In 2006 and 2007 he was co-head
of Global Credit Markets leading a business with over one thousand employees around the world encompassing all of Citigroup's credit trading and debt capital market groups with revenues in excess of $ 3 billion annually.
Future credit cycles may not conform to historical patterns due to the growth and diversity
of global credit markets, financial innovation and regulatory changes.
The meltdown
of global credit markets starting with American sub-prime mortgage loans, leading to the death of Wall Street as we have known it, and now to a serious global recession, seemingly came out of nowhere.
Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global economic conditions on the business aircraft
market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and
markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the impact
of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our
credit ratings; 22) our dependence on our suppliers, as well as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our
credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving
credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or impact
of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
That would prevent a default that would clog the
global river
of credit — much like the collapse
of Lehman Brothers in 2008 — sparking another financial
markets meltdown.
In addition to covering the full range
of investment opportunities, the book features new material on the Great Recession and the
global credit crisis as well as an increased focus on the long - term potential
of emerging
markets.
Such risks, uncertainties and other factors include, without limitation: (1) the effect
of economic conditions in the industries and
markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial
market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels
of end
market demand in construction and in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the impact
of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization
of the anticipated benefits
of advanced technologies and new products and services; (3) the scope, nature, impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities for growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including
credit market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including
market conditions and the level
of other investing activities and uses
of cash, including in connection with the proposed acquisition
of Rockwell; (7) delays and disruption in delivery
of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits
of organizational changes; (11) the anticipated benefits
of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact
of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect
of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general
market conditions,
global trade policies and currency exchange rates in the near term and beyond; (16) the effect
of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition
of conditions that could adversely affect the combined company or the expected benefits
of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the
market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21) risks relating to the value
of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
To be fair, there have been a several times that
markets didn't recover as quickly after seismic geopolitical events such as the invasion
of France in 1940 and the Yom Kippur War (which led to a complete realignment
of control over
global oil), according to the
Credit Suisse team led by Keating.
Matt King,
global head
of credit products strategy at Citi, discusses the shift in
market sentiment following China's announcement
of new tariffs on U.S. products.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital
markets conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations
of the Company or its customers and suppliers; (2) the Company's
credit ratings and its cost
of capital; (3) competitive conditions and customer preferences; (4) foreign currency exchange rates and fluctuations in those rates; (5) the timing and
market acceptance
of new product offerings; (6) the availability and cost
of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the impact
of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation
of a
global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial
market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
Michael Mauboussin, head
of global financial strategies at
Credit Suisse and author
of four books on investing, joined CNBC's Mike Santoli for an exclusive strategy session on how investors can outperform the
market by spotting trading inefficiencies.
When it comes to valuations, U.S. and emerging
market credit spreads reached post-crisis tights in late 2017, reflecting low default risks against a backdrop
of solid
global growth.
Figuring out ways to regulate trading by sophisticated investors in derivatives, which go by exotic names such as «currency forwards» and «
credit default swaps,» is a hot topic in international policy circles, largely because failures on this murky side
of the
market are blamed for the 2008
global credit meltdown and the recession that followed.
He continued to try to coax provinces into voluntarily joining a national regulator, but also began drafting a law allowing Ottawa to regulate some
of those broader risks the court mentioned, including murkier corners
of capital
markets like over-the-counter derivatives, often blamed for the much
of the 2008
global credit meltdown.
One important aspect
of that is the deterioration in
global equity
markets, and the ongoing strains in
credit markets.
MAXIMIZING SHAREHOLDER VALUE Hosted by Royal Bank
of Canada Adena Friedman, Adena Friedman, President and CEO, Nasdaq Cathy R. Smith, Executive Vice President and CFO, Target Moderator: Alexis Glick, Former Media Personality and Wall Street executive; CEO, GENYOUth Introduction: Patti Shugart, Managing Director and
Global Head, Corporate Banking &
Global Credit, RBC Capital
Markets Closing: Michal Katz, Managing Director and Co-head, Technology Investment Banking, RBC Capital
Markets
Our
Global Market Strategies segment, established in 1999 with our first high yield fund, advises a group
of 46 active funds that pursue investment opportunities across various types
of credit, equities and alternative instruments, including bank loans, high yield debt, structured
credit products, distressed debt, corporate mezzanine, energy mezzanine opportunities and long / short high - grade and high - yield
credit instruments, emerging
markets equities, and (with regards to certain macroeconomic strategies) currencies, commodities and interest rate products and their derivatives.
Global financials are holding up, despite a recent bout
of underperformance, and
credit markets are looking robust.
That said the coordinated slowdown in
global manufacturing, decline in earnings and deterioration in
credit markets raises the risk
of a more severe downturn.
