This document summarizes a report by the Council of Development Finance Agencies analyzing 2013 private activity bond and volume cap trends in the United States. Key findings include that total private activity bond issuance decreased to $8.8 billion while available volume cap increased to nearly $90 billion. Industrial development bond issuance increased slightly to $356 million issued across 27 states, with the top states being Pennsylvania, Massachusetts, and Michigan. Overall, states used only 10% of available volume cap in 2013.
CDFA Annual VC Report for 2014 20150821Pete Mathews
The document analyzes 2014 private activity bond and volume cap trends based on a survey of state allocating authorities. Key findings include:
- Total national volume cap increased to $92.1 billion, up from $87.3 billion in 2013.
- Total private activity bond issuance increased to $11.6 billion after declining for three years, reversing the shrinking bond market trend.
- Industrial development bond issuance decreased to $270 million after being below $300 million in 2012 but over $1 billion as recently as 2009.
The Case for AAA Underlying Municipal Bondsmauiwelch
This document provides an overview of the municipal bond market and makes a case for investing in bonds with underlying AAA credit ratings from states and municipalities. It notes that there is currently limited supply of bonds directly rated AAA. The strategy proposed is to create a portfolio of only AAA-rated underlying bonds to take advantage of their strong credit quality and limited supply. Key data on default rates and credit fundamentals are presented for AAA-rated states and municipalities to demonstrate the historically strong credit performance of these issues.
The document summarizes a report on the proposed Nigeria Mortgage Refinance Company. Some key points:
- Nigeria has a large housing deficit of 16-18 million units worth $25 trillion that grows by 2 million units yearly. The MRC aims to increase annual mortgages from 20,000 to 200,000 to help address this.
- Mortgage lending in Nigeria accounts for just 1% of GDP compared to 26% in South Africa. The MRC seeks to provide funding to lending institutions to expand mortgage origination.
- Challenges include the Land Use Act that limits land ownership and high mortgage rates around 24%. The MRC hopes to lower rates to 12% but this may not
The document provides a weekly summary of news articles from October 11th to October 15th. Key points include: automobile volumes in India jumped 29% year-to-date and are expected to continue growing, leading to strong demand for tires; the high economic growth in India has not translated to reducing hunger as India ranks 67th in hunger and has more hungry people than neighbors; and the Chinese yuan exchange rate must not be used as a "scapegoat" for US economic woes according to China.
China’s turning to “tough gradualism” in discipling local government borrowin...Terry Zhang
HONG KONG, 17 Jan 2018. Pengyuan International has released a research report, titled “China’s Turning To “Tough Gradualism” In Disciplining Local Government Borrowing Foretells Higher Risk of LGFV Default”. This research report is accessible via the link: http://www.pyrating.com/CreditResearch.
The first default on public bond of local government financing vehicles in China (LGFVs) could possibly happen in 2018, although the odds are still less than 50% according to a report published today by Pengyuan International titled “China’s Turning To ‘Tough Gradualism’ In Discipling Local Government Borrowing Foretells Higher Risk of LGFV Default”.
The central government of China launched recently a three-year critical battle against financial risks. Allowing LGFV default (“shock therapy”) may become a policy choice to dispel investor belief in implicit government support to LGFVs and thus help tame hidden local government borrowing, which occurred primarily through LGFVs.
“We believe Chinese government is turning to ‘tough gradualism’ rather than “shock therapy” in disciplining local government borrowing”, said Liang Zhong, analyst of Pengyuan International, “in another word, the central government is likely to tighten relevant discipline gradually, bearing in mind the needs to balance between achieving growth target and securing financial stability”.
The report argues that the “tough gradualist approach” means some type of credit events could happen before the others. For instance, the first default on public bond by LGFV sector in onshore market is likely to precede LGFV default on public bond in offshore.
As the risk of LGFV default rises, greater scrutiny of LGFV creditworthiness becomes increasingly necessary, including scrutinizing provincial economic and fiscal data according to the report.
“If China’s central government adheres to ‘tough gradualism’, namely tightening discipline steadily over local government borrowing, there it is good chance that the once relentless hidden LGT borrowing could be tamed markedly within three years.” Said Mr. Zhong.
ANALYSTS CONTACT
Mr. Liang Zhong
+852 3596 6140
liang.zhong@pyrating.com
MEDIA CONTACT
media@pyrating.com
OTHER ENQUIRIES
contact@pyrating.com
The document discusses the national debt of the United States, which currently stands at over $18 trillion. It explores the history of rising US debt levels and the economic effects of increasing versus consolidating the debt. Increasing debt leads to higher interest rates, less investment, and reduced GDP growth. Consolidating debt has short-term negative effects but long-term benefits like lower interest rates and more funding for programs. The document also examines threats of sovereign default and financial crises based on examples from other countries.
Based on a contracted assignment from the Oakland, CA chapter of the Public Banking Institute, a real-world model was created to simulate a Public Bank for that city.
A document utilizing a custom spreadsheet, based on an established simple bank spreadsheet, that considers a Public Bank's: Startup Costs, Sources of funding for both capitalization and deposits, fixed costs, operating ratios, performance metrics, loan loss scenarios, ROE & ROA. Comparisons are made to commercial banks and advantages of the public banking model are described in real results.
