An overview of what the bond market is today, how it got hwere, and where it's headed in the future by Catehrine Crews of Bankof America Merrill Lynch.
The document provides an overview and analysis of the global banking industry in May 2013. It summarizes that the banking industry saw mixed trends in mergers and acquisitions activity, with overall market capitalization increasing by $51 billion. Specifically, US and European banks improved while Japanese banks declined. It also discusses a failed acquisition in the UK and provides rankings of the top 10 banks in various M&A categories.
The document summarizes key trends in the Colorado banking environment over the past 5 years and provides projections for 2014. Specifically, it notes that from 2008-2013:
- The number of bank branches in Colorado decreased 1.2% annually on average while deposits per branch grew 6.2% per year
- Most M&A activity involved smaller Colorado banks under $100M in assets
For 2014, it predicts continued consolidation in the industry, loan growth, higher compliance costs, further branch closures, and advancing technology.
2010 Investors' Meeting Presentation - São PauloKianne Paganini
Banco PINE held a presentation covering its 2Q10 results and business strategy. The summary highlights strong income growth in recent quarters driven by selective credit expansion and cross-selling. Banco PINE maintains a diversified funding base and comfortable capital ratios. Its consistent strategy is to provide a full range of financial products and services to mid-sized corporations with an emphasis on customized solutions and rapid credit decisions.
BoyarMiller Breakfast Forum: Current State of The Capital Markets Sept 2013BoyarMiller
60
$70.0
50
$60.0
The document discusses the current state of capital markets. It notes that global growth is slow but prospects are improving in the second half of 2013, with the US economy showing strengths in housing, autos, energy and deficit reduction. The Federal Reserve is preparing to normalize monetary policy by scaling back bond purchases in late 2013, though interest rates are unlikely to rise until 2015. The 30-year bull market in bonds is likely over, which could derail the economy and have implications for asset allocation as interest rates rise. However, the bull market in equities remains intact, with earnings acceleration expected in 2014 and US stocks seen as fairly valued while emerging
Tricumen / Capital Markets: Results Review 4Q13/FY13_OPENTricumen Ltd
The document provides a review and analysis of capital markets results for the fourth quarter and full year of 2013 for the top 13 banks. Some key points:
- Capital markets revenue was flat in Q4 2013 and slightly higher for the full year compared to prior periods, with fixed income, currencies and commodities (FICC) proving more resilient than expected.
- Headcount reductions continued to slow in Q4 2013 but more cuts are expected in the first half of 2014 as several large banks review their FICC divisions.
- UBS and Goldman Sachs gained the most market share among peers in 2013 by reversing declines earlier in the year through strengths in various businesses.
- Primary issuance and advisory businesses
The document summarizes the findings of a survey conducted by Hilton-Baird Financial Solutions on the state of small and medium enterprises (SMEs) in the UK. The survey found that business confidence declined over the past six months, as measured by a new Business Health Index. Fewer businesses expect their company to expand in the coming months compared to last year. Generating new business and managing costs are chief concerns. Traditional sources of funding like overdrafts and credit cards remain popular among SMEs.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2011BoyarMiller
This document summarizes the presentations from the 5th Annual Current State of the Capital Markets Breakfast Forum on September 8, 2011. It includes sections on market performance, credit market stress, the European sovereign debt crisis, US manufacturing and employment data, and investment strategy recommendations to focus on capital preservation given significant downside risks in the markets. It also summarizes private equity and M&A activity trends, noting increased deal volume and values in the energy sector.
The document provides an overview and analysis of the global banking industry in May 2013. It summarizes that the banking industry saw mixed trends in mergers and acquisitions activity, with overall market capitalization increasing by $51 billion. Specifically, US and European banks improved while Japanese banks declined. It also discusses a failed acquisition in the UK and provides rankings of the top 10 banks in various M&A categories.
The document summarizes key trends in the Colorado banking environment over the past 5 years and provides projections for 2014. Specifically, it notes that from 2008-2013:
- The number of bank branches in Colorado decreased 1.2% annually on average while deposits per branch grew 6.2% per year
- Most M&A activity involved smaller Colorado banks under $100M in assets
For 2014, it predicts continued consolidation in the industry, loan growth, higher compliance costs, further branch closures, and advancing technology.
2010 Investors' Meeting Presentation - São PauloKianne Paganini
Banco PINE held a presentation covering its 2Q10 results and business strategy. The summary highlights strong income growth in recent quarters driven by selective credit expansion and cross-selling. Banco PINE maintains a diversified funding base and comfortable capital ratios. Its consistent strategy is to provide a full range of financial products and services to mid-sized corporations with an emphasis on customized solutions and rapid credit decisions.
BoyarMiller Breakfast Forum: Current State of The Capital Markets Sept 2013BoyarMiller
60
$70.0
50
$60.0
The document discusses the current state of capital markets. It notes that global growth is slow but prospects are improving in the second half of 2013, with the US economy showing strengths in housing, autos, energy and deficit reduction. The Federal Reserve is preparing to normalize monetary policy by scaling back bond purchases in late 2013, though interest rates are unlikely to rise until 2015. The 30-year bull market in bonds is likely over, which could derail the economy and have implications for asset allocation as interest rates rise. However, the bull market in equities remains intact, with earnings acceleration expected in 2014 and US stocks seen as fairly valued while emerging
Tricumen / Capital Markets: Results Review 4Q13/FY13_OPENTricumen Ltd
The document provides a review and analysis of capital markets results for the fourth quarter and full year of 2013 for the top 13 banks. Some key points:
- Capital markets revenue was flat in Q4 2013 and slightly higher for the full year compared to prior periods, with fixed income, currencies and commodities (FICC) proving more resilient than expected.
- Headcount reductions continued to slow in Q4 2013 but more cuts are expected in the first half of 2014 as several large banks review their FICC divisions.
- UBS and Goldman Sachs gained the most market share among peers in 2013 by reversing declines earlier in the year through strengths in various businesses.
