This document provides an overview of completing the accounting cycle, including closing entries, post-closing trial balances, and liquidity measures. It discusses how closing entries prepare accounts for the next period by clearing temporary account balances. A post-closing trial balance verifies that debit and credit totals are equal and that only permanent accounts have balances. Key liquidity measures like current ratio and working capital are then calculated using data from the adjusted trial balance to assess a company's short-term financial health and ability to meet obligations.
The document discusses the differences between accrual and cash basis accounting. Accrual accounting records revenue when earned and expenses when incurred, regardless of cash flow. Cash accounting only records transactions when cash is received or paid. Most companies use accrual accounting because it provides a more accurate financial picture by matching revenue to expenses in the appropriate periods, even if no cash has changed hands yet. The document also provides additional details on how and when each method recognizes revenue and expenses.
This document provides an introduction and overview of a financial modeling and valuation course presented by Ankur Kapur. The summary includes:
1. Ankur Kapur is an experienced finance instructor who will teach the course and has trained over 500 students globally.
2. The course will provide an introduction to financial modeling and advanced valuation techniques over 21 hours of live online sessions.
3. Students will learn how to calculate beta and cost of equity, conduct financial statement analysis, and build discounted cash flow models.
4. The course benefits include enhancing valuation skills and analytical abilities for finance careers.
Accounting 101 - Current vs. Noncurrent AssetsCecilia Ibru
For businesses of all sizes, accurately listing all assets on the company balance sheet is a major accounting priority. To accomplish this, it is important to understand the difference between current and noncurrent assets.
Este documento presenta la teoría de portafolio y cómo construir un portafolio eficiente. Explica que un portafolio es una combinación de activos financieros y un portafolio eficiente ofrece el mayor retorno posible para un nivel de riesgo dado o el menor riesgo posible para un retorno dado. También describe cómo seleccionar títulos con bajas condiciones de riesgo y cómo calcular el retorno esperado, riesgo, covarianza y proporciones óptimas de inversión para lograr el menor riesgo
The document discusses the International Federation of Accountants (IFAC) and its focus on the global accountancy profession. It summarizes IFAC's services including establishing standards, adoption/implementation support, quality development, and representing the profession. A large portion discusses IFAC's work related to professional accountants in business, including areas of importance, competency development, and the role of Chief Financial Officers. It also summarizes IFAC's responses to issues like the global financial crisis and its frameworks/guidance on topics such as risk management, governance, and integrated reporting.
Este documento proporciona una introducción a las acciones y obligaciones como opciones de inversión. Explica que las acciones representan la propiedad de una empresa y dan derecho a recibir dividendos, mientras que las obligaciones representan préstamos a una empresa que debe pagar intereses. Además, describe cinco tipos de acciones y tres tipos de obligaciones, incluyendo obligaciones con warrant, convertibles y amortizables anticipadamente.
This document provides an overview of completing the accounting cycle, including closing entries, post-closing trial balances, and liquidity measures. It discusses how closing entries prepare accounts for the next period by clearing temporary account balances. A post-closing trial balance verifies that debit and credit totals are equal and that only permanent accounts have balances. Key liquidity measures like current ratio and working capital are then calculated using data from the adjusted trial balance to assess a company's short-term financial health and ability to meet obligations.
The document discusses the differences between accrual and cash basis accounting. Accrual accounting records revenue when earned and expenses when incurred, regardless of cash flow. Cash accounting only records transactions when cash is received or paid. Most companies use accrual accounting because it provides a more accurate financial picture by matching revenue to expenses in the appropriate periods, even if no cash has changed hands yet. The document also provides additional details on how and when each method recognizes revenue and expenses.
This document provides an introduction and overview of a financial modeling and valuation course presented by Ankur Kapur. The summary includes:
1. Ankur Kapur is an experienced finance instructor who will teach the course and has trained over 500 students globally.
2. The course will provide an introduction to financial modeling and advanced valuation techniques over 21 hours of live online sessions.
3. Students will learn how to calculate beta and cost of equity, conduct financial statement analysis, and build discounted cash flow models.
4. The course benefits include enhancing valuation skills and analytical abilities for finance careers.
Accounting 101 - Current vs. Noncurrent AssetsCecilia Ibru
For businesses of all sizes, accurately listing all assets on the company balance sheet is a major accounting priority. To accomplish this, it is important to understand the difference between current and noncurrent assets.
Este documento presenta la teoría de portafolio y cómo construir un portafolio eficiente. Explica que un portafolio es una combinación de activos financieros y un portafolio eficiente ofrece el mayor retorno posible para un nivel de riesgo dado o el menor riesgo posible para un retorno dado. También describe cómo seleccionar títulos con bajas condiciones de riesgo y cómo calcular el retorno esperado, riesgo, covarianza y proporciones óptimas de inversión para lograr el menor riesgo
The document discusses the International Federation of Accountants (IFAC) and its focus on the global accountancy profession. It summarizes IFAC's services including establishing standards, adoption/implementation support, quality development, and representing the profession. A large portion discusses IFAC's work related to professional accountants in business, including areas of importance, competency development, and the role of Chief Financial Officers. It also summarizes IFAC's responses to issues like the global financial crisis and its frameworks/guidance on topics such as risk management, governance, and integrated reporting.
Este documento proporciona una introducción a las acciones y obligaciones como opciones de inversión. Explica que las acciones representan la propiedad de una empresa y dan derecho a recibir dividendos, mientras que las obligaciones representan préstamos a una empresa que debe pagar intereses. Además, describe cinco tipos de acciones y tres tipos de obligaciones, incluyendo obligaciones con warrant, convertibles y amortizables anticipadamente.