The main main is a hypothetical Bank of Oakland (pop. 413,000), using real data from their 2015 CAFR, 8 years of returns and dividends to repay initial equity to the pension fund.
A second result is used to test the model for New Hampshire, showing economy of scale for that State Bank.
The model spreadsheet's screenshots are included in the document.
CDFA Annual VC Report for 2014 20150821Pete Mathews
The document analyzes 2014 private activity bond and volume cap trends based on a survey of state allocating authorities. Key findings include:
- Total national volume cap increased to $92.1 billion, up from $87.3 billion in 2013.
- Total private activity bond issuance increased to $11.6 billion after declining for three years, reversing the shrinking bond market trend.
- Industrial development bond issuance decreased to $270 million after being below $300 million in 2012 but over $1 billion as recently as 2009.
The Case for AAA Underlying Municipal Bondsmauiwelch
This document provides an overview of the municipal bond market and makes a case for investing in bonds with underlying AAA credit ratings from states and municipalities. It notes that there is currently limited supply of bonds directly rated AAA. The strategy proposed is to create a portfolio of only AAA-rated underlying bonds to take advantage of their strong credit quality and limited supply. Key data on default rates and credit fundamentals are presented for AAA-rated states and municipalities to demonstrate the historically strong credit performance of these issues.
The document summarizes a report on the proposed Nigeria Mortgage Refinance Company. Some key points:
- Nigeria has a large housing deficit of 16-18 million units worth $25 trillion that grows by 2 million units yearly. The MRC aims to increase annual mortgages from 20,000 to 200,000 to help address this.
- Mortgage lending in Nigeria accounts for just 1% of GDP compared to 26% in South Africa. The MRC seeks to provide funding to lending institutions to expand mortgage origination.
- Challenges include the Land Use Act that limits land ownership and high mortgage rates around 24%. The MRC hopes to lower rates to 12% but this may not
The document provides a weekly summary of news articles from October 11th to October 15th. Key points include: automobile volumes in India jumped 29% year-to-date and are expected to continue growing, leading to strong demand for tires; the high economic growth in India has not translated to reducing hunger as India ranks 67th in hunger and has more hungry people than neighbors; and the Chinese yuan exchange rate must not be used as a "scapegoat" for US economic woes according to China.
China’s turning to “tough gradualism” in discipling local government borrowin...Terry Zhang
HONG KONG, 17 Jan 2018. Pengyuan International has released a research report, titled “China’s Turning To “Tough Gradualism” In Disciplining Local Government Borrowing Foretells Higher Risk of LGFV Default”. This research report is accessible via the link: http://www.pyrating.com/CreditResearch.
The first default on public bond of local government financing vehicles in China (LGFVs) could possibly happen in 2018, although the odds are still less than 50% according to a report published today by Pengyuan International titled “China’s Turning To ‘Tough Gradualism’ In Discipling Local Government Borrowing Foretells Higher Risk of LGFV Default”.
The central government of China launched recently a three-year critical battle against financial risks. Allowing LGFV default (“shock therapy”) may become a policy choice to dispel investor belief in implicit government support to LGFVs and thus help tame hidden local government borrowing, which occurred primarily through LGFVs.
“We believe Chinese government is turning to ‘tough gradualism’ rather than “shock therapy” in disciplining local government borrowing”, said Liang Zhong, analyst of Pengyuan International, “in another word, the central government is likely to tighten relevant discipline gradually, bearing in mind the needs to balance between achieving growth target and securing financial stability”.
The report argues that the “tough gradualist approach” means some type of credit events could happen before the others. For instance, the first default on public bond by LGFV sector in onshore market is likely to precede LGFV default on public bond in offshore.
As the risk of LGFV default rises, greater scrutiny of LGFV creditworthiness becomes increasingly necessary, including scrutinizing provincial economic and fiscal data according to the report.
“If China’s central government adheres to ‘tough gradualism’, namely tightening discipline steadily over local government borrowing, there it is good chance that the once relentless hidden LGT borrowing could be tamed markedly within three years.” Said Mr. Zhong.
ANALYSTS CONTACT
Mr. Liang Zhong
+852 3596 6140
liang.zhong@pyrating.com
MEDIA CONTACT
media@pyrating.com
OTHER ENQUIRIES
contact@pyrating.com
The document discusses the national debt of the United States, which currently stands at over $18 trillion. It explores the history of rising US debt levels and the economic effects of increasing versus consolidating the debt. Increasing debt leads to higher interest rates, less investment, and reduced GDP growth. Consolidating debt has short-term negative effects but long-term benefits like lower interest rates and more funding for programs. The document also examines threats of sovereign default and financial crises based on examples from other countries.
Based on a contracted assignment from the Oakland, CA chapter of the Public Banking Institute, a real-world model was created to simulate a Public Bank for that city.
A document utilizing a custom spreadsheet, based on an established simple bank spreadsheet, that considers a Public Bank's: Startup Costs, Sources of funding for both capitalization and deposits, fixed costs, operating ratios, performance metrics, loan loss scenarios, ROE & ROA. Comparisons are made to commercial banks and advantages of the public banking model are described in real results.
The main main is a hypothetical Bank of Oakland (pop. 413,000), using real data from their 2015 CAFR, 8 years of returns and dividends to repay initial equity to the pension fund.
A second result is used to test the model for New Hampshire, showing economy of scale for that State Bank.
