Understanding the concept of duration can provide a technique for measuring the timing of investments in a marketplace characterized by volatile interest rates. Duration considers the cash flows from an investment, including interest payments and eventual return of the principle, and provides a measure of the weighted average time to recover interest and principle. Adopting duration to fixed-income investment policies provides an effective tool that is little known to most competitors. Duration, by measuring interest rate volatility, is useful in reducing the interest rate risk of fixed-income portfolios. Duration, by incorporating changing market values and returns from reinvested assets, provides a measure of return earned on a fixed-income security which is useful for investment mana...
The US Treasury, through its Term Investment Option (TIO) program, lends excess cash balances to banks at interest rates determined by single-rate auctions. An important issue in TIO auctions is whether the Treasury receives a market rate of return on TIO funds. An analysis of the spread between rates on TIO auctions and rates on mortgage-backed-security (MBS) repos suggests that for small auction sizes, TIO rates are comparable to market rates, except on offerings with term lengths of fewer than five days. The study also finds that a more compressed auction schedule, in which the Treasury announces and auctions TIO funds on the same day, does not adversely affect TIO rates; thus, banks appear to be indifferent to more advance notice of auctions.
...for approximately $115 million, net of cash acquired. This acquisition allows us entry into a ... due to costs related to continued investment in our sales force, customer service, and technolo...18%. $603.6. $551.2. 10%. Excluding:. Interest on funds held for clients. (11.7). (14.0). (16%). ... $11.7 million due to lower average interest rates earned, offset somewhat by a 6% increase in averag...
... increased 6% to $203.9 million, while interest on funds held for clients decreased 12% to $12.0 m... due to costs related to continued investment in our sales force, customer service, and technolo... $12.0 million due to lower average interest rates earned, offset somewhat by a 3% increase in averag... balances resulting from the investment of cash generated from operations. Average investment bala...
Whether you are the trustee of a company's pension fund or an organization's endowment fund, you want to ensure it has the cash flow from your entity's investment portfolio to fulfill its mission. Most pension and endowment fund trustees are aware of the impact inflation has on their entity's expenses, but few are aware of the opportunity they have to influence the degree to which their portfolios give them the growing cash flow they need to offset inflation, despite market volatility and low interest rates.
...* The net interest margin was 2.13% for Q3-11, compared to 2.24% for ... an $81 million increase in security investments. At the same time, average deposits and borrowed f... interest margin was attributable to lower rates paid on deposits (particularly CDs) and the ongoin... re-investment of a large portion of these cash inflows into securities at lower interest rates. T...
... securities ("ABS") retain an economic interest in not less than 5% of the credit risk of the asse...A cash reserve fund option, which requires the securitize... interest rate movements, currency exchange rates, home prices or the overall value of a particular ... the hiring of the underwriter for investment banking services. Subparagraph (b)(1) as currently...
...* Net interest spread of 2.56% for the fourth quarter of 2011 ver...* The investment portfolio prepaid at a constant prepayment rate, o... that economic conditions--including low rates of resource utilization and a subdued outlook for ...--. 27,997. (27,997). (7.5)%. --. --. Cash and cash equivalents. 48,776. --. 48,776. 13.1%. -...
[...] it's dull. Hilbert, a former encyclopedia salesman, took his door-to-door shtick around Indiana to raise cash for acquiring life insurance companies - and did it at a time when inflation and high. interest rates made such an investment look silly. Even though Conseco's business was selling products "over the kitchen table" to middle-income Americans and retirees, the company launched a national advertising campaign, tag-lined "Step Up," that made it seem more like high-end life insurers like The Hartford, Prudential and MetLife.
...* Net interest and dividend income was $10.6 million in Q4-11, co... by a $61 million increase in security investments. At the same time, average deposits and borrowed f... interest margin was attributable to lower rates paid on deposit accounts and the repayment of matu... re-investment of a large portion of these cash inflows into securities at lower market interest r...
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