Bond markets are markets for long-term debt instruments issued by corporations and governments. Bonds are traded in both primary markets through initial public offerings and auctions, and secondary markets between investors. Major types of bonds include Treasury notes and bonds issued by the US government, municipal bonds issued by state and local governments, and corporate bonds issued by companies.
Este documento presenta un proyecto de inversión para un estudio contable que ofrece servicios de asesoría contable, tributaria y empresarial a Pymes en Lima Norte. El estudio contable contratará profesionales como contadores, auditores, auxiliares y practicantes para brindar servicios como constitución de empresas, asesoría contable, tributaria y empresarial. El documento analiza los aspectos del mercado, la descripción del servicio, la lista de servicios, el establecimiento, los costos de operación y concluye que el
The presentation highlights some shortcut formulas that can speed up PV computations if a project have a particular set of cash flow patterns and the opportunity cost of capital is constant
The document discusses key accounting principles such as revenue recognition, matching principle, and adjusting entries. It defines different types of adjusting entries including prepaid expenses, unearned revenues, accrued revenues, and accrued expenses. Examples are provided for journal entries to record accrued revenues and expenses. The summary identifies the major concepts covered in the document which are the different types of adjusting entries and how to prepare adjusting entries for accruals.
This document provides an agenda for an asset allocation management presentation. It includes sections on introducing investments, analyzing and valuing equity securities, issues in efficient markets, fixed-income and leveraged securities, and derivative products. The objectives are to manage investor portfolios to achieve investment objectives through an individual approach and to analyze and provide information about multiple securities. It includes analysis of types of investments, investment instruments, portfolio risk and returns, and industry threats and opportunities.
The Economics of Business Restructuring Published VersionPhilippe Penelle
The document discusses business restructuring transactions where a controlled manufacturer or distributor is converted into a low-risk contract manufacturer or distributor through a change in transfer pricing policy. Tax authorities are skeptical of these transactions and argue they lack economic substance unless compensated by an "exit charge" equal to expected future profits. However, the author argues that from an economic perspective, reducing risk justifies lower expected income without an exit charge, if the risk reduction is properly measured. The author urges the OECD to apply solid economic analysis and principles to provide guidance on these transactions consistent with how markets work.
El documento presenta 5 ejercicios sobre cálculos financieros relacionados con el Valor Actual Neto (VAN), Tasa Interna de Retorno (TIR) y plazo de recuperación. En el primer ejercicio se pide determinar la mejor inversión según el plazo de recuperación. En el segundo, se pide calcular el VAN de 3 inversiones y seleccionar la mejor. El tercer ejercicio implica calcular VAN, TIR e interpretar los resultados para una inversión. Los ejercicios 4 y 5 implican calcular y comparar VAN
This document summarizes IFRS 5, which specifies accounting for non-current assets held for sale and discontinued operations. IFRS 5 outlines criteria for classifying non-current assets as held for sale, including that the sale must be highly probable within one year. Assets held for sale are measured at fair value less costs to sell and are presented separately in financial statements. The standard also provides guidance on presenting discontinued operations and additional disclosure requirements.
This document discusses partnership accounts and the different methods of maintaining capital accounts for partners. There are two main methods - the fixed capital method and fluctuating capital method.
Under the fixed capital method, two accounts are maintained for each partner: a capital account to record initial capital contributions which remains fixed, and a current account to record all other transactions like drawings, interest, profits/losses which is closed to the partner's balance sheet account annually.
The fluctuating capital method only requires one capital account which records all transactions, allowing the partner's capital balance to fluctuate over time as profits/losses and other adjustments are made directly in this single account.
A family office is an entity that provides complex financial and advisory services to support a specific family group. It integrates services like investment management, tax planning, estate planning, asset protection, and personal services. Family offices can be structured as single-family offices serving one family or multi-family offices serving multiple families. They provide a comprehensive set of services and help families achieve their financial, philanthropic, and wealth transfer goals over multiple generations. Real estate is a common direct investment for family offices, either through individual projects or real estate funds.
This document provides an introduction to key concepts in corporate finance. It discusses the role of the financial manager, the goal of financial management which is to maximize shareholder wealth, the agency problem between owners and managers, and various types of financial markets. The chapter outline covers topics including what is corporate finance, the corporate firm, the goal of financial management, the agency problem, and financial markets.
Partnerships generally are associated with the practice of law, medicine, public accounting and other professions, and also with small business enterprises
This document provides information about accounting adjustments for sole proprietors. It discusses various types of adjustments that may need to be made, including closing stock, outstanding expenses, prepaid expenses, depreciation, and others. The document explains the accounting entries and treatment in the final accounts for each adjustment. Examples are provided to illustrate how to calculate and record various common adjustments like provision for discount on creditors/debtors, interest on capital/drawings/loans, loss of goods or fixed assets, and errors and omissions. The overall purpose is to explain the accounting process and treatment of different adjustments in the financial statements of a sole proprietor.
The document discusses financial planning and the percentage of sales approach. It provides examples of how to develop pro forma financial statements using the percentage of sales approach. Key aspects include:
- Developing pro forma income statements, balance sheets, and cash flow statements by linking various accounts to projected sales growth rates.
- Determining financing needs and identifying the "plug variable" - the account that is adjusted to make the balance sheet balance.
