamilton rights reserved.
More informationBusiness Restructuring & Insolvency Report
Published by TIMES Group First Edition 2015 Business Restructuring & Insolvency Report Restructuring is here to stay by Peter Wolterman and Koos Beke, PwC Netherlands We strongly believe that the restructuring
More informationNational Policy Statement 29 Mutual Funds Investing in Mortgages SECTION III INVESTMENT POLICY SECTION IV DISCLOSURE
National Policy Statement 29 Mutual Funds Investing in Mortgages SECTION I SECTION II APPLICABILITY DEFINITIONS SECTION III INVESTMENT POLICY SECTION IV DISCLOSURE National Policy Statement 29 Mutual Funds
More informationFirst Report of KSV Kofman Inc. as Trustee in Bankruptcy of IceGen Inc. and 1807983 Ontario Limited. September 25, 2015
First Report of KSV Kofman Inc. as Trustee in Bankruptcy of IceGen Inc. and 1807983 Ontario Limited September 25, 2015 Contents Page 1.0 Introduction...1 1.1 Purposes of this Report...2 1.2 Currency...2
More informationCDS IndexCo. LCDX Primer
LCDX Primer This document aims to outline the key characteristics of LCDX, and give investors the information they need to trade the index with confidence. What is LCDX? LCDX is a tradeable index with
More informationSBERBANK GROUP S IFRS RESULTS. March 2015
SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB
More informationPriority Senior Secured Income Fund, Inc.
Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed
More informationBERYL 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 informationAn Introduction to LSTA Distressed Trading Documentation. July 29, 2009
An Introduction to LSTA Distressed Trading Documentation July 29, 2009 Overview What are we trading? Differences between Par and Distressed Why use LSTA distressed documentation? LSTA Distressed Trade
More informationINVESTMENT DICTIONARY
INVESTMENT DICTIONARY Annual Report An annual report is a document that offers information about the company s activities and operations and contains financial details, cash flow statement, profit and
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationBanking, finance and restructuring Focus on Europe
Banking, finance and restructuring Focus on Europe Attorney advertising. Prior results do not guarantee a similar outcome. Innovative strategies for market makers To thrive in today s markets, clients
More informationThe Pinnacle Funds. Simplified Prospectus. December 11, 2009 Class A and Class F units and Class I units where noted. Money Market Fund.
The Pinnacle Funds Simplified Prospectus December 11, 2009 Class A and Class F units and Class I units where noted Money Market Fund Pinnacle Short Term Income Fund Bond Funds Pinnacle Income Fund Pinnacle
More informationEUROCASTLE INVESTMENT LIMITED. Proposal to Convertible Debt Investors February 28, 2013
EUROCASTLE INVESTMENT LIMITED Proposal to Convertible Debt Investors February 28, 2013 Disclaimer The information in this document has been prepared by Eurocastle Investment Limited (the "Company") solely
More informationHSBC Mutual Funds. Simplified Prospectus June 8, 2015
HSBC Mutual Funds Simplified Prospectus June 8, 2015 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: HSBC Global Corporate
More informationRecourse vs. Nonrecourse: Commercial Real Estate Financing Which One is Right for You?
Recourse vs. Nonrecourse: Commercial Real Estate Financing Which One is Right for You? Prepared by Bill White Director of Commercial Real Estate Lending In this white paper 1 Commercial real estate lenders
More informationGlobal high yield: We believe it s still offering value December 2013
Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed
More informationEuropean Commercial Real Estate Finance 2015 Update
VIEWPOINT CBRE Capital Advisors analysis of trends in Europe s debt market European Commercial Real Estate Finance 2015 Update Highlights A year on from our last review, we have updated our European Debt
More informationA voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.
Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency
More information310-10-00 Status. General
Checkpoint Contents Accounting, Audit & Corporate Finance Library Standards and Regulations FASB Codification Codification Assets 310 Receivables 310-10 Overall 310-10-00 Status Copyright 2014 by Financial
More informationCross-Border Private Placement Market. 10 October 2014
Cross-Border Private Placement Market 10 October 2014 2014 Morrison & Foerster (UK) LLP All Rights Reserved mofo.com Speakers The 2014 Edition of the Legal 500 UK states that Morrison & Foerster is the
More informationRepresenting the Asset-Based Financial Services & Factoring Industries Worldwide August 12 THE MIDDLE MARKET ISSUE
Representing the Asset-Based Financial Services & Factoring Industries Worldwide August 12 THE MIDDLE MARKET ISSUE IN THIS ISSUE: Done Deal: Junior Capital s Role in Debt Financings P10 Challenges and
More informationShip finance leasing in China
Ship finance leasing in China FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Jonathan Silver Of Counsel, Norton
More informationThe Search for Yield Continues: A Re-introduction to Bank Loans
INSIGHTS The Search for Yield Continues: A Re-introduction to Bank Loans 203.621.1700 2013, Rocaton Investment Advisors, LLC Executive Summary With the Federal Reserve pledging to stick to its zero interest-rate
More informationHSBC Mutual Funds. Simplified Prospectus June 15, 2016
HSBC Mutual Funds Simplified Prospectus June 15, 2016 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: Cash and Money Market
More informationNEW REGULATORY FRAMEWORK FOR NON-PERFORMING LOANS IN GREECE
BRIEFING NEW REGULATORY FRAMEWORK FOR NON-PERFORMING LOANS IN GREECE DECEMBER 2015 GREECE HAS OPENED THE WAY FOR THE DEVELOPMENT OF A SECONDARY MARKET FOR NON-PERFORMING LOANS WITH THE INTRODUCTION OF
More informationNOTE ON LOAN CAPITAL MARKETS
The structure and use of loan products Most businesses use one or more loan products. A company may have a syndicated loan, backstop, line of credit, standby letter of credit, bridge loan, mortgage, or
More informationBlackstone / GSO Strategic Credit Fund
PROSPECTUS 41,740,000 Shares Blackstone / GSO Strategic Credit Fund Common Shares $20.00 per Share Investment Objectives. Blackstone / GSO Strategic Credit Fund (the Fund ) is a newly organized, non-diversified,
More informationPERMANENT HEALTH FUND FINANCIAL STATEMENTS
FINANCIAL STATEMENTS Years Ended August 31, 2001 and 2000 Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002-4196 Tel: (713) 982-2000 Fax: (713) 982-2001 www.us.deloitte.com INDEPENDENT
More informationUnderstanding Managed Funds
... Understanding Managed Funds Contact us If you would like to know more about how AMP Capital can help you, please visit ampcapital.com.au, or contact one of the following: Financial Planners Personal
More informationADVISORSHARES TRUST. AdvisorShares Pacific Asset Enhanced Floating Rate ETF NYSE Arca Ticker: FLRT
ADVISORSHARES TRUST AdvisorShares Pacific Asset Enhanced Floating Rate ETF NYSE Arca Ticker: FLRT Supplement dated February 26, 2016 to the Summary Prospectus, Prospectus, and Statement of Additional Information
More informationFINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES
Nuclear Finance Basics FINANCIAL INSTITUTIONS Offtakers Regulators Developers People International Stakeholders Government Operators Suppliers Public Legacy Managers Financers Insurers 2 NEPIO Government
More informationBusiness Studies - Financial Planning and Management Study Notes. Financial Planning and Management Study Notes:
Business Studies - Financial Planning and Management Study Notes Financial Planning and Management Study Notes: The Role of Financial Planning: The strategic role of financial management: Organisational
More information1 Overview 1.01 INTRODUCTION
1 Overview 1.01 INTRODUCTION 1.01(a) Scope Of This Work This treatise is a practical guide for secured creditors, i.e. creditors with collateral securing their claims against debtors, in the restructuring,
More informationSUGGESTED AMENDMENTS. Bankruptcy and Insolvency Act
SUGGESTED AMENDMENTS Bankruptcy and Insolvency Act The underlined words are our suggested language: BIA section 65.1 (7), (8) and (9) 65.1 (1) If a notice of intention or a proposal has been filed in respect
