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Refinancing Challenges and the Role of CollateralAmong the changes in the debt capital markets are a growth in longer-term funding, instruments that can hedge against major macro-economic risks and increased use of collateral. Regulatory change, coupled with massive refinancing needs over the next couple of years, is altering the way that banks work, stimulating new financial structures and products. BNY Mellon explores the key aspects driving trends and the emerging new order. Author: Rossana Abueva
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Towards a Common Carbon Currency: Exploring the Prospects for Integrated Global Carbon MarketsThe global carbon market has grown rapidly in recent years, after a record $63 billion in trading volume in 2007, the first half of 2008 reached $59 billion. We estimate hat a linked global cap and trade market could reach $3 trillion by 2020. This paper analyzes the challenges for market mechanisms to evolve in support of more robust transaction models that lower risk and operational complexity as well as enable greater efficiency. The issues are compounded by numerous standards and unlinked registries in the voluntary market. Author: Hozaifa Arsiwala
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Sukuk Investor Relations - We Cannot Wait Any LongerDebt capital markets, including the Sukuk market, have lagged behind other financial markets in developing proper IR programmes, but today's information demands mean we cannot wait any longer. A new information model is needed, which must provide investors with a deeper understanding and allow them to manage risk more effectively. Author: Giambattista Atzeni
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Just Who is Your Debt Restructuring Information Agent?The trend in recent years has been for small information agents to assume a much larger role in debt restructuring. Buyers of their services, in the same way as they assess counterparty risk, should apply an equally rigorous scrutiny of their strength and transparency. BNY Mellon explores this trend and assesses the risks that are sometimes involved. Authors: Sonia Chaliha, Erin Courcey
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Unlocking the Potential of LoansLow interest rates and a lackluster risk-return profile in equities provide incentives to seek value in alternative investments. Historic low yields on traditional fixed-income products are driving institutional investors to the loan market in search of better risk-adjusted returns. There are a few ways in which they could potentially gain exposure to loans, but to execute a successful strategy, they must be aware of the nuances of the asset class across multiple jurisdictions. Authors: Jocelyn Lynch, Magnus Wilson-Webb, Robert Wagstaff, David Bell
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Financial Bills: A New Form of Long-term Investment (U.S. English)Reprinted with the permission of Inova Seminarios Learn how financial bills were introduced in Brazil, what this security has promoted on the national stage and what some of its primary challenges are starting in 2012. Author: Soraya Lysenko
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Financial Bills: A New Form of Long-term Investment (Portuguese)Reprinted with the permission of Inova Seminarios Learn how financial bills were introduced in Brazil, what this security has promoted on the national stage and what some of its primary challenges are starting in 2012. Author: Soraya Lysenko
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South Korean Covered BondsUntil now, few Asia-Pacific governments have encouraged covered bond issuance in the region. This could start to change now that South Korea is planning to develop further its capital markets. As volatility and uncertainty continue in global capital markets, the benefits of covered bonds - whether as enhanced security to the investor or lower interest rates to the issuer - are well-known. Author: John-Paul Marotta
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Build America Bonds: Post-Issuance ComplianceThe popular Build America Bond program was created in 2009 with the passage of the American Recovery and Reinvestment Act. In addition to the normal IRS compliance requirements relating to a taxable bond, a host of new disclosure and reporting requirements also were created for issuers and market participants involved in the program. Author: Jose Matamoros
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Global Registry and Custody Service of Voluntary Carbon UnitsWhile the Kyoto Protocol is moving toward regulation for the signatory countries, a voluntary carbon emissions offset market has developed to meet current needs. BNY Mellon created the Global VCU Registry and Custody unit to provide participants in the voluntary market with a tool that will contribute to development of a fungible market in Voluntary Carbon Units (VCUs). Authors: Anthony Nunes, Daniel Parente
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