- Considering constraints like maintaining appropriate current and debt ratios when determining a financing plan.
- Accounting for current capacity usage versus full capacity projections when planning long-term asset needs.
governmental and Non profit Accounting chapter 1NeveenJamal
This document discusses the key differences between governmental/not-for-profit (NFP) entities and business enterprises. Governmental and NFP entities operate under different legal and financial constraints compared to businesses. They rely on involuntary taxes and voluntary donations rather than sales. Budgets are legally binding for governments and donor restrictions apply to NFPs. Financial reporting focuses on accountability, compliance with budgets/restrictions, and measuring service efforts rather than profitability. Fund accounting and modified accrual basis are used by governments.
The reason for saving, challenges of saving money. Funds mobilization is one of the challenges in a co-operative society. Security of savings in a co-operative society is paramount.
Non finance professionals ppt @ bec doms bagalkotBabasab Patil
The document outlines an agenda for a webinar on finance for non-finance professionals. It aims to help participants gain a basic understanding of finance principles, evaluate finance-related decisions, and participate knowledgeably in discussions. Key topics to be covered include the purpose of businesses, interpreting financial statements, ratio analysis, and basic finance concepts like ROI, IRR, and time value of money. The webinar also aims to explain how participants can apply their new financial knowledge.
This document discusses private equity, including:
1. It outlines the private equity fund structure and cash flow profile known as the "J-curve".
2. The investment process includes initial evaluation, valuation, due diligence, and case studies of financing leveraged buyouts.
3. Value creation strategies are discussed like adding board members and management, acquisitions, and operational/financial restructuring. Exits like IPOs and sales are also covered.
Alain Léon Savage has over 30 years of experience in office management, customer service, administration, and financial roles in both the public and private sectors. He is bilingual in French and English with a Secret security clearance. His experience includes roles with the Federal Government of Canada, construction companies, and as the owner of an ice rink and restaurant businesses. Savage has a wide range of skills including multi-tasking, adapting to new situations, effective communication, and attention to detail.
Bond markets are markets for long-term debt instruments issued by corporations and governments. Bonds are traded in both primary markets through initial public offerings and auctions, and secondary markets between investors. Major types of bonds include Treasury notes and bonds issued by the US government, municipal bonds issued by state and local governments, and corporate bonds issued by companies.
Este documento presenta un proyecto de inversión para un estudio contable que ofrece servicios de asesoría contable, tributaria y empresarial a Pymes en Lima Norte. El estudio contable contratará profesionales como contadores, auditores, auxiliares y practicantes para brindar servicios como constitución de empresas, asesoría contable, tributaria y empresarial. El documento analiza los aspectos del mercado, la descripción del servicio, la lista de servicios, el establecimiento, los costos de operación y concluye que el
The presentation highlights some shortcut formulas that can speed up PV computations if a project have a particular set of cash flow patterns and the opportunity cost of capital is constant
The document discusses key accounting principles such as revenue recognition, matching principle, and adjusting entries. It defines different types of adjusting entries including prepaid expenses, unearned revenues, accrued revenues, and accrued expenses. Examples are provided for journal entries to record accrued revenues and expenses. The summary identifies the major concepts covered in the document which are the different types of adjusting entries and how to prepare adjusting entries for accruals.
This document provides an agenda for an asset allocation management presentation. It includes sections on introducing investments, analyzing and valuing equity securities, issues in efficient markets, fixed-income and leveraged securities, and derivative products. The objectives are to manage investor portfolios to achieve investment objectives through an individual approach and to analyze and provide information about multiple securities. It includes analysis of types of investments, investment instruments, portfolio risk and returns, and industry threats and opportunities.
The Economics of Business Restructuring Published VersionPhilippe Penelle
The document discusses business restructuring transactions where a controlled manufacturer or distributor is converted into a low-risk contract manufacturer or distributor through a change in transfer pricing policy. Tax authorities are skeptical of these transactions and argue they lack economic substance unless compensated by an "exit charge" equal to expected future profits. However, the author argues that from an economic perspective, reducing risk justifies lower expected income without an exit charge, if the risk reduction is properly measured. The author urges the OECD to apply solid economic analysis and principles to provide guidance on these transactions consistent with how markets work.
El documento presenta 5 ejercicios sobre cálculos financieros relacionados con el Valor Actual Neto (VAN), Tasa Interna de Retorno (TIR) y plazo de recuperación. En el primer ejercicio se pide determinar la mejor inversión según el plazo de recuperación. En el segundo, se pide calcular el VAN de 3 inversiones y seleccionar la mejor. El tercer ejercicio implica calcular VAN, TIR e interpretar los resultados para una inversión. Los ejercicios 4 y 5 implican calcular y comparar VAN
This document summarizes IFRS 5, which specifies accounting for non-current assets held for sale and discontinued operations. IFRS 5 outlines criteria for classifying non-current assets as held for sale, including that the sale must be highly probable within one year. Assets held for sale are measured at fair value less costs to sell and are presented separately in financial statements. The standard also provides guidance on presenting discontinued operations and additional disclosure requirements.
This document discusses partnership accounts and the different methods of maintaining capital accounts for partners. There are two main methods - the fixed capital method and fluctuating capital method.
Under the fixed capital method, two accounts are maintained for each partner: a capital account to record initial capital contributions which remains fixed, and a current account to record all other transactions like drawings, interest, profits/losses which is closed to the partner's balance sheet account annually.
