Word: bond
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...campus to speak for their Global Health Day, on Wednesday, April 6th. According to Alyssa T. Yamamoto '12, an assistant director of IRoC, Harvard Medical School professor Jim Yong Kim had recently met with Haven's PR person, and the actor expressed his interest in creating "some sort of bond between celebrities and academia...
...maintains a $2 billion line of credit from a consortium of banks, Moody’s said the University’s liquidity position has suffered recently due to endowment losses and stress in the debt and swap markets. In December and January, Harvard completed $2.5 billion in bond sales to guarantee cash flexibility and refinance risky variable rate debt.According to the report, disruptions in the tax-exempt variable rate debt markets last fall “increased the perceived risk that Harvard could experience a failed remarketing of its debt.” While no such failure occurred...
...Last month AIG said it had paid out about $50 billion to various financial firms to which it had sold credit-default swaps, which are insurance contracts sold to bond investors and others. When a bond defaults, a holder of a CDS has the right to be reimbursed for the loss by the seller of the contract. AIG was one of the largest sellers of such contracts. Much of the credit insurance AIG sold was on mortgage bonds, which are backed by home loans. As more and more homeowners defaulted, many of those bonds plummeted in value, causing the holders...
...contracts don't trade on an exchange. And trading partners can unwind those contracts at any prices they like. What's more, a rule change in late February, to which AIG voluntarily agreed, gives the insurer's trading partners more leeway to name their terms in the cases of bond defaults that trigger CDS payments...
First, some background: private equity refers to what in the 1980s was called the leveraged buyout (LBO). LBO artists such as Henry Kravis and Carl Icahn borrowed lots of money on the junk-bond market built by financier Michael Milken and used it to finance takeovers - sometimes hostile ones - of struggling corporations. During the recession of the early 1990s, the LBO business faltered, and many predicted its demise. But buyout funds re-emerged under the more genteel moniker private equity, eschewed hostile takeovers, reliably outperformed the S&P 500 and grew to be a far bigger force than they ever...