Media – Whitepapers
September 18, 2017
Abstract Debt limit negotiations often go down to the wire, generating headline risk and investor uneasiness. The yield on T-bills maturing around default date may be substantially higher than those maturing in neighboring months. The exponential growth in government money market funds since the 2016 regulatory reform increases contagion risk
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August 11, 2017
Abstract The return of yield opportunities presents institutional cash investors with fresh challenges. Higher rates have driven up the cost of staying with ultra conservative instruments. Money market fund reforms have left corporate cash managers with few clear choices to add yield. And historically popular cash vehicles that have undergone
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July 13, 2017
Abstract The return of yield opportunities presents institutional cash investors with fresh challenges. Higher rates have driven up the cost of staying with ultra conservative instruments. Money market fund reforms have left corporate cash managers with few clear choices to add yield. And historically popular cash vehicles that have undergone
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June 9, 2017
Abstract Key takeaways: While details are lacking, one can generally expect balance sheet normalization to start at the end of 2017, with reinvestment gradually phased out over one year, taking 2.5 years to complete for a total reduction of $1.8 trillion in Treasury and MBS bonds. Impacts to Expect: Higher
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May 17, 2017
Abstract Counterparty risk management should have an integrated framework. While utilizing a separately managed account may help reduce a corporation’s concentration risk in a money market fund, it may also be an important tool to reduce enterprise level counterparty risk. A portfolio of securities not correlated with the firm’s largest
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May 2, 2017
Executive Summary This paper provides an update, in broad terms, on the state of the debt financing markets. Capital Advisors Group works with companies across industries that are early stage or, for other reasons, may not qualify for large commercial bank debt financing facilities. In this semi-annual review of the
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April 11, 2017
Abstract Treasury organizations maintain deposit relationships despite uninsured credit risk and lost yield opportunity. Earnings credit rates may become less competitive than market-based rates. Including separate accounts in the mix helps address both credit and yield objectives in institutional liquidity management. Introduction The search for liquidity management solutions reached a
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March 14, 2017
Executive Summary Important regulatory changes to institutional prime money market funds are forcing new ideas and new interest in prime fund alternatives. With the SEC Form PF aggregate data, we reconstructed a profile of unregistered private liquidity funds promising investors stable $1.00 NAVs without liquidity gates. We discuss the drawbacks
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February 13, 2017
Abstract Recent events serve as a prelude to what is to come from the new administration. Active cash portfolio management with a separate account solution helps manage policy uncertainty, market volatility, headline and geopolitical risk. Fiscal and monetary policies, international relations and political conflicts may bring more uncertainty in 2017
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January 18, 2017
Few years in recent memory rivaled the events of 2016. The Brexit vote and Trump’s win confounded pundits and prognosticators. Multiple terror attacks and a migrant crisis roiled a fractured European Union, and the United States was rocked by ongoing racial tensions and acts of home-grown terrorism. But, in spite
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