The model spreadsheet's screenshots are included in the document.
Municipal bond prices moved lower during the second quarter, as fears about the Federal Reserve tapering its stimulus program rattled the financial markets. While a handful of states still face some budget pressure for the remainder of their 2013 fiscal year, 45 states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. Interest-rate volatility and the longer term prospect of higher rates have reinforced our bias toward a more limited duration stance. We continue to overweight essential-service revenue bonds, as well as the A-rated and BBB-rated segments of the market. Our outlook calls for defaults to remain low and continued gradual economic recovery.
201510 BN77 - adequacy under the new pension flexibilitiesSarah Luheshi
This document summarizes key points from a briefing note on measuring retirement adequacy under new UK pension flexibilities. It discusses challenges with using replacement rates to measure adequacy when individuals can access savings flexibly. Though imperfect, replacement rates still indicate risk of inadequacy at a population level. The document also outlines opportunities in the new system, like considering all income/assets/debt together and linking savings to life events. Discussions could focus more positively on what retirees can do with income rather than just measuring adequacy.
20151012 PPI Briefing Note 77 - adequacy under the new pension flexibilities ...Sarah Luheshi
This document summarizes key points from a briefing note on measuring retirement adequacy under new UK pension flexibilities. It discusses challenges with using replacement rates to measure adequacy when individuals can access savings flexibly. Though imperfect, replacement rates still indicate risk of inadequacy at a population level. The document also outlines opportunities in the new system, like considering all income/assets/debt together and linking savings to life events. Discussions could focus more positively on what retirees can do with income rather than just measuring adequacy.
Fed's 2020 Quantitative Easing Debunked along with the controversial US$ 2.2 trillion relief bill, viewed as pork-barrel funding
CARES Act allows the Fed to:
1. meet in secrets with Wall Street incumbents,
2. provide liquidity of $484b (slush fund) thru SPVs making loans & loans guarantees,
3. never be audited (zero oversight),
4. not compliant to US Code requirements, Section 552b of Title 5
Financial Institutions and Market (Direct State Intervention)Farman Zakhilwal
This chapter discusses different ways governments intervene in banking and credit markets, including through state-owned banks and credit guarantee schemes. It notes that state banks were created to fill market gaps and provide SME financing. Countries used different approaches, from expanding lending by state banks to implementing credit guarantee programs. The chapter also discusses debates around the merits of direct government intervention versus relying on market forces. It analyzes the role of several countries' state banks and credit schemes in mitigating the impacts of economic crises.
This document outlines favorable economic conditions and investment opportunities in Colombia that make it an attractive market for private equity funds. It notes that Colombia has experienced strong GDP growth and declining unemployment in recent years. Private equity in Colombia has seen significant growth, with capital commitments increasing at an annual rate of 71% between 2005-2012. The country has a supportive regulatory environment for private equity funds and large pools of local capital from pension funds that can invest in these funds. A variety of sectors across Colombia's diversified economy represent opportunities for private equity investment and growth.
Generating Economic Benefit and Growth Through Smarter Public Sector ProcurementJon Hansen
This ground-breaking report shows how political leaders could create 2.2 million jobs through better purchasing of taxpayer-paid goods and services while cutting the U.S.
deficit.
Written by Colin Cram, Internationally recognized public sector expert.
Turning Ideas Into Action: Financing the Post-2015 AgendaSDGsPlus
This document discusses financing strategies to support development goals after 2015. It proposes increasing the impact of available resources through good policies and credible institutions. Additional resources could be leveraged from domestic and foreign sources. Developing countries could generate more tax revenues, ensure efficient spending, promote financial inclusion and private sector growth. The international community could maximize aid impact, support new partners, tap private finance, and provide global public goods. Public-private partnerships and syndicated loans with development banks could leverage private flows for long-term investments.
The document summarizes Ayodo Foundation's proposal to alleviate global poverty through increased financial inclusion and reduced remittance fees. Specifically, it proposes a model where migrant workers can transfer purchasing power, rather than cash, between countries using their mobile phones. This would allow recipients to access goods and services from participating local merchants. The goal is to divert a portion of the over $20 billion in annual remittance fees to better assist families and reduce poverty. A pilot program between Canada and the Philippines is suggested to demonstrate the concept.
This document analyzes the impact of household debt and deleveraging on the US gaming industry. It finds that:
1) A significant amount of consumer spending between 2002-2007 was driven by debt and housing appreciation, fueling gaming revenue growth.
2) As households pay down debt from unprecedented levels, it is dampening discretionary consumer spending and therefore gaming industry revenues.
3) Regional gaming markets dependent on regions with high debt levels like Arizona, California and Florida have seen worse declines, while Texas's gaming markets have fared better with its lower household debt.
4) The analysis concludes that high household debt and deleveraging will continue to limit gaming industry spending growth through at
The global financial crisis began with the bursting of the US housing bubble and high default rates on subprime mortgages, which major banks had invested heavily in. When the housing market collapsed, these banks reported over $435 billion in losses. India was impacted through reductions in foreign institutional investment as these funds were called back overseas. This removed excess liquidity from the Indian economy and led to a slowdown. Small and medium enterprises have faced declining demand and difficulties obtaining financing. Infrastructure projects remain important for growth, but overall the economy has slowed significantly due to reduced foreign investment.
