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Published by:
Graduate School of Business, The University of Cape Town (2016)
Version:
4-Jun-2016
Revision date:
15-Nov-2016
Length:
36 pages
Data source:
Field research

Abstract

David Thomson is the director of fixed income and credit at Global Fund Managers. He gets a call the 12 June 2013 from Michael Foster, his CFO: 'David, this is ominous! I have just been informed in confidence that Cosira has been placed under business rescue as of right now. I want to know how much exposure we have to the First Tech bonds and what potential risks we face!' David had invested in these bonds. Had he exposed Global Fund Managers, the company he had worked at for 12 years, to a potential investment-grade corporate bond default, something which has never occurred in South Africa? What had David and his team missed that Global Fund Managers would have been concerned about regarding the possibility of First Tech defaulting on their Corporate Bond?

Topics

Corporate governance; Board and management duties; Corporate finance; Asset managment; Bonds and stocks; Responsible investing; Reponsible Investment; Corporate social responsibility

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