The fluctuating capital method only requires one capital account which records all transactions, allowing the partner's capital balance to fluctuate over time as profits/losses and other adjustments are made directly in this single account.
A family office is an entity that provides complex financial and advisory services to support a specific family group. It integrates services like investment management, tax planning, estate planning, asset protection, and personal services. Family offices can be structured as single-family offices serving one family or multi-family offices serving multiple families. They provide a comprehensive set of services and help families achieve their financial, philanthropic, and wealth transfer goals over multiple generations. Real estate is a common direct investment for family offices, either through individual projects or real estate funds.
This document provides an introduction to key concepts in corporate finance. It discusses the role of the financial manager, the goal of financial management which is to maximize shareholder wealth, the agency problem between owners and managers, and various types of financial markets. The chapter outline covers topics including what is corporate finance, the corporate firm, the goal of financial management, the agency problem, and financial markets.
Partnerships generally are associated with the practice of law, medicine, public accounting and other professions, and also with small business enterprises
This document provides information about accounting adjustments for sole proprietors. It discusses various types of adjustments that may need to be made, including closing stock, outstanding expenses, prepaid expenses, depreciation, and others. The document explains the accounting entries and treatment in the final accounts for each adjustment. Examples are provided to illustrate how to calculate and record various common adjustments like provision for discount on creditors/debtors, interest on capital/drawings/loans, loss of goods or fixed assets, and errors and omissions. The overall purpose is to explain the accounting process and treatment of different adjustments in the financial statements of a sole proprietor.
The document discusses financial planning and the percentage of sales approach. It provides examples of how to develop pro forma financial statements using the percentage of sales approach. Key aspects include:
- Developing pro forma income statements, balance sheets, and cash flow statements by linking various accounts to projected sales growth rates.
- Determining financing needs and identifying the "plug variable" - the account that is adjusted to make the balance sheet balance.
- Considering constraints like maintaining appropriate current and debt ratios when determining a financing plan.
- Accounting for current capacity usage versus full capacity projections when planning long-term asset needs.
governmental and Non profit Accounting chapter 1NeveenJamal
This document discusses the key differences between governmental/not-for-profit (NFP) entities and business enterprises. Governmental and NFP entities operate under different legal and financial constraints compared to businesses. They rely on involuntary taxes and voluntary donations rather than sales. Budgets are legally binding for governments and donor restrictions apply to NFPs. Financial reporting focuses on accountability, compliance with budgets/restrictions, and measuring service efforts rather than profitability. Fund accounting and modified accrual basis are used by governments.
The reason for saving, challenges of saving money. Funds mobilization is one of the challenges in a co-operative society. Security of savings in a co-operative society is paramount.
Non finance professionals ppt @ bec doms bagalkotBabasab Patil
The document outlines an agenda for a webinar on finance for non-finance professionals. It aims to help participants gain a basic understanding of finance principles, evaluate finance-related decisions, and participate knowledgeably in discussions. Key topics to be covered include the purpose of businesses, interpreting financial statements, ratio analysis, and basic finance concepts like ROI, IRR, and time value of money. The webinar also aims to explain how participants can apply their new financial knowledge.
This document discusses private equity, including:
1. It outlines the private equity fund structure and cash flow profile known as the "J-curve".
2. The investment process includes initial evaluation, valuation, due diligence, and case studies of financing leveraged buyouts.
3. Value creation strategies are discussed like adding board members and management, acquisitions, and operational/financial restructuring. Exits like IPOs and sales are also covered.
Alain Léon Savage has over 30 years of experience in office management, customer service, administration, and financial roles in both the public and private sectors. He is bilingual in French and English with a Secret security clearance. His experience includes roles with the Federal Government of Canada, construction companies, and as the owner of an ice rink and restaurant businesses. Savage has a wide range of skills including multi-tasking, adapting to new situations, effective communication, and attention to detail.
El documento proporciona instrucciones para completar un portafolio de aprendizaje que incluye los objetivos y expectativas del curso, resúmenes de lecturas en formato APA, collages de palabras creados con herramientas como Wordle y Tagul, mapas conceptuales creados con Wise Mapping y Bubblus, presentaciones en PowerPoint y videos, enlaces a recursos adicionales como videos y presentaciones creadas durante el curso, comentarios sobre aprendizajes y desafíos, y referencias en formato APA.
Yoo-hoo is a dying brand that was being neglected a far as a current campaign, and even their social media sites weren't being updated. Through quantitative and qualitative research, we were able to create a new campaign changing our target audience and using nostalgia as the overarching theme.
This document provides instructions for making a photo frame using various materials like mat board, cardboard, pieces of CDs, goma eva, cloth or felt, bags, jachstraw, sticks, plastic bottles, and plugs. The materials listed can be used to create the frame itself or as decorative elements added to the frame.
Este documento describe los principios clave de la calidad en el servicio al cliente. Explica que el cliente debe sentirse la persona más importante y enumera algunas formas en que en México se hace sentir menos valorado, como un limosnero o prisionero. También destaca la importancia de deleitar al cliente mediante un servicio que supere sus expectativas y minimice su tiempo de espera. Finalmente, enfatiza que la calidad del servicio depende de la calidad personal de cada empleado y su espíritu de servicio y sentido de urgencia.
The document provides an overview of Merrill Lynch including its business description, financial profile, competitive environment, and valuation. It discusses Merrill Lynch's core businesses, leadership changes, risk management improvements, growth opportunities in emerging markets and through third party funds, and plans for balance sheet optimization and more efficient use of capital.