Small Multifamily Loans | Arbor Q4 2019Ivan Kaufman
Small multifamily properties, defined as having between 5-49 units, represent a significant portion of the rental market. They accounted for 33% of renter-occupied housing units in 2018. Origination volumes for small multifamily loans were estimated to be $59.2 billion in 2019, up 9.5% from the previous year. Small multifamily property prices increased 6.8% from the fourth quarter of 2018, while capitalization rates remained largely unchanged at 5.8%. Fannie Mae and Freddie Mac played a growing but still relatively small role in the small multifamily lending market, originating a combined $11.5 billion or 19% of total small multifamily loan volume in 2019.
It's time for an Illinois public bank! Take a look at the Bank of North Dakota (http://banknd.nd.gov), which makes the money of the people of North Dakota work FOR them! Join us at http://www.illinoispublicbanking.org.
The document provides information about the Low Income Housing Tax Credit (LIHTC) program, including:
- It was established 28 years ago and has financed over 2.6 million affordable housing units, creating 95,000 jobs annually and raising $100 billion in equity capital.
- Each state receives tax credits based on its population that it awards competitively to affordable housing developments. Developers sell the credits to investors to raise equity capital.
- The program has been very successful, with a low foreclosure rate of 0.65%, and it creates safe, decent affordable housing while also stimulating local economies and job growth.
- However, the need for affordable housing still outpaces production, with a shortage of over 5
David Rubenstein posed 10 key questions facing the private equity world. These questions addressed issues like whether leverage for buyouts would return, the potential for major defaults of deals completed during the "golden age" of private equity, what areas private equity firms would pursue to achieve targeted returns, and whether now is the right time for investors to pursue private equity investments. The document also discussed sovereign wealth funds and their potential impact on private equity, as well as ways the industry could work to improve its public image.
OECD: Corporate bond markets in a time of unconventional monetary policyEduardo Vinante
The cheap money policies that fueled the global economy’s rebound since the financial crisis may be about to turn sour.
The amount of corporate bonds in circulation has doubled over the last decade to $13 trillion after companies binged on debt, causing “elevated risks and vulnerabilities,” the Organization for Economic Cooperation and Development said in a report.
1) Housing finance markets in Latin America have strengthened in recent years through macroeconomic and financial reforms, but are now facing challenges from the global credit crunch.
2) While mortgage lending has continued to grow in countries like Mexico, Colombia, and Peru, lending is slowing and non-performing loans are rising as access to external funding declines.
3) Domestic capital markets that had been developing are also slowing, emphasizing the continued need to strengthen local fixed income markets to support stable housing finance.
Individuals across all income levels and demographics sometimes need access to funds quickly to cover unexpected expenses. However, lower-income individuals often face more stringent lending terms and rely on higher-cost sources of emergency funds such as overdrafts, payday loans, pawn shop loans, and title loans. New financial technologies allow employees to access a portion of earned wages before payday, which could help reduce the need for expensive emergency loans while improving financial wellness especially for those living paycheck to paycheck.
ZIRP policies pursued by central banks like the Bank of Canada are likely to have dramatic effects on real estate and finance sectors, as they did in the US. It is doubtful that real estate operates under completely different principles in Canada.
Projections that global oil production can increase by 70 million barrels per day over the next 20 years through both conventional and unconventional sources may be unrealistic given the entire current global production is around 90 million barrels per day.
As populations age in developed countries, pension plans face headwinds as retirees sell stock holdings to fund retirement, reducing the number of buyers in equity markets and putting downward pressure on prices. Low interest rates pursued by central banks negatively impact pension plan solvency
This document discusses recurrent pregnancy loss and its relationship to thrombophilia and antiphospholipid syndrome. It notes that thrombophilia and antiphospholipid syndrome may account for 10-20% of recurrent pregnancy losses. The antiphospholipid syndrome is an autoimmune condition associated with antibodies that cause clinical complications including venous and arterial thrombosis, preeclampsia, fetal growth restriction, preterm birth and recurrent pregnancy loss. Low molecular weight heparin is recommended for treatment and prevention of complications during pregnancy for those with antiphospholipid syndrome, with dosage depending on whether it is being used prophylactically or therapeutically.
Municipal bond prices moved lower during the second quarter, as fears about the Federal Reserve tapering its stimulus program rattled the financial markets. While a handful of states still face some budget pressure for the remainder of their 2013 fiscal year, 45 states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. Interest-rate volatility and the longer term prospect of higher rates have reinforced our bias toward a more limited duration stance. We continue to overweight essential-service revenue bonds, as well as the A-rated and BBB-rated segments of the market. Our outlook calls for defaults to remain low and continued gradual economic recovery.
201510 BN77 - adequacy under the new pension flexibilitiesSarah Luheshi
This document summarizes key points from a briefing note on measuring retirement adequacy under new UK pension flexibilities. It discusses challenges with using replacement rates to measure adequacy when individuals can access savings flexibly. Though imperfect, replacement rates still indicate risk of inadequacy at a population level. The document also outlines opportunities in the new system, like considering all income/assets/debt together and linking savings to life events. Discussions could focus more positively on what retirees can do with income rather than just measuring adequacy.
