This chapter provides case studies on structured notes, structured funds, and knock-out products. A case study on a structured note with principal preservation and potential enhanced yield based on the daily range of the Hang Seng Index is presented. Another case study examines a first-to-default credit linked note that puts principal at higher risk. Two case studies of structured funds with automatic redemption after a set time period are also described, outlining the advantages and disadvantages of each.
Portfolio revision, securities, New securities, existing securities, purchases and sales of securities, maximizing the return, minimizing the risk, Transaction cost, Taxes, Statutory stipulations, Intrinsic difficulty, commission and brokerage, push up transaction costs, reducing the gains, constraint, Taxes, capital gains, long-term capital, lower rate, Frequent sales, short-term capital gains, investment companies, constraints, established, objectives, skill, resources and time, substantial adjustments, mispriced, excess returns, heterogeneous expectations, better estimates, generate excess returns, market efficiency, little incentive, predetermined rules, changes in the securities market, Performance measurement, Performance evaluation, superior or inferior, small investors, better performance, prompt liquidity, comparative performance, purchase and sale of securities.
Portfolio revision, securities, New securities, existing securities, purchases and sales of securities, maximizing the return, minimizing the risk, Transaction cost, Taxes, Statutory stipulations, Intrinsic difficulty, commission and brokerage, push up transaction costs, reducing the gains, constraint, Taxes, capital gains, long-term capital, lower rate, Frequent sales, short-term capital gains, investment companies, constraints, established, objectives, skill, resources and time, substantial adjustments, mispriced, excess returns, heterogeneous expectations, better estimates, generate excess returns, market efficiency, little incentive, predetermined rules, changes in the securities market, Performance measurement, Performance evaluation, superior or inferior, small investors, better performance, prompt liquidity, comparative performance, purchase and sale of securities.
Asset intensive reinsurance has been a hot topic in the marketplace, in particular reinsurance for fixed annuities, variable annuities and indexed annuities.
With variable annuities in particular, the products have been written recently specifically combat the difficulties posed by the low interest rate environment. With GAAP ROEs as healthy as ever, solution providers (banks/reinsurers) are looking to enter into the variable annuity reinsurance market to get their "share of the pie".
The asset intensive reinsurance world is evolving rapidly, and I will be presenting this evolution for certain high-profile products during the Valuation Actuary Symposium on 8/31 at 10:00 AM.
Hope to see many of you friendly faces there!
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.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
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 can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
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Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
1. finlogIQ
Knowledge for financial IQ
STRICTLY PRIVATE AND CONFIDENTIAL
Chapter 19
Case Studies
August 2012
2. Chapter summary and outline
This chapter provides the case studies on structured notes,
structured funds and knock-out products.
Chapter outline:
• Case studies on structured notes
• Case studies on structured funds
• Case studies on knock-out products
finlogIQ 2
3. Case Study on Structured Notes I
• Hang Seng Index (HSI) Daily Range Accrual Note
(A structured note with principal preservation and potential of enhanced
• Payoff Illustrations
finlogIQ 3
4. Case Study on Structured Notes I - 2
Yield Determinants
• Accrual range set around spot price
• Probability of HSI prices trading outside the range will increase with longer
investment tenure.
• The notes holder should thus be compensated with higher enhanced yield
for the higher risk associated with longer investment tenure.
• Price volatility of HIS will impact the level of risk
• Volatile HSI will result in higher probability of the price trading outside the
range and hence the enhanced yield for the investors should be higher to
compensate the higher risk.
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5. Case Study on Structured Notes I - 3
Advantages
•Advantages of range accrual notes is that they are easier to understand
relative to the rest of the structured notes.
•Performance only based on a single underlying reference (HSI in this case)
•Principal can be redeemed at maturity for this product and there may be a
minimum coupon fixed by the issuer.
•No complex feature within the product that puts the principal at higher risk.
Disadvantages
•Upside is capped at a maximum coupon rate
•Only enhanced yield is available regardless of the performance of the product
•Early redemption is subject to the dealer’s bid
•Early redemption by the investor will be costs involved to compensate the
dealer or issuer for any losses incurred
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6. Case Study on Structured Notes II
First-to-Default Credit Linked Note – A structured note which puts the principal
invested at a higher risk
• Note holders are effectively selling credit protection for a basket of
companies to an issuer.
• In event, one of the companies from the basket defaults, the note holder
would have to pay off the creditors of the company and the credit protection
for the rest of the companies would cease.
finlogIQ 6
7. Case Study on Structured Notes II - 2
Mechanism of the Note
Figure 19.1.2A: Relationship between the Note Issuer, Note Holder and the
Bank
finlogIQ 7
8. Case Study on Structured Notes II - 3
Yield Determinants
• Yield is a function of the number of companies in the basket, the credit
worthiness of each company and the level of correlation amongst the
companies.
• More companies in the basket, higher probability of a default, higher yield
• Companies with better credit ratings will offer lower yield and vice versa
• Correlation amongst the companies is inversely proportional to the number
of risk factors the note is subjected to.
• With a lower correlation, there will be a higher number of risk factors and
hence a higher yield is required.
finlogIQ 8
9. Case Study on Structured Notes II - 4
Advantages
• Attractive yields for the note holders
• Yields can be high depending on the risks
• Certain degree of transparency for the credit worthiness of the basket of
companies with credit ratings provided by international rating agencies.
Disadvantages
• Structure within the note can allow for a significant level of risk based on the
number, type and correlation of the companies.
• Risks can cause the loss of the entire principal invested.
• May be too complex for the retail note holders to understand.
• A notes holder may misconstrue the credit event as having occurred only
when all reference entities, instead of the first, have defaulted.
finlogIQ 9
10. Case Studies On Structured Funds I
4 Years and 11 Months Auto-Redeemable Structured Fund
finlogIQ 10
11. Case Studies On Structured Funds I - 2
Advantages of the Structured Fund
• Downside risk is mitigated
• Explicit guarantee can be provided
• Benefits of diversification from assets like equity, fixed income and
commodity space
• Despite low level of interest rate, payoff remains potentially attractive
• No scope of misrepresentation by the sale side
Disadvantages of the Structured Fund
• Limited final payout potential as the participation ratio is only 25%
finlogIQ 11
12. Case Studies On Structured Funds II
Case Study II – 3-Year Auto-Redeemable Structured Fund
finlogIQ 12
13. Case Studies On Structured Funds II - 2
Advantages of the Structured Fund
• Product is still redeemed at 100%
• Payoff remains potentially attractive
• No hidden feature
• Final performance delivered: 100%
Disadvantages of the Structured Fund
• Binary outcome: The fund does not pay any coupons throughout the life of
fund.
finlogIQ 13