Musings on Markets

OCTOBER 4, 2023

While the rise in treasury rates has been less dramatic this year, rates have continued to rise across the term structure: US Treasury While short term rates rose sharply in the first half of the year, and long term rates stabilized, the third quarter has sen a reversal, with short term rates now stabilizing and long term rates rising.

Marketability 104

Marketability Start-ups Risk Premium Treasury 104

Musings on Markets

MAY 6, 2022

There are three possible explanations for the divergence: Short term versus Long term : The consumer survey extracts an expectation of inflation in the near term, whereas the treasury markets are providing a longer term perspective, since I am using ten-year rates to derive the market-implied inflation.

Risk Premium 92

Risk Premium Treasury Start-ups Equity 92

Musings on Markets

SEPTEMBER 27, 2022

In a third post on July 1, 2022 , I pointed to inflation as a key culprit in the retreat of risk capital, i.e., capital invested in the riskiest segments of every market, and presented evidence of the impact on risk premiums (bond default spreads and equity risk premiums) in markets.

Risk Premium 74

Risk Premium Treasury Start-ups Equity 74

Harvard Corporate Governance

DECEMBER 7, 2022

equity mutual funds at the monthly, annual, decade, and full-sample horizons. equity mutual funds during the 1991 to 2020 period. Treasury Bills at the full-sample horizon. For example, some funds with positive monthly performance estimates have negative long-horizon abnormal returns. We study a broad sample of nearly 8,000 U.S.

Alpha 215

Alpha Finance Treasury Equity 215

John Jenkins

SEPTEMBER 21, 2023

Dechert recently posted highlights from Treasury’s 2nd Annual CFIUS Conference.

Treasury 40

Treasury Equity 40

Musings on Markets

JANUARY 27, 2022

The treasury curve became steeper, but only at the shortest end of the spectrum, with the slope rising for the 2-year, relative to the 3-month, but not at all, when comparing the 10-year to the 2-year rate.

Risk-free Rate 84

Risk-free Rate Treasury Price to Book Start-ups 84

Business Wire M&A

FEBRUARY 13, 2023

DENVER, Colorado--(BUSINESS WIRE)--Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and LBTYK) announced today that it has acquired 1,335 million shares in Vodafone Group PLC ("Vodafone") representing 4.92% of the outstanding share capital (excluding treasury shares). Mike Fries, CEO of Liberty Global, commented, “We believe,

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Treasury Finance Equity 40

Benzinga

JANUARY 17, 2024

Treasury yields inched higher, with the 10-year benchmark reaching 4.10%, and the dollar reached a monthly high. On Thursday, retail sales figures for December exceeded expectations, rising by 0.6% month-over-month, surpassing the predicted 0.4%, and showing a year-over-year surge of 5.6%, marking the highest annual growth since January 2023.

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Treasury Marketability Technology Equity 98

Benzinga

JULY 25, 2023

and its affiliates (the "Centerbridge Investors" and, together with the Warburg Investors, the "Investors"), which will invest an aggregate of $400 million for newly issued equity securities concurrently with, and subject to, closing of the merger. Tangible Common Equity to Total Asset Ratio of 7.2% and BEVERLY HILLS, Calif.,

Equity 40

Equity Banking Book Value Treasury 40

Law 360 M&A

MARCH 29, 2022

Former Treasury Secretary Steven Mnuchin's private equity firm Liberty Strategic Capital, led by Paul Weiss, plans to buy a controlling stake in mobile security startup Zimperium Inc., advised by Orrick, for about $525 million, the companies said Tuesday.

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Private Equity Firm Treasury Equity 40

Benzinga

FEBRUARY 6, 2024

Under the terms of the LOI, GVSI will raise $15 million on a "best-efforts" basis for investment in the LLC, in exchange for 35% equity membership in the LLC. In the interest of preventing any harassment of the LLC by the public, the parties have agreed not to identify the LLC until they have entered into a definitive agreement.

Treasury 40

Treasury Equity 40

Brian DeChesare

JANUARY 3, 2024

and far too little in equities. When the markets rallied after the initial COVID sell-off in March 2020, I put more cash into equities and real estate. Treasuries. And I reallocated these proceeds into crypto and equities and put in some excess cash. But my real estate investment funds were down ~10% , which hurt.