With potentially costly environmental upgrades on the horizon and the need to increase capacity over the long term, capital needs for cooperatives are growing rapidly. At the same time, traditional sources of funding are being constrained. As cooperatives increasingly turn to the markets, how can they ensure their members continue to benefit from low capital cost?
This ScottMadden insight is the second in a series on “Five Strategic Priorities for Generation and Transmission Cooperatives.” The report summary can be found here: http://www.scottmadden.com/insight/516/five-strategic-priorities-for-generation-and-transmission-cooperatives.html.
To learn more, please visit www.scottmadden.com.
Lt income opportunities fund presentationatul baride
The document discusses the current market environment of falling oil, gold and inflation prices, as well as slowing economic growth. It notes that this could lead to further reductions in policy interest rates. It then summarizes recent movements in key Indian interest rates and bond yields. The document advocates for investing in high accrual funds in this environment due to risks of reinvestment at lower rates. It describes the L&T Income Opportunities Fund strategy of focusing on high yielding corporate debt, including from infrastructure companies, and emphasizes the fund's rigorous credit selection process.
Mercer Capital's Bank Watch | July 2015 | Small Bank Holding Companies Regula...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. 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.
Sage Capital Management employs a convertible arbitrage strategy focused on small and mid-capitalization convertible securities to generate attractive risk-adjusted returns. The strategy involves purchasing convertible bonds and shorting a percentage of the underlying stock. The portfolio managers select securities through fundamental analysis while maintaining industry and issuer diversification. For the period ending June 2015, the convertible arbitrage fund returned -0.39% compared to -0.74% for the HFRX Convertible Arbitrage Index.
The document discusses various aspects of working capital management including its components, factors influencing it, strategies for financing it, and its importance. It also covers inventory management, receivables management, creditors management, and committees that have studied working capital financing in India such as the Tandon Committee and Nayak Committee. Key aspects of working capital like the operating cycle and calculation of working capital requirements are also summarized.
Legacy Reserves LP provides a presentation to investors outlining its business overview and strategy. It discloses that it has grown through acquisitions to have over $2.5 billion in enterprise value and focuses on producing oil and natural gas properties in the Permian Basin, Rocky Mountains, and Mid-Continent regions. It also details its hedging strategy to reduce cash flow volatility and protect its borrowing base and distributions. Legacy highlights its track record of consistent distribution growth, low-decline producing assets, experienced management team, and conservative financial policies as key reasons for investment.
Credit: A Core Building Block for DB Schemes Investing in a Low Yield Environ...Redington
The document summarizes a presentation given by Robert Gardner and Pete Drewienkiewicz of Redington on using credit as a key building block for defined benefit pension schemes. It discusses using credit strategies to increase returns in a low yield environment. It provides examples of restructuring a client's credit portfolio to incorporate more absolute return and illiquid credit strategies. It also presents a framework for overcoming governance hurdles to implementing credit strategies and concludes that credit offers pension funds tools to increase returns in a risk-controlled manner.
Regency Centers Trust is a retail REIT that focuses on generating cash from operations and continually growing that ability. The report analyzes Regency's ability to raise cash, growth potential given the retail industry environment, current economy impacts, interest rate risk, investment positives like relationships with major retailers, and investment risks around areas weak to economic changes and reliance on major tenants. It also summarizes Regency's balance sheet, capital structure, debt obligations, liquidity, net income trends and dividend policy.
This document provides an overview and performance summary of various investment funds managed by PM CAPITAL.
The Absolute Performance Fund has significantly outperformed its benchmark, the MSCI World Index, with a total return of 167.4% since inception compared to 19.5% for the index. The fund utilizes a selective, high conviction and contrarian investment approach focusing on undervalued global businesses.
The Emerging Asia Fund has also significantly outperformed its benchmark, with a total return of 139.4% compared to 11.6% for the MSCI Asia ex-Japan Index. It takes a similar investment approach and focuses on investments in infrastructure, internet, retail and other sectors within Asia.
Both funds aim to generate
Accenture Capital Markets- operating with a restricted balance sheet -Top 10 ...Karl Meekings
New banking regulations are restricting balance sheets and increasing costs, reducing revenue opportunities. Banks face challenges including higher capital requirements, liquidity restrictions, leverage limits, and business model changes. They must optimize capital, manage risk-weighted assets, properly allocate capital and compensation, and potentially change business models. Operational challenges include withstanding new capital charges and optimizing collateral to mitigate regulatory impacts on profitability.
We think that we fully understand the costs/benefits of the financial engineering sold by brokers until we don’t. Potential for Vulnerabilities in MLPs by Bank MS => MLPs rely on capital markets to continuously grow (low r, high yield). (Potentially Overvalued) Overall MLPs carry a greater interest rate risk concentration than equities. (what doesn’t appear to be priced yet) and how man-made accumulations in the debt-commodity linked products can distort the Supply and Demand in the Commodities ?
03 09-15 march investor presentation finalAES_BigSky
This document discusses The AES Corporation's value proposition and future growth outlook. It notes that AES has taken steps to mitigate challenges like currency and commodity changes that reduced 2015 EPS guidance. It highlights the management's track record of improving profitability and allocating capital efficiently. The presentation outlines a largely funded construction program that is expected to drive 6-8% annual EPS growth in 2017-2018. It also forecasts 10-15% annual free cash flow growth from 2015-2018 and an average EPS growth rate of around 5% annually over this period. The document positions AES as offering an attractive free cash flow valuation and competitive dividend with above-average growth potential.
