Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 338

Posts Tagged ‘treasury’

I rapporti non sono mai facili: l’interazione tra azioni e Treasury statunitensi

Posted by fidest press agency su sabato, 20 marzo 2021

A cura di Colin Moore, Global Chief Investment Officer di Columbia Threadneedle Investments. Il recente rapido aumento dei rendimenti dei Treasury statunitensi ha causato nervosismo sui mercati azionari; per capire il significato di questi episodi di volatilità a breve termine dobbiamo volgere lo sguardo al quarto trimestre 2020. Durante questo periodo, sui mercati si è assistito al passaggio piuttosto repentino della leadership settoriale da specifiche società di prodotti e servizi orientate alla crescita ad aree cicliche che beneficiano del rilancio dell’attività economica più ampia, tra cui energia, industria, metalli ed estrazione mineraria. All’inizio della pandemia la nostra tesi era che, una volta sviluppato un vaccino sicuro ed efficace, l’attività economica statunitense avrebbe probabilmente impiegato 10 trimestri per tornare ai livelli pre-Covid. Nel corso di tale periodo prevedevamo che il mercato avrebbe cominciato a guardare oltre la pandemia. I successivi sviluppi hanno confermato le nostre aspettative, anche se i tempi sono stati più brevi e il rimbalzo più pronunciato. Come da noi previsto, due importanti dinamiche hanno impresso slancio al mercato. e nozioni di base ci dicono che il valore del mercato azionario viene stimato usando: a) utili/cash flow correnti; b) stime sulla crescita di tali utili/cash flow; c) un tasso privo di rischio impiegato per scontare i futuri utili al valore attuale; d) uno sconto per l’incertezza (noto come premio al rischio) che rappresenta la possibilità che le stime non si realizzino. Questo si applica in aggiunta al tasso privo di rischio.Ipotizzando che le altre condizioni restino immutate, quanto più alto è il tasso privo di rischio e/o lo sconto per l’incertezza, tanto più il valore del mercato azionario dovrebbe scendere. Tuttavia, le altre condizioni non restano mai immutate, come abbiamo potuto constatare di recente. Verso fine 2020, con il graduale aumento della fiducia degli investitori circa il ritmo e i tempi della ripresa economica globale, lo sconto per l’incertezza è diminuito, facendo salire le quotazioni azionarie. I rendimenti dei Treasury statunitensi sono di conseguenza aumentati ma in misura inferiore al calo del tasso di incertezza implicito nel rialzo delle azioni.È semplice spiegare il rapporto tra i parametri A, B, C e D illustrati sopra in termini aritmetici; tuttavia, come in ogni altro rapporto, anche in questo caso le emozioni giocano un ruolo importante, almeno nel breve periodo. Se si tende un elastico immaginario composto dai rendimenti decennali e dalle valutazioni azionarie, il rapporto tra un estremo e l’altro dell’elastico subisce una distorsione; il rapporto si riequilibra solo con un intervento.Di conseguenza, i rendimenti sono schizzati verso l’alto per ripristinare il precedente equilibrio, indicando una maggiore fiducia nella ripresa economica. I settori e le regioni che trarranno maggiore vantaggio da questa ripresa continueranno probabilmente a registrare le migliori performance nel 2021, seguendo tuttavia una traiettoria disomogenea giacché il sentiment a breve risentirà degli alti e bassi della fiducia nei confronti della ripresa. Si tratta ancora una volta di dinamiche facilmente spiegabili in termini matematici, che divengono però molto più confuse nel momento in cui entra in gioco l’emotività degli investitori.Le opinioni sono pertanto piuttosto discordanti circa il futuro andamento dell’inflazione. Economisti e investitori esaminano spesso i rendimenti dei mercati finanziari alla luce dell’andamento della crescita e dell’inflazione. Durante periodi incerti sul fronte dell’inflazione è importante tenere presente che, se la crescita rimane superiore alla media, le azioni tendono a generare buone performance in periodi di inflazione sia superiore che inferiore alla media. Naturalmente, livelli di inflazione vertiginosamente alti o una deflazione particolarmente grave possono turbare un’economia e il rispettivo mercato azionario, ma al momento riteniamo tali scenari improbabili. (Fonte: http://www.columbiathreadneedle.it)

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KBRA Releases The Bank Treasury Newsletter

Posted by fidest press agency su sabato, 28 dicembre 2019

Kroll Bond Rating Agency (KBRA) releases this month’s edition of the newsletter, Bank Treasurers, CECL, and the Texas Ratio, which reviews many of the underappreciated aspects of the new accounting rule that will upend the traditional incurred loss model and throw open to question some of the strategic approaches by banks in lending segments that are structurally not CECL-friendly. CECL is assumption and model-intensive, and as the newsletter argues, adds more complexity for both preparers and users of financial statements to gather and interpret information about asset quality. The LIBOR-SOFR transition, scheduled for January 1, 2022, is another topic this month. Bank treasurers without a lot of exposure to LIBOR-SOFR in their loan books, may want to review their floating rate investment securities portfolio that could be tied to LIBOR. Finally, the newsletter reviews proposals by the FDIC to reduce the complexity of rules governing the national rate cap and brokered deposits, to modernize regulations that have not been amended since 1991.

