Welcome to Commodity Education and Training

We, at The Joker Brokers, have a combined experience of over 50 years in the grey market, off-ledger business. We thought that it is important to be educational, informative, and helpful to those that really would like to know about this business. If you are serious about this business it would be very important to be educational and informative.

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We have associates that are International Lawyers, corporate traders, brokers, export/import experts, intermediaries, even trained Bankers. All of these people find this list, the services, and products offered at The Joker Brokers to be very useful. If you want to learn more about international trading, commodities, import and export, and the whole realm of this business you will benefit from our membership. In fact, we are so sure that if you do not benefit from our membership then we will be more than happy to have you discuss with one of our associates (closers) what it really takes to make a close.


Sunday, January 23, 2011

Medium Term Notes Part II

More bond issues are truly medium-term notes because massive, underwritten offerings find the booming market efficient. Paying for the establishment efficiently and opportunistically today means understanding how to make the optimum use of the medium-term note market. Though some borrowers may borrow too small or be rated too low to exploit this expanding market, other constraints are disappearing swiftly. Treasury executives of investment-grade companies with healthy appetites for debt financing either use medium-term note programs cleverly or they pay too much. Once the illiquid personal playground of auto finance corporations, like GMAC, MTNs became the capital market of choice for many main line non-financial companies as well in the US and Europe. Why are issuers turning to MTNs? 

* Operational adaptability. For lower ranks public issuers, once shelf registration is authorized, you're licensed to sell. Just call your agents and post the paper you would like to sell or issue it opportunistically thru agents, without posting. You are out of and into the market, with little or big issues, whenever you need to be.

* Structural suppleness. No more fitting your debt into normal maturity boxes. The "medium-term" label is outmoded. Maturities now range all the way from 9 months to thirty years or maybe longer. Disney issued 100-year MTNs, (yes a 100 year medium term note a few years back). You can issue fixed or floating. Issues can be agented or underwritten, public or place notes secretly, without or with 144A standing. You can design structured notes of virtually any outline tying the coupon rate to a currency, equity index or commodity price and employing the same put or call provisions and covenants as bonds.

* Speed.  Gain advantage from the opportunities which appear and disappear by posting an offering as fast as you see a dip in IRs or an increase in requirement for paper you'd need to issue. An offering can be posted and sold between breakfast and lunch - often in an hour, and some of the deals happen within 30 minutes.

* Liquidity. Once thin, liquidity has risen seriously as the scale of the market has grown and as investment banks have gone up their market-making role, regularly underwriting issues and supporting a strong secondary market. 

For more information please visit Professional Commodity Training
Posted by Commodity Training with The Joker Brokers at 5:31 PM

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