The document outlines a seven step process for pension funds to reposition assets and achieve full funding. Step 1 establishes clear funding objectives and risk metrics. Step 2 involves setting up a liability driven investment hub to manage interest rate and inflation risk. Steps 3-6 detail designing an efficient investment strategy, including liquid and illiquid credit, and alpha and beta strategies. Step 7 focuses on ongoing monitoring to track progress against objectives. The overall goal is to generate sufficient returns to meet required returns and reach full funding targets through strategic asset allocation and risk management.
Presentation for the International Working Group on Export Finance, chaired by the European Commission in Brussels, by Ralph Lerch, Chair of the Export Credit Working Group of the European Banking Federation.
This was the first occasion on which the EBF had been invited to speak in this forum. The EBF’s intervention reported from the commercial banking sphere on export credit conditions.
The IWG originated in a meeting between President Barack Obama and China’s then Vice-President Xi Jinping, in February 2012. They agreed to create an international working group among major providers of government-backed loan guarantees, which would discuss guidelines for export credit financing. The initiative was confirmed at the Sino-US Strategic and Economic Dialogue on 3-4 May 2012.
This multilateral process brings together the Participants to the OECD Arrangement (the existing framework for government-supported export credit) and other major export credit providers including China, Brazil, the Russian Federation, Turkey, Malaysia and Israel. For the European Commission, the forum represents a new challenge in its “outreach activities”, aimed at engaging new international players in the export credit activity in international disciplines on export credits.
Presentation for the International Working Group on Export Finance, chaired by the European Commission in Brussels, by Ralph Lerch, Chair of the Export Credit Working Group of the European Banking Federation.
This was the first occasion on which the EBF had been invited to speak in this forum. The EBF’s intervention reported from the commercial banking sphere on export credit conditions.
The IWG originated in a meeting between President Barack Obama and China’s then Vice-President Xi Jinping, in February 2012. They agreed to create an international working group among major providers of government-backed loan guarantees, which would discuss guidelines for export credit financing. The initiative was confirmed at the Sino-US Strategic and Economic Dialogue on 3-4 May 2012.
This multilateral process brings together the Participants to the OECD Arrangement (the existing framework for government-supported export credit) and other major export credit providers including China, Brazil, the Russian Federation, Turkey, Malaysia and Israel. For the European Commission, the forum represents a new challenge in its “outreach activities”, aimed at engaging new international players in the export credit activity in international disciplines on export credits.
In August 2009, Cleardocs hosted seminars in Melbourne and Sydney focusing on SMSF borrowing through instalment warrant arrangements.
The Seminars were presented by Julian Smith, a partner at Maddocks - and in Melbourne, by Fiona Da Silva from St George Bank, and in Sydney, by Wayne Scott from NAB.
Series of video clips are also available at http://www.youtube.com/watch?v=vTxso0pcP2Y
Export Credit Guarantee Corporation of India (ECGC) NIKHILESHMODGIL
The ECGC Limited is a government enterprise. It is under the ownership of the Ministry of Commerce and Industry, Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters.
European Additional Tier 1 CoCo Bonds MarketLisa Saldana
The European Additional Tier 1 CoCo bond market for securities which can count as part of banks’ tier 1 regulatory capital has developed with increasing acceptance of their unique risk-reward proposition.
Additional Tier 1 CoCo bonds convert to equity or can be written-down in downside scenarios such as capital erosion or a regulatory judgement on the non-viability of the bank. These bonds were developed – with regulatory encouragement – as a response to the financial crisis to reduce the likelihood of unpopular state support for failing banks by creating a new type of bond which can be written-off to absorb losses.
Commercial Equity Partners Ltd believes that in both prosperous and tumultuous economic times, small investors deserve to find investment options that offer superior rates of return and provide stability during unpredictable times. Since 2006, we at CEP have been maximizing investment leverage, thus producing high-yielding returns for our clients.
In August 2009, Cleardocs hosted seminars in Melbourne and Sydney focusing on SMSF borrowing through instalment warrant arrangements.
The Seminars were presented by Julian Smith, a partner at Maddocks - and in Melbourne, by Fiona Da Silva from St George Bank, and in Sydney, by Wayne Scott from NAB.
Series of video clips are also available at http://www.youtube.com/watch?v=vTxso0pcP2Y
Export Credit Guarantee Corporation of India (ECGC) NIKHILESHMODGIL
The ECGC Limited is a government enterprise. It is under the ownership of the Ministry of Commerce and Industry, Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters.
European Additional Tier 1 CoCo Bonds MarketLisa Saldana
The European Additional Tier 1 CoCo bond market for securities which can count as part of banks’ tier 1 regulatory capital has developed with increasing acceptance of their unique risk-reward proposition.
