Cash Management and Treasury Specialist Owner of Lion Cash Flow
An honest and innovative cash manager/treasurer with proven expertise in public and corporate financing, investor and bank relationships, financial analysis, cash management, foreign exchange, import and export. Solid background in development and implementation of strategies aimed at business efficiency and transparency. Comprehensive understanding of optimizing work flow processes to deliver improvements whilst collaborating with multiple departments within a company.
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How long should I fix an interest rate?
| 04-07-2016 | Lionel Pavey | A normal yield curve is usually upward sloping with diminishing increases in yield– the longer the tenor, the higher the interest rate. Generally it is assumed that longer maturities contain larger risks for lenders and they require adequate compensation with a risk premium in the form of a liquidity spread. […]
Constructing a yield curve for local authority loans
| 22-06-2016 | Lionel Pavey | So far in this series we have constructed yield curves based on Interest Rate Swaps. This route was chosen as Swaps provide the benchmark for pricing many loan products. Let us look at constructing a yield curve for local authority loans. Yet again, the choice has been made for […]
Lionel Pavey about the German Bund Yield. Is there a solution?
| 17-06-2016 | Lionel Pavey | This week’s headlines were all about the German Bund Yield hitting a historic low. On Wednesday we also published an article about this subject and asked our experts to respond. Expert Lionel Pavey reacts with a full article on the German Bund Yield and asks himself; is there a solution? […]
Talk of the day: German Bund Yield Below 0%
| 15-06-2016 | Udo Rademakers, Rob Söentken, Douwe Dijkstra & Lionel Pavey | For the first time ever the German bund yield hit negative territory. The ‘Deutsche Welle’ writes: “With the prospect of Britain leaving the European Union looming ever larger ahead of referendum in 9 days, global investors are increasingly fleeing to safe havens […]
Zero Coupon Yields and implied Forward Yields
| 13-06-2016 | Lionel Pavey | Having constructed our 20 year yield curve with both observable data and discovered data in my previous article,we are now in possession of 3 sets of data: Spot par rates Spot zero coupon rates Discounted Cash Flow factors (DCF) The most important of these, for calculation purposes, is […]
Yield Curves (term structure of interest rates) – filling in the blanks part II
| 03-06-2016 | Lionel Pavey | Most treasurers do not have access to a dedicated financial data vendor (Bloomberg, Reuters) but are regularly faced with having to discover prices related to yield curves. There are websites that can provide us with relevant data, but these are normally a snapshot and not comprehensive – the data […]