Got Money, Got Honey!

They are just nibbles which might lead to bigger things, but I think the admittance prices are quite attractive already. However, that I have some skin in the overall game now, I will be watching theses tickers a complete lot more carefully! I visit a lot of chionging into the big names like Keppel and Sembcorp. I also see all the REITs going green. I believe REITs these days are being over-touted to uncles and aunties as the replacement for second property investments. Anyway, it doesn’t really bother me. Most REITs look reasonable or over-valued if you ask me now, so I’m being very selective about them. Buy low, sell high! Buy high, sell higher can also, but do you really think you’re sufficient? I know I’m not, I am but a little grain of sand on this massive beach. I’m a cost taker, not a market mover, haha.

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This will drive all banks to be more clear. The 2012 study on Landesbanken lending said that between 2001 and 2005 they loaned money to riskier German companies than other banking institutions, and charged lower rates. A few of these loans are medium term facilities, still on the banking institutions’ books. Joerg Rocholl, the chief executive of the European School of Management and Technology (ESMT) in Berlin and one of the authors of the 2012 study on Landesbanken lending.

  • Name key facts related to the historical come back and threat of bond and equity markets
  • No weightage was given to availability of security for credit facility
  • BND Vanguard Total Bond Market
  • American GAAP
  • Tell me in regards to a time when you used your own creativity to solve a problem

Another part of concern is “if they’re zombie banks, if they make investments continually in bad companies,” Rocholl added, a problem heightened by their public-spirited possession. Curth Flatow, a Berlin-based managing partner of real estate advisory company FAP, said there were write-downs of between 15 and 50 percent in the German real property loans market this year, mainly by international lenders and banking institutions being wound down.

Not taking write-downs shields banks’ short term earnings, but dangers later storing up deficits for. While Germany has weathered the eurozone’s financial headwinds well, 2013’s first half results showed the five remaining Landesbanken had a combined 260 billion euros of international exposure by the end of last year. Despite a pullback from international lending, data from Thomson Reuters’ Deal Scan shows they have been lead arrangers for further than 30 international syndicated offers in the first half of 2013, spanning Israel, Bermuda and Korea.

A more fundamental Landesbanken concern is the viability of their business models. A previous ratings company analyst describes their old business design as “funding arbitrage” – borrow at cheap rates under the warranty of AAA Germany, lend at higher rates slightly, and pocket the difference. In post-guarantee world, that no longer works.