united states securities and exchange commission - corporate
... subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of important exceptions and qualifications, including
the fall away or revision of certain of these covenants upon the Notes receiving investment grade credit ratings.
The Company intends to use the net proceeds from ...
base prospectus £100000000 secured bond issuance
... The valuation of an asset is inherently subjective due to, amongst other things, the
individual nature of each asset, and valuations are sensitive to changes in market
sentiment. As such, valuations are subject to uncertainty and cash generated on
disposals may be different from the value of assets ...
alternative leasing arrangements
... lease. With purchase, the cost per year would be lower because you could sell the asset in the
market. Under these circumstances, the cost of the machine could be far more unpredictable
with leasing than with purchase, in which case the low risk strategy would be to purchase the
machine rather than ...
shares as security in modern times: problems and prospects
... between the company and the lender; the agreements struck between creditor and company can
be quite varied.
One form of borrowing by a company is by issuing debentures. When the term ‘debenture’ is
used in its familiar commercial sense, it means a series of bonds which evidence the fact that the
two paradigms and nobel prizes in economics: a contradiction or
... Prize committee who awarded the prize in economics to Kahn man in 2002. On the other hand,
the CAPM is still the most popular asset-pricing model. Thus, it is of crucial importance to study
whether these two models can coexist.
To this end let us highlight the following differences of PT to EUT. PT ...
Investing in CLOs - CION Investments
... The fundamentals of CLO investing are largely unchanged since
the earliest days of the market. Analysts must still make
judgments about the three key components of any CLO:
portfolio, structure and manager. Each of these components
presents a complex mix of risk and ...
The Steps to Successful Risk Taking
... as well as discrepancies between the organization’s intent and management actions taken
or needed. This diagnostic value also clarifies
differences across lines of business and may
signal a need for changes in internal communication, controls, incentives, etc.
The primary value gained is in having t ...
SBICs: More Popular Than Ever Should You Form One?
... and is not intended to constitute legal advice or a recommended course of action in
any given situation. This communication is not intended to be, and should not be,
relied upon by the recipient in making decisions of a legal nature with respect to the
issues discussed herein. The recipient is encou ...
... Prepaid Expenses
Payment of cash, that is recorded as an asset because
service or benefit will be received in the future.
Current Liabilities and Contingencies
... The currently maturing portion of long-term debt includes any long-term debt whose retirement will
require the use of current assets in the following year. This includes both term and serial bonds
(which mature in installments). The current portion of other long-term debt, such as the current
... IFRS recommends but does not require the use of the title
“statement of financial position” rather than balance sheet.
FEDERAL HOME LOAN MORTGAGE CORP (Form: ABS
... as provided to us by representatives of Freddie Mac, with respect to each of the Mortgage Assets (the "Source Documents"):
Promissory note, consolidated, amended and restated promissory note and/or loan modification (collectively, the "Note");
Loan agreement, multifamily loan and security agreement ...
Independent Accountant`s Report on Applying Agreed Upon
... We have performed the procedures enumerated below, which were agreed to by Mr. and Mrs. Pérez as
required by the Puerto Rico Treasury Department, solely to assist you with respect to the information
requested by Administrative Determination No. 16-14 and presented in the accompanying Schedules 1
CoCos: a primer - Bank for International Settlements
... CoCo can boost the issuing bank’s equity in one of two ways. A conversion-toequity (CE) CoCo increases CET1 by converting into equity at a pre-defined
conversion rate. By contrast, a principal writedown (PWD) CoCo raises equity by
incurring a writedown.
For CoCos with a CE loss absorption mechanism, ...
Ten Questions Every Founder Should Ask before Raising Venture
... financing products for venture-backed
companies. Typically, venture debt is
provided by banks or dedicated venture debt
funds as a complement to equity financing. It
can be a useful supplement to equity by
allowing companies to extend their cash
runway and get to their next milestone.
Venture debt c ...
... NO: Mr. Edmondson had been a Radio Shack employee for 11 years.
He had served the company in a wide variety of positions, and had
earned the position of CEO through exceptional performance. While
the fact that he lied 11 years earlier on his résumé was unfortunate,
his service since then made this p ...
MPF Scheme Series S800
... you may lose the guarantee entitlement if you have elected to transfer your accrued benefits in the Scheme
(i) from an account within the Scheme to another account within the Scheme; (ii) from the Principal Long Term
Guaranteed Fund to another constituent fund in the Scheme; or (iii) to another MPF ...
