Musings on Markets

MARCH 15, 2025

Global Institutions : While the World Bank and the IMF predate the globalization shift, their power has amped up, at least in many emerging markets, and the developed world has created its own institutions and agreements (EU and NAFTA, to name just two) making it easier for businesses and individuals to operate outside their domestic borders.

Start-ups

Musings on Markets

FEBRUARY 8, 2025

In this context, the cost of capital become a measure of the cost of funding a business: In dividend decision s, i.e., the decisions of how much cash to return to owners and in what form (dividends or buybacks), the cost of capital is a divining rod. Data Update 4 for 2025: Interest Rates, Inflation and Central Banks!

Risk Premium

Musings on Markets

APRIL 7, 2025

There was undoubtedly some panic selling on Friday, but the flight to safety, whether it be in moving into treasuries or high dividend paying stocks, was muted. In conjunction, they often move their money to safer assets, with treasuries and collectibles historically benefiting from the fund flows.

Marketability

Global Finance

SEPTEMBER 9, 2024

Corporate treasury professionals are reassessing investment strategies to stay agile and conserve cash amid interest rate shifts and geopolitical uncertainty. A sense of nervousness amid ongoing global disruption pervades strategic thinking across global treasury functions.

Treasury

Musings on Markets

SEPTEMBER 27, 2022

By the start of 2022, the window for early action had closed and for much of this year, inflation has been the elephant in the room, driving markets and forcing central banks to be reactive, and its presence has already induced me to write three posts on its impact.

Risk Premium

Brian DeChesare

JANUARY 4, 2023

Treasuries: 19% [Up 19%]. Also, as deal activity and hiring fell at banks, this business performed poorly for the year. Treasuries in March 2020, when rates fell to 0%, and didn’t buy in again until the end of 2022. Treasuries (maturities of 1-3 years). Short-Term U.S. Cash & Savings: 11% [Down 3%]. I sold my U.S.

Marketability

Global Finance

MAY 8, 2024

In the Asia-Pacific (APAC) region last year—as in 2022—net interest margin (NIM) dynamics were optimal for banks in Southeast Asia, Australasia, Hong Kong and India. Lending rates followed central bank tightening moves, while deposit rates lagged; and across the region, there were some record profits.

Banking

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

Global Finance

JULY 24, 2024

Africa— Rand Merchant Bank On the African continent, Rand Merchant Bank (RMB) strives to exceed the expectations of its clients by combining high levels of service with an exceptional technological platform to deliver effective sub-custody solutions covering all elements of trade transactions, as well as reporting and analytics.

Banking

Global Finance

JULY 24, 2024

Africa— Rand Merchant Bank On the African continent, Rand Merchant Bank (RMB) strives to exceed the expectations of its clients by combining high levels of service with an exceptional technological platform to deliver effective sub-custody solutions covering all elements of trade transactions, as well as reporting and analytics.

Banking

Musings on Markets

JANUARY 21, 2023

The first is the dividends you receive, while you hold stocks, a cash flow stream that provides a measure of stability to investors who seek it. Actual Returns Your returns on equities come in one of two forms. There are clearly input estimates that you can take issue with, especially on earnings and cashflows.

Equity

Benzinga

APRIL 18, 2022

DENVER, April 18, 2022 (GLOBE NEWSWIRE) -- National Bank Holdings Corporation (NYSE: NBHC ) reported: . . . . . . . . . . . . markets is again demonstrated by the announcement of our intent to acquire Rock Canyon Bank," said Tim Laney, Chairman, President and CEO of National Bank Holdings Corporation. 18,352. . $.

Banking

Musings on Markets

JULY 17, 2023

In my third post at the start of 2023, I looked at US treasuries, the long-touted haven of safety for investors. In 2022, they were in the eye on the storm, with the ten-year US treasury bond depreciating in price by more than 19% during the year, the worst year for US treasury returns in a century.

Marketability

Reynolds Holding

NOVEMBER 12, 2024

On October 10, TD Bank pleaded guilty to violations of the Bank Secrecy Act and conspiracy to commit money laundering. 1] As part of the agreement, the Bank agreed to pay over $1.8 And every bank CEO and board member should be doing the same. And every bank CEO and board member should be doing the same.

Banking

Brian DeChesare

JANUARY 3, 2024

Treasuries. Within equities , I started the year with many value-oriented, international, and high-dividend stocks. I expect far more volatility than in 2023, which was fairly calm except for the Credit Suisse and Silicon Valley Bank failures in March. But my real estate investment funds were down ~10% , which hurt.

Marketability

Reynolds Holding

JUNE 20, 2024

market structure, where Treasuries, options, and mutual funds already largely settle in one day. market structure, where Treasuries, options, and mutual funds already largely settle in one day. The Bank of International Settlements (BIS) first recommended T+0 affirmations 22 years ago. [3] was enjoying a spring bank holiday.

Treasury

Benzinga

MAY 3, 2024

NASDAQ: TBNK ) (the "Company"), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced a net loss of $482,000, or $(0.06) per diluted share, for the three months ended March 31, 2024. HONOLULU, Hawaii, May 03, 2024 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc.

Banking

Reynolds Holding

APRIL 11, 2022

Structured as bilateral negotiated agreements entered into by companies with bank counterparties, ASRs are documented using the International Swaps and Derivatives Association (ISDA) architecture, including the 2002 ISDA Equity Derivative Definitions. Why should a company repurchase its shares? Structure Overview.

Banking

Musings on Markets

JANUARY 9, 2021

The second is that there are great (and free) sources for macro economic data, ranging from the Federal Reserve (FRED) to the World Bank and I don’t see the point of replicating something that they already do well. Micro Data The focus of my data collection is understanding how companies are operating and how investors are pricing them.

Risk Premium

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).

Risk Premium

Reynolds Holding

JUNE 8, 2025

It also clarifies that compliant payment stablecoins are not securities and prohibits them from offering any interest or dividend payment. Stablecoins enable faster and cheaper international transfers; World Bank data shows that while traditional remittance fees average 6.62 USD) held in reserves, 1:1 peg. 394, 119th Cong.

Treasury

Musings on Markets

MAY 3, 2025

As equities careened through April 2025 between panic and delirium, the other asset classes were surprisingly staid, at least on the surface, starting with the US treasuries. Finally, I classified companies based upon their stock price performance in 2024 to see if what we are seeing in 2025 is just a correction of overreach in 2024.

Marketability

Reynolds Holding

APRIL 9, 2025

cash, bank deposits, U.S. Treasury bills, or registered money-market funds). Holders receive no interest, dividends, or other return from mere ownership of the token. Systemic Risk and Prudential Regulation : Even if not securities, large stablecoins raise banking and systemic stability concerns.

Banking

Reynolds Holding

FEBRUARY 24, 2025

Stablecoins of 2025 Act the GENIUS Act cosponsored by Senate Banking Chair Tim Scott (R-SC) and Sens. It is also generally consistent with the core substantive components of these earlier bills, such as the definition of payment stablecoin, stablecoin reserve requirements and bank-like regulation for both bank and nonbank issuers.

Banking