Investments – Page 6

Bond Lending re: Bond Lending / <Securities Lending> There was also some discussion of the lack of liquidity associated with this program and it was felt that that is certainly consideration which must be taken into effect by companies contemplating such transactions. 1986-1, NAIC Proceedings – MINUTES WORKING GROUP ON EMERGING ISSUES CHICAGO ILLINOIS – NOVEMBER 1985…

Lending Bond Lending Loans Securities Lending

Real Estate CMBS RMBS Farms MetLife (p37) – In this connection we believe it is important to note that problems in the financial sector that could potentially affect market stability are not confined to banking. In recent years many securities firms have experienced significant losses, and there have been record numbers of insurance firm failures.…

Search For Yield 2013 – FRB – Are the Fed’s low interest rate policies pushing investors toward risk? – 4p 81. AIG also chased higher yields by investing heavily in bonds of lengthy maturity As a consequence, AIG grossly mismatched the maturity dates of the collateral investments and the underlying securities loans, which rarely had…

Swaps CDS – Credit Default Swaps The emergence of interest rate swaps as an accepted financing strategy is relatively recent. From their start in 1982, the volume has grown to an estimated $75 billion. 1986 , NAIC Proceedings – WORKING GROUP (EX4) ON EMERGING ISSUES MINUTES, MEETING OF JANUARY 22, 1986

Repos 48 A repo facility is one in which the debtor pledges certain securities (“repoable assets”) in exchange for access to a line of liquidity. See Schreiber: Trial Tr. 6584:19 – 6585:3. (p220) Starr International Company, Inc. v. The United States – Case 1:11-cv-00779-TCW – Document 428 – PLAINTIFFS’ PROPOSED FINDINGS OF FACT – 573p FCIC…

Commercial Paper We must understand that we no longer have any reasonable basis for making any assumptions whatever about the range within which interest rates will fluctuate. Financing the squeeze by issuing commercial paper is just about the most dangerous thing a life company can do. — Ernest J. Moorhead (Jack) – EJM 1981 01…

Municipal Bonds 2008 0312 – GOV (House) – Municipal Bond Turmoil: Impact On Cities, Towns, And States – [PDF-262p, VIDEO-?] 2012 0815 – FRB-NY – The Untold Story of Municipal Bond Defaults – [link] 2021 0709 – Moody’s – US municipal bond defaults and recoveries, 1970-2020 – 113p An interesting question arising in third-party guaranteed defaults is what…

Bonds Bond Insurers Bond Lending Corporate Bonds Junk Bonds Municipal Bonds Private Placement Bonds NAIC – Troubled Company Working Group of the Examination Oversight (EX4) Task Force 1990-2, NAIC Proceedings Chair – Norman Koefoed, Chair (Ill); (p ) – The Chair notified the task force that a Non-Investment Bonds Working Group had been appointed to…

CDS Spreads 2018 – JIR – CDS Spreads, Systemic Risk and Global Systemically Important Insurers Designations – 41p Geithner: Trial Tr. 1407:21 – 1408:9 (Geithner explaining that the CDS spread is an indication of the market’s perception of AIG’s default risk)).