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Lehman Brothers Treasury Announces Results of Solicitation and Settlement With Affiliates

Posted by fidest press agency su mercoledì, 20 marzo 2019

In connection with its previously announced partial wind-down, Lehman Brothers Treasury Co. B.V. in liquidation (“LBT”) today, through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, announced that it has obtained the results of its solicitation process pursuant to which certain qualified noteholders were given the option to receive substitute notes in exchange for their eligible notes. Based on the information provided by the relevant clearing systems which remains subject to further review and adjustment, noteholders holding eligible notes representing approximately €14 billion of the €24,755,245,547.91 in total acknowledged or otherwise admitted claims against LBT elected to receive substitute notes in exchange for such eligible notes. Accordingly, in accordance with the partial wind-down procedures, LBT will retain approximately US$19.6 billion of its US$34,548,000,000.00 intercompany claim (the “Intercompany Claim”) against Lehman Brothers Holdings Inc. (“LBHI”) that will be used to fund future distributions to holders of substitute notes.LBT also announced that, as contemplated by its partial wind-down, it has entered into a settlement agreement (the “Settlement Agreement”) with its former affiliates LBHI and Lehman Brothers Special Financing Inc. (“LBSF”). LBHI and LBSF are holders of admitted ordinary claims against LBT in the aggregate amounts of €2,435,117,645.74 and €750,434,794.48, respectively, representing approximately 9.84% and 3.03% of all acknowledged or otherwise admitted claims against LBT. The Settlement Agreement provides, among other things, that in full and final satisfaction of their respective ordinary claims against LBT, LBHI and LBSF shall receive (i) an in-kind distribution of portions of the Intercompany Claim in the respective amounts of US$3,398,408,804.40 and US$1,047,294,046.41, and (ii) a proportionate amount of LBT’s cash on hand subject to various deductions, addbacks and adjustments for purposes of allocating various expenses and reserves.In accordance with the partial wind-down, those creditors of LBT who were not eligible (or did not elect) to receive substitute notes will receive a final cash distribution from LBT funded with certain available cash and the proceeds of the sale of a portion of the Intercompany Claim through an auction process which is currently scheduled to occur on Wednesday March 20, 2019. As a result of the solicitation process and the Settlement Agreement, LBT expects to place approximately US$10.5 billion of the Intercompany Claim into the auction.

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Kyriba Live Treasury & Finance Summit 2019

Posted by fidest press agency su sabato, 2 febbraio 2019

Kyriba, the global leader in cloud treasury and finance solutions, today announced the agenda and headliners for the Kyriba Live Treasury & Finance Summit 2019 in Las Vegas, part of an expanded event series designed to help senior finance executives accelerate digital transformation in their organizations.The summit, scheduled for March 4-8 at the Delano at Mandalay Bay, will be followed by additional events in London, Tokyo and France.Kyriba Live is a premier, executive-level gathering of customers, prospective customers and strategic partners looking to learn how digital technology and best practices can be used to help CFOs and treasurers better mobilize, protect and grow their global cash and liquidity in the face of increasingly volatile market conditions.

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First Clients Go Live on GTreasury’s Single Solution for Treasury and Risk Management

Posted by fidest press agency su martedì, 6 novembre 2018

The first corporate treasury clients to use both cash and risk capabilities on GTreasury’s new single SaaS solution for treasury and risk management are now live, GTreasury announced today at the annual conference of the Association for Financial Professionals (AFP), taking place in GTreasury’s headquarter city, Chicago. Visitors there can see a demonstration of GTreasury at booth. GTreasury selected key clients from North America, EMEA and APAC to take part in the BETA testing of its integrated treasury and risk functionality. Testing began in August this year, after GTreasury’s April 2018 acquisition of Sydney-based Visual Risk, provider of the region’s leading risk management solution, which like GTreasury, was built on the Microsoft technology stack. GTreasury now offers any combination of Cash Management, Payments, Financial Instruments, Accounting, Banking, Risk Management, and Hedge Accounting in one SaaS solution.“Our migration to the new solution has been seamless, mainly down to the expertise and attention of the fantastic customer services team,” says Ed Hawthorn, Treasury Operations Manager at CPA Global, one of GTreasury’s BETA clients. “Equally, the new solution is extremely intuitive and user-friendly, which is making its functionality and rollout to other areas of Finance outside of Treasury an infinitely easier experience.” “This announcement confirms Aite Group’s research findings that—to support corporate treasurers’ specific business workflows— innovative treasury solutions take the form of platforms that integrate core treasury functions (e.g. payments, cash, liquidity) with ‘mission critical’ components (e.g., hedge risk management, FX and money market management),” says Aite Group Analyst Enrico Camerinelli. “We are very excited for this milestone moment in corporate treasury,” says Alok Tyagi, GTreasury’s Chief Product and Technology Officer. “What this means for the treasury function is that it now has a modern technology platform – a digital backbone, if you will – that gives treasury teams the data and digital tools to innovate an end-to-end workflow that works for their organization. With the free flow of data across all treasury activities, teams will gain the clarity and insight needed for more informed decision-making.” As a Lean Agile shop practicing continuous improvement and delivery, GTreasury leverages direct customer feedback and usage insight data to deliver impactful new customer value in every release. GTreasury acquired Visual Risk in response to requests from clients and prospects who wanted to perform both cash and risk activities within one system.

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President Obama Announces Key Treasury Appointments

Posted by fidest press agency su domenica, 8 marzo 2009

Washington President Obama announced his intent to nominate the following individuals for key posts at the Treasury Department: David S. Cohen, Assistant Secretary of Treasury, Terrorist Financing; Alan B. Krueger, Assistant Secretary of Treasury, Economic Policy; and Kim N. Wallace, Assistant Secretary of Treasury, Legislative Affairs.  Each of the nominees is currently serving as a Counselor to the Secretary of Treasury.

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