Additional Tier 1 CoCo bonds convert to equity or can be written-down in downside scenarios such as capital erosion or a regulatory judgement on the non-viability of the bank. These bonds were developed – with regulatory encouragement – as a response to the financial crisis to reduce the likelihood of unpopular state support for failing banks by creating a new type of bond which can be written-off to absorb losses.
Commercial Equity Partners Ltd believes that in both prosperous and tumultuous economic times, small investors deserve to find investment options that offer superior rates of return and provide stability during unpredictable times. Since 2006, we at CEP have been maximizing investment leverage, thus producing high-yielding returns for our clients.
Pensions, Management and Leadership: 14 Lessons from Invensys Pension Scheme'...Redington
Robin Claessens joined IPS at the end of 2008, and accepted the mandate as their CEO and CIO (CIO for 2 years only). Today, Robin is a Managing Director in the Investment Consulting team at Redington.
During the journey at IPS, he experienced a number of events, some professional and technical, some more subjective and others personal. Robin has endeavoured through this paper to translate these events into 14 lessons he has learnt and which he thinks apt to share with you.
The lessons are split into four categories:
- Management and Strategy
- Infrastructure and Operations
- Management of Stakeholder and Third-Party Service Provider
- Leadership and Personal Lessons
The Impact of Technology on the Pensions IndustryRedington
The impact of technology on the pensions industry (past, present, future).
Prezi version: https://prezi.com/aadascppmnor/the-impact-of-technology-on-the-pensions-industry
Making Decisions; An Effective Trustee BoardRedington
What are the 10 core strengths of a Trustee Ninja?
1. Passion
2. Trust
3. Open Minded
4. Intellectual Curiosity
5. Numeracy
6. Collegiate
8. Prepare to challenge and be challenged
7. Seeing the wood for the trees
9. Prepare to stand out from the crowd
10. Make decisions and live with the consequences
"I haven’t told you the best part,” said Grandpa. “When you save your acorns, they don’t just sit there and wait for you. They grow into trees, and the trees give you more and more acorns.”
Join Oliver and Amelia as Grandpa teaches them the importance of saving. They hear the story of how the bears saved the monkeys. They learned about the consequences of wasting bananas, sharing berries and saving acorns. The best part is the acorns they save can grow over time into trees with more acorns.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
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.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
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.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
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.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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.
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
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.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
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 ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
1. Westminster and City 17 April 2013
Repositioning Assets for
Buyouts & Buy-ins from
Gilts to Infrastructure
Robert Gardner, Co-CEO of Redington
Westminster and City
1
2. Westminster and City 17 April 2013
Repositioning Assets for Buyouts and Buy-ins from Gilts to Infrastructure
2
The Seven Steps to Full Funding
3. Westminster and City 17 April 2013
Step 1 Description
• A strategic Pension Risk Management Framework that sets out funding objectives, risk budget
and other constraints such as liquidity and collateral requirements
• A Flight Plan that charts each plan’s path to full funding and generates required returns used
to set investment strategy
Setting Clear Goals and Objectives
3
4. Westminster and City 17 April 2013
Objective Measurement Performance Indicators Performance (31 Jan 13) RAG
Primary Funding
Objective
To reach full funding by [2026] (based
on discount rate of Gilts + 0.75%)
Expected Returns (ER) > Required
Returns (RR)
RR: Libor + 300bps
ER: Libor + 200bps
Difference: -100bps
Secondary
Funding Objective
To reach full funding on a buyout basis
by [2032] (based on a discount rate of
gilts flat)
Expected Returns (ER) > Required
Returns (RR)
RR: Libor + 250bps
ER: Libor + 200bps
Difference: -50bps
Investment
Strategy
Actual Returns should exceed
Expected Returns
Actual Returns (AR) > Expected Returns
(ER)
AR: Libor + xxxbps
ER: Libor + 200bps
Difference: xxbps
Risk Budget
The investment strategy should not risk
the deficit worsening by [20%] of
liabilities over a 1 year period
VaR95 < [20%] of liabilities VaR95: 28.0%
Hedging Strategy
Nominal/Inflation hedge ratio should be
maintained within +/- 5% of the funding
ratio.
Funding Ratio (gilts + 0.75%) 60%
Nominal Hedge Ratio (gilts + 0.75%) 20%
Inflation Hedge Ratio (gilts + 0.75%) 25%
Collateral
Maintain sufficient eligible for the
purposes of covering margin calls that
may arise from the Scheme’s current
derivative positions over a 1 year
period.