More informationThe Basics of Bankruptcy and Insolvency Law. Jeffrey C. Carhart
The Basics of Bankruptcy and Insolvency Law Jeffrey C. Carhart TYPES OF INSOLVENCY PROCEEDINGS Liquidation in Bankruptcy Proposals in Bankruptcy involving re-organizations or going concern sales Re-organizations
More informationAnnual Information Form dated May 12, 2016
Offering securities of the Investor Series, unless otherwise indicated (and securities of the Advisor, F, Institutional, M, O, R, F5, T5, T, E, FT, N and NR Series where indicated). Annual Information
More informationThree Bets At The Table: The Major Distressed Investing Strategies For Hedge Funds and Private Equity. By Bobby Guy 1
Three Bets At The Table: The Major Distressed Investing Strategies For Hedge Funds and Private Equity By Bobby Guy 1 [The NIC Insider (National Investment Center for Seniors Housing and Care Industry),
More informationFIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK
1 FIXED INCOME INVESTORS HAVE OPTIONS TO INCREASE RETURNS, LOWER RISK By Michael McMurray, CFA Senior Consultant As all investors are aware, fixed income yields and overall returns generally have been
More informationIntroduction to Convertible Debentures
Introduction to Convertible Debentures Intro to Convertible Debentures March, 2009 Convertible debentures are hybrid securities which offer advantages of both bonds and equities. Like ordinary bonds they
More informationRIT Capital Partners plc Shareholder Disclosure Document January 2015
RIT Capital Partners plc Shareholder Disclosure Document January 2015 This document is intended to provide shareholders with specific information required by the FCA and ESMA in accordance with the Alternative
More informationGo Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015
Go Further 1Q 2015 FIXED INCOME REVIEW APRIL 28, 2015 FORD CREDIT 1Q 2015 OPERATING HIGHLIGHTS* Another strong performance with pre-tax profit of $483 million and net income of $306 million Managed receivables
More informationEuropean Portfolio Advisory Group Market update
European Portfolio Advisory Group Market update October 2013 Click to launch 2 Publication Issue European NPL outlook and transactions in key markets Richard Thompson Chairman, European Portfolio Advisory
More informationTD Mutual Funds Fund Profiles
TD Mutual Funds Fund Profiles Fixed Income Funds TD Ultra Short Term Bond Fund TD Short Term Bond Fund TD Mortgage Fund TD Canadian Bond Fund TD Income Advantage Portfolio July 21, 2010 TD Canadian Core
More informationSACRS Fall Conference 2013
SACRS Fall Conference 2013 Bank Loans November 14, 2013 Allan Martin, Partner What Are Floating Rate Bank Loans? Senior secured floating rate debt: Current Typical Terms: Spread: LIBOR + 5.00%-6.00% LIBOR
More informationTHE BASICS OF CHAPTER 11 BANKRUPTCY
THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing
More informationFunding business expansion. Asset Finance and Asset-Based Lending as alternative approaches to Debt Finance
Funding business expansion Asset Finance and Asset-Based Lending as alternative approaches to Debt Finance Targeting growth If there was any doubt whether the UK economy remains on the path to growth,
More informationCIBC MUTUAL FUNDS AND CIBC FAMILY OF MANAGED PORTFOLIOS ANNUAL INFORMATION FORM
CIBC MUTUAL FUNDS AND CIBC FAMILY OF MANAGED PORTFOLIOS ANNUAL INFORMATION FORM CIBC Mutual Funds CIBC Savings Funds CIBC Canadian T-Bill Fund CIBC Premium Canadian T-Bill Fund CIBC Money Market Fund (Class
More informationAsset Management Companies Observed best practices
Asset Management Companies Observed best practices 3 March 15 Martin Rauchenwald CONFIDENTIALITY Our clients industries are extremely competitive. The confidentiality of companies plans and data is obviously
More informationCondensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board
Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board September 30, 2015 Condensed Interim Consolidated Balance Sheet As at September 30, 2015 As at September 30,
More informationHow fund managers can make money from lending
How fund managers can make money from lending In the seven years that have elapsed since the financial crisis, the number of funds raising capital to lend to the real economy has increased significantly.
