Media – Whitepapers
June 26, 2023
Venture Debt Non-dilutive capital for venture backed startups in early and growth stages Revenue-Based Financing Funding based on a fixed percentage of gross revenues Equipment Leasing Equipment rental agreement with a lender based on a fee schedule Asset Based Lending Revolving line of credit or term loan secured by collateral
Read more
May 17, 2023
Once again, it’s time for CFOs and corporate cash investors to start focusing on another debt ceiling showdown in the United States Congress. On May 1st, 2023, Treasury Secretary Janet Yellen updated Congressional leaders that the United States would not be able to pay all its bills by June 1st,
Read more
March 29, 2023
Introduction The acquisition of Silicon Valley Bridge Bank’s (SVBB) loans and deposits from the FDIC by First Citizens Bank (FCB) resolved a major uncertainty for customers and depositors of the failed Silicon Valley Bank (SVB). The transaction allowed the FDIC to move on from the second largest bank failure in
Read more
March 28, 2023
Introduction The single biggest credit risk for institutional cash investors lies in the large uninsured deposits they leave at their operating banks. Particularly at risk are uninsured balances at banks with less diversified business profiles and aggressive risk cultures that expose depositors to the risk of a bank run, which
Read more
January 10, 2023
Introduction By Lance Pan, CFA Since we started publishing the annual “themes to watch” series in 2008, this edition marks our 16th anniversary of looking at key market-moving trends for institutional cash investors. To shake off our Covid-induced autophobia (fear of being alone), I enlisted members of my credit research
Read more
October 3, 2022
Introduction With the 75-basis-point hike in the Fed funds rate on September 21st, Fed officials now peg their median forecast for the key policy rate in the 4.25%-4.50% range by the end of the year. The resulting rise in bond yields has been so breathtaking that the previous expectation that
Read more
July 25, 2022
After enjoying years of favorable borrowing conditions, emerging biotechnology growth companies are facing headwinds generated by the current disruption of global financial markets. Inflation is high, interest rates are on the rise and equity markets are sinking. Lenders have shifted to conservatism, setting the bar higher for borrowers who now
Read more
May 18, 2022
As the market’s attention was drawn to the war in Ukraine, supply chain disruptions, runaway inflation, and higher interest rates, a significant deadline quietly passed. April 11 marked the end of the comment period for the new round of money market fund (MMF) reforms proposed by the Securities and Exchange
Read more
January 11, 2022
Introduction It has been our tradition to offer up three broad themes that will likely have the greatest impact on cash investments in the new year. After the research staff endured 20 months of work-from-home, I wanted to reward endurance by inviting them to each pick a theme for this
Read more
December 22, 2021
The Fed shifted its policy stance radically at its December meeting, increasing the pace of its reduction in asset purchases and pushing up the timeline for rate hikes. This move was a culmination of policy being out of sync with the state of the economy, as it was extremely accommodative
Read more