Marketability 59

Marketability Start-ups Equity Dividends 59

Biz Equity

MARCH 2, 2023

treasury is paying a higher interest rate than long-term U.S. treasuries. The US Treasury Yield Curve is currently inverted, potentially signaling signs of a recession in the coming months. Yield Curve Inversion Since 1960, the United States has seen seven major recessions, with each being predicted by an inverted yield curve.

Treasury 98

Treasury Marketability Banking 98

Musings on Markets

AUGUST 5, 2023

If you have been reading my posts, you know that I have an obsession with equity risk premiums, which I believe lie at the center of almost every substantive debate in markets and investing. How, you may ask, can equity risk premiums be that divergent, and does that imply that anything goes?

Risk Premium 78

Risk Premium Equity Start-ups Treasury 78

Andrew Stolz

AUGUST 4, 2020

Government Treasury bond can be considered the (nominal) risk-free rate. There is still a risk that the coupons payments a Treasury bondholder earns are reinvested at different, prevailing interest rates. Treasury Bill. Subtract the inflation rate from the yield of the Treasury Bond matching the investment maturity. [(1

Risk-free Rate 52

Risk-free Rate Treasury Equity Marketability 52

Musings on Markets

JANUARY 19, 2022

In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021). The year that was.

Risk Premium 80

Risk Premium Risk-free Rate Start-ups Equity 80

Harvard Corporate Governance

NOVEMBER 11, 2022

Governance and the Decoupling of Debt and Equity: The SEC Moves. Griffin (Villanova University), Greg Nini (Drexel University), and David C. Smith (University of Virginia) , on Friday, November 4, 2022. Lawsuit Against Meta Invokes Modern Portfolio Theory To Protect Diversified Shareholders. Posted by Henry T.

Compliance 189

Compliance Banking Treasury Marketability 189

Benzinga

MAY 9, 2024

This deal enhances shareholder value through staged cash payments that strengthen our treasury while minimizing future dilution, as well as equity participation in Patriot that provides exposure to future successes. We will now advance with an undivided focus on our three large scale projects in the prolific Timmins Gold District."

Treasury 40

Treasury Finance Equity Marketability 40

Benzinga

JANUARY 10, 2023

Aluf paid approximately US$250 thousand to acquire TPG, funded through a combination of seller financing and equity (approximately $200 thousand). Approximately 800 thousand shares were issued from Treasury, priced at $.25 25 per share.

Treasury 40

Treasury Finance Equity Technology 40

Reynolds Holding

APRIL 26, 2022

Altogether, the fixed income markets represent about half of the capital markets that the SEC oversees, making them just as big as the equity markets. The $23 trillion Treasury marketis the base upon which so much of our capital markets are built. Treasuries are how we, as the U.S.

Marketability 45

Marketability Treasury Banking Compliance 45

Reynolds Holding

APRIL 23, 2023

9] I will take a moment to elaborate on our work regarding equity markets and private funds. [10] This rule proposal would cover all sectors of the securities markets, including equity, fixed-income, and crypto asset securities. [12] Myriad markets and financial products are priced off of treasuries.

Treasury 45

Treasury Marketability Finance Technology 45

Benzinga

FEBRUARY 22, 2024

per Share in cash without interest and (2) one contingent value right (each a "CVR") per Share representing the right to receive a contingent payment of $0.30 per CVR in cash without interest upon the achievement of a milestone.

Treasury 45

Treasury Equity 45

Reynolds Holding

SEPTEMBER 12, 2023

8] I will take a moment to elaborate on our work in equity markets and private funds. Equity Markets With some 68 million American households investing in the equity markets , [9] these markets are critical to issuers and investors alike. Myriad markets and financial products are priced off of treasuries.

Banking 40

Banking Treasury Marketability Equity 40

Musings on Markets

MAY 5, 2023

The Bank Regulators If you are wondering where bank regulators enter the business model, it is worth remembering that banks predate regulators, and for centuries, were self regulated, i.e., were responsible for ensuring that they had enough equity capital to cover unexpected losses.

Banking 76

Banking Equity Start-ups Treasury 76

Brian DeChesare

JUNE 15, 2022

First, note that these terms apply only to investment banks and related finance firms (private equity firms, hedge funds, etc.). Example Jobs at a Bank: Investment banking , sales & trading , equity research , internal private equity , private banking , and private wealth management.