More informationExchange Traded Funds
LPL FINANCIAL RESEARCH Exchange Traded Funds February 16, 2012 What They Are, What Sets Them Apart, and What to Consider When Choosing Them Overview 1. What is an ETF? 2. What Sets Them Apart? 3. How Are
More informationAIFM Directive. Briefing. The impact on non-eu fund managers of non-eu funds. Introduction. Overview of the AIFMD
AIFM Directive FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Briefing August 2012 The impact on non-eu fund
More information6 % Information booklet. Retail Bond Offer fi xed to December 2020. The Paragon Group of Companies PLC. www.paragon-group.co.uk/group/retail-bond
Information booklet The Paragon Group of Companies PLC 13 February 2013 6 % Retail Bond Offer fi xed to December 2020 Lead Manager and Offeror Canaccord Genuity Limited Authorised Offerors Barclays Stockbrokers
More informationCLIENT RELATIONSHIP DISCLOSURE STATEMENT
A. INTRODUCTION CLIENT RELATIONSHIP DISCLOSURE STATEMENT Securities legislation in Canada requires Deans Knight Capital Management Ltd. ( Deans Knight or the firm ) to provide you with certain information
More informationMORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents
Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial
More informationCPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort?
CPBI Saskatchewan Regional Council Alternative Investments - Worth the Effort? PREPARED BY: Brendan George, Partner, George & Bell Consulting Inc. November 18 and 19, 2015 Agenda Current Economic Environment
More informationFinancial System Inquiry SocietyOne Submission
Financial System Inquiry SocietyOne Submission SocietyOne is pleased to make the following submission to the Financial System Inquiry. SocietyOne is Australia s first fully compliant Peer-to-Peer (P2P)
More informationCORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE. Undertakings. Norton Rose LLP June 2012. PAR-#4041659-v1 1
CORPORATE FINANCE FINANCIAL INSTITUTIONS ENERGY AND INFRASTRUCTURE Undertakings Norton Rose LLP June 2012 1 UNDERTAKINGS What is an undertaking? 1 In general terms, an undertaking is simply an enforceable
More informationRestructuring Overview: Chapter 11. Renée M. Dailey June 28, 2013
Restructuring Overview: Chapter 11 Renée M. Dailey June 28, 2013 What is Chapter 11? A chapter contained in title 11 of the United States Code (the "Bankruptcy Code") which provides for the reorganization,
More informationFinancial-Institutions Management. Solutions 6
Solutions 6 Chapter 25: Loan Sales 2. A bank has made a three-year $10 million loan that pays annual interest of 8 percent. The principal is due at the end of the third year. a. The bank is willing to
More informationGUARDIAN CANADIAN BOND FUND
GUARDIAN CANADIAN BOND FUND FINANCIAL STATEMENTS DECEMBER 31, 2010 March 11, 2011 PricewaterhouseCoopers LLP Chartered Accountants PO Box 82 Royal Trust Tower, Suite 3000 Toronto-Dominion Centre Toronto,
More informationWhat s on a bank s balance sheet?
