Bloomberg. Wealth Management. John Bridge, CFA
|
|
- Hilda Stephens
- 6 years ago
- Views:
Transcription
1 Bloomberg Wealth Management Solutions John Bridge, CFA
2 AGENDA 1 ECONOMIC IMPROVEMENT 2 FIXED INCOME TRADING 3 FIXED INCOME VALUATION FOR STRUCTURED ASSETS 4 PORTFOLIO RISK MANAGEMENT
3 1 ECONOMIC IMPROVEMENT Changes in the housing market, debt and savings rates, as well as borrowing and lending liquidity have altered the wealth management landscape. They are now showing signs of improvement
4 Housing Market Turn? New Home Sales Case Shiller 10 city housing price index Existing Home Sales First increase in housing prices since June 2006
5 Consumer Debt and Personal Savings Consumer debt has dropped for the first time since 1992 Personal Savings are at an all time high.
6 Overnight Index Swap OIS spread hovered around 8 basis points from 2001 to July of Spread hit an all time high of 364 basis points on 10/10/08. We are now below 30 basis points Lending liquidity between banks is improving
7 2 FIXED INCOME TRADING Find bonds that have been issued or trade under the various rescue programs so that you can take advantage of government sponsored guarantees and meet due diligence requirements by ensuring that you are quoted a fair price.
8 Bloomberg Bailout and Rescue Program Transparency Menu
9 TARP and Temporary Liquidity Guarantee Bonds
10 Live Execution for FDIC Guaranteed Bonds
11 MSRB and TRACE reporting
12 3 FIXED INCOME VALUATION The potential overhaul of regulatory oversight is heightening the awareness and importance of fiduciary responsibility. Proper and detailed valuation methods for structured products are critical to due diligence. Bloomberg has the proper tools that you need to value MBS and structured notes so that you meet or exceed these requirements.
13 RMBS structured pay down without loss assumptions Historical Constant Default rate is 12.98, loss severity is
14 RMBS structured pay down with loss Model losses using 13% annual default rate, and a 30% severity. assumptions 2A1 loses 2.12% with first loss in March A2 loses 23.35% with first loss date in June 2011 Reasonable default and severity assumptions produce very different return results.
15 Perform loss analysis by varying loss assumptions for subsets of your collateral. In this case, we are using days delinquent. Super Yield Table stratifies the collateral
16 CMBS Advanced Scenarios Select all loans with a debt service coverage ratio < 1.2. Resulting loans with a debt service coverage ratio < 1.2.
17 CMBS Advanced Scenarios Three independent loan groups with custom loss assumptions
18 CMBS Advanced Scenarios Structure Pay down
19 Bloomberg s Structured Notes Menu Structure, price, and search for equity, fx, interest rate structured notes.
20 Capital Protected Structured Note
21 4 The potential overhaul of regulatory oversight is heightening the awareness and importance of fiduciary responsibility. Proper and detailed valuation methods for structured products are critical to due diligence. Bloomberg has the proper tools that you need to value MBS and structured notes so that you meet or exceed these requirements.
22 Portfolio Slice and Dice
23 Portfolio Slice and Dice Industry and Single Security Breakdown
24 Portfolio Slice and Dice Distribution
25 Key Rate Duration Industry Breakdown
26 Key Rate Duration Single Security Breakdown
27 Value at Risk Industry Breakdown
28 Value at Risk Industry Breakdown
29 Questions?
What May LIBOR's Phase-Out Mean for Investors?
What May LIBOR's Phase-Out Mean for Investors? October 1, 2018 by Justin Mandeville, Jacob Habibi of Invesco In the past few years, the London interbank offered rate (LIBOR) has faced well-publicized challenges.
More informationInvest for income with flexibility in changing markets
Invest for income with flexibility in changing markets Q3 17 Putnam multi-sector income funds Diverse opportunities. Flexible risk allocations. Bottom-up approach. An active approach can seek to reduce
More informationLiquidity is Relevant Again
Liquidity is Relevant Again April 2019 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. For institutional use only. l 2019 FMR LLC.