- Primary issuance and advisory businesses
The document summarizes the findings of a survey conducted by Hilton-Baird Financial Solutions on the state of small and medium enterprises (SMEs) in the UK. The survey found that business confidence declined over the past six months, as measured by a new Business Health Index. Fewer businesses expect their company to expand in the coming months compared to last year. Generating new business and managing costs are chief concerns. Traditional sources of funding like overdrafts and credit cards remain popular among SMEs.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2011BoyarMiller
This document summarizes the presentations from the 5th Annual Current State of the Capital Markets Breakfast Forum on September 8, 2011. It includes sections on market performance, credit market stress, the European sovereign debt crisis, US manufacturing and employment data, and investment strategy recommendations to focus on capital preservation given significant downside risks in the markets. It also summarizes private equity and M&A activity trends, noting increased deal volume and values in the energy sector.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2010BoyarMiller
This document summarizes a presentation on the current state of the capital markets given on September 10, 2010. It discusses 2010 market performance data for various asset classes. It then covers topics like the end of the recession, unemployment, credit availability, the housing market, government stimulus, and earnings estimates. The presentation outlines risks in 2010 like the withdrawal of stimulus, China slowing, and debt issues. It recommends investment strategies focused on capital preservation and diversification. Charts on interest rates, government and consumer debt, and corporate cash levels are also included. The next sections will cover private equity, debt markets, mergers and acquisitions, and conclusions.
There are some of important key points to get success in stock market those are: Set long term investment Goals, Keep updates about the live stock market, Resolve your risk, Invest in valuable stocks, Trade in Market time ect. For live updates and tips visit Epic Research.
The document discusses the performance of the Odey European Inc fund in December 2015. It summarizes the positive and negative contributions from various long and short equity positions. It then analyzes economic and market conditions, including concerns about bubbles in China, falling oil prices, and central banks' responses to risky lending behaviors through interest rate policies. The document warns that markets may be fragile given high valuations and falling corporate profits, and that a significant market correction is possible in the coming year.
Ahli bank weekly capital markets newsletter 6th 10th of january 2019ahli bank
The document provides a weekly market summary and analysis for the period of January 6-10, 2019. It includes information on stock market performance in Jordan and the region, with the ASE index closing up 0.6%. Sector performance and the most active traded companies are mentioned. International market updates on currencies, oil prices, and interest rates are also provided. Local news highlights that Jordan is expected to grow by 2.3% in 2019 according to the World Bank. Regional news notes that Saudi Aramco plans to issue $10 billion in bonds and Egypt plans a $2 billion Japanese yen bond issue.
The Fed kept interest rates unchanged but extended its bond-buying program to the end of the year. Regulations are limiting the ability of banks to make loans and interest rates are not affecting the economy as a result. Spain may need up to €62 billion to recapitalize its banks, and Moody's downgraded several large global banks as part of a long-term review. Earnings forecasts continue to be cut as global economic problems remain unsolved.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
Special report by epic research of 20 december 2017Epic Research
Epic Research is leading financial advisory company, We provide a daily special report on each segment of share market that helps traders to get a better overview of the market. It also improves return on investment.
The document summarizes a presentation given by the Financial Management Association of New Hampshire on safeguarding cash and investments during turbulent economic times. The presentation addressed the current financial crisis, economic outlook, condition of the financial industry, cash management options, and investment policy guidelines. Panelists discussed issues like capital adequacy, the future of securitization and universal banking, and strategies for preserving capital while generating yield.
Corporate funding reached near-record levels in 2015 despite volatility in financial markets. The largest source of funding was investment grade loans which increased 6% to $1.65 trillion, driven by mergers and acquisitions. Short-term bridge financing made up 38% of the top 20 investment grade deals. While investment grade lending increased, other markets like leveraged loans declined due to deteriorating oil and commodity sectors. Overall, companies had more options for raising funds in 2015 than ever before.
Commodity Speculators The Villains Behind The Global Financial CrisisStephen Neill
Commodity speculators drove up prices of key commodities like oil in 2007-2008 through frenzied speculative activity rather than supply and demand factors, creating inflationary pressures. Central banks then raised interest rates to counter inflation without recognizing this was a speculative bubble that would burst. Higher interest rates led to widespread mortgage defaults as borrowers could no longer afford payments, triggering the global financial crisis. The crisis highlights the need for tighter financial regulation and limits on commodity market speculation to prevent such destructive bubbles forming again.
The document analyzes MidSouth Bancorp Inc., a regional bank dependent on the oil industry. Approximately one-fifth of MidSouth's loans are to oil companies, exposing it to volatility from falling oil prices. While MidSouth has not yet experienced losses, further drops in oil prices could increase defaults. The bank's growth also depends on the economic conditions in its regional markets, some of which rely heavily on oil. However, MidSouth has taken a cautious approach to lending that has kept its asset quality strong. The document rates MidSouth as a "Market Outperform" with a 12-month target price of $20.
The document summarizes key aspects of the Union Budget for 2012-13 in India. It notes that while capping subsidies at 2% of GDP is a positive step, achieving this may be unrealistic given firm oil prices. The large projected fiscal deficit of 4.5-5.1% of GDP and high market borrowings of Rs. 4.79 lakh crore could fuel inflation and crowd out private investment. The budget includes measures to boost revenues through indirect and direct tax changes, reduce expenditures, and curb subsidy outflows to improve fiscal discipline.
The document provides a daily market and sector report from Nigeria on January 7, 2015. It summarizes the negative performance of the stock market and various banking and other sectors. Specifically:
- The stock market declined sharply, with the banking sector hit particularly hard due to the government directive for government agencies to close bank revenue accounts.
- Overall market breadth favored decliners, and the key market index fell over 4%. Banking, construction, and industrial sectors all declined over 2%.
- In company news, UBA's rights issue to raise capital opened, seen as necessary to boost its capital levels to meet new regulatory requirements.
The document discusses India's current economic situation and opportunities for growth. It notes that while GDP and industrial output growth slowed in December, stock markets remained bullish and FIIs continued investing heavily in India. It argues the government should seize the opportunity to implement delayed reforms to spur growth, such as increasing petroleum prices and pushing through the 2G auction. Reducing the fiscal deficit through these measures could boost growth and attract more foreign investment. The RBI may also cut interest rates to support the economy if the government demonstrates a credible commitment to fiscal discipline.
La gran banca europea pone a punto sus balancesPwC España
This document provides an overview and analysis of changes in the European banking industry since the announcement of Basel III regulations in 2010. It finds that European banks have significantly strengthened their capital positions, reducing assets and risk exposures while improving liquidity. Banks have cut trading book assets, corporate loans, and short-term borrowings. They have increased capital ratios, deposits, and holdings of safer government bonds and cash. While banks are in a better position, reconciling different regulatory requirements around risk-weighted capital, leverage ratios, and liquidity remains challenging. Overall, European banks have adapted their business models and balance sheets to better meet regulatory demands but full recovery will require continued progress.