The Capital Markets Initiative January 2014 TO: Interested Parties FROM: David Hollingsworth and Lauren Oppenheimer RE: Capital Requirements and Bank Balance Sheets: Reviewing the Basics What s on a bank
More informationInvestor Presentation Final Results 12 MONTHS ENDED 30 June 2012
Investor Presentation Final Results 12 MONTHS ENDED 30 June 2012 Page 2 Cash Converters Overview Background 28 Years in Business. Cash Converters established first retail outlet in 1984 Deep and Experienced
More informationTrading in loan portfolios in Germany
International topics Current Issues May 25, 2007 "Non-performing loans" an established asset class Trading in loan portfolios in Germany In only four years since the first transactions, trading in nonperforming
More informationGUIDELINES FOR FINANCINGS OF EDUCATIONAL AND CULTURAL INSTITUTIONS
COLORADO EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY GUIDELINES FOR FINANCINGS OF EDUCATIONAL AND CULTURAL INSTITUTIONS The following guidelines provide a general overview of the requirements of the
More informationDiversify Your Portfolio with Senior Loans
January 2013 Diversify Your Portfolio with Senior Loans White Paper INVESTMENT MANAGEMENT For financial professional or qualified institutional investor use only. Not for inspection by, distribution or
More informationAn Introduction to the Impact of Mark to Market Accounting on MBIA and Financial Guarantors
An Introduction to the Impact of Mark to Market Accounting on MBIA and Financial Guarantors MBIA provides credit protection on municipal, essential asset and securitized financings, and the terms and conditions
More informationFIIG ESSENTIALS GUIDE. Residential Mortgage Backed Securities
FIIG ESSENTIALS GUIDE Residential Mortgage Backed Securities Introduction Residential Mortgage Backed Securities (RMBS) are debt securities that are secured by a pool of home loans. RMBS are a subset
More informationLecture Notes on MONEY, BANKING, AND FINANCIAL MARKETS. Peter N. Ireland Department of Economics Boston College. irelandp@bc.edu
Lecture Notes on MONEY, BANKING, AND FINANCIAL MARKETS Peter N. Ireland Department of Economics Boston College irelandp@bc.edu http://www2.bc.edu/~irelandp/ec261.html Chapter 2: An Overview of the Financial
More informationValuation Services. Global Capabilities Delivered Locally KPMG LLP
Valuation Services Global Capabilities Delivered Locally KPMG LLP Today s global environment has elevated the importance of valuations that support financial reporting, tax planning, litigation, and mergers
More informationIn recent years Russian originators have demonstrated an increasing
38 Securitisation in Russia: an overview of the legal framework and recent developments Vladimir Dragunov and Max Gutbrod Baker & McKenzie CIS Limited In recent years Russian originators have demonstrated
More informationForms of Corporate Insolvency
Forms of Corporate Insolvency There are five categories of insolvency procedure for companies: Company Voluntary Arrangement; Administration; Administrative Receivership; Creditors Voluntary Liquidation;
More informationMLC MasterKey Unit Trust Product Disclosure Statement (PDS)
MLC MasterKey Unit Trust Product Disclosure Statement (PDS) Preparation date 1 July 2014 Issued by MLC Investments Limited (MLC) ABN 30 002 641 661 AFSL 230705 This information is general and doesn t take
More informationAssurance and accounting A Guide to Financial Instruments for Private
june 2011 www.bdo.ca Assurance and accounting A Guide to Financial Instruments for Private Enterprises and Private Sector t-for-profit Organizations For many entities adopting the Accounting Standards
More informationSAF-HOLLAND Annual Financial Statements 2012. Detlef Borghardt, CEO Wilfried Trepels, CFO. March 14, 2013
SAF-HOLLAND Annual Financial Statements 212 Detlef Borghardt, CEO Wilfried Trepels, CFO March 14, 213 Executive Summary business volume successfully expanded in 212 1 Group sales increased yoy by 3.4%
More informationJPMorgan Senior Secured Loan Fund Limited
JPMorgan Senior Secured Loan Fund Limited FOR PROFESSIONAL CLIENTS ONLY OCTOBER 2013 JPMorgan Senior Secured Loan Fund Limited New closed-ended company with focus on income from a portfolio of senior secured
More informationCHALLENGES FOR WEALTH MANAGEMENT FIRMS IN 2016: ARE YOU PREPARED?
