Description: Suspension of 30-year Treasury auctions will have minimal impact on bond market structure in the near term, but over the mid- to long-term, consequences could be profound. This article discusses that impact the suspension of the 30-year treasury will have.

Description: Presents results of 2003-2012 cohorts of insurance company private placement bonds. Finds private bonds show a 15bp annual advantage relative to public bonds, due to lower loss severity.

Description: The author, head of Alternatives Investment Specialists at Fortis Investments, recently presented a research paper on the potential benefits and possible pitfalls of investing in illiquid assets. This newsletter provides a brief summary of that paper. The full paper is available upon request.

Description: This article lists potential problems as a result of the elimination of Thirty-Year Treasury Auction Issue. Some problems mentioned are 1 discounting pension liabilities, 2 bond market 3 swap curve and 4 liquidity.

Description: Explains the method used to calculate Liquidity Cost Score and Price Impact Score. Describes the rationale for and applications of these methods.

Description: Municipal Reinvestment Contracts by Victor Modugno from Risks and Rewards Newsletter, September 2000, Issue No. 35.

Description: This article discusses equity risk premium, what it is, how it should be measured, if a constant risk premium provides the best model and what are reasonable expectations for the future.

Description: How to be prepared for a meeting with your investment manager and judging your investment portfolio's performance by comparing it to a relevant benchmark. Risks and Rewards Newsletter, August 1999, Issue No. 33.

Description: Feature article discussing the newly developed Build America Bonds BABs.

Description: In this article the author concludes that “terrorism may foster a sense of conservatism that we may now need in the marketplace. Now that policy may have to be changed. In the process, risk will become better understood, common sense can replace, to some extent, the irrational behavior or excessive risk taking of the past and we will all appreciate our financial situation much more, and won’t expose ourselves to unrealistic expectations as much Hopefully the actuarial profession can respond to the challenge, since we are the best qualified to quantify such risks in the marketplace.”