Reading on Life Settlements

Mercer put together a great report on Life Settlements, dated April this year, and I had the opportunity to obtain the original report that goes for 90 pages of Power Point slides. Very detailed, to the point and unbiased, it makes an excellent background reading. The report is not publicly available, but an 8 page summary can be found here.

Life Markets: Trading Mortality and Longevity Risk with Life Settlements and Linked Securities

Another source of information I have recently acquired is the Life Markets: Trading Mortality and Longevity Risk with Life Settlements and Linked Securities. This is a collection of articles by market practitioners, and therefore has some natural bias in it, but it is well-structured and contains wealth of information.

So much to read, so little time...

■

Comments

Investment Banking Series: Pitch Books

Investment Banking Series Post 3 Pitch Books 1. What is it anyway? A pitch book is the paramount of days and nights of a banker's hard work. It is a marketing tool that tries to set apart basically very similar banks and to support the claim that THIS bank, and NO ANY OTHER should be selected to arrange the deal. They say pitch books used to be actual books, but in the present world they are Power Point presentations printed out and bound in a plastic cover. The main purpose of the pitch book is to deliver two messages to the prospective client: (1) "we understand your business very well", and (2) "when it comes to arranging your deal, we are the best fit". Both claims are usually weak at best, but they are made elaborately and extensively, and the resulting multi page document often looks impressive. 2. Typical structure A pitch book will have varying structure depending on what product is being proposed, but there is a lot of similarities. Below is o...

Invesment Banking Series: Roadshows

Investment Banking Series Post 7 Roadshows 1. What is it anyway? Roadshow is basically marketing of the firm issuing securities to the potential investors. CFO, CEO and a few more people from senior managers hit the road and make presentations to all kind of investors in both group and one-to-one meetings. The presentation's contents are typically heavily curated by investment bankers to make sure that the equity story is as smooth and persuasive as possible, and they show and tell only the positive sides of their business. There would be an explanation of the existing business, and the expansion plans that will be financed by the proceeds from fund-raising. It is actually also a good opportunity for junior bankers to meet the company that they spend many days and nights to make look good in the pitch book. And the savvy ones would make good use of it to connect with the CEOs and CFOs that in the future may benefit from their investment banking services. 2. Inv...

Investment Banking Series: Valuation Part 1

Investment Banking Series Post 4 Valuation, Part 1 1. What is it anyway? Valuation is the process of calculating and otherwise assessing the Enterprise Value (in case of equity) or any other appropriate metric to be used as a base for setting the fair price range for the offering. Along with the distribution network, the ability to produce the appropriate valuation is supposed to be the core expertise of an investment bank. There are books out there that would give you much detail on the valuation techniques. The one I would personally recommend is Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions . It's a step-by-step easy to follow practical description. I do not intend to go anywhere that far, and will just introduce the important concepts here. 2. The great myth and the not-so-impressive reality Valuation is often rumored to be a highly numerical and sophisticated procedure, both science and art, requiring in-depth understanding of financia...

iBanker.jp

Search This Blog