Banking 90

Banking Treasury Start-ups Finance 90

Musings on Markets

MARCH 19, 2022

In this section, I will begin by looking at the bond market effects and then move on to equities and other asset classes, starting by looking at the localized reaction (for Ukranian and Russian securities) and then the global ripple effects. As Russian equities have imploded, the ripple effects again are being felt across the globe.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Musings on Markets

JULY 13, 2022

Country Risk: Equity Risk For equity investors, the price of risk is captured by the equity risk premium, and equity risk premiums will vary across countries. Please do not attach any political significance to my country groupings, or take them personally.

Risk Premium 81

Risk Premium Risk-free Rate Start-ups Equity 81

Brian DeChesare

FEBRUARY 28, 2024

While everyone seems to know about equity research and trading stocks, fixed income research gets far less attention. Equity Research vs. Fixed Income Research Common Myths What Do You Do as a Fixed Income Research Analyst or Associate? Each role has common analytical elements, but the specifics and deliverables differ (e.g.,

Equity 59

Equity Banking Start-ups Finance 59

Simply Treasury

AUGUST 2, 2022

DEBRA Proposal (« Debt-Equity Bias Reduction Allowance). In early May, the European Commission unveiled its proposal for a "DEBRA" (Debt-equity bias reduction allowance) Directive, aimed at encouraging companies to finance their investments with equity and capital contributions, instead of resorting to loans (bank or other).

Equity 52

Equity Risk Premium Banking Finance 52

Reynolds Holding

JULY 10, 2022

In standard public equity securities, even the most naïve investor is protected, first, by the market price – you pay only for what you get – and, second, by the comfort that nothing else is required of an individual investor to realize the full value of the security. For simplicity, we assume that the treasury rate is exactly zero.

Treasury 129

Treasury Marketability Equity Market Capitalization 129

Musings on Markets

JANUARY 21, 2023

In this post, I will begin by chronicling the damage done to equities during 2022, before putting the year in historical context, and then examine how developments during the year have affected expectations for the future. Actual Returns Your returns on equities come in one of two forms. Stocks: The What?

Equity 70

Equity Risk Premium Start-ups Dividends 70

Reynolds Holding

APRIL 13, 2023

Consequently, both return on assets and return on equity decreased during the period. First, the bank’s equity capital ratio was 7.39 For example, the yield on three-year Treasury Notes increased significantly from less than 1 percent at the end of 2021 to around 4.20 percent to 0.55 percent, which was higher than for its peers.

Banking 75

Banking Equity Treasury Finance 75

Reynolds Holding

SEPTEMBER 14, 2023

equity markets, 40 percent of the world’s share, trade over half a trillion dollars per day. equities has yielded deep, efficient, fair, and highly innovative public markets. Last December, the Commission proposed reforms to improve transparency and increase competition in our equities markets. Treasury market.

Marketability 40

Marketability Treasury Intangible Assets Equity 40

Musings on Markets

MAY 20, 2022

In my last post , I discussed how inflation's return has changed the calculus for investors, looking at how inflation affects returns on different asset classes, and tracing out the consequences for equity values, in the aggregate.

Price to Book 96

Price to Book Dividends Beta Equity 96

Simply Treasury

JULY 12, 2021

Large MNCs are today using big ERPs, customized to their needs, integrated, or interfaced to many other IT treasury solutions dedicated to certain tasks. SMEs, Private Equity Funds, Family Offices, holding companies, fund servicers,) not that well equipped. Treasury system needs is a huge pound. But isn’t it the opposite?

Treasury 52

Treasury Finance Marketability Technology 52

Musings on Markets

FEBRUARY 15, 2023

As I have argued in all four of my posts, so far, about 2022, it was year when we saw a return to normalcy on many fronts, as treasury rates reverted back to pre-2008 levels, and risk capital discovered that risk has a downside.

Equity 52

Equity Start-ups Risk Premium Risk-free Rate 52

Benzinga

DECEMBER 22, 2022

Pursuant to the Merger Agreement and subject to the terms and conditions thereof, Merger Sub will be merged with and into the Company, with the Company continuing as the surviving company and becoming a wholly-owned subsidiary of Parent (the "Merger"), in a transaction implying an equity value of the Company of approximately US$92.0

Treasury 40

Treasury Equity Technology 40