More informationUnderstanding the Policy Response to the Financial Crisis. Macroeconomic Theory Honors EC 204
Understanding the Policy Response to the Financial Crisis Macroeconomic Theory Honors EC 204 Key Problems in the Crisis Bank Solvency Declining home prices and rising mortgage defaults put banks in danger
More informationStructured finance perspectives Trends in ABS, MBS & CDO Market Pricing
Structured finance perspectives Trends in ABS, MBS & CDO Market Pricing Executive summary 104 structured finance investors from the US and EU responded to the first of three surveys focusing on the pricing,
More informationPutnam Stable Value Fund
Product profile Q2 2017 Putnam Stable Value Fund Fund inception date February 28, 1991 Total portfolio assets $6.1B Total strategy assets $6.6B Putnam Stable as of June 30, 2017 Value Weighted average
More informationANNUAL FUND OPERATING EXPENSES
Semper MBS Total Return Fund Summary Prospectus March 30, 2018 Class A Institutional Class Investor Class SEMOX SEMMX SEMPX Before you invest, you may want to review the Semper MBS Total Return Fund s
More informationAssets and liabilities measured at fair value Table 74
2014 vs. 2013 Our total holdings of RMBS noted in the table above may be exposed to U.S. subprime risk. As at October 31, 2014, our U.S. subprime RMBS exposure of $157 million decreased $48 million or
More informationSemper MBS Total Return Fund. Semper Short Duration Fund. Prospectus March 30, 2018
Semper MBS Total Return Fund Class A Institutional Class Investor Class SEMOX SEMMX SEMPX Semper Short Duration Fund Institutional Class Investor Class SEMIX SEMRX (Each a Fund, together the Funds ) Each
More informationMaking the most of TARP: The Supporting Role of Fannie and Freddie
Financial Services Point of View Series: Issue 5 October 24, 2008 Author: John Colas, Partner in Oliver Wyman s Retail and Business Banking practice Making the most of TARP: The Supporting Role of Fannie
More informationRecourse vs. Nonrecourse: Commercial Real Estate Financing Which One Is Right for You?
The following information and opinions are provided courtesy of Wells Fargo Bank, N.A. Recourse vs. Nonrecourse: Commercial Real Estate Financing Which One Is Right for You? 1 2 2 3 3 4 Commercial real
More informationAXIS Specialty Limited. Financial Statements and Independent Auditors Report
AXIS Specialty Limited Financial Statements and Independent Auditors Report 1 Pages No. Independent Auditors Report 3 Balance Sheets as at 4 Statements of Operations and Comprehensive Income (Loss) for
More informationCredit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference
Credit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference May 13, 2008 Janet L. Yellen President and CEO Federal Reserve Bank of San Francisco Overview Financial
More informationEstablishment of "Temporary Rules regarding the Eligibility Standards for Corporate Bonds and Loans on Deeds to Companies"
December 2, 2008 Bank of Japan Establishment of "Temporary Rules regarding the Eligibility Standards for Corporate Bonds and Loans on Deeds to Companies" At the Monetary Policy Meeting held today, the
More informationFourth Quarter 2018 Earnings Call FEBRUARY 7, 2019
Fourth Quarter 2018 Earnings Call FEBRUARY 7, 2019 Safe Harbor Statement FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements within the meaning of the safe harbor provisions
More informationHow are you adapting to a changing muni landscape?