Owens & Minor is a distributor of medical supplies founded in 1882. The document analyzes Owens & Minor's financial performance from 2009-2013 based on annual reports. Key points include:
- Profitability ratios like return on assets and equity have declined year-over-year from 2009-2013.
- Liquidity as measured by the current ratio has also declined, falling from 2.09 in 2011 to 1.74 in 2013.
- Cash as a percentage of current assets has dropped 47% from 2011 to 2013.
- Free cash flow per share has fluctuated but was highest in 2009 and lowest in 2011-2012.
- A 2012 acquisition of Movianto expanded into Europe
Bendigo Bank (EBN) - finding an earnings base George Gabriel
Bendigo and Adelaide Bank (BEN) appears to be finding an earnings baseline, with the rate of cash earnings decline slowing in the second half of 2012. However, given its concentrated exposures to residential mortgages and deposit funding, BEN remains vulnerable to external shocks. Key drivers of BEN's earnings outlook are the residential property market, deposit funding costs, and system credit growth. BEN has an overweight exposure to residential mortgages and leads the sector in deposit funding, but has faced pressure from rising deposit costs.
The annual report summarizes Devens' activities in fiscal year 2008. It discusses the opening of a new recycling center, progress on Bristol-Myers Squibb and Evergreen Solar facilities, and the retirement of two long-time MassDevelopment employees. It also provides details on community events, education programs, engineering projects, environmental work, public works initiatives, and public safety services in Devens during the fiscal year.
The document summarizes MassDevelopment's activities and accomplishments in fiscal year 2007. Some key points:
- MassDevelopment financed or managed 211 projects representing over $2 billion in investment and supporting over 11,000 jobs.
- Notable projects included expansions by MEDITECH in Fall River and Bristol-Myers Squibb in Devens.
- MassDevelopment provided various forms of assistance to businesses, municipalities, and projects across Massachusetts.
Plan wisely. Build smart. MassDevelopment provides financing, real estate, and development solutions to strengthen the Massachusetts economy by increasing jobs and housing. The 2004 annual report outlines projects completed that year, new leadership and programs, and a focus on adaptive reuse to support economic growth.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2010BoyarMiller
This document summarizes a presentation on the current state of the capital markets given on September 10, 2010. It discusses 2010 market performance data for various asset classes. It then covers topics like the end of the recession, unemployment, credit availability, the housing market, government stimulus, and earnings estimates. The presentation outlines risks in 2010 like the withdrawal of stimulus, China slowing, and debt issues. It recommends investment strategies focused on capital preservation and diversification. Charts on interest rates, government and consumer debt, and corporate cash levels are also included. The next sections will cover private equity, debt markets, mergers and acquisitions, and conclusions.
There are some of important key points to get success in stock market those are: Set long term investment Goals, Keep updates about the live stock market, Resolve your risk, Invest in valuable stocks, Trade in Market time ect. For live updates and tips visit Epic Research.
The document discusses the performance of the Odey European Inc fund in December 2015. It summarizes the positive and negative contributions from various long and short equity positions. It then analyzes economic and market conditions, including concerns about bubbles in China, falling oil prices, and central banks' responses to risky lending behaviors through interest rate policies. The document warns that markets may be fragile given high valuations and falling corporate profits, and that a significant market correction is possible in the coming year.
Ahli bank weekly capital markets newsletter 6th 10th of january 2019ahli bank
The document provides a weekly market summary and analysis for the period of January 6-10, 2019. It includes information on stock market performance in Jordan and the region, with the ASE index closing up 0.6%. Sector performance and the most active traded companies are mentioned. International market updates on currencies, oil prices, and interest rates are also provided. Local news highlights that Jordan is expected to grow by 2.3% in 2019 according to the World Bank. Regional news notes that Saudi Aramco plans to issue $10 billion in bonds and Egypt plans a $2 billion Japanese yen bond issue.
The Fed kept interest rates unchanged but extended its bond-buying program to the end of the year. Regulations are limiting the ability of banks to make loans and interest rates are not affecting the economy as a result. Spain may need up to €62 billion to recapitalize its banks, and Moody's downgraded several large global banks as part of a long-term review. Earnings forecasts continue to be cut as global economic problems remain unsolved.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
Special report by epic research of 20 december 2017Epic Research
Epic Research is leading financial advisory company, We provide a daily special report on each segment of share market that helps traders to get a better overview of the market. It also improves return on investment.
The document summarizes a presentation given by the Financial Management Association of New Hampshire on safeguarding cash and investments during turbulent economic times. The presentation addressed the current financial crisis, economic outlook, condition of the financial industry, cash management options, and investment policy guidelines. Panelists discussed issues like capital adequacy, the future of securitization and universal banking, and strategies for preserving capital while generating yield.
Corporate funding reached near-record levels in 2015 despite volatility in financial markets. The largest source of funding was investment grade loans which increased 6% to $1.65 trillion, driven by mergers and acquisitions. Short-term bridge financing made up 38% of the top 20 investment grade deals. While investment grade lending increased, other markets like leveraged loans declined due to deteriorating oil and commodity sectors. Overall, companies had more options for raising funds in 2015 than ever before.
Commodity Speculators The Villains Behind The Global Financial CrisisStephen Neill
Commodity speculators drove up prices of key commodities like oil in 2007-2008 through frenzied speculative activity rather than supply and demand factors, creating inflationary pressures. Central banks then raised interest rates to counter inflation without recognizing this was a speculative bubble that would burst. Higher interest rates led to widespread mortgage defaults as borrowers could no longer afford payments, triggering the global financial crisis. The crisis highlights the need for tighter financial regulation and limits on commodity market speculation to prevent such destructive bubbles forming again.
The document analyzes MidSouth Bancorp Inc., a regional bank dependent on the oil industry. Approximately one-fifth of MidSouth's loans are to oil companies, exposing it to volatility from falling oil prices. While MidSouth has not yet experienced losses, further drops in oil prices could increase defaults. The bank's growth also depends on the economic conditions in its regional markets, some of which rely heavily on oil. However, MidSouth has taken a cautious approach to lending that has kept its asset quality strong. The document rates MidSouth as a "Market Outperform" with a 12-month target price of $20.
The document summarizes key aspects of the Union Budget for 2012-13 in India. It notes that while capping subsidies at 2% of GDP is a positive step, achieving this may be unrealistic given firm oil prices. The large projected fiscal deficit of 4.5-5.1% of GDP and high market borrowings of Rs. 4.79 lakh crore could fuel inflation and crowd out private investment. The budget includes measures to boost revenues through indirect and direct tax changes, reduce expenditures, and curb subsidy outflows to improve fiscal discipline.
