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Credit Rating - An essential tool for SwedishReal Estate Companies on a growing CapitalMarket for Real Estate Bonds? / Kreditrating – Ett nödvändigt verktyg försvenska fastighetsbolag på en växandekapitalmarknad för fastighetsobligationer?Hägglund, Oscar, Ållemark, Hampus January 2014 (has links)
The capital market, with financial instruments such as corporate bonds, has over the last years emerged as an alternative financing source for Swedish real estate companies. A seemingly unexplored market which given the real estate companies the possibility to diversify their loan stock and limit their exposure towards the bank. In Sweden, unlike more market-oriented countries such as the US, commercial banks have historically almost exclusively supplied debt capital to Swedish corporations. Assessing credit risk is crucial in debt investments, and therefore, this thesis focuses on the Swedish capital market the current and potential future role of credit ratings in the emerging market for corporate bonds issued by real estate companies. We examine why only a limited number of real estate companies are credit rated today and the importance of credit rating for the capital market. The study is based on interviews with Swedish real estate companies, institutional investors and banks- all that in one-way ore an other is affected by credit rating. The Swedish financial system is undergoing a growth process where the real estate companies to a greater extent in using bonds and certificates to finance their investments. A financing method more widely used by government entities in the past. The transition from bank financing to funding investments through institutional investors and private equity appears to be permanent. The market aftermath is an increased demand for credit risk evaluations. Information retained from the banks’ Shadow ratings or the rating institutions. We can conclude that extended credit risk information is inescapable with a transition to a more market oriented financial system- the remaining question is- who should preform the valuation of the credit risk. If the banks continue making the credit risk reports of real estate companies international investors might refrain from establishing a position as an investor in the Swedish market. In the contrary the banks shaded ratings is more favourable for Swedish real estate companies with more qualitative and marked adjusted reports. The market will require independent credit information in the future but if it will be the banks or the rating institutions that provide this information is still uncertain. / Kapitalmarknaden med finansiella instrument som företagsobligationer och –certifikat har de senaste åren vuxit fram som en alternativ lånemarknad för svenska fastighetsbolag. Från att ha varit en förhållandevis outforskad marknad har de senaste årens utveckling gett fastighetsbolagen en bättre möjlighet att diversifiera sin lånestock och begränsa sin exponering mot bankerna. Till skillnad från mer kapitalmarknadsorienterade länder, som exempelvis USA, har företags behov av lånefinansiering i Sverige historiskt sett nästan uteslutande försetts av bankerna. Denna uppsats fokuserar på den svenska kapitalmarknadens fortsatta utveckling och officiell kreditratings betydelse på en växande kapitalmarknad. Vi utreder varför så få fastighetsbolag idag valt att införskaffa ett officiellt kreditbetyg och vilken betydelse kreditbetyget har för kapitalmarknaden. Undersökningen bygger på intervjuer med svenska fastighetsbolag, investerare och banker som alla, på ett eller annat sätt, berörs av kreditvärderingar. Det svenska finansiella systemet genomgår nu en utveckling där fastighetsbolagen använder obligationer och certifikat för att finansiera sina investeringar. Ett finansieringssätt som tidigare mestadels använts av statliga och kommunala fastighetsbolag. Övergången från bankfinansiering till att söka kapital bland privata och institutionella investerare förefaller vara bestående. Marknaden kan till följd av detta få behov av ytterligare information om kreditrisken i företagen. Information som erhålls från bankernas skuggratingar eller från kreditvärderingsinstituten. Vi kan konstatera att utökad kreditinformation är ofrånkomlig vid en övergång mot ett mer marknadsorienterat finansiellt system, frågan som kvarstår är vem som ska utföra kreditvärderingen. Fortsätter bankerna utföra kreditvärderingen av fastighetsbolag kan det resultera i en avhållsamhet från internationella investerare att etablera sig i Sverige och motsatt för fastighetsbolagen är det mer gynnsamt att bankerna, med sina mer kvalitativa och för svenska marknaden anpassade värderingar blir den framtida normen .
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[en] REAL ESTATE INVESTMENTS BY INSTITUTIONAL INVESTORS: FACTORS THAT MODEL PENSION FUNDS REAL ESTATE MANAGEMENT / [pt] INVESTIMENTOS DE BASE IMOBILIÁRIA POR INVESTIDORES INSTITUCIONAIS: OS FATORES QUE MODELAM A GESTÃO IMOBILIÁRIA DOS FUNDOS DE PENSÃOFRANCISCO EDUARDO MOREIRA DE AZEREDO 05 January 2005 (has links)
[pt] O modelo de monitoração, registro e valoração de
investimentos, adotado por investidores institucionais em
países desenvolvidos e em especial o americano, juntamente
com todos os seus agregados financeiros - índices de bolsas,
indicadores de performance, precificação de ativos,
ratings, standards, etc...- é sem dúvida um forte elemento
direcionador e influenciador dos modelos adotados no Brasil
para administração de carteiras de investimento. Surgiu no
próprio mercado americano, após o término da recessão do
inicio dos anos 90, uma profunda remodelagem dos
instrumentos, veículos, indicadores de performance e
standards dos investimentos de base imobiliária, que até
então seguiam seus próprios e diversificados padrões,
desvinculados dos modelos propalados e adotados pelo
mercado financeiro. O conhecimento dos modelos de gestão
adotados por investidores institucionais brasileiros, em
especial os fundos de pensão é básico para se desenhe uma
nova estratégia futura de alocação e respectiva gestão de
recursos em carteiras de base imobiliária de investidores
institucionais. O foco do presente trabalho é dar início a
este processo de conhecimento pela identificação e
interpretação dos principais fatores que modelam a gestão
imobiliária dos fundos de pensão brasileiros, propondo a
partir daí algumas reflexões iniciais sobre estes fatores e
por conseguinte sobre estes modelos, visando padronizações,
aperfeiçoamentos e um maior alinhamento com práticas já
consagradas em mercados mais desenvolvidos e eficientes. / [en] It is common knowledge that the models of monitoring,
registering and valuating investments, accepted by
institutional investors in many developed countries,
especially the US - together with financial ratios adopted
in the stock market, in assets price evaluation and
performance, in risk ratings, in account standards - have
great influence in the models implemented by investment
portfolio managers in Brazil. After the recession in the
beginning of 1990 s, took place in the US Real Estate
market a major restructure of Real Estate instruments,
vehicles, performance indices, and standards. The Real
Estate community agreed that their market could no longer
have dissimilar and diverse methods for measuring and
evaluating Real Estate assets if compared with those used
currently by the financial market. Knowing and
understanding the relationship between models adopted by
brazilian institutional investors and the positioning of
pension funds when allocating resources to real state, is
fundamental to trace any new future allocation and
management strategy for real state investments by
institutional investors. The main purpose of this paper is
to begin this process of knowledge by identifying and
interpreting the main factors that model the real estate
portfolio management adopted by Brazilian pension funds,
followed by some reflexion over those factors and
conseqüently over those models, mainly focused on
standardization and refinement of such current models, and
also on aligning current practices to those already
approved and implemented by more developed and efficient
markets.
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