EATON VANCE FEBRUARY 2018 CORNERSTONES OF TAX-SMART INVESTING How are you adapting to a changing muni landscape? A professionally managed, laddered approach to municipal bonds may make sense now. SUMMARY
More informationGOLDMAN SACHS BANK USA AND SUBSIDIARIES
Consolidated Financial Statements As of and for the years ended December 31, 2014 and December 31, 2013 Financial Statements INDEX Page No. Consolidated Financial Statements Consolidated Statements
More informationAsset and Net Worth Growth Loan Allocation Trends 2
Growth, Capital, and Concentration Risk Management Jonathan Jackson, CFA Advisor Catalyst Strategic Solutions Asset and Net Worth Growth 1 Asset and Net Worth Growth Loan Allocation Trends 2 Loan Allocations
More informationMSRB Rule G-17: Interpretive Notice on Duties of Underwriters to Issuers
MSRB Rule G-17: Interpretive Notice on Duties of Underwriters to Issuers Webinar Part 2: Required Disclosure of Role, Obligations and Conflicts of Interest Required Underwriter Disclosures to Issuers Under
More informationFinancial Highlights
February 10, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Commercial Paper Issuance 3 Spreads over Treasuries 3 Broad Financial Market Indicators LIBOR Spreads
More informationInvestment Insights What are asset-backed securities?
Investment Insights What are asset-backed securities? Asset-backed securities (ABS) are bonds secured by diversified pools of receivables across a variety of consumer or commercial assets. These assets
More informationJPMorgan Funds statistics report: Mortgage-Backed Securities Fund
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Mortgage-Backed Securities Fund Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents
More informationBest Execution and Order Handling Policy
Best Execution and Order Handling Policy OR Taxonomy: Client-related Business Conduct Owner/Issuer: Head Global Trading and Order Generation Why do we have this policy? This policy will set a standard
More informationMorgan Stanley Financial Overview
Free Writing Prospectus Registration Statement No. 333-131266 Dated October 16, 2008 Filed pursuant to Rule 433 Morgan Stanley Financial Overview Third Quarter 2008 Notice The information provided herein
More informationFocus On... CapitalMarkets. Senior Loans Understanding the Asset Class. What are senior loans?
CapitalMarkets Focus On... Senior Loans Understanding the Asset Class As investments based on senior loans become more popular, it is important that investors fully understand what they are and how they
More informationFinancial Highlights
May 5, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Commercial Paper Issuance 2 Outstanding 2 Stocks and Bonds S&P and Dow Jones 3 VIX and MOVE volatility indices 3 European Debt Bond Spreads
More informationSession 177 OF, The Convergence of Capital Markets and Insurance. Moderator: Erik J. Thoren, FSA, CERA, MAAA
Session 177 OF, The Convergence of Capital Markets and Insurance Moderator: Erik J. Thoren, FSA, CERA, MAAA Presenters: Prannoy Chaudhury, FSA, MAAA Jean-Francois Lemay, FSA Erik J. Thoren, FSA, CERA,
More information2016 Annual Stress Test Disclosure FHLB Des Moines
2016 Annual Stress Test Disclosure FHLB Des Moines Results of the Federal Housing Finance Agency Supervisory Severely Adverse Scenario As Required by the Dodd-Frank Wall Street Reform and Consumer Protection
More informationNavigating through difficult waters Dr. Hugo Banziger
Navigating through difficult waters Dr. Hugo Banziger Chief Risk Officer Merrill Lynch Wholesale Banking Risk Seminar London, 12 September 2007 Sub-prime mortgage woes unfold in three phases Concerns have
More informationARE CREDIT SECURITIES WORTH THE RISK?