Alantra is a
global investment banking and asset management firm focusing on the mid-market with offices across Europe, the US, Asia and Latin America Its Investment Banking division employs over 260 professionals, providing independent advice on M&A, debt advisory, financial restructuring,
credit portfolio and capital
markets transactions The Asset Management division comprises a team
of 78 professionals with $ 3.7 bn in Private Equity, Active Funds, Debt and Real Estate
(Yen
credit was «supplied» to
global currency
markets, and was spent to buy and hence bid up the price
of euros, dollars, sterling and other currencies.)
Goldman Sachs Bank USA, an affiliate
of Goldman, Sachs & Co., Bank
of America, N.A., an affiliate
of Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Citibank, N.A., an affiliate
of Citigroup
Global Markets Inc., are lenders under our
credit agreement.
First Amended and Restated
Credit Agreement, dated as
of May 13, 2014, by and among Desert Newco, LLC, Go Daddy Operating Company, LLC, Barclays Bank PLC, Deutsche Bank Securities Inc., RBC Capital
Markets, KKR Capital
Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley Senior Funding Inc., and Citigroup
Global Markets, Inc..
The current state
of the
global economy threatens to cause further tightening
of the
credit markets, more stringent lending standards and terms and higher volatility in interest rates.
Because Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup
Global Markets Inc. or their affiliates will receive more than 5 %
of the proceeds
of this offering in connection with the repayment
of our
credit agreement, each
of Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup
Global Markets Inc. is deemed to have a conflict
of interest under Rule 5121.
Goldman Sachs Bank USA, Bank
of America, N.A. and Citigroup
Global Markets Inc. acted as joint lead arrangers and joint bookrunners in connection with our
credit agreement.
In addition, affiliates
of Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup
Global Markets Inc. and affiliates
of certain other underwriters may participate as arrangers and / or lenders under our new
credit agreement.
«Self - Fulfilling Prophecy» In its Quarterly Outlook this week, the famously pro-Bitcoin institution said a mixture
of global political uncertainty, tightening
of credit access and commodities volatility could all see new money pouring into crypto
markets.
I noted that the Italian BOND FUTURES Monday were trading above the June 27 close when ECB President Mario Draghi roiled
global credit markets with his Sintra, Portugal speech, which suggested that the removal
of a deflationary scare would allow the ECB to begin tapering its QE program.
John Stopford, portfolio manager
of the Investec GSF
Global Strategic Income Fund and co-head
of the Investec multi-asset team, says 2014 may be a difficult year for corporate
credit and a modest one for emerging
markets debt, «but there may be an attractive long - term buying opportunity later in the year.»
We think greater
global central bank - generated liquidity will be a positive for the corporate
credit sectors and economically driven parts
of the
market, at least in the near - to - medium term.
Conversation catalysts: Bahren Shaari, Chief Executive Officer, Bank
of Singapore Francesco de Ferrari, Managing Director, Head
of Private Banking Asia Pacific, CEO Southeast Asia and Frontier
Markets,
Credit Suisse Lawrence Lua, Managing Director, Deputy Head, DBS Private Bank Michael Blake, CEO Private Banking Asia, Union Bancaire Privée Pierre Masclet, Chief Executive Officer, Asia & Singapore Branch Manager, Indosuez Wealth Management Siew Meng Tan, Regional Head
of Global Private Banking, Asia - Pacific, HSBC
«The proverbial «best house in a bad neighborhood» award goes to US high yield, where we see base case total returns
of 5 %,» says Sheets, adding that
credit selection should be a source
of significant alpha in nearly all
global markets.
Kerstin Braun, executive vice president
of Coface North America, says the
global market for trade
credit insurance has steadily improved over the past year as an economic uptick has increased corporates» access to bank loans and let them focus on their growth.
In a related transaction, NewStar has entered into a definitive agreement to sell a portfolio
of investment assets, including approximately $ 2.4 billion
of middle -
market loans and other
credit investments, to a newly formed investment fund sponsored by GSO Capital Partners, the
global credit investment platform
of Blackstone Group.
The
Global Credit Insurance Monitor compared attitudes and opinions of policyholders to those of credit insurers and examined the evolution of buying behavior and ways of growing the global credit insurance m
Global Credit Insurance Monitor compared attitudes and opinions of policyholders to those of credit insurers and examined the evolution of buying behavior and ways of growing the global credit insurance m
Credit Insurance Monitor compared attitudes and opinions
of policyholders to those
of credit insurers and examined the evolution of buying behavior and ways of growing the global credit insurance m
credit insurers and examined the evolution
of buying behavior and ways
of growing the
global credit insurance m
global credit insurance m
credit insurance
market.
