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Has LIBOR Lost Its Stature in Derivatives Markets
Walid Busaba; Ken MarkCase IVEY-9B16N058-EFinance, StrategyIn April 2016, a large U.S. proprietary trading group in New York, with a significant fixed-income portfolio, was debating what discount rate to use to value the group’s interest-rate swap portfolio. The counterparties to these swaps were major banks, and the deals were collateralized. Criticisms about the use of the London interbank offered rate (LIBOR) as a benchmark for valuing these swaps were circulating, and there were reports that LIBOR wa...Starting at €8.20
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Symantec Corporation Convertible Notes With Call Spread
Walid Busaba; Zeigham Khokher; Guorong YangCase IVEY-9B10N018-EFinanceThe board of directors of Symantec Corporation asked a consultant for an independent opinion on an important financing decision. Symantec had been working with several investment banks on a plan to raise debt to repurchase common shares. The consultant found it to be an interesting financing plan; whereas repurchasing shares immediately would increase Symantec's financial leverage, converting the notes in the future would reduce leverage at a pot...Starting at €8.20
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Gulf Bank: Re-Building a Bank
Walid Busaba; Zeigham Khokher; Assem Safieddine; Ken MarkCase IVEY-9B11N008-EFinance, StrategyIn December 2009, about a year after it suffered a crisis when clients walked away from massive derivative losses, Gulf Bank’s new CEO is trying to change the governance and operation of Gulf Bank. This case focuses on a turnaround situation and provides students with insight into evolving corporate governance standards in Kuwait. After assessing the situation that the CEO faces, students have to decide what change he should pursue and how he sho...Starting at €8.20
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Poseidon Concepts Corporation: Boom To Bust
Walid Busaba; Nourhene Ben Youssef; Saqib A. KhanCase IVEY-9B18B001-EAccounting and ControlOn February 25, 2013, the chief investment officer at University of Regina Investing (URI) was reviewing the draft copy of the annual report for 2012 that was to be submitted to the client, the University of Regina. One investment that stood out was Poseidon Concepts Corporation, which the fund had bought at $14.02 per share in April 2012, had reached a high of CA$16.02 in September 2012, and had eventually lost all stock value. The chief investm...Starting at €8.20
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University of Regina Club: Financial Statement Analysis
Nourhene Ben Youssef; Walid Busaba; Saqib A. KhanCase IVEY-9B18B016-EAccounting and Control, EntrepreneurshipThe University Club at the University of Regina was in financial distress. The club had been losing money for several years and was being subsidized by the University of Regina. However, due to budget cuts by the Saskatchewan government, the university was no longer in a position to subsidize the operations of the club. The board of the club had to make some tough decisions at this time. Could the club exist without university subsidy? Should the...Starting at €8.20
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The Canada Pension Plan Investment Board: Governance
Zeigham Khokher; Walid Busaba; Ken MarkCase IVEY-9B10N009-EFinanceThe Canada Pension Plan Investment Board (CPPIB) has put in place a strong governance structure to ensure that excess contributions (by Canadians) can be invested with a singular mandate - to maximize the rate of return without undue risk of loss. In September 2009, a private member's bill seeks to regulate Canadian government agencies' dealings with Canadian mining companies operating in developing countries. A senior manager at the CPPIB has be...Starting at €8.20
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Input Capital: Customized Financing for Canola Producers
Walid Busaba; Saqib A. KhanCase IVEY-9B20N037-EEntrepreneurship, FinanceOn February 20, 2020, the executive vice-president and chief financial officer of Input Capital Corporation, the first agricultural commodity streaming company in Canada, was reviewing a capital stream contract that one of his associates had prepared for Sustainable Farms Inc. and submitted for his approval. One important consideration was the rate of return expected from the contract and the risks involved. The executive called a co-op student t...Starting at €8.20
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UR Investing: The H&R REIT Decision
Walid Busaba; Saqib A. KhanCase IVEY-9B16N064-EFinanceIn April 2014, a research analyst for UR Investing, an investment group from the University of Regina, in Saskatchewan, Canada, was contemplating the decision of investing in a real estate investment trust (REIT). The decision had strategic implications because it would affect the risk profile of the student-managed fund. The analyst was given the task of evaluating the H&R REIT in particular and estimating a target price for H&R’s units. He had ...Starting at €8.20
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London Mining Plc: The Offer from Blackrock World Mining Trust
Walid Busaba; Ken MarkCase IVEY-9B19N014-EFinance, StrategyOn March 29, 2012, the chief executive officer of London Mining, an iron ore mining firm based in the United Kingdom, was considering an innovative financing offer from BlackRock World Mining Trust, an investment firm owned by asset manager BlackRock. TheStarting at €8.20
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Transfer Pricing at Cameco Corporation
Walid Busaba; Nourhene Ben Youssef; Saqib A. KhanCase IVEY-9B14B011-EAccounting and Control, StrategyTransfer pricing used by multinational corporations to lower its tax burden, thereby increasing its consolidated income, can have far-reaching implications for the stakeholders, as a fund manager for Saskhedge fund found out the hard way. A stock investment the manager had made in Cameco Corporation has dropped its value by 20 per cent. In addition, Canada Revenue Agency has initiated a law suit against the firm for alleged tax avoidance in relat...Starting at €8.20