1 GIOA ANNUAL CONFERENCE 2019 ARE CREDIT SECURITIES WORTH THE RISK? MARCH 21, 2019 Tom Juarez, Chief Investment Officer, City of Los Angeles R.C. Kinzly, Investment Officer, County of San Diego OVERVIEW
More informationFinancial Highlights
January 20, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Consumer Credit Revolving and Nonrevolving 3 Compared with Past Recessions 4 Credit Card Delinquencies
More informationThe Financial Crisis. Gerald P. Dwyer Federal Reserve Bank of Atlanta University of Carlos III, Madrid
The Financial Crisis Gerald P. Dwyer Federal Reserve Bank of Atlanta University of Carlos III, Madrid Disclaimer These views are mine and not necessarily those of the Federal Reserve Bank of Atlanta or
More informationEmerging Risks for Investment Portfolios September 24, Adam Bareham, Valuation Services Director
for Investment Portfolios September 24, 2015 Adam Bareham, Valuation Services Director 212-542-9730 Adam.Bareham@us.gt.com Agenda: I. Current Landscape II. Valuation III. Reduced Underwriting Standards
More informationWall Street and Commercial Real Estate
Wall Street and Commercial Real Estate Everett Allen Greer March 16, 2011 Los Angeles Los Angeles 213.985.3800 New York 646.867.1600 San Francisco 415.233.6300 Dallas 214.347.7500 Greer Miami Advisors,
More informationspeaking investments THE IMPORTANCE OF DIVERSIFICATION IN DC PLAN FIXED INCOME
speaking investments THE IMPORTANCE OF DIVERSIFICATION IN DC PLAN FIXED INCOME INTEREST RATES ARE POISED TO RISE FROM NEAR-HISTORIC LOWS, POSING CHALLENGES FOR EVEN THE MOST SOPHISTICATED INVESTORS. As
More informationAsset Strategy for Matching Adjustment Business Challenges and Choices
This document is intended for use at the Insurance Investment Exchange event only. Not for onward distribution. Asset Strategy for Matching Adjustment Business Challenges and Choices June 2016 Agenda Background
More informationThe New Landscape. David Bowman, Special Advisor Board of Governors
The New Landscape David Bowman, Special Advisor Board of Governors Estimates of US Dollar LIBOR Exposures, Market Participants Group Report (2014) Derivatives make up roughly 90 percent of all USD LIBOR
More informationJulie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis
Julie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis May 22, 2009 The views expressed are those of Julie Stackhouse and may not represent the official views of the Federal Reserve Bank
More informationMarch 26, Why Hedge? How to Hedge? Trends and Strategies in Interest Rate and FX Risk Management
Establishing and Maintaining an FX and Interest Rate Hedging Program: The Lifecycle of a Hedge presented by Thomas Armes, Managing Director Foreign Exchange, PNC Capital Markets Steve Goel, Assistant Treasurer,
More informationRI GFOA. May 17, Michael Morin, CFA SVP, Head of Liquidity Management Solutions. Jim Scalisi Vice President Relationship Manager
RI GFOA May 17, 2018 Michael Morin, CFA SVP, Head of Liquidity Management Solutions Jim Scalisi Vice President Relationship Manager Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF
More informationFederated U.S. Government Securities Fund: 1-3 Years
Prospectus April 30, 2018 The information contained herein relates to all classes of the Fund s Shares, as listed below, unless otherwise noted. Share Class Ticker Institutional FSGVX Service FSGIX Y FSGTX
More informationCHIMERA INVESTMENT CORPORATION 520 Madison Avenue New York, New York CHIMERA INVESTMENT CORPORATION RELEASES 1st QUARTER 2016 EARNINGS
PRESS RELEASE NYSE: CIM CHIMERA INVESTMENT CORPORATION 520 Madison Avenue New York, New York 10022 Investor Relations 866-315-9930 www.chimerareit.com FOR IMMEDIATE RELEASE CHIMERA INVESTMENT CORPORATION
More informationThe Financial Crisis. Dr. Myles Watts Department of Ag. Econ. & Econ. Montana State University and
The Financial Crisis Dr. Myles Watts Department of Ag. Econ. & Econ. Montana State University and November 2009 I. Situation Prior to 2006 II. III. IV. Discussion Outline Situation Changes Crisis Issues
