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Author: admin | Category: Loan Calculator Canada | Date: 08.06.2014

The bank’s asset-based lending and corporate real estate pipeline are strong, according to the bank.
The YoY total loan growth for the quarter was 2% for SunTrust Bank (STI), 5% for JPMorgan Chase (JPM), and 4% for Wells Fargo (WFC). Investors fled to the fixed income, or debt, market last year looking for a safe haven to invest in. The high yield bond market includes all bonds rated BB+ or lower, which comprises all below investment grade ratings.
High yield bonds pay a fixed coupon paid semi-annually while leveraged loans generally pay a quarterly floating rate, quoted as a spread to a benchmark (e.g. High yield bonds have maturities that generally range from 7-10 years, though shorter dated bonds are possible (usually for lower rated issuers).
High yield bonds are bullet obligations, which means they only pay the interest rate until maturity at which point they pay back the full amount of the debt. High yield bonds have “incurrence” based covenants that limit the amount of debt they can incur and generally specify maximum leverage ratios (e.g. High yield bonds are usually bought by institutional investors such as insurance companies, asset managers, mutual funds, hedge funds, etc. High yield bond ETFs include HYG, JNK, and PHB, as well as other shorter dated versions such as JNKS and HYS. E*TRADE’s (ETFC) major expenses include advertising and market development, compensation and benefits, FDIC (Federal Deposit Insurance Corporation) insurance premiums, clearing and servicing, and professional services. EFTC’s expenses rose by $16 million in 3Q15 compared to the previous quarter and $22 million compared to 3Q14. Since the company is maintaining healthy reserves, it’s adjusting its expected provision range for the current year to zero to $20 million per quarter.
A Bank of Canada report dated December 10, 2014, indicated a growing appetite for risky auto loans and sub-prime mortgage loans—high-rate loans to riskier borrowers—in Canada (EWC). However, it’s important to mention here that the share of sub-prime mortgage loans in Canada remains at roughly 5%. Mortgage insurance—or home-loan insurance—is an insurance policy that compensates lenders or investors for losses due to the default of a mortgage loan. In the aftermath of the housing bubble in the US (IVV) (SPY), several insurance companies—like American International Group (AIG), MBIA (MBI), and Ambac—faced extensive mortgage defaults.

Other consumer loans grew 8% YoY as the bank continued to offer new and enhanced consumer lending products. For the quarter, the YoY core loan growth was 2% for Citigroup (C) and 3.2% for Bank of America (BAC). The growth reflects the bank’s efforts to deepen its customer relationships, increase the number of households, and offer services through multiple channels. Total funding costs declined to 29 basis points in the quarter—compared to 33 basis points in the same quarter last year.
The definition of the leveraged loan market varies, but it is generally accepted as all corporate loans rated below investment grade and paying an interest rate of more than LIBOR+125bps. The security refers to the pledge on specific assets of the issuing company to back the amount of the debt represented by the bond. There are also long date bonds that go as long as 30 years and there are even perpetual bonds, which never mature and pay a coupon “forever,” or until they are bought back by the issuer3.
Leveraged loans have been defined as amortization that reduces outstanding value prior to maturity with the balance being paid at maturity. The leveraged loan investor base includes similar investors to the high yield market, and includes banks as well.
The company’s debt reduction over the past few quarters has led to a rise in its credit rating by eight notches. The overall structuring resulted in a 70% fall in total debt service costs for E*TRADE totaling $50 million.
For 2016, the company is forecasting provisions from its prior range of $20–$30 million per quarter.
In contrast, at the peak of the housing bubble, the share of sub-prime mortgage loans in the US was nearly 24% before the crash. The defaults increased their potential exposure to losses from credit default swaps, or CDS. It’s used as a hedge against the risk of default by a mortgage-backed security, or MBS, holder. According to the bank, small corporate and middle market clients drove maximum growth in the commercial loan segment. The above graphs show the deposit growth, costs, and funding costs over the last five quarters.

Treasuries) paid interest rates below 2% and investment grades corporate bonds could pay at best 3-4%, investors moved down the credit spectrum into the sub-investment grade territory.
The fixed nature of the coupons makes bonds susceptible to price decreases when interest rates increase since investors are left with a bond that pays a coupon below the market rate.
Leveraged loans on the other hand are always secured, which makes their recovery rate in case of default much higher than that of an unsecured bond. Leveraged loans have maturities that generally range from five to seven years; shorter maturities are possible and longer maturities are rare. All the characteristics mentioned above will limit the specific investors that can invest in the asset classes as a whole and, in specific, bonds and loans.
The CMHC (Canada Mortgage and Housing Corp.) is the government-owned housing agency in Canada.
Within sub-investment grade debt instruments, the two main alternatives are high yield bonds and leveraged loans. Term Loan A’s have higher amortizations, but these are generally bank loans which are usually illiquid and would not be part of an index tracked by a secured loan ETF. These limits are tested only when a relevant corporate action takes place, such as raising additional debt, paying a dividend, buying back shares or acquiring or merging with another company. However, since there wasn’t a central clearing house to honor CDS defaults back in 2008, AIG had to be bailed out by the federal government. Both asset classes differ in a several aspects, mainly ratings, interest rates, security, amortization, maturity covenants and investor base.
The longer the maturity of the bond, the higher the impact of the price since the investor will be “stuck” with the bond for a longer time (assuming it is held to maturity). The government also guarantees 90% of mortgage insurance offered by private-sector insurers. Since leveraged loans pay a floating rate that adjusts with changes in interest rates, their price is not affected2 as in the case of the bond.

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