Media – Whitepapers
May 5, 2015
Survey goal To shed light on treasury departments’ efforts to mitigate liquidity risk in short-term cash investment, debt and forecasting practices and changes over time. What we’ve learned in 2015 Treasury and financial professionals appear to have begun to control bank exposures Decrease in bank deposits Survey results indicate while
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May 1, 2015
Abstract The GE announcement should be a positive credit event for creditors and bondholders. The divestiture is an event that has been seven years in the making and it will result in a significant reduction of commercial paper outstanding, especially for the direct issue CP market. Short-term corporate bond supply
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April 1, 2015
Abstract As the money market fund industry moves to comply with the SEC Rule 2a-7 amendment, the 60-day maximum maturity prime fund concept has received much public attention. For institutional cash managers faced with a chasm between government and prime funds, the 60-day prime fund may represent a viable middle
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March 2, 2015
Abstract As large money market fund sponsors begin to release their new fund directions, the wait may be over for cash investors to get their own strategies in place. The recent announcements allow us to gauge different paths forward for the industry and help investors gain insight into what to
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February 3, 2015
The economic backdrop in January 2015 is markedly different from a year ago. The price of oil, the most widely used global commodity, is down over fifty percent and new deflation scares are emerging in Japan and the Eurozone. Even Tom Brady’s footballs are feeling the deflation contagion. Besides the
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February 2, 2015
Abstract Lower oil prices and easier central bank policies outside the U.S. led the market to question the Fed’s timetable for raising interest rates. While both disinflationary and expansionary forces are present, financial markets appear to be focusing on the former, as the latter is still materializing. The net effect
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January 1, 2015
Abstract The three new trends we watch out for in 2015 include the start of an interest rate tightening cycle, consequences of worsening supply shortage, and resurging geopolitical uncertainties. We recommend moderate portfolio duration and a laddered portfolio structure. Other suitable tools may include callable securities, floating rate notes and
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December 1, 2014
Abstract A well-structured separately managed account may serve liquidity investors better than money market funds, especially when faced with uncertain interest rate prospects and opportunity costs. Given historical fed funds and LIBOR rates, a moderately structured hypothetical SMA portfolio outperformed a hypothetical MMF in each of the last three rate
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November 3, 2014
Note: For the purposes of this paper, we will define “healthcare” as life sciences/biotech, medical devices, diagnostics and health tech. Capital Advisors Group is a Boston area-based institutional investment advisor that has been helping venture-backed companies invest their cash assets for more than 23 years. Its debt finance consulting division
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October 1, 2014
Abstract An effective counterparty strategy must provide clarity on counterparties’ credit strength, individually and collectively, and have a desired “benchmark” level. Changing credit landscapes, aggregation challenges and inconsistent and irregular policy practices are just some of the challenges facing treasurers transitioning from a reactive counterparty risk management practice to a
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