The Brazilian real estate securitization market: determinants of pricing

Analisamos os determinantes de precificação de Certificados de Recebíveis Imobiliários (CRIs) com relação ao ativo objeto e níveis de garantias, controlando por variáveis de tamanho, prazo e rating. Verifica-se um prêmio médio adicional em CRIs de 1,0 p.p. quando comparados com debêntures de prazos semelhantes e de mesmo rating. A justificativa desse prêmio é analisada em duas frentes: (a) apesar de CRI seguir relativa padronização, encontramos que o papel pode representar diferentes níveis de risco e ativos-objeto; e (b) essa falta de padronização leva a níveis de precificação diferenciados por suas características específicas de riscos. Os diferentes níveis de risco são percebidos pelas diversas garantias utilizadas sendo que 41% das emissões possuem garantias pessoais de originadores (aval ou fiança). Conclui-se que existe, em geral, uma diferença de retornos positiva (o spread médio na emissão dos CRIs indexados à inflação foi de 321 bps superior à curva de juros de mercado), sendo mais preponderante a depender do segmento (prêmio para os segmentos residencial e loteamentos) e mitigado pelo nível de garantias oferecido. É possível verificar um prêmio médio de 1,4 p.p. para os segmentos residencial e de loteamentos. Algumas características das emissões foram analisadas como controle (tamanho, prazo e, por fim, das notas e origem da agência avaliadora de rating). Os CRIs de maior volume e maior prazo apresentam spreads menores. Quanto ao rating, os CRIs apresentam efeitos diversos a depender do segmento. Para CRIs residenciais, o efeito é positivo (redução de spread) caso a emissão seja avaliada por alguma agência de rating, enquanto que para os CRIs comerciais, o efeito é negativo. O efeito pode ser positivo para os CRIs comerciais (redução de spread) em caso de avaliação por agência de rating internacional ou possuir notas de rating superiores à nota ‘A’.

1987 census of service industries.

"Issued April-November 1990."

1992 census of service industries.

"Issued February 1995."

Assets, liabilities and capital accounts, commercial and mutual savings banks.

Other slight variations in title.

Accounting for selected assets and liabilities.

Shipping list no.: 93-0454-P.

Evaluating the impact of securities regulation on venture capital markets /

"Planning Office, National Bureau of Standards."

Report of the comptroller on the operation of the state employees retirement system.

1924/25, 1929/30, 1934/35 include also a report of an investigation of the mortality, service and compensation experience of members.

Housing conditions and housing options for older residents : a question of need, a question of acceptable alternatives : final report /

The primary goal of this project is to learn more about the housing conditions of the rural elderly in Illinois. By using questions similar to those included in the American Housing Survey (AHS) used by the Bureau of the Census, comparisons can be made between Illinois residents and a national sample. The questions used in this Housing Conditions and Housing Options for Older Residents Survey (2002) (Appendix B) focus specifically on issues related to the availability and condition of plumbing, heating, electricity, and upkeep using guidelines extablished by the AHS. ... There are three objectives for this study (1) to determine the type and condition of housing occupied by older residents in three regions of Illinois, (2) to determine the types of housing elderly residents would choose from a list of options and what conditions would cause them to choose that type of housing, and (3) to examine whether regional variations exist in housing conditions and housing options among rural residents of Illinois.

Report on the 90% funding target of Public Act 88-0593.

The funded ratio places the unfunded liabilities in the context of the retirement system's assets. Expressed as a percentage of a system's liabilities, the funded ratio is calculated by dividing net assets by the accrued liabilities. The result is the percentage of the accrued liabilities that are covered by assets. At 100%, a fully funded system has sufficient assets to pay all benefits earned to date by all its members. Of course, in order to calculate the funded ratio, the accrued actuarial liabilities must be calculated and the actual value of plan assets must be determined.

State pension assets investment performance.

"October 1986."

1982 census of service industries.

"SC82-I-1-[SC82-I-5]."

Under the Bridge: Utilizing Covered Liminal Spaces for Sanctioned Homeless Encampments in the City of Seattle

Thesis (Master's)--University of Washington, 2016-06