Total available eligible collateral xx mn
Remaining collateral after VaR95 event yy mn
The Pension Risk Management Framework
4
RAG Status Metric is at or above target Metric is within [10%] of target Metric is more than [10%] away
5. Westminster and City 17 April 2013
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2012
2013
2013
2014
2014
2015
2015
2016
2017
2017
2018
2018
2019
2020
2020
2021
2021
2022
2022
2023
2024
2024
2025
2025
2026
£mm
Flight Plan
liability (swapflat) asset(swapsflat)
The Flight Plan
5
100% - Swaps Flat by 2026
Required Returns Libor + 300bps
Expected Returns Libor + 200bps
Contributions & Asset Returns
Liability Basis
Time Horizon
6. Westminster and City 17 April 2013
Access to LDI Hub
6
Step 2 Description
• Interest rate and inflation risk are typically two of the largest “unrewarded risks” for a
pension scheme
• Setting up an LDI hub which gives the scheme the ability to manage inflation and interest
rate risk efficiently and effectively
7. Westminster and City 17 April 2013
Steps 3 – 6: Designing an Efficient Investment Strategy
7
Step
Liquid α & β Semi-Liquid Credit Illiquid Credit Illiquid α & β
Equities Corporate Bonds Infrastructure Debt Insurance-Linked
Multi Asset
Asset Backed
Securities
Social Housing Debt Private Equity
Commodities / CTA High Yield Direct SME Lending Infrastructure Equity
Currencies Leveraged Loans Mezzanine Finance Unlisted Property
Liquid Hedge Funds
Emerging Market
Debt
Distressed Debt
Hedge Funds with
Lock-Ups
Commercial Real
Estate Debt
Long Leases /
Ground Rents
8. Westminster and City 17 April 2013
Asset Class Universe: Results of Manager Survey
8
Distressed Debt
Multi Asset
Long Leases
Ground Rents
High Yield
Private Equity
EM Debt
SME Lending Currencies
EM Equity
Social Housing
Infrastructure Equity
Mezz Debt
Lev Loans
ILS
CTA
ABS
Developed Equity
Corporate Bonds
Infra Debt
CRE Debt
Unlisted Property
-5
-4
-3
-2
-1
0
1
2
3
4
5
-5 -4 -3 -2 -1 0 1 2 3 4 5
Predictable
Illiquid Liquid
Unpredictable
9. Westminster and City 17 April 2013
Credit as a Core Building Block for Flight Planning
9
11. Westminster and City 17 April 2013
Liquid & Semi-Liquid Credit Strategies
Step 4 Description
• Credit consists of a range of sub-classes with different risk-return characteristics
• Bulk of excess returns are compensation for credit risk
Emerging Market DebtInvestment Grade
11
12. Westminster and City 17 April 2013
Liquid & Semi-Liquid Credit Strategies
12
LL
HY
EMD
IG
SF
ABS
LL
HY
EMD
IG
SF
ABS0
100
200
300
400
500
600
0 100 200 300 400 500 600
GBPCreditSpreadoverSwaps(bps)
Credit Spread VaR 95 (bps)
Leveraged Loans High Yield Investment Grade Sub Financials ABS Emerging Market Debt
Q1 2007
Q4 2012
Equity expected
return: 300bps
over swaps
Sources: Babson Capital, Redington 25
13. Westminster and City 17 April 2013
Illiquid Credit Strategies
13
Step 5 Description
• Long-dated, hold to maturity instruments that pay an illiquidity premium
• Usually for high-quality, inflation-linked cash flows
• Typically, these Flight Plan Consistent Assets (FPCAs) tend to fit well with the overall
objectives of pension schemes when assessed in the context of a scheme’s PRMF
• Careful consideration should be placed on ensuring the scheme invests in opportunities
providing the best risk-adjusted returns and offers better relative-value
Secured Leases Social HousingInfrastructure Ground Rents
14. Westminster and City 17 April 2013
Illiquid Alpha & Beta Strategies
14
fdStep 6 Description
• Assets under this category provide attractive returns but are typically more complex and
illiquid e.g. private equity and PFI equity
• Inclusion of these asset classes in the scheme’s investments will depend on the overall
objectives and governance budget of the scheme as set out in its PRMF
• Examples: Private Equity, Property, Insurance Linked Securities
Insurance-Linked Securities
15. Westminster and City 17 April 2013
Step 7 Description
• Effective monitoring is key to measuring a scheme’s progress against its objectives
• Once you have set clear goals and objectives (step 1), the value of monitoring (step 7) is that
you can make better decisions by tracking where you are against your objectives.
• A scheme that regularly monitors understands the impact of its investment decisions and can
easily assess investment opportunities via-à-vis the liabilities
Ongoing Monitoring
Track scheme’s progress towards clear goals and objectives
15