Comparing Financial Statement Amounts or Relationships with
... employees paid than listed in records, capitalization of employee wages
in a start up company
For interest understatement look for notes payable with no interest
expense, bank confirmation shows a note not disclosed by the
company, interest expense on tax returns not recorded on financial
What Is a Contra Asset Account?
... on the other hand, is a contra liability account to mortgage payable that reduces the mortgage
payable for long-term debt only.
Contra accounts are also called valuation allowances because they are used to adjust the
carrying value of the related asset or liability.
2017/01 FINMA Circular "Corporate governance – banks"
... The internal control system (ICS) comprises the totality of the control structures and processes which at all levels of an institution form the basis for achieving its business objectives and ensuring orderly business operations. The ICS comprises retrospective controls
and planning and management e ...
working capital - McGraw Hill Higher Education
... Most bank loans have a duration of a few
months and are designed to cover short-term
working capital needs such as a seasonal
increase in inventory.
Banks also make term loans.
These loans last for several years and may
involve very large sums of money.
copyright © 2003 McGraw Hill Ryerson Lim ...
... Risks Faced by Financial Institutions
• They hold some assets that are potentially subject
to default or credit risk.
• As they expand their services to non-US
customers or even domestic customers have
business outside the US, there is foreign
exchange and country risk (sovereign risk) .
• There is ...
An Introduction to Hedge Fund Strategies
... investor that, it is no longer clear how the hedge fund allocation affects
overall portfolio risk.
An important variant of equity long/short, pairs trading consists of the
combined purchase and sale of two similar securities. The rationale is that one
security is overvalued relative to the other. Ov ...
Government National Mortgage Association
... Determination of HECM MBS Rate; Calculation of Interest
Each Security will accrue interest at the HECM MBS Rate set forth on the cover of this
prospectus supplement for the initial Distribution Date, but will adjust as described herein. The
HECM MBS Rate is generally equal to the weighted average o ...
GEORGE MASON UNIVERSITY
... appointed by the BOV, and the BOV will review this IPS periodically to determine if modifications are
necessary or desirable.
The IPC’s primary objective is provide the BOV with sufficient information to permit it to select
investment options that meet the needs of a diverse participant group and to ...
Structured investment vehicle
A structured investment vehicle (SIV) is a non-bank financial institution established to earn a credit spread between the longer-term assets held in its portfolio and the shorter-term liabilities it issues with significantly less leverage (10-15 times) than traditional banks (25-50 times). They are simple credit spread lenders, frequently ""lending"" by investing in securitisations but also by investing in corporate bonds and funding by issuing commercial paper and medium term notes, which were usually rated AAA until the onset of the financial crisis. They did not expose themselves to either interest rate or currency risk and typically held asset to maturity. SIV's differ from asset-backed securities and collateralized debt obligations in that they are permanently capitalized and have an active management team. They do not wind-down at the end of their financing term, but roll liabilities in the same way that traditional banks do.They are generally established as offshore companies and so avoid paying tax and escape the regulation that banks and finance companies are normally subject to. In addition, until changes in regulations around 2008, they could often be kept off the balance-sheet of the banks that set them up, escaping even indirect restraints through regulation. Due to their structure, the assets and liabilities of the SIV was more transparent than traditional banks for investors. SIVs were given the label by Standard & Poors -- Moody's called them ""Limited Purpose Investment Companies"" or ""LiPICs"". They are considered to be part of the non-bank financial system, which has two parts, the shadow banking system comprising the ""bank sponsored"" SIVs (which operated in the shadows of the bank sponsors balance sheets) and the parallel banking system, made up from independent (i.e. non bank aligned) sponsors.Invented by Citigroup in 1988, SIVs were large investors in securitisations. Some SIVs had significant concentrations in US subprime mortgages, while other SIV had no exposure to these products that are so linked to the financial crisis in 2008. After a slow start (there were only 7 SIVs before 2000) the SIV sector tripled in assets between 2004 and 2007 and at their peak just before the financial crisis in mid 2007, there were about 36 SIVs with assets under management in excess of $400 billion. By October 2008, no SIVs remained active.The strategy of SIVs is the same as traditional credit spread banking. They raise capital and then lever that capital by issuing short-term securities, such as commercial paper and medium term notes and public bonds, at lower rates and then use that money to buy longer term securities at higher margins, earning the net credit spread for their investors. Long term assets could include, among other things, residential mortgage-backed security (RMBS), collateralized bond obligation, auto loans, student loans, credit cards securitizations, and bank and corporate bonds.