Week-9 Bank RegulationMoney and Banking Econ 311Tuesdays 7 .docxalanfhall8953
Week-9 Bank Regulation
Money and Banking Econ 311
Tuesdays 7 - 9:45
Instructor: Thomas L. Thomas
Capital Adequacy Management
Bank capital helps prevent bank failure
The amount of capital affects return for the owners (equity holders) of the bank
Regulatory requirement – Regulatory Capital – Tier 1 and Tier 2 Basle Rules
Economic Capital - What is this
2
Capital Adequacy Management:
Returns to Equity Holders
3
Traditional Economic Capital Value-At-Risk (VaR) View
Frequency of Occurrence / Probability
Mean/Average Expected Losses (m)
Unexpected Losses @ 99.9% confidence Level (s)
Economic Capital
Reserves
Value-at-Risk
VAR
Before we can develop adequate credit stress testing we need to understand the differences between traditional credit loss measures and what stress tests incorporate.
Aside form standard concentration and coverage analysis, a standard portfolio credit risk analysis typically employs a Value-at-Risk view.
Credit risk in this view generally follows a positive skewed distribution (by definition one cannot have negative defaults and thus a normal distribution is not applicable).
Reserves ALLL generally cover average expected losses over a horizon. In reality these are usually allocated to general reserves since most ALLL have two components: general reserves and specific reserves for known credits that are detraining.
Economic capital functions as a cushion against unexpected loss up to some confidence level. In this case 99.9% or a single “A” rating is the regulatory standard (once every 10,000 years)
In addition to a loss cushion economic capital represents the amount of the firm’s equity that is at risk which requires a return sufficient to cover the associated risk.
The shape of the curve or tail will then reflect the underlying credit risk of the portfolio or product.
However this view has some assumptions that can miss important risk elements.
The distribution is generally based on one variable PD in this case and does necessarily fully account for other correlated factors that when combined either change the tail or increase the likelihood of default.
Second, while the event may be rare, this methodology does not tell how severe or the magnitude of the event when it occurs beyond the confidence level prescribed for economic capital.
4
Old Measure: New Ones
RAROC - Risk Adjusted Return on Capital
EVA - Economic Value Added.
Hurdle Rate – What is it. How is it measured?
5
Time Line of the Early History of Commercial Banking in the United States
6
Historical Development of the Banking System
Bank of North America chartered in 1782
Controversy over the chartering of banks.
National Bank Act of 1863 creates a new banking system of federally chartered banks
Office of the Comptroller of the Currency
Dual banking system
Federal Reserve System is created in 1913.
7
Asymmetric Information and Financial.
Access Midstream Partners Investor Presentation - July 2013 Kprelosky
Headquartered in Oklahoma City, Access Midstream Partners is one of the largest midstream gathering companies in the U.S. with a diverse mix of gathering pipelines and facilities in the most attractive producing regions in North America.
Access Midstream has established a large-scale position in all of the key unconventional basins in the U.S. and has broad exposure to gathering opportunities in liquids-rich regions with extended access to the processing and fractionation segments of the midstream value chain. Access's diverse portfolio of assets are strategically located in 12 states that encompass the prolific Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica shales, and Mid-Continent areas.
Access Midstream's gathering systems are comprised of more than 6,000 miles of active gathering and transmission lines and treating facilities that provide services to approximately 7,900 wells. Our assets gather approximately 3.5 billion cubic feet (Bcf) of natural gas per day, which we believe ranks us as the largest gathering and processing master limited partnership in the U.S.
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
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1. Eclipse Capital Partners
Special Situations Discussion
Presentation
June 2015
Confidential – For Discussion Purposes Only
Ronald Hoplamazian
312.560.1003
ron.hoplamazian@eclipsecappartners.com
2. Executive Summary
Growing Special Situations Market Opportunities
Historical distressed precursors are present today indicating near term
growth in the number of distressed investment opportunities
Over $100B pool of lower rated loans executed at high leverage levels
will produce substantial opportunities
Eclipse Capital Partners believes the current market offers significant
opportunities and that this market will grow materially over the short
term providing attractive high yielding, risk-adjusted returns
Investment Characteristics and Strategies to Deploy Capital
Investing in companies with strong core competencies and leading
market positions that are experiencing distress due to over-leveraged
balance sheets, poor operating performance and/or are apart of out-of-
favor industries (ex. Oil & Gas)
Target dislocated and stressed special situation secured debt in middle
market companies (revenues of $100MM to $750MM) trading at a
discount in the secondary market
Direct origination of rescue financing and DIP lending solutions
Opportunistic debt-for-control acquisitions
2
3. Executive Summary
3
Key Market Drivers
