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Displaying 11-20 out of 61 results for "Principal Protected Notes".

El Costo de 15 Días para los Clientes de UBS en Puerto Rico fue por Encima de $1 Billón

(Dec 2014)

En las últimas entradas a nuestro blog hemos demostrado que UBS suscribió $1.7 billones en bonos inmercadeables de la Administración de los Sistemas de Retiro (ASR) y los compró para colocarlos en sus Fondos UBS PR. Usted puede encontrar nuestra entrada anterior aquí. UBS creo cupo para estos bonos de la ASR al vender otros bonos no suscritos por UBS. UBS compró los bonos que suscribió de la ASR en el 2008 porque nadie más los compraría.

Recientemente, habíamos ilustrado como el conflicto de...

En el 2007 y 2008, Los Fondos UBS PR También Compraron $1.35 Billones en Bonos de la COFINA Suscritos por UBS

(Nov 2014)

Ayer demostramos que en el 2008, UBS suscribió $1.7 billones de bonos inmercadeables de la ASR y los compró para sus Fondos UBS PR, disponible aquí. Hoy, mostraremos que del año 2007 al año 2008 conflictos similares llevaron a UBS a suscribir bonos inmercadeables de la Corporación del Fondo de Interés Apremiante (COFINA) para colocarlos en sus Fondos.

COFINA Serie 2007A

El banco de inversión UBS fue uno de los diecinueve co-suscritores de los $2.7 billones de bonos Serie A dirigidos a...

En el 2008, UBS Sucumbe Ante Conflictos y Compra $1.7 Billones en Bonos de la Administración de los Sistemas de Retiro para Colocarlos en sus Fondos de Bonos Municipales de Puerto Rico

(Nov 2014)

En la entrada de hoy mostraremos cómo en el 2008 UBS suscribió bonos inmercadeables de la Administración de los Sistemas de Retiro y luego los compró para colocarlos en Fondos UBS. El viernes mostraremos cómo conflictos similares llevaron a UBS a suscribir bonos inmercadeables de la COFINA para luego colocarlos nuevamente en Fondos UBS.

El sistema de retiro de empleados de Puerto Rico estaba grave y crónicamente sin recursos suficientes para mantener el pago de sus obligaciones. El Gráfico 1...

This is How We Determined Investors Lost $27.7 Billion Investing in Non-Traded REITs

(Apr 2014)

Earlier this week we posted the summary results of our investigation into the performance of 27 non-traded REITs which had had a liquidity event by December 31, 2013. We found that investors are $27.7 billion worse as a result of investing in these 27 REITs rather than investing in a diversified portfolio of traded REITs. The post titled "Retail Investors Have Lost at Least $27.7 billion as a Result of Non-Traded REITs" is available on our blog.

Figuring out this $27.7 billion shortfall...

UBS Intentionally Misled Willow Fund Investors About its Troubled CDS Portfolio

(Feb 2014)

In three blog posts we explained how the UBS Willow Fund's decision to make a large, highly-leveraged short bet on credit risk contrary to its repeated SEC disclosures caused investors to lose over $200 million between 2007 and 2012 . See Credit Default Swaps on Steroids: UBS's Willow Fund, Willow Fund's Hedging, Investing and Speculating in Distressed Debt With Credit Default Swaps and Further Reckoning of UBS Willow Fund's CDS Losses.

As we demonstrated in our earlier blog posts, the second...

Inversionistas del Fondo Rochester de Oppenheimer Sufren Grandes Pérdidas por la Alta Concentración de Bonos Municipales de Puerto Rico

(Feb 2014)

Los inversionistas de bonos municipales de Puerto Rico sufrieron grandes pérdidas durante el año 2013. El gráfico 1 muestra un índice que abarca un amplio número de bonos municipales en los Estados Unidos (el Índice de Bonos Municipales S&P). Este gráfico también muestra un índice regional que se enfoca en bonos municipales de Puerto Rico (el Índice de Bonos Municipales puertorriqueños S&P). Entre los años 2000 y 2012, ambos índices presentaron movimientos muy similares. Sin embargo, durante...

Structured Product Based Variable Annuites are Riskier Than Advertised

(Feb 2014)

My colleagues and I have a paper in the current (Winter 2014) Journal of Retirement about structured product based variable annuities (spVAs), which are variable annuities with index-linked accounts that have a payoff similar to structured products. We have been following the market for spVAs since they were first introduced in 2010, and distributed our first working paper in 2011. Since then, three issuers have sold more than $3 billion worth of spVAs, according to a recent article in...

Behringer Harvard / TIER REIT Illustrates How Non-Traded REIT Sponsors and Brokers Have Siphoned $10 Billion to $20 Billion (and Counting) From Investors

(Jan 2014)

Sponsors have issued, and brokers had sold, over $85 billion of non-traded real estate investment trusts (REITs) by the end of 2012. These investments are illiquid, high-commissioned, poorly diversified real estate investments. Despite their glaring defects another $20 billion of non-traded REITs were sold to investors in 2013.

Sponsors and brokers have siphoned off at least $20 billion from investors through their sales of non-traded REITs up through 2012. We illustrate the calculation of...

Did UBS Charge its Proprietary Puerto Rico Bond Funds Excessive Markups? Part II

(Jan 2014)

We have previously posted several blog posts about UBS Puerto Rico's collapsing closed-end municipal bond funds including: Trouble in Paradise: UBS Puerto Rico Bond Fund Investors Hit Hard, Diversification and UBS Puerto Rico Bond Fund Losses, Did UBS Charge its Proprietary Puerto Rico Bond Funds Excessive Markups? and Merry Christmas from UBS Asset Managers of Puerto Rico.

UBS has argued that since we couldn't identify which trades in the EMMA data were the UBS bond fund trades and UBS...

How Does VolDex Stack Up to the VIX?

(Nov 2013)

We've talked a lot about the idea of using volatility to hedge equity exposure. The basic finding, from our research work and that of others, is that the CBOE Volatility Index (VIX) hedges the S&P 500 fairly well. Unfortunately, the VIX is not investable, but is a complicated calculation based on a large strip of options contracts -- i.e., contracts of varying moneyness. Proxies for the VIX, such as rolling VIX futures strategies, are much worse hedges and have a number of problems that make...

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