Risk Considerations Risk Considerations   

Proven Support and Market Leadership

As a leading underwriter of U.S. Agencies and an active underwriter of Supranationals, Incapital provides the technology and information necessary to make these securities marketable and accessible to both institutional buyers and our network of broker-dealers and financial advisors. Investors can benefit from a unique combination of high credit quality, liquidity, pricing transparency and cash flows that can be customized to closely match their objectives.

#4

Top 15

500+

In number of new issue Agency deals on Bloomberg’s 2018 LEAG tables

Overall Agency securities underwriter in 2018, according to Bloomberg’s LEAG tables

New issues annually

Agency Securities

The U.S. Agency market is comprised of notes and bonds issued by U.S. federal government agencies and by Government-Sponsored Enterprises (GSEs). Incapital’s Agency issuers include:

 

  • Federal National Mortgage Association (Fannie Mae)

  • Federal Home Loan Mortgage Corporation (Freddie Mac)

  • Federal Home Loan Bank System (FHLB)

  • Federal Farm Credit Bureau (FFCB)

  • Tennessee Valley Authority (TVA)

  • Federal Agricultural Mortgage Credit Association (Farmer Mac)

     

Agency securities are considered to be of high credit quality, but most are not guaranteed by the full faith and credit of the United States government. Yields on Agency notes and bonds are usually somewhat higher than U.S. Treasury obligations, but lower than investment-grade corporate securities of similar duration and structure. Agencies are sought after by investors seeking low credit risk along with yields higher than those of a U.S. Government instrument.

Supranational Securities

Supranationals are international development institutions that provide global financing and advisory services for economic development and poverty reduction. Supranational debt securities are socially responsible investments that address environmental, economic and social concerns. Supranational entities issue in numerous currencies and in global markets. While credit risk exists, supranational securities are considered to be of high credit quality. Incapital is proud to be an underwriter for:

 

  • The World Bank (IBRD)

  • International Finance Corporation (IFC)

 

We have been an underwriter for The World Bank since 2011, and in 2014, we distributed IFC’s first U.S. retail-targeted green bond.

Incapital’s Underwriting Methods

Retail Program Offerings

Incapital provides continuously offered notes on a weekly basis for retail investors. These offerings give considerable flexibility in their investment purchase decision. Incapital is a leading underwriter of continuously offered notes designed for individual investors. Click here to view current retail offerings.

Underwritten Offerings

Incapital is also in constant contact with Agency and Supranational issuers, and we negotiate transactions with the more frequent issuers every day, often multiple times per day. These offerings can be quite large. Our Agency trading desk can tailor and structure transactions to investors’ needs, and, market conditions permitting, can promptly underwrite large and small transactions that are distributed by our partner broker-dealers and purchased for the portfolios of our institutional investment clients. Click here to view current retail offerings.

Structures

With a wide range of choices of maturities and structures, Agency and Supranational investments can meet specific investor needs. Available structures may include:

 

  • Fixed rate

  • Floating rate

  • Bullets

  • Callables

  • Step-ups

 

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