More informationNOVEMBER 16, As Required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
Federal Home Loan Bank of New York 2017 Annual Stress Test Disclosure Results of the Federal Housing Finance Agency Supervisory Severely Adverse Scenario NOVEMBER 16, 2017 As Required by the Dodd-Frank
More informationMORTGAGE BACKED SECURITIES AN ACTUARIAL APPROACH TO CASH FLOW ANALYSIS
MORTGAGE BACKED SECURITIES AN ACTUARIAL APPROACH TO CASH FLOW ANALYSIS Kyle S. Mrotek, FCAS, MAAA Neal Dihora, ASA, CFA CAS Spring Meeting 1 Disclaimer This presentation contains our views and these views
More informationPerformance Trust Strategic Bond Fund (Symbol: PTIAX)
Summary Prospectus December 29, 2017 Performance Trust Strategic Bond Fund (Symbol: PTIAX) Before you invest, you may want to review the Performance Trust Strategic Bond Fund s (the Strategic Bond Fund
More informationBuilding a Zero Coupon Yield Curve
Building a Zero Coupon Yield Curve Clive Bastow, CFA, CAIA ABSTRACT Create and use a zero- coupon yield curve from quoted LIBOR, Eurodollar Futures, PAR Swap and OIS rates. www.elpitcafinancial.com Risk-
More informationU.S. Commercial Real Estate Valuation Trends
The NAIC s Capital Markets Bureau monitors developments in the capital markets globally and analyzes their potential impact on the investment portfolios of U.S. insurance companies. A list of archived
More informationInvesco Multi-Factor Core Plus Index Methodology July 2018
Invesco Multi-Factor Core Plus Index Methodology July 2018 Invesco Multi-Factor Core Plus Index Methodology Table of Contents Description 3 Updates 4 Calculation Agent 5 Corporate Events 5 Index Policy
More informationUNIVERSITY OF CALIFORNIA. APPENDICES TO INVESTMENT POLICY STATEMENTS OF UCRP and GEP
UNIVERSITY OF CALIFORNIA APPENDICES TO INVESTMENT POLICY STATEMENTS OF UCRP and GEP TABLE OF CONTENTS These Appendices are applicable to the UC Retirement Plan (UCRP) and General Endowment Pool (GEP),
More information2015 Annual Stress Test Disclosure
2015 Annual Stress Test Disclosure Results of the Federal Housing Finance Agency Supervisory Severely Adverse Scenario July 23, 2015 As Required by the Dodd-Frank Wall Street Reform and Consumer Protection
More informationU.S. CAPITAL MARKETS DECK
U.S. CAPITAL MARKETS DECK SIFMA RESEARCH SEPTEMBER 217 Introduction The United States has the largest and deepest capital markets in the world according to the Federal Reserve, capital markets provide
More informationArkansas. By Julie L. Stackhouse, Senior Vice President Federal Reserve Bank of St. Louis. October 29, 2009
FEDERAL RESERVE BANK of ST. LOUIS CENTRAL to AMERICA S ECONOMY TM The State t of Banking in Arkansas Prepared for the Arkansas State Economic Forecast Conference By Julie L. Stackhouse, Senior Vice President
More informationPNC Investment Contract Fund
PNC Investment Contract December 31, 2013 Class Y Unit Value $3.46 Total Net Assets $426.2 million Portfolio Management Team Thomas Musmanno BlackRock Capital Management, Inc. Began Managing : June 30,
More informationDreyfus Variable Investment Fund: Quality Bond Portfolio
Dreyfus Variable Investment Fund: Quality Bond Portfolio Prospectus May 1, 2018 Initial Shares Service Shares As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved
More informationMaiden Lane LLC. (A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York)
(A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York) Consolidated Financial Statements for theyear Ended December 31, 2009, and for the Period March 14, 2008 to December 31,
More informationManulife Financial Corporation Consolidated Financial Statements. For the year ended December 31, 2017
Manulife Financial Corporation Consolidated Financial Statements For the year ended December 31, 2017 Responsibility for Financial Reporting The accompanying consolidated financial statements of Manulife
More informationStatement of Financial Condition
MS SECURITIES SERVICES INC. Statement of Financial Condition May 31, 2008 (Unaudited) Investments and services are offered through Page 1 Statement of Financial Condition (Unaudited) (In thousands of dollars,