20151012 PPI Briefing Note 77 - adequacy under the new pension flexibilities ...Sarah Luheshi
This document summarizes key points from a briefing note on measuring retirement adequacy under new UK pension flexibilities. It discusses challenges with using replacement rates to measure adequacy when individuals can access savings flexibly. Though imperfect, replacement rates still indicate risk of inadequacy at a population level. The document also outlines opportunities in the new system, like considering all income/assets/debt together and linking savings to life events. Discussions could focus more positively on what retirees can do with income rather than just measuring adequacy.
Fed's 2020 Quantitative Easing Debunked along with the controversial US$ 2.2 trillion relief bill, viewed as pork-barrel funding
CARES Act allows the Fed to:
1. meet in secrets with Wall Street incumbents,
2. provide liquidity of $484b (slush fund) thru SPVs making loans & loans guarantees,
3. never be audited (zero oversight),
4. not compliant to US Code requirements, Section 552b of Title 5
Financial Institutions and Market (Direct State Intervention)Farman Zakhilwal
This chapter discusses different ways governments intervene in banking and credit markets, including through state-owned banks and credit guarantee schemes. It notes that state banks were created to fill market gaps and provide SME financing. Countries used different approaches, from expanding lending by state banks to implementing credit guarantee programs. The chapter also discusses debates around the merits of direct government intervention versus relying on market forces. It analyzes the role of several countries' state banks and credit schemes in mitigating the impacts of economic crises.
This document outlines favorable economic conditions and investment opportunities in Colombia that make it an attractive market for private equity funds. It notes that Colombia has experienced strong GDP growth and declining unemployment in recent years. Private equity in Colombia has seen significant growth, with capital commitments increasing at an annual rate of 71% between 2005-2012. The country has a supportive regulatory environment for private equity funds and large pools of local capital from pension funds that can invest in these funds. A variety of sectors across Colombia's diversified economy represent opportunities for private equity investment and growth.
Generating Economic Benefit and Growth Through Smarter Public Sector ProcurementJon Hansen
This ground-breaking report shows how political leaders could create 2.2 million jobs through better purchasing of taxpayer-paid goods and services while cutting the U.S.
deficit.
Written by Colin Cram, Internationally recognized public sector expert.
Turning Ideas Into Action: Financing the Post-2015 AgendaSDGsPlus
This document discusses financing strategies to support development goals after 2015. It proposes increasing the impact of available resources through good policies and credible institutions. Additional resources could be leveraged from domestic and foreign sources. Developing countries could generate more tax revenues, ensure efficient spending, promote financial inclusion and private sector growth. The international community could maximize aid impact, support new partners, tap private finance, and provide global public goods. Public-private partnerships and syndicated loans with development banks could leverage private flows for long-term investments.
The document summarizes Ayodo Foundation's proposal to alleviate global poverty through increased financial inclusion and reduced remittance fees. Specifically, it proposes a model where migrant workers can transfer purchasing power, rather than cash, between countries using their mobile phones. This would allow recipients to access goods and services from participating local merchants. The goal is to divert a portion of the over $20 billion in annual remittance fees to better assist families and reduce poverty. A pilot program between Canada and the Philippines is suggested to demonstrate the concept.
This document analyzes the impact of household debt and deleveraging on the US gaming industry. It finds that:
1) A significant amount of consumer spending between 2002-2007 was driven by debt and housing appreciation, fueling gaming revenue growth.
2) As households pay down debt from unprecedented levels, it is dampening discretionary consumer spending and therefore gaming industry revenues.
3) Regional gaming markets dependent on regions with high debt levels like Arizona, California and Florida have seen worse declines, while Texas's gaming markets have fared better with its lower household debt.
4) The analysis concludes that high household debt and deleveraging will continue to limit gaming industry spending growth through at
The global financial crisis began with the bursting of the US housing bubble and high default rates on subprime mortgages, which major banks had invested heavily in. When the housing market collapsed, these banks reported over $435 billion in losses. India was impacted through reductions in foreign institutional investment as these funds were called back overseas. This removed excess liquidity from the Indian economy and led to a slowdown. Small and medium enterprises have faced declining demand and difficulties obtaining financing. Infrastructure projects remain important for growth, but overall the economy has slowed significantly due to reduced foreign investment.
Small Multifamily Loans | Arbor Q4 2019Ivan Kaufman
Small multifamily properties, defined as having between 5-49 units, represent a significant portion of the rental market. They accounted for 33% of renter-occupied housing units in 2018. Origination volumes for small multifamily loans were estimated to be $59.2 billion in 2019, up 9.5% from the previous year. Small multifamily property prices increased 6.8% from the fourth quarter of 2018, while capitalization rates remained largely unchanged at 5.8%. Fannie Mae and Freddie Mac played a growing but still relatively small role in the small multifamily lending market, originating a combined $11.5 billion or 19% of total small multifamily loan volume in 2019.
It's time for an Illinois public bank! Take a look at the Bank of North Dakota (http://banknd.nd.gov), which makes the money of the people of North Dakota work FOR them! Join us at http://www.illinoispublicbanking.org.
The document provides information about the Low Income Housing Tax Credit (LIHTC) program, including:
- It was established 28 years ago and has financed over 2.6 million affordable housing units, creating 95,000 jobs annually and raising $100 billion in equity capital.
- Each state receives tax credits based on its population that it awards competitively to affordable housing developments. Developers sell the credits to investors to raise equity capital.