The document provides a daily market and sector report from Nigeria on January 7, 2015. It summarizes the negative performance of the stock market and various banking and other sectors. Specifically:
- The stock market declined sharply, with the banking sector hit particularly hard due to the government directive for government agencies to close bank revenue accounts.
- Overall market breadth favored decliners, and the key market index fell over 4%. Banking, construction, and industrial sectors all declined over 2%.
- In company news, UBA's rights issue to raise capital opened, seen as necessary to boost its capital levels to meet new regulatory requirements.
The document discusses India's current economic situation and opportunities for growth. It notes that while GDP and industrial output growth slowed in December, stock markets remained bullish and FIIs continued investing heavily in India. It argues the government should seize the opportunity to implement delayed reforms to spur growth, such as increasing petroleum prices and pushing through the 2G auction. Reducing the fiscal deficit through these measures could boost growth and attract more foreign investment. The RBI may also cut interest rates to support the economy if the government demonstrates a credible commitment to fiscal discipline.
La gran banca europea pone a punto sus balancesPwC España
This document provides an overview and analysis of changes in the European banking industry since the announcement of Basel III regulations in 2010. It finds that European banks have significantly strengthened their capital positions, reducing assets and risk exposures while improving liquidity. Banks have cut trading book assets, corporate loans, and short-term borrowings. They have increased capital ratios, deposits, and holdings of safer government bonds and cash. While banks are in a better position, reconciling different regulatory requirements around risk-weighted capital, leverage ratios, and liquidity remains challenging. Overall, European banks have adapted their business models and balance sheets to better meet regulatory demands but full recovery will require continued progress.
Owens & Minor is a distributor of medical supplies founded in 1882. The document analyzes Owens & Minor's financial performance from 2009-2013 based on annual reports. Key points include:
- Profitability ratios like return on assets and equity have declined year-over-year from 2009-2013.
- Liquidity as measured by the current ratio has also declined, falling from 2.09 in 2011 to 1.74 in 2013.
- Cash as a percentage of current assets has dropped 47% from 2011 to 2013.
- Free cash flow per share has fluctuated but was highest in 2009 and lowest in 2011-2012.
- A 2012 acquisition of Movianto expanded into Europe
Bendigo Bank (EBN) - finding an earnings base George Gabriel
Bendigo and Adelaide Bank (BEN) appears to be finding an earnings baseline, with the rate of cash earnings decline slowing in the second half of 2012. However, given its concentrated exposures to residential mortgages and deposit funding, BEN remains vulnerable to external shocks. Key drivers of BEN's earnings outlook are the residential property market, deposit funding costs, and system credit growth. BEN has an overweight exposure to residential mortgages and leads the sector in deposit funding, but has faced pressure from rising deposit costs.
The annual report summarizes Devens' activities in fiscal year 2008. It discusses the opening of a new recycling center, progress on Bristol-Myers Squibb and Evergreen Solar facilities, and the retirement of two long-time MassDevelopment employees. It also provides details on community events, education programs, engineering projects, environmental work, public works initiatives, and public safety services in Devens during the fiscal year.
The document summarizes MassDevelopment's activities and accomplishments in fiscal year 2007. Some key points:
- MassDevelopment financed or managed 211 projects representing over $2 billion in investment and supporting over 11,000 jobs.
- Notable projects included expansions by MEDITECH in Fall River and Bristol-Myers Squibb in Devens.
- MassDevelopment provided various forms of assistance to businesses, municipalities, and projects across Massachusetts.
Plan wisely. Build smart. MassDevelopment provides financing, real estate, and development solutions to strengthen the Massachusetts economy by increasing jobs and housing. The 2004 annual report outlines projects completed that year, new leadership and programs, and a focus on adaptive reuse to support economic growth.
An overview of the benefits and unique opportunities that Massachusetts' Gateway Cities offer to the development of biotech and life science companies.
3- Tax-Exempt Financing: The "New Normal" or Another Cycle?- Daniel ShimkusMassDevelopment
Daniel Shimkus of TD Bank gives an overview of the current climate and cycles in the world of tax-exempt financing. Part of Current Topics in Tax-Exempt Finance 10/29/2010
4- Communicating with Debt Stakeholders- Matt Pearson & Jason PottsMassDevelopment
An overview of the current strategies for higher education institutions to communicate with investors and approach financing, by Matt Pearson of Morgan Stanley and Jason Potts of Suffolk University. part of Current Topics in Tax-Exempt Finance 10/29/2010
The document summarizes key aspects of the subprime crisis including:
- Causes such as the real estate boom and speculative investing.
- How it spread from the US housing market to global financial markets.
- Major companies that were affected like AIG, Fannie Mae, and Lehman Brothers.
- Responses by governments and central banks to mitigate the crisis.
- Impacts on the world economy like stock market declines and rising unemployment.
The banking industry appears to be undergoing a renaissance driven by changing consumer behavior and technical innovation. Software is eating the industry. In retrospect, we can see how the first wave of innovation came in areas such as online account access and payments. Changing consumer behavior (such as the shift to mobile) and the use of big data has enabled increasingly complex transactions (such as lending and asset management) to move online. Consumers have largely stopped going to retail branches, and reserve the occasional branch visit for major one-off transactions.
Our first investment in the financial services industry came many years ago with an investment in LendingClub. We put both equity and debt into the company, making a sizable purchase of loans via the platform itself. We saw the company’s potential to bring marketplace dynamics and software disruption to the lending industry. The end goal for borrowers and investors on the platform was simple: lower cost loans for borrowers, increased yields for investors, and high levels of customer satisfaction. As a result, LendingClub has grown into a sizable public company. With experience on the platform and a realization of the potentially transformative nature of this model, we’ve gone on to invest in companies across the online lending space: Kabbage (www.kabbage.com), LendUp (www.lendup.com), and SoFi (www.sofi.com).
The renaissance in financial services has drawn in substantial amounts of venture capital. In the past year alone, the number of fintech deals has grown 16% and the capital funded is up 46%.
While many entrepreneurs develop expertise in the specific segment they intend to disrupt, we’ve noticed that startups usually don’t have the time or resources to look outside their niche and understand how they fit into the larger context of banking and lending markets. To help put the industry in perspective, we developed an overview of the banking industry in the US. What’s remarkable is not only the insights this gives into the financial lives of Americans (be it millenials or seniors), but also the perspective this gives us on the large banks we’ve all come to use. Indeed, consolidation over the last several decades has led the four major banks (JP Morgan, Bank of America, Citigroup, and Wells Fargo) to hold around half of the market’s depository assets.
