New age lenders or grave dancers?

Article Abstract:

Wall Street investment firms' foray into the syndicated lending market triggered the poor financial performance of subprime specialty finance firms. The collateral-driven attitude of investment firms resulted in the bankruptcy of subprime lenders Southern Pacific Funding, Cityscape and Criimi Mae. Wall Street creditors failed to support the subprime lenders through a gruelling credit market season. Worse, they stopped financing firms which were performing poorly. Industry analysts believe that Wall Street lending is a high-risk source of funding.

Investment Offices, Investment Companies, Open-End Investment Funds, Personal credit institutions, Nondepository Credit Intermediation, Lending Services, Economic aspects, Wall Street, Loans

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Asset-backed perils and pitfalls

Article Abstract:

Asset-backed securitization has flourished in the 10 years since it has emerged, with over $700 billion worth of asset-backed securities predicted to be outstanding in the combined public, private and asset-backed commercial paper market by the end of 1996. The practice allows a company to monetize its receivables while keeping up earnings and offers the treasurer the option of separating assets from the balance sheet, thus enhancing returns on the remaining assets and on equity.

Asset Accounting, Evaluation, Finance, Corporations, Corporate finance, Assets (Accounting)

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Wall Street buyback bonanza

Article Abstract:

Corporate treasurers can defend against overpaying stock repurchases by increasing their market awareness. Since traders often look ahead six months before callable or mature bonds are due, treasurers should start thinking about buybacks earlier. By noting when stock is selling below callable bond conversion prices also helps treasurers keep repurchasing prices down.

Securities, Business enterprises, Stock redemption

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