- The program has been very successful, with a low foreclosure rate of 0.65%, and it creates safe, decent affordable housing while also stimulating local economies and job growth.
- However, the need for affordable housing still outpaces production, with a shortage of over 5
David Rubenstein posed 10 key questions facing the private equity world. These questions addressed issues like whether leverage for buyouts would return, the potential for major defaults of deals completed during the "golden age" of private equity, what areas private equity firms would pursue to achieve targeted returns, and whether now is the right time for investors to pursue private equity investments. The document also discussed sovereign wealth funds and their potential impact on private equity, as well as ways the industry could work to improve its public image.
OECD: Corporate bond markets in a time of unconventional monetary policyEduardo Vinante
The cheap money policies that fueled the global economy’s rebound since the financial crisis may be about to turn sour.
The amount of corporate bonds in circulation has doubled over the last decade to $13 trillion after companies binged on debt, causing “elevated risks and vulnerabilities,” the Organization for Economic Cooperation and Development said in a report.
1) Housing finance markets in Latin America have strengthened in recent years through macroeconomic and financial reforms, but are now facing challenges from the global credit crunch.
2) While mortgage lending has continued to grow in countries like Mexico, Colombia, and Peru, lending is slowing and non-performing loans are rising as access to external funding declines.
3) Domestic capital markets that had been developing are also slowing, emphasizing the continued need to strengthen local fixed income markets to support stable housing finance.
Individuals across all income levels and demographics sometimes need access to funds quickly to cover unexpected expenses. However, lower-income individuals often face more stringent lending terms and rely on higher-cost sources of emergency funds such as overdrafts, payday loans, pawn shop loans, and title loans. New financial technologies allow employees to access a portion of earned wages before payday, which could help reduce the need for expensive emergency loans while improving financial wellness especially for those living paycheck to paycheck.
ZIRP policies pursued by central banks like the Bank of Canada are likely to have dramatic effects on real estate and finance sectors, as they did in the US. It is doubtful that real estate operates under completely different principles in Canada.
Projections that global oil production can increase by 70 million barrels per day over the next 20 years through both conventional and unconventional sources may be unrealistic given the entire current global production is around 90 million barrels per day.
As populations age in developed countries, pension plans face headwinds as retirees sell stock holdings to fund retirement, reducing the number of buyers in equity markets and putting downward pressure on prices. Low interest rates pursued by central banks negatively impact pension plan solvency
This document discusses recurrent pregnancy loss and its relationship to thrombophilia and antiphospholipid syndrome. It notes that thrombophilia and antiphospholipid syndrome may account for 10-20% of recurrent pregnancy losses. The antiphospholipid syndrome is an autoimmune condition associated with antibodies that cause clinical complications including venous and arterial thrombosis, preeclampsia, fetal growth restriction, preterm birth and recurrent pregnancy loss. Low molecular weight heparin is recommended for treatment and prevention of complications during pregnancy for those with antiphospholipid syndrome, with dosage depending on whether it is being used prophylactically or therapeutically.
Principal documento do IBGC, o Código apresenta recomendações de boas práticas de Governança com o objetivo de contribuir para a evolução da Governança Corporativa das empresas e demais organizações atuantes no Brasil.
As recomendações apresentadas no documento são fruto de análise e estudo do IBGC de referências legais, regulatórias, acadêmicas e práticas, nacionais e internacionais, que tratam do tema Governança Corporativa, bem como de experiências e opiniões de entidades governamentais, de mercado, associações de classe, de profissionais, além de indivíduos de reconhecida competência na matéria e de entidades internacionais congêneres.
Com sua primeira edição lançada em 1999, o Código se encontra hoje em sua 4ª edição, publicada em 2009.
CCS TLM Limited is a global company with over 220,000 employees in 60 countries that provides carbon capture and storage (CCS) services. It has 113 GW of power generation capacity, including 18.5% from renewable energy. The company offers expertise across the CCS value chain from project development, financing, and engineering to transportation, storage, and enhanced oil recovery. It also provides advisory services on CCS project screening, feasibility studies, permitting, and regulatory and commercial support. CCS TLM aims to improve the economic viability and public acceptance of CCS technologies worldwide.
La gente es diversa y compleja. Todos compartimos la humanidad básica de experimentar una variedad de emociones y perspectivas. A pesar de las diferencias, buscamos conectarnos y apoyarnos mutuamente.
La citología cervicovaginal es un examen que se realiza para detectar posibles anormalidades en el cuello del útero y la vagina. Se toman muestras de células de estas áreas usando un hisopo o cepillo especial y se examinan bajo un microscopio para identificar cambios celulares precancerosos o cancerosos. Los resultados de esta prueba fueron normales y no mostraron evidencia de enfermedades.
The document provides details about a presentation on case control studies. It begins with an introduction and definitions of epidemiology and study designs. It then describes the key aspects of case control studies, including:
- The basic design which involves selecting cases with the disease and controls without the disease, and obtaining data on past exposure to compare between the two groups.
- The four main steps of selection of cases and controls, matching, measurement of exposure, and analysis and interpretation.
- Important considerations around the selection of cases and controls such as definition of cases, sources of bias, and methods of matching to minimize confounding.
