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Buyers Be Where?

In the long run it’s an outstanding idea, Anthony Carfang, of Treasury Strategies, a consultancy, says of the potential for secondary markets. “”But in the short run I don’t think large swaths of corporate America are going to want to revalue the entire $300 billion auction-rate securities market based on a secondary market.”” Carfang says… Read more »


U.S. Corporate Liquidity Down 1st time in 10 Years

This is a sea change. Beneath the surface, there are much deeper changes in the marketplace, said David Robertson, a partner with Treasury Strategies. “”We uncovered a massive rebalancing of corporate treasury portfolios. In all, over $1 trillion has been re-allocated by corporate treasurers.”” Anthony Carfang, another Treasury Strategies partner, said that as a result… Read more »


The Corporate Treasury — From Cost Center to Profit Center

Investment banks that issue or sell ARS products, not surprisingly, take issue with Carfang’s blanket dismissal of these securities. “On balance, as long as companies account for this properly, they usually do come out ahead,”” says Peter Jankovskis, chief investment officer of Oakbrook Investments LLC. “Even if they look foolish in the short-run, by writing… Read more »