Wednesday, July 8, 2009

Treasury/Fed/FDIC Joint Announcement of PPIP

Today, the U.S. Treasury Department, the Federal Reserve and FDIC jointly announced the Legacy Securities Public-Private Investment Program ("PPIP").

Joint Statement by Secretary of the Treasury Timothy F. Geithner, Chairman of the Board of Governors of the Federal Reserve System Ben S. Bernanke, and Chairman of the Federal Deposit Insurance Corporation Sheila Bair

The Treasury Department has pre-qualified 9 firms to be the fund managers:

  1. AllianceBernstein, LP and its sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC;
  2. Angelo, Gordon & Co., L.P. and GE Capital Real Estate;
  3. BlackRock, Inc.;
  4. Invesco Ltd.;
  5. Marathon Asset Management, L.P.;
  6. Oaktree Capital Management, L.P.;
  7. RLJ Western Asset Management, LP.;
  8. The TCW Group, Inc.; and
  9. Wellington Management Company, LLP.

These firms in turn have formed partnerships with 10 leading small-, veteran-,
minority-, and women-owned financial services businesses:

  1. Advent Capital Management, LLC;
  2. Altura Capital Group LLC;
  3. Arctic Slope Regional Corporation;
  4. Atlanta Life Financial Group, through its subsidiary Jackson Securities LLC;
  5. Blaylock Robert Van, L.L.C.;
  6. CastleOak Securities, LP;
  7. Muriel Siebert & Co., Inc.;
  8. Park Madison Partners LLC;
  9. The Williams Capital Group, L.P.; and
  10. Utendahl Capital Management.

at 6:58 PM  

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Terminology
SOMA System Open Market Account at the Federal Reserve New York Bank
Primary Dealer A bank or securities broker-dealer that may trade directly with the Federal Reserve System. Primary Dealers are required to bid at Treasury auctions. Current list of Primary Dealers is available at New york Fed.
Indirect Bidder Supposed to be the foreign investors, both foreign central banks and foreign private investors
Bid to Cover ratio The number of bids received divided by the number of bids accepted. The higher the ratio, the higher the demand.
Reopening The U.S. Treasury issues additional amounts of a previously issued security. The reopened security has the same maturity date and coupon interest rate as the original security, but with a different issue date and usually a different purchase price.
Cash Management Bill (CMB) A short-term security sold by the U.S. Department of the Treasury. The maturity on a CMB can range from a few days to six months. The money raised through these issues is used by the Treasury to meet any temporary shortfalls. CMBs tend to pay higher yields than bills with fixed maturities, but their shorter maturities lead to lower overall interest expense.
Supplementary Financing Program (SFP) A program initiated by the U.S. Treasury Department at the request of the Federal Reserve in September 17, 2008. The cash raised from the auction will be used in the various Federal Reserve initiatives to support the financial markets and manage its balance sheet.

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