More informationNewly enhanced Reuters Bond Views Q3 2007
Newly enhanced Reuters Bond Views Q3 2007 INDEX Newly enhanced Reuters Bond Views... 1 Background... 2 How do I access Reuters Bond Views?... 2 Why change... 3 What has changed?... 4 What s new in Reuters
More informationAdvanced Interest Rate Derivatives This course can also be presented in-house for your company or via live on-line webinar
Advanced Interest Rate Derivatives This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist Course Objectives The broad
More informationFinancial Highlights
January 6, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Commercial Mortgage Backed Securities Issuance and Spreads 3 CMBS TALF Operations 4 Broad Financial
More informationPACE Select Advisors Trust. Semiannual Report January 31, 2018
PACE Select Advisors Trust Semiannual Report January 31, 2018 Table of contents Page Introduction 3 Management Process 5 Portfolio Advisor s and Subadvisors commentaries and Portfolios of investments PACE
More informationBANK OF ENGLAND MARKET NOTICE: EXTENDED COLLATERAL LONG-TERM REPO OPERATIONS
BANK OF ENGLAND MARKET NOTICE: EXTENDED COLLATERAL LONG-TERM REPO OPERATIONS 1 The Bank will continue to hold extended collateral three-month long-term repo open market operations (OMOs) weekly up to and
More informationThe NEW Generation of Self Funding Instalment Warrants. RBS Australia Limited Equity Structured Products & Warrants
The NEW Generation of Self Funding Warrants RBS Australia Limited Equity Structured Products & Warrants Agenda Background Result The NEW RBS SFI Suitable Investors The Basics Key components of the NEW
More information2017 Annual Stress Test Disclosure
2017 Annual Stress Test Disclosure Results of the Severely Adverse Scenario Prescribed by the Federal Housing Finance Agency November 16, 2017 As Required by the Dodd-Frank Wall Street Reform and Consumer
More informationPutnam Stable Value Fund Reporting As of December 31, 2018
Putnam Stable Value Fund Reporting As of December 31, 2018 Portfolio Characteristics Stable Value Strategy Assets* 7,399,754,477.60 Stable Value Fund Assets 6,866,780,247.97 Average Quality Aa3/AA-/AA-
More informationUsing Eris Swap Futures to Hedge Mortgage Servicing Rights
Using Eris Swap Futures to Hedge Mortgage Servicing Rights Introduction Michael Riley, Jeff Bauman and Rob Powell March 24, 2017 Interest rate swaps are widely used by market participants to hedge mortgage
More informationManulife Financial Corporation Consolidated Financial Statements. For the year ended December 31, 2016
Manulife Financial Corporation Consolidated Financial Statements For the year ended December 31, 2016 Responsibility for Financial Reporting The accompanying consolidated financial statements of Manulife
More informationNew Risk Management Strategies
Moderator: Jon Najarian, Co-Founder, optionmonster.com New Risk Management Strategies Wednesday, May 4, 2011; 2:30 PM - 3:45 PM Speakers: Jim Lenz, Chief Credit and Risk Officer, Wells Fargo Advisors John
More informationWhat s Working CREATING LIQUIDITY THROUGH MUNICIPAL SWAP OPPORTUNITY
FEBRUARY 19, 2019 What s Working CREATING LIQUIDITY THROUGH MUNICIPAL SWAP OPPORTUNITY Steady loan demand paired with slowing deposit growth has created a lack of liquidity for bond purchases causing a
More informationDepository Institutions
Economics of Financial Intermediation March 2, 2017 Historical trends Historically, Commericial banks have operated as more diversified institutions, having a large concentration of residental mortgage
More informationUNIVERSITY OF KENTUCKY Office of the Treasurer
UNIVERSITY OF KENTUCKY Office of the Treasurer Overnight and Short Term Investment Policy Research Foundation Athletic Association The Fund for Advancement of Education and Research in the UK Medical Center
More informationThe Troubled Asset Relief Program and The Emergency Economic Stabilization Act of 2008 What is It and What Does It Mean to Community Banks?