Today we’re happy to provide the first version of this industry overview. We’ve chosen brevity over depth, so as to provide a snapshot of the overall banking landscape. We’ll continue to iterate on this overview and welcome questions and comments. In subsequent posts, we plan to provide deeper dives into sectors that are of interest to both ourselves and others. We look forward to contributing to what feels like yet another opportunity to be at the front door of history-making companies.
Regulatory changes have increased costs for both banks and their corporate customers. For banks, costs have risen due to regulations like the Volcker Rule, Basel III capital requirements, and the Durbin Amendment which have reduced revenue streams. Banks are also urging some large customers to remove deposits due to new regulations making some deposits less profitable. For corporate customers, costs have increased both from higher fees charged by banks to comply with regulations, and from reforms to money market funds that have lowered yields. Looking forward, further rate hikes could exacerbate these issues as the repeal of Regulation Q and money fund reforms reduce the value of deposits for banks and corporations.
This document provides an overview of First Financial Bankshares' financial performance for the 2nd quarter of 2015. It discusses the bank's acquisition of Conroe Bank and 4Trust Mortgage, highlights its operations in growing markets in Texas, and provides statistics on its loan portfolio, deposit growth, and other financial metrics. The document contains forward-looking statements and identifies risk factors that could affect actual future results.
Mercer Capital's BankWatch | October 2013 | Loan Growth Resumes, Remains SlowMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, these monthly newsletters are focused on bank activity across the United States. Each edition of Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
This document provides a summary of 10 market themes that are likely to shape investment conditions in the first quarter of 2023. The themes include: 2022 being a difficult year for stocks and bonds with historic losses; mega cap stocks underperforming last year; fixed income yields sitting above long-term averages; energy prices reversing lower after spiking in early 2022; headline inflation peaking but key categories still rising; the labor shortage potentially keeping wage inflation high; improving consumer sentiment; single-digit earnings growth expected for 2023; the housing market slowing due to rate hikes; and more banks tightening lending standards.
This document provides an unaudited financial summary for the 1st quarter of 2013 and includes forward-looking statements. It discusses First Financial Bank's expansion in Texas through both acquisitions and organic growth. Key metrics provided include total assets of $4.5 billion, total deposits of $3.6 billion, and total loans of $2.1 billion as of March 31, 2013 or the end of the 1st quarter. The bank has experienced consistent growth in assets, deposits, and loans in recent years through its expansion strategy and presence in high growth Texas markets.
S.Y. Bancorp is a bank holding company that owns Stock Yards Bank & Trust. The presentation provides an overview of SYBT's financial performance over the past three years and first quarter of 2013, with net income and earnings per share increasing. It also outlines SYBT's business model, which includes a significant investment management operation, and its strategy for continued growth in the Louisville, Indianapolis and Cincinnati markets. The presentation highlights SYBT's consistent financial results, experienced management team, and strong capital levels as advantages for investors.
Global banking has expanded significantly due to technology enabling international business and financial globalization. While U.S. banks were once smaller than international peers due to regulations, legal changes like the Gramm-Leach-Bliley Act allowed large diversified financial firms. This led to mergers like Citigroup, becoming the world's largest bank, offering services similar to Deutsche Bank. Foreign banks also increasingly operate in the U.S., with the largest maintaining significant domestic and international presences.
The document discusses how global capital markets are expanding and benefiting investors through increased opportunities. Key points include:
- Global market capitalization has grown from $35.6 trillion in 2010 to an estimated $83 trillion by 2050 as emerging markets grow in size and importance.
- Expanding access to information and deregulation have helped fuel this growth by making markets more integrated and efficient.
This document provides an overview of First Financial Bankshares Inc. for the 2nd quarter of 2016. It begins with forward-looking statements and disclosures. It then introduces First Financial as a $6.6 billion financial holding company based in Abilene, Texas with 11 regions across the state. The document discusses recent recognitions for financial performance and community programs. It provides an overview of expansion activities, including recent acquisitions and de novo branch openings across Texas. Finally, it introduces the experienced regional and executive management team.
BOA Credit Research (Financial Institutions) 2016Pawan Talreja
The memorandum requests establishing a new $53.98 million investment limit in Bank of America Corporation (BAC) bonds for Safra National Bank of New York. Fitch rates BAC A/Stable as of July 2016. BAC has improved its earnings but still lags peers. Continued earnings growth and exceeding its cost of capital could lead to higher ratings. BAC has a large retail deposit base and strong liquidity. The analysis provides an overview of BAC's business segments and financial performance with total assets of $2.14 trillion as of Q1 2016.
This document provides an overview and financial highlights for First Financial Bankshares for the 2nd quarter of 2018. It discusses the company's operations in Texas including its focus on growth markets in Dallas/Fort Worth and Houston. Financial metrics are presented showing growth in assets, deposits, loans, and profitability over time. Regional leadership and expansion strategies are also reviewed.
This document provides an overview of First Financial Bankshares' financial performance for the first quarter of 2016. Some key points:
- As of March 31, 2016, total assets were $6.525 billion, total deposits were $5.19 billion, and total loans were $3.351 billion.
- The bank has experienced steady growth in assets, deposits, and loans in recent years through both acquisitions and organic growth.
- The bank operates in high-growth markets in Texas and has over 250,000 accounts across 126 years of operations.
- Leadership is highly experienced with regional presidents and CEOs having on average over 30 years in the banking industry.
The portfolio currently holds 27 active loans totaling $15.5 million, secured by $30 million in collateral. Previously, 12 loans totaling $2.5 million have been repaid, secured by $4.5 million in collateral. The average loan size is $572,811 with an average LTV of 57% and term of 9.3 months at an interest rate of 12.4%. The fund seeks to generate high returns for investors through short-term real estate lending while minimizing risk.
Ft partners research the rise of challenger banksChris Skinner
Challenger banks are gaining traction as alternatives to traditional banks. Traditional banks face issues like high fees, outdated technology, and lack of trust following the financial crisis. Challenger banks offer better rates, fewer fees, and more user-friendly mobile apps. While challenger banks are still small, increased funding and consumer dissatisfaction with traditional banks has created opportunities for their growth. Traditional banks are also launching their own fintech brands in response to the threat from challenger banks.
This document provides an overview of First Financial Bankshares' financial performance for the 3rd quarter of 2016. It discusses the company's growth in total assets, deposits, loans, and accounts. Key metrics highlighted include a 21.1% population growth in Texas, expansion into new markets, recent acquisitions, and a stable loan portfolio with low oil and gas exposure. Regional presidents and an experienced management team are noted as strengths in running the company's decentralized business model.