Regulatory Changes creating opportunity and restricting typical buyers
– Dodd-Frank Act and Basel III Accords are restricting typical buyers and
will create more forced selling due to onerous capital requirements
– 2015 regulatory implementation is reshaping systemically important
financial institutions’ (SIFI) portfolios and traditional capabilities
Market Volatility leading to dislocation and forced selling
– Increased volatility as dealers hold smaller amounts of credit asset
inventories
– Oil & Gas commodity price declines have exposed BDC and other
institutional credit portfolio weaknesses
Growing Illiquidity coupled with specialized fund investor exposure is setting
up “perfect storm”
– Low trading desk inventories creating headwinds for market execution
– Specialized managers (CLOs, loan & HY funds), holding ~75% of loans, will
not be able to liquidate in a normal fashion without severe discounts
Distressed Indicators are present today
– Energy market distress preceded general market declines in the 2007
crisis
– Leverage levels have reached 2007-crisis and 1997-dotcom levels
– B rated loans are now 21.3% of the total market vs 17.1% in 2007
4. Regulatory Changes…Leading to
Opportunity
4
Timeline Overview Impact
Leveraged
Lending Guidance
Guidance Effective May 2013
Annual reviews expected to
begininMay 2014
Wider definitionof leveraged loan
Establishes minimum lending standards
"No exceptions policy" onnew issuances
Risk Retention
Rules
Expected inend of 2015
Requires CLO managers to retaina 5% interest without selling or
hedging for the life of the securitization
Risk-based
Capital Ratios 2015-2019
Higher risk weightings onnon-investment grade securities
Capital surcharge for SIFI's
The VolckerRule
July 2017
Implementation
Prohibits banks from sponsoring and conducting certainactivities with
a covered fund (e.g., private equity fund)
Restricts banks' fund ownership and lowers returns oninvestment
Supplementary
Leverage Ratio
January 2018
Implementation
Focuses oncapturing many off balance sheet exposures including
unfunded commitments and derivatives
Capital surcharge for U.S. globally systemically important banks and
their U.S. insured depository institutions
Higher loanpricing
Reduced bank lending and higher pricing
Reduced bank lending and higher pricing
Reduced bank lending and higher pricing
Reduce CLO issuance and higher pricing
CLO's comprise 58% of the non-bank leveraged loan
market
6. 6
Energy Market Distress
As of March 2015, a record 25 U.S. energy firms, accounting for 13.6%, made
Moody’s watch list of 184 companies with the lowest debt ratings (<B3/B-),
which has increased 16% Y/Y
Oil-and-gas issuers make up 4.5% of the S&P/LSTA Index vs 16% for the BAML
HY index. The share of oil-and-gas index loans trading below 90 has jumped
to 39%, from just under 1% with 0.95% of energy loans trading at 80 or less
(Avg. secondary bid for oil-and-gas loans is ~92 cents)
Subsector
'
YTW
(%)
Avg Price
($)
% Trading at
Distressed
Levels
Services & Equip. 12.0 79.18 48.9
E & P 11.3 78.25 35.4
Midstream/Pipeline 6.1 97.86 0.4
Refining 7.0 88.13 0.0
All Energy 10.0 85.86 29.8
Market Opportunity…Today
7. Market Opportunity…Coming
7
Source: S&P Capital IQ
Leverage levels have now reached 2007 (pre-crisis) and 1997 (pre-
dotcom) levels – Historical distress precursor
Source: S&P Capital IQ
8. Market Opportunity
Specialized vehicles, fueling activity back to 2007 levels, are less
suited to or restricted from holding stressed debt
8
Source: S&P Capital IQ – 4Q14
9. Market Opportunity
Lower rated loans make up a greater part of the market today than
in 2007 when B rated assets were only 17.1%
9
Source: S&P Capital IQ
Source: S&P Capital IQ – 4Q14
$832.4 billion
Source: S&P Capital IQ
10. Market Opportunity
$105B pool of lower rated loans executed at high leverage levels will
produce substantial distressed targets during soft economic times
10
Source: S&P Capital IQ
Source: S&P Capital IQ – 4Q14
$105 billion
Source: S&P Capital IQ
11. Market Opportunity
11
$832B
Leveraged
Loan Market
$339B
B/B+ Rated
Assets
$105B
>=6x,B/B+
Rated Assets
$21B
Special
Situation
Universe
20% conversion of the $105B highly levered loans = $21 Billion
special situations investment universe
($s in MM) 3-Year 2015 2016 2017
Total 20% 35% 45%
Market Share
1% $210 $42 $74 $95
2% $420 $84 $147 $189
3% $630 $126 $221 $284
Avg. Cash Yield* 14.3% 14.3% 14.3% 14.3%
Avg. Discount** 10.0% 10.0% 10.0% 10.0%
Total Annual Yield 24.3% 24.3% 24.3% 24.3%
Net Income***
1% 47.9 9.6 16.8 21.5
2% 95.7 19.1 33.5 43.1
3% 143.6 28.7 50.3 64.6
*implied yield based on purchasing 10% interest rate loans for 70% of Par
**30% purchase discount accretion over a 3 year duration
***assumes 1.5% of expenses (origination/asset management)
in the $21B Special Situations Universe
36-Month Special Situations Investment Cycle
12. 12
Competitive Landscape
Banking and
Financial Service
Institutions have
reduced traditional
distressed investing
due to regulations
and capital
requirements
Market “Sweet
Spot” for special
Situations Investors
seeking dislocated
or stressed (over-
levered, good
companies) assets
Distressed Hedge
Funds and Loan-to-
Own Institutions
focused only on
debt-for-control
investing
Historical Paradigm Shifting as Onerous Regulations Reduce
Traditional Investor Appetite, Creating a Large Opportunity for a
Relationship-Based Approach
14. Project Star – Eclipse Capital Partners acted as an advisor to the buyer and seller in the sale of a special
situations corporate portfolio. The transaction closed in 2013.
