priorities in 2008 were (and remain): to stay close to customers and clients; to manage our risks; and to progress strategy. ” John Varley Group Chief Executive © Barclays Bank PLC 2009 Registered office: 1 Churchill Place, London E14 5HP Registered in England. Registered No: 48839 9910115 www.barclays.com/annualreport08 51° 30' 36"N London, UK 12pm GMT Contents Business review 3 Barclays today 4 Key performance indicators 6 Group Chairman’s statement
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historical perspective Building a Bond Portfolio Vitalij Aleksandrov Gerard Haughey CONTENTS ➢ PART 1 ❖ What are bonds? ❖ What types of bonds exist ❖ Tools of analysis ➢ PART 2 ❖ Characteristics of a good bond portfolio ❖ Choosing a portfolio strategy ❖ Management of a bond portfolio ➢ PART 3 ❖ Creation of our portfolio ❖ Selection of bonds ▪ Analysis
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2.6 Common Yield Fallacies : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 2.7 Forward Rates optional : : : : : : : : : : : : : : : : : : : : : : : : : : : : 8 9 9 14 17 19 23 24 26 3 Macrofoundations of Interest Rates 39 CONTENTS i 4 Quantifying Interest Rate Risk 4.1 Price and Yield : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 4.2 More on Duration : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 4.3 Immunization : : : : : :
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markets, it is common to feel uneasy about investing due to the risk involved. But, market volatility is completely normal and the current market conditions may actually be advantageous for some investors. For example, volatility is needed to some degree because if prices do not move sufficiently, it will be difficult to make money from trading them. Thus, the recent fluctuations in the share market have highlighted the fact that there are risks involved with investing money and that finding the right investment
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internally generated funds: a) avoid cost of issuing securities b) investors don’t get the message from lower future profits and higher risk. Recent years firms have issued more debt than equity. Still, there are many ways to calculate the Debt ratio of company: 1) Debt / total assets = ( Short + long term debt ) / Total assets, or 2) Proportion of debt in long term financing) =
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reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-148678-X The material in this eBook also appears in the print version of this title: 0-07-145910-3. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement
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C H A P T E R 5 Uncertainty and Consumer Behavior CHAPTER OUTLINE 5.1 Describing Risk S o far, we have assumed that prices, incomes, and other variables are known with certainty. However, many of the choices that people make involve considerable uncertainty. Most people, for example, borrow to finance large purchases, such as a house or a college education, and plan to pay for them out of future income. But for most of us, future incomes are uncertain. Our earnings can go up or down; we can be
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Interest Rate Risk II Chapter Outline Introduction Duration: A Simple Introduction A General Formula for Duration • The Duration of Interest Bearing Bonds • The Duration of a Zero-Coupon Bond • The Duration of a Consol Bond (Perpetuities) Features of Duration • Duration and Maturity • Duration and Yield • Duration and Coupon Interest The Economic Meaning of Duration • Semiannual Coupon Bonds Duration and Interest Rate Risk • Duration
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Case 1 TEACHING NOTE KHF CORPORATION INTRODUCTION This case involves the evaluation of Kitty (Hawk Food), Inc., a restaurant food wholesaler in eastern North Carolina. The firm is experiencing difficulty paying trade debt and collecting trade receivables on time, which is causing cashflow difficulties and threatening the creditworthiness of the firm. The case should require 1 to 1 1/2 hours of outside preparation by students, and can be effectively discussed in a one-hour class. It is appropriate
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Reported basis1 Total net revenue Total noninterest expense Pre-provision profit Provision for credit losses Net income Per common share data Net income per share: Basic Diluted Cash dividends declared Book value Tangible book value2 2015 $ $ $ Selected ratios Return on common equity Return on tangible common equity2 Common equity Tier 1 (“CET1”) capital ratio3 Tier 1 capital ratio3 Total capital ratio3 Selected balance sheet data (period-end) Loans Total assets Deposits Total stockholders’ equity
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