Ziegler Investment Banking
www.ziegler.com ZIEGLER INVESTMENT BANKING SENIOR LIVING FINANCE Z-NEWS Page 1 Week of January 29, 2018 FEATURED ARTICLE SNAPSHOT! SENIOR LIVING STATS AND MORE TOTAL NUMBER OF LIFE PLAN COMMUNITIES (fka CCRCS) LIFE PLAN COMMUNITIES – MONTHLY FEE INCREASES 2010 Year-end 1,924 2013 Average Annual Change in Monthly Fees: 2.94% 2011 Year-end 1,930 2014 Average Annual Change in Monthly Fees: 3.05% 2012 Year-end 1,935 2015 Average Annual Change in Monthly Fees: 3.16% 2013 Year-end 1,944 2016 Average Annual Change in Monthly Fees: 3.09% 2014 Year-end 1,946 2017 Average Annual Change in Monthly Fees 3.12% 2015 Year-end 1,954 SM 2016 Year-end 1,963 2017 Year-end 1,955 Source: Ziegler CFO Hotline (October 2017) CPI CHANGES Medical care cost of living increases: Source: Ziegler National CCRC Listing (12/31/17) LIFE PLAN COMMUNITY (LPC) AVERAGE FTES PER RESIDENT 2009 Increase: 3.3% 2012 Increase: 3.2% 2015 Increase: 2.6% 2010 Increase: 3.4% 2013 Increase: 2.5% 2016 Increase: 2.6% 2011 Increase: 3.5% 2014 Increase: 2.4% 2017 Increase: 2.3% In Assisted Living/Alzheimer’s Care: 0.44 CPI Increase: For 2017: 2.1% In Skilled Nursing: 1.00 Source: Bureau of Labor Statistics, www.bls.gov (1/12/18) Source: The State of Seniors Housing 2017 Table 11.3. ASHA, NIC, LEADINGAGE, ALFA, NCAL 2017 STAFFING Annual U.S. Unemployment Rates*: For 2009: 10.0% For 2012: 7.8% For 2015: 5.0% For 2010: 9.6% For 2013: 6.7% For 2016: 4.7% For 2011: 8.5% For 2014: 5.6% For 2017: 4.1% *Year-end totals as of 12/31 Source: Bureau of Labor Statistics, www.bls.gov (1/15/18) Continued. ZIEGLER 200 South Wacker Drive Suite 2000 Chicago, IL 60606 B.C. Ziegler and Company Member SIPC & FINRA CONTACT US 800 366 8899 askziegler@ziegler.com
Page 2 Week of January 29, 2018 SENIOR LIVING TAX-EXEMPT INTEREST R ATES 12.00 30-YR NR New Campus 11.00 10.00 30-YR NRInstitutional 9.00 8.00 30-YR NR-Retail 7.00 6.00 30-YR "BBB" 5.00 30-YR "A" 4.00 3.00 MMD 30-YR "AAA" 1.00 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2.00 Source: Ziegler Investment Banking, as of 1/26/18 NOT-FOR-PROFIT SENIOR LIVING VOLUME 1990-2017 Data compiled by CATHY OWEN ASSISTANT VICE PRESIDENT, SENIOR LIVING RESEARCH ZIEGLER Source: Thomson Financial Securities Data; and Ziegler Investment Banking as of 12/31/17 TOP LEAD MANAGING UNDERWRITERS SENIOR LIVING FINANCE ISSUES 2017 TOP LEAD MANAGING UNDERWRITERS SENIOR LIVING FINANCE FIXED-RATE ISSUES 2010-2017 # OF RANK UNDERWRITER ISSUES # OF MILLIONS RANK 1 Ziegler 40 2,549.8 1 Ziegler ISSUES MILLIONS 233 12,366.9 2 Herbert J. Sims & Co 16 1,017.7 2 3 Piper Jaffray & Co 12 449.7 3 Herbert J. Sims & Co 79 3,429.8 BB&T Capital Markets 56 4 BB&T Capital Markets 11 438.7 2,403.8 4 Cain Brothers 40 5 Cain Brothers 5 2,251.2 419.3 5 Piper Jaffray & Co 72 4 2,201.9 272.5 6 Dougherty & Company 58 752.6 7 ASSISTANT Citi VICE PRESIDENT, SENIOR LIVING 1 RESEARCH 220.7 7 Citi 8 ZIEGLERCross Point Capital 6 160.3 8 9 RBC Capital Markets 2 142.2 10 Dougherty & Company 9 134.0 6 CATHY Bank of America Merrill Lynch OWEN UNDERWRITER 9 677.0 RBC Capital Markets 12 666.0 9 Bank of America Merrill Lynch 54 602.4 10 Northland Securities 59 520.3 Based on full credit given to senior manager of lead-managed underwriting principal volume for senior living transactions completed nationally. Rankings and amounts through Thomson Financial Securities Data, as of 12/31/17. ZIEGLER 200 South Wacker Drive Suite 2000 Chicago, IL 60606 B.C. Ziegler and Company Member SIPC & FINRA CONTACT US 800 366 8899 askziegler@ziegler.com
Page 3 Week of January 29, 2018 NOT-FOR-PROFIT SENIOR LIVING R ATINGS AC TIONS JANUARY 23 - 26, 2018 ORGANIZATION Covenant Retirement Communities (IL) RATING AGENCY RATING/ OUTLOOK Fitch BBB Positive INTEREST R ATES FOR THE WEEK ENDING JANUARY 26, 2018 TYPE OF ACTION DATE Affirmed Rating 1/25/18 This ratings table represents review of the reports released by Fitch Ratings, Standard & Poor’s, and Moody’s Investors Service and has been compiled by Ziegler Investment Banking. CURRENT LAST WEEK 52-WK AVG 2.78% 2.71% 2.83% Senior Living 3.58% 30-Yr “A” 3.51% 3.79% Senior Living 3.88% 30-Yr “BBB” 3.81% 4.19% Senior Living 4.58% Unrated 4.51% 4.83% Senior Living 6.50% New Campus 6.50% 6.65% SIFMA Muni 1.16% Swap Index 1.31% 0.89% 30-Yr MMD Source: Ziegler Capital Markets B.C. Ziegler and Company Member SIPC & FINRA
Page 4 January 29, 2018 MARKET REVIEW B.C. Ziegler and Company Member SIPC & FINRA
Page 5 January 29, 2018 INTEREST RATE COMPARISON Market and other data within this report derived from Bloomberg and other sources deemed to be reliable. B.C. Ziegler and Company Member SIPC & FINRA
Source: Ziegler National CCRC Listing (12/31/17) LIFE PLAN COMMUNITIES - MONTHLY FEE INCREASES 2013 Average Annual Change in Monthly Fees: 2.94% 2014 Average Annual Change in Monthly Fees: 3.05% 2015 Average Annual Change in Monthly Fees: 3.16% 2016 Average Annual Change in Monthly Fees: 3.09% 2017 Average Annual Change in Monthly Fees 3.12%
ZIEGLER'S NATIONAL EXPERIENCE UNITED CHURCH OF CHRIST SENIOR LIVING FINANCINGS Since January 1991, Ziegler has provided more than . Sources: Ziegler National CCRC Listing & Profile, LeadingAge, NIC MAP Data and Analysis Service, 14 The National Center for Health Statistics, Centers for Medicare and Medicaid Services, Ziegler population .
Pitch book template for investment banks. Investment banking pitchbook pdf. Investment bank pitch book. