Asset Class Lendable Percent on Assets Intrinsic Rebate Re-invest Avg. Daily SFERS Share of Net SFERS Assets Loan (using on Spread Rate in Rate Spreads Income Revenue w/ Securities (US$) a 12 month Loan (bps) bps (bps) Net (US$) Borrower Default Lending Income rolling (US$) (using a Rebate Indemnification (US$ millions) average) 12 and Fees (Percent) month (bps) rolling average) US Large Cap Eq US Mid & Small Cap Eq U.S. Corp High Yield Mortgages U.S. Govt TIPS Non-US Equities For example: $100 million loan outstanding for one year with a 0.20% net spread and a split of 80/20 is equal to $160,000 ($100,000,000 x 0.002 x 0.80). CALCULATION WORKSHEET #3 Securities Lending Revenue Estimate Worksheet - #3 (Assume SEC Rule 2a-7 Reinvestment Guideline) Class Lendable Percent on Assets Intrinsic Rebate Re-invest Avg. Daily Gross Share of Net SFERS Assets Loan (using on Spread Rate in Rate Spreads Income Revenue w/ Securities Lending (US$) a 12 month Loan (bps) bps (bps) Net (US$) Borrower Income (US$ rolling (US$) (using a Rebate Default millions)
Asset Class Lendable Assets (US$) Percent on Loan (using a 12 month rolling average) Assets on Loan (US$) Intrinsic Spread (bps) Rebate Rate in bps (using a 12 month rolling average) Re-invest Rate (bps) Avg. Daily Spreads Net Rebate and Fees (bps) Income (US$) SFERS Share of Revenue w/ Borrower Default Indemnification (Percent) Net SFERS Securities Lending Income (US$ millions) US Large Cap Eq US Mid & Small Cap Eq U.S. Corp High Yield Mortgages U.S. Govt TIPS Non-US Equities For example: $100 million loan outstanding for one year with a 0.20% net spread and a split of 80/20 is equal to $160,000 ($100,000,000 x 0.002 x 0.80). CALCULATION WORKSHEET #3 Securities Lending Revenue Estimate Worksheet - #3 (Assume SEC Rule 2a-7 Reinvestment Guideline) Class Lendable Assets (US$) Percent on Loan (using a 12 month rolling Assets on Loan (US$) Intrinsic Spread (bps) Rebate Rate in bps (using a Re-invest Rate (bps) Avg. Daily Spreads Net Rebate Gross Income (US$) Share of Revenue w/ Borrower Default Net SFERS Securities Lending Income (US$ millions)
SFERS-Global-Custody-and-Securities-Lending-RFP-UPDATED-August-21-20131.docx