Information as of 10/8/08 The Troubled Asset Relief Program and The Emergency Economic Stabilization Act of 2008 What is It and What Does It Mean to Community Banks? For more information regarding the
More informationTwo examples demonstrate potential upside of leverage strategy, if your bank can stand the increase posed in interest rate risk
Leverage strategies: Is now the right time? Two examples demonstrate potential upside of leverage strategy, if your bank can stand the increase posed in interest rate risk By Michael Hambrick, Timothy
More informationFidelity Investments: Cash Segmentation & An Active Approach to Liquidity Management
Fidelity Investments: Cash Segmentation & An Active Approach to Liquidity Management December 2017 Not FDIC Insured May Lose Value No Bank Guarantee Not NCUA or NCUSIF insured. May lose value. No credit
More informationFinancial Crisis Impact on Long Term Ag Forecast
1 Financial Crisis Impact on Long Term Ag Forecast Paul N. Ellinger University of Illinois pellinge@illinois.edu www.farmdoc.uiuc.edu/ellinger 217-333-5503 Economic Conditions Surging commodity prices
More information28 W 44 th St. Suite 815, New York, NY th Street NW, Suite 501, Washington, DC Tel:
February 5, 2019 Dear CREFC Members, As you may know, the Federal Reserve s Alternative Reference Rates Committee (ARRC) released its consultation for securitizations on Friday December 7 th for public
More informationKP Fixed Income Fund KPFIX
The KP Core Funds KP Fixed Income Fund KPFIX Institutional Shares Summary Prospectus May 1, 2017 Before you invest, you may want to review the Fund s complete prospectus, which contains more information
More informationBangor Bancorp, MHC and its Subsidiary, Bangor Savings Bank Consolidated Financial Statements March 31, 2017 and 2016
Bangor Bancorp, MHC and its Subsidiary, Bangor Savings Bank Consolidated Financial Statements Page 1 Table of Contents Page(s) Independent Auditor s Report... 1 Consolidated Financial Statements Balance
More information(A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York)
(A Special Purpose Vehicle Consolidated by the Federal Reserve Bank of New York) Consolidated Financial Statements as of and for the Years Ended December 31, 2013 and 2012, and Independent Auditors Report
More informationFederal Home Loan Bank of Boston 2016 Annual Stress Test Disclosure
Federal Home Loan Bank of Boston 2016 Annual Stress Test Disclosure Results of the Federal Housing Finance Agency Supervisory Severely Adverse Scenario November 17, 2016 As Required by the Dodd-Frank Wall
More informationTrends & Long-Term Outlook for Fixed and Stable Value Funds
Trends & Long-Term Outlook for Fixed and Stable Value Funds CPPC Conference August 2013 Cathe Tocher CFA, Senior Vice President AGENDA Introduction: Short-term noise pay attention Preparing for the future:
More informationESTABLISHING A RISK CULTURE AMONG INSTITUTIONAL INVESTORS. San Diego County Employees Retirement Association. August 2013
ESTABLISHING A RISK CULTURE AMONG INSTITUTIONAL INVESTORS San Diego County Employees Retirement Association August 2013 SEATTLE 206.622.3700 LOS ANGELES 310.297.1777 www.wurts.com SESSION OBJECTIVES Begin
More informationFinancial Highlights
December 1, 2010 Financial Highlights Federal Reserve Balance Sheet 1 European Debt Bond Spreads 2 CDS Spreads 2 Securitization Markets CMBS Yields and Issuance 3 CMBS Delinquency Rates 4 Senior Loan Officer
More informationThe 4% rule or Core Income 7?
Core Income 7 Annuity (R-7/2017) Allianz Life Insurance Company of North America The 4% rule or Core Income 7? Seeking guarantees and opportunity amid market volatility When it comes to retirement planning,
More informationNegative Net Cash Flow: Red Flag or Red Herring?
