Word: creditability
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Executives at Barclays—which headed a group of five investment banks that managed the bond sale—said in interviews with The Crimson last week that Harvard’s bonds were particularly appealing to investors given the University’s excellent credit rating and its strong reputation in the market. A high level of demand tends to drive down the yield on bonds...
...Credit strength, scarcity value, and brand recognition combine for pretty good execution,” said Jim Merli, a managing director at Barclays...
...Earnings gains may make for good financial headlines but they don't necessarily reflect the growth of the underlying business. Indeed, most companies have just wrapped up a year of dismal quarterly results where many slashed jobs and other expenses to weather the debilitating recession and frozen credit markets. Thus, the near-term earnings may look much improved even though demand for a company's products may have slumped. "Cost-cutting has been the major force driving earnings and earnings surprises," says Dirk Van Dijk, chief equity strategist at Zacks Investment Research, which monitors earnings projections from Wall Street analysts...
...course, not all economists are buying the Caballero's blame them, not us, explanation of the financial crisis. They say just because there was money flowing into the United States doesn't mean the credit crunch was inevitable. They say stricter regulations could have stopped U.S. investment bankers from creating mortgage bonds filled with risky home loans and then passing those bonds off as safe investments to foreign investors. "Most of the blame for the financial crisis lies in the choices that were made inside the U.S.," says Anil Kashyap, an economics professor at University of Chicago's Booth School...
Nonetheless, even if foreigner investors' role in America's credit boom and bust is debatable, what's beyond doubt is that this aspect of the crisis is not getting as much attention as, say, bankers and their bonuses. On Thursday, the Financial Crisis Inquiry Commission wrapped up its second day of hearings. Global imbalances is one of the 22 areas that the panel is supposed to investigate as a possible cause of the credit crunch. But in two days of hearings, which included testimony from top financial executives, economists, analysts, regulators and a hedge fund manager, there wasn...