Sovereign Risk: Is the Global Economy Facing Fiscal Austerity or Fiscal Crisis?
Advisories
March 09, 2010 Melina Hadiwono
2010 may prove to be a turbulent year for sovereign debt given the uncertainties surrounding the pace and intensity of fiscal and monetary exit strategies. The next two years will be a critical test for heavily indebted countries to start implementing a credible plan. If the market loses confidence in this plan, we expect further challenges to the recovery and new challenges to political and social cohesion. Read More
0 | Join the Discussion

The Future of Money Funds: Greater Transparency and Safety - But Less Yield
Advisories
January 29, 2010 Adam Dean

On Wednesday, January 27, 2010, after careful deliberation and review of approximately 120 comment letters (including SVB Asset Management's), the U.S. Securities and Exchange Commission (SEC) adopted new regulatory requirements for money market mutual funds. Once final, this new set of rules would govern the ability to offer a steady $1.00 Net Asset Value (NAV) and would include a variety of new requirements designed to strengthen the stability of money funds in times of crisis.2010

Read More
0 | Join the Discussion

Creating Value with Active Cash Management
Advisories
January 28, 2010 Minh Trang

 The aim of cash management is to make use of idle funds by choosing the appropriate investments and providing adequate liquidity, while generating income and producing higher yields. These goals align exactly with the advantages of an active portfolio strategy in today’s environment.

Read More
0 | Join the Discussion

Municipal Debt Today: Expect More Turbulence, Invest Very Selectively
Advisories
December 08, 2009 Melina Hadiwono

The U.S. municipal bond market has been impacted by the volatility of tight credit conditions, federal regulation and stimulus as much as, if not more than, other sectors. What makes state and muni markets unique is how much remains unknown relative to corporate markets about their ability to recover

Read More
0 | Join the Discussion

Analysis of CD Placement Programs
Advisories
November 24, 2009 Melina Hadiwono

To ensure the product is appropriate for their defined risk and liquidity tolerance, we believe investors and their boards should be fully aware prior to investing of the various issues CD programs can present, including liquidity risk, low transparency to bank failure, high penalties for early withdrawal which may cause loss of principal and other factors. 
 

Read More
0 | Join the Discussion

Extendible Securities
Advisories
November 24, 2009 Melina Hadiwono

Given the relative newness of these securities, we are not convinced that a real secondary market for the debt exists. A strong supply and demand in the secondary market is necessary to create the kind of liquidity we want to see for investments in our client portfolios. Currently, we don’t see either. If an investor in an extendible security wants immediate liquidity, we see a real potential for principal loss.

Read More
0 | Join the Discussion

The Safety of Credit Card-Backed Investments
Advisories
November 24, 2009 Melina Hadiwono

In the wake of the harsh spotlight thrown on structured finance’s role in the 2007-2009 financial crisis, much of the securitization landscape has been altered. While many structured investments fell out of favor, particularly private label mortgage-backed securities and collateral debt obligations, credit card-backed securities avoided most of the severe credit and ratings downgrades.

Read More
0 | Join the Discussion

What to Look for From Asset Managers
Advisories
November 24, 2009 Adam Dean

Key points to look for in an asset manager.

Read More
0 | Join the Discussion

Guide to Fixed Income Investing
Advisories
August 17, 2009
From start-ups to multi-billion dollar revenue generating corporations, the challenges for corporate treasurers in maintaining well diversified investment portfolios is ever growing due to the increased complexity in the fixed income market. Adding to the challenge is the lack of transparency of non-traditional investment classes that have made their way into many investment portfolios. By using a combination of a sound investment policy, transparent reporting tools and a well defined corporate governance policy, the corporate treasurer takes an important step towards constructing a framework that could preserve the corporation’s most prized asset — the working capital. Read More

Corporate Cash: Putting it to Work
Advisories
July 07, 2009
Short-term yields remain near historic lows, leaving corporate investors overly invested in cash investments earning near zero interest. Read More