Resources
Sponsor Publications
Cambridge Associates
Research
- Avoid the Agg Drag For plan sponsors wishing to de-risk, the Agg may not be the solution.
- Constructing a Liability Hedging Portfolio A guide to best practices for US pension plans.
- Don't Forget the Credit Spread! While corporate plan sponsors are keenly aware of interest rate risk within their DB plans, few fully appreciate the complex and significant risks posed by credit spreads.
- The Forgotten 70%: Strategies for Pension Plans Accruing Benefits Plans with active participants need a holistic, flexible risk budgeting approach—not a simple glide path.
- Hedge Fund-ing the Pension Deficit Select hedge funds can be integral to pension investment strategy. Here's how.
- Outlook 2017: A Break in the Clouds A view of prospects across asset classes and the advice of Cambridge Associates' Chief Investment Strategist.
- Pension Risk Management Cambridge Associates' holistic risk-budgeting framework is useful to many types of institutions in overseeing asset pools that support institutional liabilities.
- Private Investments: Filling a Pension's Return Void When implemented well, private investments offer pension funds important advantages.
- The 15 Percent Frontier With virtually limitless choices along the asset allocation spectrum, an allocation to private investments greater than 15% has served many investors well.
- Thought Mortality Was Dead? The IRS's Delay in Implementing RP-2014 Raises Important Considerations for Pension Plans
- VantagePoint: Second Quarter 2017 Cambridge Associates' house view and advice on the quarter ahead from the firm's Chief Investment Strategist.
In the News
- Cambridge Sees More E&F, Corporate Pension OCIO Clients (FundFire)
- Consultants Changing Roles (Investments and Pensions Europe)
- A Corporate Pension's Guide to Credit Spreads (Chief Investment Officer)
- Credit Easing, Regulation Put Plans on Critical List (Pensions & Investments)
- Investment Insights from Cambridge Associates: Sona Menon and Sheila Ryan
- The Case for (Some) Hedge Funds (Chief Investment Officer)
Chatham Financial Corp.
- Evaluating Financial Risk (Article)
- Frequently Asked Questions about Derivatives and End Users (Article)
- Hedging & Hedge Accounting Case Studies
- A Regulation Timeline but Still No Certainty
Drexel Hamilton
- Drexel Hamilton President Retires; Disabled Veterans Assume Leadership
- The National Veteran Business Development Council Certifies that Drexel Hamilton LLC has met all criteria established to be recognized as a Service Disabled Veteran Owned Business (SDVOB).
Fitch Ratings
- Investment Guidelines Whitepaper (2016)
- Money Market Fund Ratings (2016)
- U.S. Money Fund Reform Dashboard (2016)
- Video: Financial Regulations Driving Change for Corporate Treasurers
- Fitch Ratings provides comprehensive research and commentary on the short-term credit markets covering a broad range of sectors, topics and securities, including regulation, money market funds, commercial paper, repos, and counterparty risk, as well as economic and industry outlooks. Visit www.fitchratings.com/corporatetreasury to learn more.
- Fitch Ratings White Paper – Stale Investment Guidelines Lead to Missed Opportunities
- Money Market Funds Monitoring
Published monthly, Fitch Ratings' new MMF Monitoring factsheets include fund-specific portfolio data covering each fund's current and historical credit, liquidity and market risk attributes, as well as information on the fund manager. Click here to access the web page.
FM Global
- Risk Managers Rank FM Global Highest for Property Claims Management: 2015 Advisen Survey a leading insurance information and analytics firm, surveyed 544 risk managers and brokers for their input on a variety of claims handling best practices, including expertise, accessibility and equitable settlements.
- How Did Supply Chains Get So Brittle? - Jon Hall, chief operating officer, FM Global, talks to Industry Week
- The Financial Risk Lurking in Your Supply Chain - Jeff Burchill, senior vice president, finance, FM Global, talks to CFO Magazine
- Understanding Risk to Improve Resilience in the Global Supply Chain: A new white paper by Advisen, sponsored by FM Global, discusses how supply chain risk management is increasingly being acknowledged as a core contributor to corporate performance and profitability.
- 5 Minutes with Joy Cave, VP & Treasurer, FM Global - Global Finance speaks with Joy Cave, vice president and treasurer of international property insurer FM Global, about how the firm measures and manages relationships with its transaction banking partners and how that has changed in light of market and regulatory developments in recent years.
- The Most And Least Reliable Countries To Do Business In -Forbes magazine discusses the new FM Global Resilience Index, which ranks the supply chain resilience of countries around the world.
- Perfect Storm Looms for Insurance Pricing - Jeff Burchill, FM Global senior vice president and chief financial officer, analyzes insurance market conditions for the foreseeable future.
