Download PDF Introduction In fixed income trading, managing interest rate risk is a critical task for traders and portfolio managers. While traditional hedging tools that rely on duration or convexity are a good indication of how prices react to yield changes, they are based on limited assumptions with significant pitfalls Read more…
Download PDF What has happened in the last 5 years? Over the past five years, M&A activity has experienced dramatic fluctuations, reaching both record highs and record lows. The onset of the Covid-19 pandemic in 2020 brought deal activity to a near standstill as companies prioritised safeguarding employees’ health and Read more…
Download PDF Introduction: Infrastructure as an Asset Class Infrastructure investing involves allocating capital towards large-scale physical and organisational structures that provide essential services, such as transportation, energy, water, and telecommunications. These assets are critical for the functioning and growth of economies, often offering long-term, stable returns for investors. Infrastructure investments Read more…
Download PDF USA While the week started with a selloff on Monday, giving back gains posted during the previous session’s post-jobs-report surge, the S&P 500, Dow Jones Industrial Average, and S&P MidCap 400 Index still reached record highs this week. The Dow Jones Industrial Average and S&P 500 gained 1% Read more…
Download PDF Introduction The aim of this article is to provide a comprehensive overview of equity swaps, focusing on their structure, mechanics and use cases for investors. Equity swaps evolved in the late 1980s and early 1990s, as a part of the broader development of over the counter (OTC) derivative Read more…
Download PDF Introduction The aerospace industry has long been a highly competitive and technologically advanced sector, with the production of commercial aircraft serving as its centrepiece. For decades, this market has been effectively controlled by two major companies: Airbus [EPA: AIR], based in Europe, and Boeing [NYSE: BA], headquartered in Read more…
Download PDF Introduction Michael Saul Dell, an American billionaire investor, is the founder and CEO of Dell Technologies Inc. [NYSE: DELL]. According to the Bloomberg Billionaires Index, he is the 13th richest person in the world, as of October 3, 2024. Born in Houston in 1965 to a Jewish family, Read more…
Download PDF Introduction The aim of this article is to provide a comprehensive overview of exchange-traded funds (ETFs) and to concentrate on their structure, functionality, and the factors leading to their increased use in the financial markets. Over three decades, ETFs have become a favored investment vehicle due to their Read more…
Download PDF Overview In the industry of private equity (PE), dividend recapitalizations also referred to as dividend recaps, have become one of the principal financial maneuvers in driving the returns on invested capital. In times where exits are difficult and options are limited, general partners extract value from portfolio companies Read more…
Download pdf Introduction A few weeks ago, the German media conglomerate Axel Springer announced the split up of its media and digital classifieds assets. According to the firm, the demerger is to be signed in the coming months and completed by mid-2025 at the latest. The deal envisions Axel Springer’s Read more…
Download PDF USA In the midst of Hurricane Helene’s wake, shaky Middle Eastern tensions, and slightly higher than expected job unemployment benefit applications in the report on Thursday, markets responded in a cool manner. In the past 5 days, the S&P 500 was mildly in the red all the way Read more…
Download PDF Introduction In this article, we present the first episode of a series on backtesting. We want to provide the reader with an immersive analysis of this powerful tool and analyze all the processes that lead to its optimization and implementation. The series will consist of the following parts: Read more…
Download PDF Introduction Last month, the Japanese operator of 7-Eleven [XTKS: 3382] rejected a friendly takeover bid from the Canadian retailer Alimentation Couche-Tard [TO: ATD], which controls the Circle K brand. At $14.86 per share, the bid valued the business at $39bn, which would have made this Japan’s biggest-ever buyout Read more…
Download PDF USA The week started strong with both the S&P 500 and the NASDAQ continuing to grow, reaching all-time highs, after the FED delivered a 50bps rate cut last Wednesday. Amongst stocks, companies like Lockheed Martin (+40.11% YoY), Caterpillar (+35.64% YoY) and Lowe’s (+23.33% YoY) reached all-time highs. The Read more…
Download PDF Introduction For the last 12 months, Central Banks worldwide have been under the limelight as market participants tried to decipher their respective rate paths after the conclusion of the global hiking cycle. In this article we attempt to decompose the key factors that central banks take into consideration Read more…