Eclipse Capital Partners Transaction
%
Energy and Energy Svcs 25%
Financial Services 17%
Business Services 18%
Media 17%
Pharmaceuticals 7%
manufacturing 9%
Food & Beverage 3%
Leisure 3%
Real Estate 1%
Construction 1%
Telecom 1%
100%
Portfolio Breakdown by Industry
Commitment Outstanding
% of Debt
Assets All-in rate
First Lien $175,966,478 $172,866,478 39% 11.1%
Second Lien 181,073,360 180,319,947 40% 14.9%
Unsecured 94,083,532 94,083,532 21% 15.4%
Total Debt $451,123,369 $447,269,956 100% 13.5%
Warrants $8,286 $8,286
Current Yield Pref. Stock 10,005,000 10,005,000
Equity Co-Invests 17,454,735 17,454,735
Preferred Stock 86,097,028 81,069,528
Common Stock 131,503,345 131,503,345
Total Equity $245,068,394 $240,040,894
Total $696,191,764 $687,310,851
Portfolio Summary
14
15. 2008-2011 Portfolio Statistics ($’s MM’s)
Mr. Hoplamazian served as the head of GE Capital’s Special Situations / Portfolio Acquisition Group, a 6
member team started in 2007 which grew to over $900 million in assets under management generating a 30%
return on equity. During his tenure he was responsible for originating, trading, underwriting and asset
management functions and sourced opportunities from a broad range of clients including hedge funds, private
equity sponsors, asset managers, banking institutions and financial services companies. Prior to that, he was
part of GE Capital’s Private Equity Sponsor Finance Restructuring Group and Global Energy Business investing
in structured equity investments and other corporate finance transactions. He has served as a board member
in GE Capital's portfolio companies and partnered with management teams and operating partners in a
variety of industries to assist with value creation activities, operational and financial restructuring and
refocusing business strategies.
Performance Record
30%
$922
94 / $9.8
$289
$10.0 / 27 bps
$22.9 / 250 bps
Weighted Average ROE
AUM
# of Investments / Average Size
Cumulative Income
Cumulative Losses / Annual Avg.
Average Annual Defaults
15
18. 18
Issuer Industry Action pending Details
21st Century Oncology RTSX Healthcare services distressed securities
July 21, 2014: Bonds plumb low at 55 on reports of a
capital raise to avoid a covenant breach.
Allen Systems / ASG Software Software services skips coupon May 16, 2014: Skips May 15 bond coupon, cut to D.
American Apparel Retail seeks default waiver June 19, 2014: Co. seeks default waiver after firing CEO.
Caesars Entertainment Gaming restructuring negotiations July 29, 2014: TL slides despite cutting 2015 maturities.
Deluxe Entertainment Svcs. Movie production services downgrades
Sept. 2, 2014: Co cut to CCC, from B, on concerns about
a near-term covenant breach; TL slips to 88.
Dex Media Marketing downgrades May 13, 2014: Co. cut to CCC+ on tight covenants.
Education Management For-profit education restructuring negotiations Aug. 27, 2014: Co. unveils restructuring plan.
Endeavour International Energy E&P skips coupon
Sept. 2, 2014: Co. skips Aug. 30, Sept. 1 coupon amid
restructuring negotiations. 2L notes fall to 45.
EveryWare Consumer products in forbearance July 16, 2014: TL lenders extend forbearance to July 22.
FleetPride/FPC Holdings Wholesale distributor downgrades Nov. 26, 2013: Loan cut to B3 on weak performance.
Getty Images Multimedia distressed securities
July 21, 2014: Bonds recover to 90 since reaching record
lows at 72 after 3Q’13 report in November.
Gymboree Retail distressed securities July 14, 2014: Bonds fall to 62 after CFO quits.
iPayment Business services downgrades
June 13, 2014: Co. cut to CCC, from B-, on possible
covenant violation. Outlook is negative.
J.C. Penney Company Retail distressed securities May 15, 2014: Long bonds still in 80s despite 1Q gains.
Logan’s Roadhouse Restaurants downgrades
Aug. 1, 2014: Bonds trade at 73 after downgrade to
Caa3.
MidWest Vanadium Mining skipped coupon Feb. 15, 2014: Enters 30-day grace after skipped coupon.
Milagro Oil & Gas Energy E&P in default Dec. 30, 2013: Cut to D after skipping 2nd-lien interest.
NII Holdings Wireless telecom skipped coupon Aug. 16, 2014: Bonds fall after co skips Aug. 15 coupon.
Preferred Sands Energy services in default Dec. 12, 2013: Cut to D, tripping default rate.
RAAM Global Energy Energy E&P in forbearance Aug. 4, 2014: Enters forbearance through Sept. 30.
RadioShack Retail distressed securities June 23, 2014: Bonds trade at record low 33.82.
Rue 21 Retail distressed securities
June 11, 2014: Buyout bonds recover to 80 after results
meet expectations, following test of record low 59 in
May.
Sotera Defense Solutions Security technology covenant violations Nov. 26, 2013: Loan cut to CCC on covenant breach.
UniTek Global Services IT services hires advisors June 6, 2013: Co. hires Miller Buckfire amid forbearance.
Walter Energy Coal mining downgrades Aug. 14, 2014: Co. cut to SD after distressed exchange.
Waterford Gaming Gaming downgrades Apr. 23, 2014: Co. cut to CC on weakened cash flow.
Xinergy Coal mining hires advisors Nov. 13, 2013: DB is advisor for strategic alternatives.
Verso Paper Paper products distressed securities
July 17, 2014: Bonds fall after co. reveals inadequate
participation in debt swap. Final deadline is July 30.Source: S&P Capital IQ LCD
LCD Loans & Bonds Watchlist