- A Buyer's Market - Insurance News Net article tackles the premium issue, namely, how premiums for most insurable company risks have reduced, although organizations need to ensure that they have sufficient coverage and limits to deal with an increasing range of issues-including changes in regulations and legislation.
- Physical Risks to the Supply Chain: A report prepared by the CFO Research Services in conjunction with FM Global
- Board Engagement Research Report - StrategicRISK study, sponsored by FM Global
- Prepare for the Expected - FM Global whitepaper investigates how to achieve business resiliency in the face of natural disaster
Mitsubishi UFJ Securities (USA), Inc.
- MUS(USA) Corporate Access Conferences - offering investors a comprehensive communications bridge to International corporations. Click here to find out more.
- Company Profile
Morningstar Credit Ratings, LLC
- Corporate Credit Rating Methodology — Morningstar's Credit Ratings, LLC's methodology builds upon the knowledge that Morningstar has accumulated for more than a decade on companies, industries, and financial markets. Morningstar's credit rating methodology is based on company research including our expectations of future cash flows.
- Bank Credit Rating Methodology — Morningstar Credit Ratings, LLC's bank credit rating methodology is based on the same key components, or pillars, as our methodology for nonfinancial corporations: Business Risk, Bank Solvency Score, Distance to Default, and a Stress Test Score, which is analogous to the Morningstar® Cash Flow Cushion™ for nonfinancial corporations.
- U.S. REIT Credit Rating Methodology — Morningstar Credit Ratings, LLC's real estate investment trust (REIT) credit rating methodology is a sector-specific application of the Corporate Credit Rating Methodology. The REIT methodology is based on the same key components, or pillars, as the methodology for nonfinancial corporations: Business Risk, Morningstar® Cash Flow Cushion™, Morningstar Solvency Score™, and Distance to Default.
- Methodology for Rating Parents, Subsidiaries, and Issues — Ratings of individual debt instruments may be adjusted up or down from the Consolidated Corporate Rating to take into account the individual security's priority of payment. Priority of payment for an individual debt instrument is determined by its issuer's place in the corporate structure, its seniority with respect to other debt, and the collateral securing it (if any).
Standard & Poors
Standard & Poor's has published the 2015 editions of our annual Top 10 Investor Questions for Global Corporates articles. Our analysts compile and provide responses to the 10 frequently-asked questions we hear from investors around the world. The questions we answer in this year's reports range from general inquiries about the pace of M&A activity to region- and sector-specific forecasts, including the consequences of increased shale gas production in China, rising acceptance of public-private partnerships in the U.S., and the effect of potential deflation for the European consumer sector.
All of the Standard & Poor's Top 10 reports, along with the related CreditMatters TV segments for each sector, can be found at www.SPRatings.com/CorpTop10.
Request For Comment: Reflecting Subordination Risk In The Issue Ratings Of Corporate Issuers
SP Global Ratings — ESG Assessment Proposal
SP Global Ratings — Green Bond Assessment Proposal
2016 Global Corporate Debt Demand
Which U.S. Corporate Sectors Will Feel The Chill From China's Cooling Growth?
Shareholder-Friendly Actions And Looming Rate Hikes Are Amplifying U.S. Corporate Credit Risks
Free SPRatings page for Global Fixed Income Research
Corporate Ratings Methodology Brochure
The Credit Cloud: Large U.S. Takeovers Are A Bad Omen For Credit Quality
Hot Topics Page: Management & Goverance Credit Factors - Non-Financial Corporates
Standard & Poor's 2012 Global Aging report
Global Corporate Default Study
Visit www.understandingratings.com, the new free public website that S&P recently launched, to provide more ratings transparency and education to the market. The site contains videos, podcasts, articles and educational materials related to credit ratings.
- The Credit Overhang: U.S. Nonfinancial Corporate Credit Stability In 2013 Will Be Dependent On Fiscal Policy And Capital Market Liquidity
Dhru/Wood/Tesher - Jan 23, 2013 - Capital Markets Update: Is 2013 The Year Interest Rates Start Rising On U.S. And European Bonds?
Peter Rigby - Jan 18, 2013 - Policy Decisions Are Key To The 2013 Global Credit Outlook
Sheard/Coughlin - Dec 18, 2012 - Default, Transition, and Recovery: The U.S. Corporate Default Rate Is Forecasted To Rise To 3.4% In 2013
Diane Vazza � Jan 31, 2013 - The Investment Overhang: Echoes Of The Global And Asian Financial Crises
Terry E Chan - Jan 30, 2013 - Domestic And Global Risks Continue To Cast A Shadow Over North American Credit Conditions
John Bilardello - Dec 10, 2012
Hotlinks
The Web puts a wealth of finance and treasury information right at your finger tips; you just need to know where to look. Below are some suggestions to get you started. If you discover any other sites your fellow treasurers might find useful, e-mail us with the URLs, and we will incorporate them in the future.
Contact the NACT
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