In order to understand the dynamics
of the
credit insurance
market, what drives purchasing decisions, the supply and demand picture, and whether products satisfy buyers» needs, XL Catlin commissioned a
global credit insurance survey.
A tightening
of emerging -
market credit is already under way and corporate borrowing costs show signs
of rising, adding further to the downward pressure on
global growth.
This has led banks to use far less
of their own capital in
global markets, which, in turn, has reduced secondary
market liquidity for many securities and removed some
of the more
credit - worthy bank counterparties in these
markets.
This increased cost
of borrowing has been the primary channel by which the Australian economy has been affected by the
global credit market turmoil.
Earlier positions included Head
of Global Credit Portfolio and
Credit Policy and Strategy, Head
of North American Structured
Credit Products, co-Head
of Asset Backed Securitization and Head
of Global Credit Derivatives
Marketing.
To Kalanick's
credit, Khosrowshahi is inheriting a company that has achieved massive
global scale in a short period
of time, and — while Lyft's
market share is growing — is still the dominant player in the U.S. and other parts
of the world.
Prior to joining Leith Wheeler, Tamsin worked in
global markets for five years in both institutional fixed income sales and
credit trading roles at Bank
of New Zealand, a wholly owned subsidiary
of National Australia Bank.
Nannette Hechler - Fayd «herbe,
Global Head
of Investment Strategy and Research at
Credit Suisse, talks to Elliot Smither about the outlook for financial
markets in 2018 and identifies some
of the long - term investment themes which can be used to help make asset allocation decisions
These factors — many
of which are beyond our control and the effects
of which can be difficult to predict — include:
credit,
market, liquidity and funding, insurance, operational, regulatory compliance, strategic, reputation, legal and regulatory environment, competitive and systemic risks and other risks discussed in the risk sections
of our 2017 Annual Report; including
global uncertainty and volatility, elevated Canadian housing prices and household indebtedness, information technology and cyber risk, regulatory change, technological innovation and new entrants,
global environmental policy and climate change, changes in consumer behavior, the end
of quantitative easing, the business and economic conditions in the geographic regions in which we operate, the effects
of changes in government fiscal, monetary and other policies, tax risk and transparency and environmental and social risk.
Deutsche Bank's integration
of its foreign exchange business with its rates and
credit business has helped it maintain its leading position in the
global FX
market.
These include a much better customer experience (especially on mobile, which is a key driver for e-commerce in emerging
markets), better privacy (particularly relevant for cross-border payments), the ability to do smaller transaction sizes, a
global and fast - growing merchant acceptance network, and
of course, for many people in emerging
markets, the ability to transact online whereas otherwise they would not be able to, either because they don't have a
credit card in the first place, or their
credit card is rejected because
of fraud risk associated with a particular country.
There are risks to all this,
of course, as the
global financial crisis made clear; but when done judiciously, in a well - regulated financial system, we believe such
market - based
credit solutions can help encourage growth and stability.
Examples
of these risks, uncertainties and other factors include, but are not limited to the impact
of: adverse general economic and related factors, such as fluctuating or increasing levels
of unemployment, underemployment and the volatility
of fuel prices, declines in the securities and real estate
markets, and perceptions
of these conditions that decrease the level
of disposable income
of consumers or consumer confidence; adverse events impacting the security
of travel, such as terrorist acts, armed conflict and threats thereof, acts
of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments in new
markets; breaches in data security or other disturbances to our information technology and other networks; the spread
of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes in fuel prices and / or other cruise operating costs; any impairment
of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount
of cash to service our existing debt; restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the significant portion
of our assets pledged as collateral under our existing debt agreements and the ability
of our creditors to accelerate the repayment
of our indebtedness; volatility and disruptions in the
global credit and financial
markets, which may adversely affect our ability to borrow and could increase our counterparty
credit risks, including those under our
credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; fluctuations in foreign currency exchange rates; overcapacity in key
markets or globally; our inability to recruit or retain qualified personnel or the loss
of key personnel; future changes relating to how external distribution channels sell and
market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases in the price
of, or major changes or reduction in, commercial airline services; seasonal variations in passenger fare rates and occupancy levels at different times
of the year; our ability to keep pace with developments in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability
of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory regimes in which we operate; and other factors set forth under «Risk Factors» in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Commission.
SCOTTSDALE, Arizona, December 30, 2016 / PRNewswire / — RiceBran Technologies (NASDAQ: RIBT and RIBTW)(the «Company» or «RBT»), a
global leader in the production and
marketing of value added products derived from rice bran, today announced that the Company has received an extension on its senior secured term notes and revolving line
of credit with Great Elm Capital due to mature on December 31, 2016.