El documento resume los principales derechos y deberes de los niños, niñas y adolescentes según el Código del Niño, Niña y Adolescente de Bolivia. Incluye derechos fundamentales como el derecho a la vida, salud, familia, nacionalidad e identidad, libertad, respeto y dignidad, educación, cultura y esparcimiento, y protección en el trabajo. También describe los deberes de los niños, niñas y adolescentes y las medidas de prevención, atención y protección.
1) The document discusses the history and scientific legitimacy of three marginal sciences: sea serpent investigations in the 19th century, phrenology, and spiritualism.
2) While initially regarded as credible areas of investigation, none of the three became part of the scientific mainstream. Sea serpent sightings could not be corroborated by physical evidence. Phrenology's claims about brain localization were eventually disproven.
3) However, the document argues that examining these marginal sciences provides insights into the nature and development of science. They illustrate how scientific ideas emerge and change over time and the types of evidence needed to establish a field of study.
Cdocumentsandsettingsutilizadorambientedetrabalhocontrastessociais 0912100613...Ze Carlos Santos
O documento discute a importância da alimentação para a saúde, destacando que a falta de alimentos causa subnutrição e fome em países em desenvolvimento, enquanto a abundância de comida nos países desenvolvidos leva à obesidade. A má nutrição resulta em mortes e doenças, especialmente entre crianças, enquanto a obesidade está associada a problemas cardíacos e custos médicos elevados.
Toledo, capital de Castilla-La Mancha, es conocida como la ciudad de las tres culturas por haber sido habitada por cristianos, judíos y musulmanes. Fue conquistada por los romanos en el siglo II a.C. y posteriormente por los visigodos y musulmanes. En 1085 fue reconquistada por los cristianos. Alberga importantes monumentos como la catedral gótica, la sinagoga del Tránsito y el Alcázar, fortaleza ubicada en lo alto de la ciudad.
Los códigos QR fueron desarrollados en 1994 por Denso Wave como un código bidimensional. Pueden almacenar hasta 7,089 caracteres numéricos o 4,296 alfanuméricos y tienen diferentes niveles de capacidad de corrección de errores. Se usan comúnmente para vincular a sitios web, enviar SMS y correos electrónicos, y almacenar información de contacto y datos personales. Existen códigos QR estáticos y dinámicos y se recomiendan buenas prácticas como agregar llamadas a la acción y optim
The less transparent, often misunderstood high yield municipal bond sector offers not only unusually high tax exempt income, but a mostly unrecognized source of long run diversification with the taxable high grade (re what the Fed says and does) bond market.
JPMorgan Chase reported second quarter 2013 net income of $6.5 billion, down from $5 billion in the second quarter of 2012. Revenue was $26 billion, up from $22.9 billion the prior year. Return on tangible common equity was 17%, up from 15% in 2012. Consumer & Community Banking saw deposit growth of 10% and record credit card sales volume of $105.2 billion, though net income fell to $3.1 billion due to lower revenue and higher expenses. Mortgage originations increased 12% to $49 billion while net income fell to $1.1 billion on lower revenue.
Mercer Capital's Atlantic Coast Bank Watch | August 2013Mercer Capital
The August 2013 issue of Bank Watch is available now at www.mercercapital.com, and features articles by Jeff Davis, Madeleine Davis, and the announcement of an upcoming webinar on the recently finalized capital rules.
A civil defense of municipal bond investing by f. kneelandPim Piepers
This document summarizes a white paper on municipal bond investing. It discusses that while some headlines have questioned the safety of municipal bonds, a well-designed portfolio managed by experienced professionals can largely avoid riskier areas of the market and provide reasonable returns. The document outlines the authors' approach of focusing on high-quality bonds from diverse issuers to reduce credit, interest rate, and liquidity risks while taking advantage of opportunities.
A civil defense of municipal bond investing by F. KneelandPim Piepers
This document summarizes a white paper on municipal bond investing. It discusses that while some headlines have questioned the safety of municipal bonds, a well-designed portfolio can avoid riskier areas of the market and sidestep volatility. The document outlines the authors' approach of focusing on high-quality general obligation and essential service revenue bonds to create a diversified portfolio with intermediate duration. It also discusses trends in the municipal bond market like increased tax efficiency and sustained demand from retirees.
The Case for AAA Underlying Municipal BondsIan Welch
4
Intent
• Create AAA Underlying Portfolio
• Create Default Resistant Portfolio
• Take advantage of sell side pressure
• Take advantage of negative perception of municipal bond market to amass AAA bonds
With increasing demand on limited public resources, national and local governments are recognizing the need for a new approach to social services that emphasizes the identification of effective, innovative ideas. However, a lack of available funding and the reluctance to take on the risk that a promising, but unproven, idea might fail have created obstacles to this new approach. The social impact bond model is designed to eliminate these obstacles.
- City finance officers report that the fiscal condition of most cities has improved in 2013 compared to 2012 as the economic recovery continues. However, challenges remain such as high unemployment, pension obligations, and uncertainty about federal spending.
- While city revenues declined for most of the past decade, a small increase is projected for 2013 as property, sales, and income tax revenues experience slow growth. Expenditures are also expected to rise slightly.
- Factors placing pressure on city budgets include increasing costs for healthcare, pensions, and infrastructure, while federal and state aid levels have decreased for many cities. To address these issues, cities have increased fees and made cuts to personnel costs.