HEALTH WEALTH CAREER CHALLENGES FOR WEALTH MANAGEMENT FIRMS IN 2016: ARE YOU PREPARED? David A. Hyman, CFA US Wealth Management Segment Leader Michael Curtin Senior Investment Consultant, Wealth Management,
More informationIntroduction to Australian Real Estate Debt Securities
1 Introduction Introduction to Australian Real Estate Debt Securities Superannuation fund investors and managers have for a long time invested in real estate as part of their asset allocation in the belief
More informationNon-traded financial contracts
11-1 Introduction Financial contracts are made between lenders and borrowers Non-traded financial contracts are tailor-made to fit the characteristics of the borrower In business financing, the differences
More informationTen reasons to be invested in European Listed Real Estate
Ten reasons to be invested in European Listed Real Estate Executive Summary At Petercam Institutional Asset, we are convinced that investing part of one s assets in European listed real estate makes sense.
More informationLeveraged Bank Loans. Prudential Investment Management-Fixed Income. Leveraged Loans: Capturing Investor Attention August 2005
Prudential Investment Management-Fixed Income Leveraged Loans: Capturing Investor Attention August 2005 Ross Smead Head of US Bank Loan Team, Prudential Investment Management-Fixed Income Success in today
More informationDiversify Your Portfolio with Senior Loans
Diversify Your Portfolio with Senior Loans White Paper April 2015 Not FDIC Insured May Lose Value No Bank Guarantee For financial professional or use qualified only. Not institutional for inspection investor
More informationSecuritisation after the credit crunch Is it right for your business?
www.pwc.com/securitisation Securitisation after the credit crunch Is it right for your business? Securitisation undoubtedly received a lot of adverse press during the credit crisis. In this publication
More informationSecuritisation after the credit crunch Is it right for your business?
www.pwc.com/securitisation Securitisation after the credit crunch Is it right for your business? Securitisation undoubtedly received a lot of adverse press during the credit crisis. In this publication
More informationBMO Mutual Funds 2015
BMO Mutual Funds 2015 SEMI-ANNUAL FINANCIAL STATEMENTS BMO Select Trust Conservative Portfolio NOTICE OF NO AUDITOR REVIEW OF THE SEMI-ANNUAL FINANCIAL STATEMENTS BMO Investments Inc., the Manager of the
More informationTHE REGION S LEADING SERVICER OF LOAN RECEIVABLES
THE REGION S LEADING SERVICER OF LOAN RECEIVABLES OVER $A8 BILLION OF FUNDS UNDER ADMINISTRATION. PRIMARY SERVICER OF OVER 20,000 RECEIVABLES. BACK-UP SERVICER OF OVER 150,000 RECEIVABLES. Why AMAL? At
More informationSimplified Prospectus
Simplified Prospectus October 29, 2015 OFFERING SERIES A, D AND E SECURITIES (UNLESS OTHERWISE INDICATED) OF: COUNSEL STRATEGIC PORTFOLIOS COUNSEL PORTFOLIO COMPONENTS COUNSEL CONSERVATIVE PORTFOLIO 1
More informationGlobal Client Group The Gateway to AWM
Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner
More informationRecommended Offer for Alliance & Leicester. 14 July 2008
Recommended Offer for Alliance & Leicester 4 July 008 Disclaimer This document does not constitute an offer to sell, or an invitation to subscribe for or purchase, any securities or the solicitation of
More informationSankaty 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 informationThe Scottish Investment Trust PLC
The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC
More informationInvestment Primer Floating Rate Loans
Investment Primer Floating Rate Loans Joseph Lynch portfolio manager Bank Loan Management Stephen Casey portfolio manager Bank Loan Management June 2012 Floating rate loans, also known as leveraged loans,
More information96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment
Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit
More informationDaily Income Fund Retail Class Shares ( Retail Shares )
Daily Income Fund Retail Class Shares ( Retail Shares ) Money Market Portfolio Ticker Symbol: DRTXX U.S. Treasury Portfolio No Ticker Symbol U.S. Government Portfolio Ticker Symbol: DREXX Municipal Portfolio
More informationUnderstanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt
Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should
More information