Capital Markets Industry Insights - Q1 2016Duff & Phelps
Prospective middle-market issuers are being greeted with robust demand from both traditional private credit investors and crossover public market participants. While monetary policy concerns weighed heavily on market participants for much of the first quarter, the Fed’s more dovish posture of recent weeks has triggered an increase in risk appetite across the credit markets.
- Hidden risks exist in markets from "bears" that are in plain sight and "bergs" that are hidden in the system.
- There is little compensation for risk in corporate debt markets globally as yields have fallen while risks of default have not decreased. Open-ended funds have also increasingly invested in corporate bonds.
- Diagnostic tools are needed to understand potential amplification and firesales from linkages between open-ended funds, dealers, and markets during periods of stress. System simulations can help explore these dynamics.
Jay McLaughlin of iMoneyNet presented on money market fund trends and regulatory updates to the Commercial Paper Issuers Working Group on June 13, 2013. iMoneyNet collects data on money market mutual funds and provides performance benchmarks. Recent regulatory changes include the SEC approving a proposal in June 2013 that includes two options: a floating NAV for prime institutional funds or liquidity fees and redemption gates. iMoneyNet's presentation analyzed trends in money market fund assets, portfolio holdings, and categories over time.
Similar to 6- What's Old is New: Fixed-Rate Bonds are Back in Style- Catherine Crews (20)
The document provides an update on renovations and occupancy at 1550 Main Plaza in Springfield, MA. Renovations included modernizing elevators, renovating restrooms on the 1st floor, and renovating the atrium and lobby areas. Occupancy has increased to 96% with the Springfield School Department and Baystate Health occupying offices. The project has had an initial positive impact on surrounding properties through renovations and new uses.
MVVF Presentation with Enterprise Bank - 3/16/11MassDevelopment
MassDevelopment promotes economic development in Massachusetts through various financial programs and real estate services. They provide tax-exempt bond financing for eligible projects between $1.2-10 million, as well as real estate loans up to $5 million and commercial lending for real estate and equipment. New programs include the Manufacturing Innovation Initiative and Gateway Cities Loan Program. MassDevelopment also administers the Emerging Technology Fund, providing loans to emerging technology companies for facility expansion and equipment.
A description of the impact the recession has had on investment decisions, disclosure and macro ecnomic factors, by Stephen Whalen, Liberty Mutual Group. Part of Current Topics in Tax-Exempt Finance 10/29/2010.
10- Tax-Exempt Products Overview: Just the Facts- Benny WongMassDevelopment
An overview of the tax-exempt financing products offered by MassDevelopment, presented by Benny Wong, MassDevelopment. Part of Current Topics in Tax-Exempt Finance 10/29/2010
9- Lessons of '08, Opportunities of '10- Peter ShapiroMassDevelopment
This document discusses the risks of interest rate swaps that became apparent during the financial crisis of 2008. It outlines four major risks: counterparty risk when financial institutions like Lehman Brothers and AIG faced difficulties; basis risk when bond rates increased due to problems in the banking sector; rollover risk as the crisis eliminated providers of liquidity facilities; and collateral posting risk as rates moved beyond historical norms. Charts show the increases in Treasury yields and swap spreads during this period. The conclusion recommends issuing fixed rate bonds and swapping to a floating rate to avoid risks associated with bank support.
Growing Massachusetts in Challenging Times: Macro and Micro Perspectives on Economic Development in the Commonwealth
A presentation to the Harvard Business School Association of Boston.
MassDevelopment has raised a fund of over $15 million from its own resources, the U.S.
Department of Education and private sources to provide loan guarantees for charter
schools in Massachusetts.1 In partnership with the Massachusetts Department of Education
Charter School Office, the Massachusetts Charter School Association, Local Initiatives
Support Corporation, and The Boston Foundation, MassDevelopment has created a
program that guarantees loans for acquiring, constructing or renovating both owned and
leased charter school facilities.
Capital Financing 501 is a tax-exempt commercial paper program that provides
Massachusetts 501 (c)(3) institutions with a low-cost source of capital that can be
borrowed and repaid efficiently.
The Brownfields Redevelopment Fund provides financing for assessment and cleanup of contaminated sites to promote redevelopment. It offers loans of up to $100,000 for environmental site assessments and up to $500,000 for cleanup activities. WinnDevelopment Corporation used a $335,000 loan from the Fund to cleanup contamination under a parking garage during their redevelopment of a former hotel into affordable housing. MassDevelopment also provided a $47,000 loan to Water Street Retail, LLC for a site assessment of a former dry cleaner to prepare for a planned 6,000 square foot retail building. Eligible projects must provide benefits like job creation or affordable housing development.
1) Devens continues to grow as an economic engine for north central Massachusetts, with over 80 companies, 4,200 jobs, and 105 homes.
2) In October 2005, Devens Common, a $40 million mixed-use complex, opened, marking the completion of the first phase of redevelopment.
3) Throughout the year, Devens saw continued investment and development, including the construction of a new Loaves & Fishes food pantry and the sale of land for a recycling center and food production facility, together creating at least 75 new jobs.
4) Highlights also included celebrating 10 years of redevelopment progress at Devens and Bristol-Myers Squibb's announcement of a $660
The annual report summarizes events from Fiscal Year 2007 in Devens, Massachusetts, highlighting two major events. In October 2006, voters rejected a plan for Devens to become its own town. In May 2007, Bristol-Myers Squibb broke ground on a large new facility in Devens, boosting the local economy. Other accomplishments included improvements to education services and infrastructure to support business growth.
The annual report summarizes activities at Devens in FY'04 related to community relations and development, education, engineering, and environmental programs. Key events included establishing a Devens ZIP code, surveying businesses to quantify economic impacts, extending the education contract with Shirley schools, and infrastructure projects like completing phases of Jackson Road reconstruction.
The annual report summarizes activities at Devens in FY 2005, including community events like Independence Day celebrations and a holiday tree lighting. It highlights awards received for redevelopment excellence. Nonprofits like the Devens Historical Museum advanced, hiring their first executive director. The Devens Disposition Executive Board was formed to craft recommendations for permanent governance.
This annual report summarizes activities and developments at Devens in fiscal year 2002. It discusses economic development, including new construction and buildout projections. Real estate activities are also summarized, including land and building sales that occurred in 2002. The report provides overviews of marketing, engineering, utilities, environmental, education, and other initiatives at Devens for the fiscal year.