JPMORGAN CHASE REPORTS THIRD-QUARTER 2013 NET LOSS OF $0.4 BILLION, OR $(0.17) PER SHARE, ON REVENUE1 OF $23.9 BILLION
THIRD-QUARTER 2013 NET INCOME OF $5.8 BILLION, OR $1.42 PER SHARE, EXCLUDING LITIGATION EXPENSE AND RESERVE RELEASES1
This briefing note explores ongoing macro-level changes at the World Bank. It focuses on four major trends: (1) changes in lending, including amount of lending, type of lending, and recipient countries; (2) changes in income sources; (3) the growth of trust funds; and (4) trends in staffing. The findings presented here are intended to help shape future engagements with the Bank by placing its operations in a broader context. Major findings: (1) Total World Bank lending has declined in real terms in recent years, driven by a significant decline in International Bank for Reconstruction and Development (IBRD) lending. IBRD commitments averaged more than $25 billion per year during the 1980s and 1990s, but commitments have since declined and are expected to average around $15 billion per year in the near term. This decline is the result of a number of factors, including insufficiently large capital infusions and reduced borrower demand stemming from low global interest rates and the growing availability of alternative funding sources. Declining Bank lending coincides with declining profitability. President Kim has recently announced plans to nearly double IBRD lending over the next several years, but it is not clear how this will be achieved. (2) International Development Association (IDA) lending has continued to increase in real terms, but IDA funding is increasingly dependent on donor contributions. Declining IBRD income limits the size of the subsidy IBRD can provide to IDA and increases the importance of individual IDA donors. (3) World Bank Group funding to support the private sector has increased dramatically, both in absolute terms and relative to overall spending. In 2013, the International Finance Corporation (IFC) accounted for 35% of World Bank Group commitments, compared with 18% in 2009 and only 13% in 2000. IFC support for financial intermediaries has also increased rapidly over the last several years. Multilateral Investment Guarantee Agency (MIGA) commitments have doubled in the past five years, albeit from a low base. (4) The Bank has always faced a pressure to lend, stemming from structural factors (administrative costs are covered by profits from loans), institutional factors (the real or perceived importance of ‘moving money’ for staff promotions), and external factors (demands from donors and shareholders). But while lending has declined, the pressure to expedite disbursements remains stronger than ever. This is because of the increasing pressure from both clients and donors to be more efficient and because of the increasing availability of alternative funding sources for national governments. While these changes have the potential to make the Bank more responsive and effective, they also pose a potential risk to policies, like the suite of safeguards, which could be perceived as impediments to speedy disbursement.
This document summarizes the debate around India issuing sovereign bonds for the first time. It notes that India already has high levels of domestic debt totaling Rs. 350-400 lakh crore. Issuing dollar-denominated sovereign bonds would expose India to currency and inflation risks given its lower-medium credit rating. While sovereign bonds could raise large funds, India may struggle to find projects that generate enough return to pay the estimated 6-7% coupon rate required due to these risks. The document argues for reforms like reducing government ministries, increasing foreign portfolio investment limits, and privatizing some state projects before relying too heavily on sovereign bonds.
The document discusses India's debate around issuing sovereign bonds. It notes that India's high levels of domestic debt could amount to 45-50% of the government's budget annually. Issuing sovereign bonds in US dollars also presents risks like currency fluctuations, inflation risks, and lower credit ratings increasing interest rates. While sovereign bonds could raise large funds, there are doubts around India's ability to repay its obligations without impacting domestic debt payments or leading to a debt crisis. Alternative domestic funding options that avoid sovereign bond risks need more exploration.
2015 banking outlook: The future is bright, but change your password Grant Thornton LLP
Organic growth will remain elusive, but banks can boost performance by focusing on honing operational efficiencies and shoring up risk management.
Learn more - http://gt-us.co/1uaqYal
Are Defined Contribution Plans Ready for Alternative Investments?Callan
Amid the growing popularity of the defined contribution (DC) model, the DC industry continues to look for ways to optimize performance.
The outperformance of defined benefit (DB) plans, and the increasing cross-pollination of DB and DC investment staff, has led some DC plans to take a closer look at alternative investments.
We examine three broad areas of alternative investments in relation to the DC market: real estate, hedge funds, and private equity.
Authors: Sally Haskins, Gary Robertson, Jimmy Veneruso
Crowd Valley Digital Investing and Lending Platform Report - Q2 2015Grow VC Group
The present report is based on surveying a randomly-selected sample of 100 individuals and companies out of the ones that have expressed an interest in entering this market during the second quarter of 2015. Therefore, the analysis provides probably the first data-driven insights on how the international digital investment sector is developing in Q2 2015.
The demand for digital investing platforms is still mainly based in the USA and it is above all directed at equity investment models for private companies. Nevertheless, during this quarter Crowd Valley observed an increase in the demand for lending platforms. Other regions including Europe also play a major role in the digital investing sector, representing a significant proportion of the total demand for these kinds of services.
If you are a commercial realtor and you have clients that have been turned down by a bank you should check out this presentation. If you are interested in having your deal funded by private money please contact Megan Krache at mkrache@sensiblelendingsolutions.com. We are actively lending to people the banks have turned down and are able to lend to people/businesses that have losses on their tax returns.
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