Negative Net Cash Flow: Red Flag or Red Herring? PRESENTED ON OCTOBER 1, 2018 Caleb Croquart, CTFA National Investment Director PNC Institutional Asset Management caleb.croquart@pnc.com Steven Eitel Senior
More informationThe California State University Office of the Chancellor
The California State University Office of the Chancellor Page 1 of 10 July 1, 2002 June 30, 2003 Prepared by The Office of Financing and Treasury Page 2 of 10 Summary At the January 1997 meeting, the Board
More informationThe year 2008 marked a watershed for
Financial Turmoil and the Economy Economic Research Economic Research, the other areas contributing to this report, and the Legal department are part of an interdepartmental committee the Federal Reserve
More informationRepurchase Agreements
Repurchase Agreements Educational Session May 13, 2015 AMERICAN COUNCIL OF LIFE INSURERS 101 Constitution Ave., N.W., Washington, DC 20001-2133 OVERVIEW 2 What Is A Repurchase Transaction? Short-term collateralized
More informationCitigroup Inc. Basel II.5 Market Risk Disclosures As of and For the Period Ended December 31, 2013
Citigroup Inc. Basel II.5 Market Risk Disclosures and For the Period Ended TABLE OF CONTENTS OVERVIEW 3 Organization 3 Capital Adequacy 3 Basel II.5 Covered Positions 3 Valuation and Accounting Policies
More informationFinal Credit Risk Retention Rule. Last Updated: December 2014
Final Credit Risk Retention Rule Last Updated: December 2014 Introduction In October 2014, the SEC, FDIC, Federal Reserve, OCC, FHFA and HUD (the Joint Regulators) adopted a final rule (the Final Rule)
More informationFinancial Highlights
October 6, 2010 Financial Highlights Federal Reserve Balance Sheet 1 European Debt Bond Spreads 2 CDS Spreads 2 Securitization Markets CMBS Yields and Issuance 3 ABX and CMBX 4 Mortgage Rates 5 Broad Financial
More informationNavigating the Fixed Income Minefield
Navigating the Fixed Income Minefield Jeffrey Sherman, CFA Portfolio Manager DoubleLine Capital February 20, 2014 When all the experts and forecasts agree -- something else is going to happen. - Bob Farrell
More informationFederal Home Loan Bank of Atlanta 2017 Annual Stress Test Disclosure
Federal Home Loan Bank of Atlanta 2017 Annual Stress Test Disclosure Results of the Federal Housing Finance Agency Supervisory Severely Adverse Scenario November 16, 2017 As Required by the Dodd-Frank
More informationRegulator Panel OCC Asset Management Update. FIRMA s 27 th National Risk Management Training Conference April 30 th, 2013
Regulator Panel OCC Asset Management Update FIRMA s 27 th National Risk Management Training Conference April 30 th, 2013 1 OCC National Bank and Federal Savings Association AM Supervision OCC regulates
More information2015 Annual Stress Test Disclosure FHLB Seattle
2015 Annual Stress Test Disclosure FHLB Seattle Results of the Federal Housing Finance Agency Supervisory Severely Adverse Scenario As Required by the Dodd-Frank Wall Street Reform and Consumer Protection
More informationAXIS Capital Holdings Limited. Investment Portfolio Supplemental Information and Data March 31, 2010
AXIS Capital Holdings Limited Investment Portfolio Supplemental Information and Data March 31, 2010 Cautionary Note on Forward Looking Statements Statements in this presentation that are not historical
More informationFirst Quarter 2016 Supplemental Information
First Quarter 2016 Supplemental Information May 4, 2016 Safe Harbor Notice This presentation, other written or oral communications and our public documents to which we refer contain or incorporate by reference
More informationFinancial Guaranty Insurance Company RMBS and ABS CDOs as of June 30, October 9, 2007
Financial Guaranty Insurance Company RMBS and ABS CDOs as of June 30, 2007 October 9, 2007 Table of Contents Overview 3-5 Part I MBS 6 Underwriting 7-9 Portfolio 10-16 Performance 17-19 Part II ABS CDOs
More informationKP Fixed Income Fund KPFIX
The KP Core Funds KP Fixed Income Fund KPFIX Institutional Shares Summary Prospectus May 1, 2018 Before you invest, you may want to review the Fund s complete prospectus, which contains more information
More information