The document is the 2003 annual report for Devens, a former military base that is being redeveloped. It provides an overview of Devens' progress in 2003, including economic development, new businesses, housing development, education, and environmental cleanup efforts. It also analyzes Devens' development status and projected buildout, current economic conditions, and estimates return on investment for the state's funding of Devens' redevelopment.
MassDevelopment provided financing and real estate development services across Massachusetts in 2006. They invested $947 million which supported the creation of over 7,500 jobs. Specifically, they financed 198 projects including the redevelopment of the FGS Building at Boston Medical Center and arranged financing for Hot Mama's Foods to expand to a new facility in Springfield. MassDevelopment also played roles in ongoing projects like the redevelopment of Village Hill in Northampton and the establishment of Bristol-Myers Squibb's new facility in Devens.
In fiscal year 2001, MassDevelopment committed hundreds of millions of dollars to economic development projects across Massachusetts. This included loans, guarantees, and other financing for over 50 companies and organizations, to support businesses, communities, and revitalization efforts. Projects ranged from seafood loans to small businesses to multi-million dollar loans for real estate development. MassDevelopment's annual report details the commitments made in FY2001 to help Massachusetts organizations and communities reach their full economic potential.
MassDevelopment had a record year in FY 2002, financing $1.7 billion in 448 projects across Massachusetts. This was the largest amount ever financed by MassDevelopment. Projects focused on statewide housing creation, redevelopment of state surplus properties, manufacturing expansion, and business recruitment and retention. These initiatives helped create or retain nearly 50,000 jobs and invested close to $3 billion over the past two years in Massachusetts.
This document provides an overview of MassDevelopment's activities in fiscal year 2003, highlighting financing projects in various regions of Massachusetts that helped create jobs, develop housing, and strengthen the state's economy. Key details include financing nearly 400 projects totaling over $860 million, assisting in the creation of over 5,300 jobs and retention of nearly 26,000 jobs, and supporting the development of nearly 3,900 housing units.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
6- What's Old is New: Fixed-Rate Bonds are Back in Style- Catherine Crews
1. Where Are We? How Did We Get Here? Where Are We Going?
What’s Old is New: Fixed-Rate Bonds Back in Style
2. 1
Major Market Events
How Did We Get Here?
Crisis Timeline
Jun ‘07 Dec ‘07 Jun ‘08 Dec ‘08 Jun ‘09 Dec ‘09 Jun ‘10
June 23, 2007
Bear Stearns
pledges $3.2bn
to aid one of its
ailing hedge
funds
October 23, 2007
Citi begins
suprime-related
writedowns
January 11,
2008
BofA
announces
purchase of
Countrywide
Financial for
$4 bn
March 24, 2008
JPMorgan
purchases Bear
Stearns for
$10/share
September 16, 2008
RMC Money Market
Fund “breaks the buck”
September 15, 2008
B of A acquires Merrill Lynch
Lehman files for Bankruptcy
October 14, 2008
9 Large Banks accept capital
injection from Treasury
October 3, 2008
Wells Fargo acquires Wachovia
September 15, 2008
B of A acquires
Merrill Lynch
March 24, 2008
JPMorgan purchases Bear
Stearns for $10/share
June, 2008
UBS closes public
finance group;
Merrill Lynch
hires 27 UBS
public finance
bankers
March 2, 2009
AIG announces $61.7
bn Q4 loss, largest in
US corporate history
General Market Event
Municipal Market Event
April 13, 2009
Goldman moves to
raise $5 bn to pay
back TARP funding
May 10, 2010
$1 trillion
European Bailout
announced
February,
2008
Auction
Market
Collapsed
Oct‘10
August 2010
MMD hits historic lows
3. 2
85%
15%
72%
28%
91%
9%
2007 2008 2009 2010
4%
96%
A trend towards “permanent capital” as a result of auction collapse, insurers, etc.
Variable-Rate Issuance Declines
____________________
(1) Source: Securities Data Corporation Thomson Reuters.
Variable rate issuance after 2007 has not included auction rate securities
Fixed Variable
How Did We Get Here?
4. BABs issuance has driven pricing, but its future is uncertain
3
How Did We Get Here?
Issuance Trend
•Will BABs be extended?
•At what subsidy level?
•4th
Quarter BABs wave?
199.53
323.45323.23
362.48
341.26
16.91
20.5230.13
29.38
24.25
64.15
78.19
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Tax Exempt Taxable BAB
2006 2007 2008 2009 6-30-2010
355.36
393.87
367.52
410.12
296.64
____________________
(1) Source: Securities Data Corporation Thomson Reuters.
5. 4
Where Are We?
Declining Spreads, Returning to More Historic Levels
____________________
(1) Source: BAS/Merrill Lynch Research as of October 25, 2010
(2) Source: Bloomberg as of October 25, 2010
US Treasury YieldsMuni AAA MMD Yields
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
5 Year MMD 10 Year MMD 20 Year MMD
Oct-08 Apr-09 Oct-09 Apr-10 Oct-10
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
5 Year Treasury 10 Year Treasury 20 Year Treasury
Oct-08 Apr-09 Oct-09 Apr-10 Oct-10
Muni vs. Treasury Spreads
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
AAAGO.5Y_Rate AAAGO.10Y_Rate AAAGO.20Y_Rate
Oct-08 Apr-09 Oct-09 Apr-10 Oct-10
-
100
200
300
400
500
AAA Spread AA Spread A Spread BBB Spread
Oct-08 Apr-09 Oct-09 Apr-10 Oct-10
Municipal Credit Spreads Have Narrowed
6. 5
Where Are We?
____________________
(1) Source: BAS/Merrill Lynch Research as of October 8, 2010
(2) Source: Bloomberg as of October 8, 2010
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
10/22/1990 10/17/1994 10/19/1998 11/04/2002 11/27/2006 10/18/2010
30 Year MMD
30-year MMD has been lower than its current level on only 8 days since 1990.
30 Year MMD
3.75%
7. 0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
AA A BBB
Oct-98 Nov-99 Dec-00 Jan-01 Feb-03 Mar-04 Apr-05 May-06 Jul-07 Aug-08 Sept-09 Oct-10
Where Are We?
Healthcare Credit Spreads
Spreads
AA 0.78%
A 1.26%
BBB 1.98%
____________________
(1) As of October 21, 2010.
Declining Spreads, Returning to More Historic Levels
6
8. 7
Flows to Municipal Bond Funds
Assets Under Management ($ billions)(1)
Historical Net Inflows to Municipal Bond Funds ($ millions)(1)
-2,000
-1,000
0
1,000
2,000
Oct-06 Oct-07 Oct-08 Oct-09 Oct-10
____________________
(1) Source: AMG Data
200
220
240
260
280
300
320
340
360
380
Oct-06 Oct-07 Oct-08 Oct-09 Oct-10
Where Are We?
9. The Evolution of the Investor Base
Where Are We?
Hedge Funds/
Arbitrage
45%
Insurance
Companies
10%
Mutual Funds
20%
Money
Markets
15%
Retail/Trust
10%
2006 Investor Base 2010 Investor Base
There has been a profound change in the tax-exempt investor
base since 2006, including a dramatic increase in retail and
mid-market participation relative to institutions.
Hedge Funds/
Arbitrage
10%
Insurance
Companies
10%
Mutual Funds
30%
Money
Markets
15%
Retail/Trust
35%
8
Non-traditional investors (total return buyers, proprietary traders, hedge funds, etc.) have severely reduced their holdings in the
municipal market resulting in reduced liquidity and higher yields.
Current buyer base is more credit sensitive and less ratio
sensitive (Munis as a percentage of Treasuries).
10. 9
Where Are We?
Typical Participation of Healthcare Investors
____________________
(1) Data from Bloomberg Municipal Healthcare Indexes. For illustration purposes only.
Institutions/
“Professional Retail” “Dead Zone” Retail/Institutions
Who is Buying and Where?
11. 10
Where Are We Going?
Bond Insurance Declines and Stabilizes
Rating Agencies Continue to Monitor the Bond Insurers for Further Downgrades
45%
55%
19%
81%
9%
91%
2007 2008 2009 2010
9%
91%
____________________
(1) Source: Securities Data Corporation Thomson Reuters.
Uninsured Insured
Assured Guaranty for the bulk of 2010 was the only viable bond insurer
13. 12
Where Are We Going?
Bank Facility Renewals
Bank facility renewals are expected to be 3.3x higher in 2011 compared to 2010.(1)
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
____________________
(1) Source: Moodys
14. 13
Where Are We Going?
The Bank Market is Consolidating Among Fewer Banks
____________________
(1) Source: Thompson Municipal Data; 9/30/2010; Investors of new municipal LOC’s and Standby Purchase Agreements. Full credit to each manager.
A Handful of Banks are Providing the Majority of Credit Enhancement
Credit Enhancers of Municipal New Issues (LOCs & Standby Purchase Agreements)
2009 3Q 2010
Credit Enhancer Full to Each
Manager
Principal
Amount
Rank
Mkt.
Share
Number
of Issues
J P Morgan Chase 2,062.5 1 25.5 29
Bank of America Merrill Lynch 1,581.7 2 19.6 23
Royal Bank of Canada 774.0 3 9.6 1
Barclays Bank PLC 545.7 4 6.7 4
Wells Fargo Bank 338.0 5 4.2 13
PNC Bank NA 289.4 6 3.6 9
TD Bank NA 223.6 7 2.8 4
Citibank 217.3 8 2.7 4
US Bank 207.1 9 2.6 6
RBS Citizens NA 193.1 10 2.4 2
SunTrust Bank 185.0 11 2.3 2
Svenska Handelsbanken 161.0 12 2.0 2
Deutsche Bank 129.6 13 1.6 3
Manufacturers & Traders Tr Co 115.4 14 1.4 2
Landesbank Baden-Wurttemberg 102.9 15 1.3 1
Bank of Nova Scotia 100.0 16 1.2 1
Union Bank NA 92.1 17 1.1 3
Lloyds TSB Group plc 75.0 18 .9 1
CoBank ACB 66.0 19 .8 4
Regions Bank 56.4 20 .7 2
Harris NA 48.8 21 .6 4
The Bank of New York Mellon 48.5 22 .6 2
HSBC Bank USA 47.6 23 .6 4
Bank of Tokyo-Mitsubishi UFJ 40.0 24 .5 1
Branch Banking & Trust Co 39.1 25 .5 3
Industry Total 8,090.6 - 100.0 153
Credit Enhancer Full to Each
Manager
Principal
Amount
Rank
Mkt.
Share
Number
of Issues
J P Morgan Chase 4,424.7 1 16.3 68
Bank of America Merrill Lynch 3,201.1 2 11.8 72
US Bank 3,139.0 3 11.6 73
Wells Fargo Bank 2,966.6 4 10.9 66
Royal Bank of Canada 1,706.9 5 6.3 5
SunTrust Bank 1,120.5 6 4.1 17
Branch Banking & Trust Co 1,107.3 7 4.1 38
TD Bank NA 690.8 8 2.5 22
PNC Bank NA 515.0 9 1.9 17
RBS Citizens NA 443.6 10 1.6 7
Landesbank Hessen-Thuringen 386.2 11 1.4 3
Citibank 365.5 12 1.4 4
Harris NA 359.6 13 1.3 12
The Bank of New York Mellon 348.1 14 1.3 9
Northern Trust Company 331.2 15 1.2 10
KBC Bank 329.8 16 1.2 5
Bank of Nova Scotia 305.4 17 1.1 7
Barclays Bank PLC 283.0 18 1.0 3
County Treasurer 246.8 19 .9 5
Sumitomo Mitsui Banking Corp 234.3 20 .9 4
Union Bank NA 211.0 21 .8 5
Fed Home Loan Bk of Des Moines 202.5 22 .8 5
Landesbank Baden-Wurttemberg 163.2 23 .6 1
Deutsche Bank 131.3 24 .5 10
Bank of Montreal Trust 126.1 25 .5 4
Industry Total 27,144.6 - 100.0 523
15. 14
Where Are We Going?
Current Economic and Muni Outlook
Year End Outlook
Heavy volume
Signs of acceleration in the economy
BAB program sunsets
Bank Qualified sunsets
Rates expected to rise in the long term
Heavier supply could shift and change the shape of the muni yield curve
____________________
Source: Bank of America Merrill Lynch Municipal Research
16. “Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial
banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other
investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Banc
of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions,
locally registered entities.
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Bank of America Corporation and its affiliates (collectively, the “BAC Group”) comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives
trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing
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make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or
financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other company that may be involved in a transaction. Products
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marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the
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Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction
(including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or, except to the extent relating to such tax
structure or tax treatment, any nonpublic commercial or financial information) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such
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such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply. Copyright 2010 Bank of America Corporation.
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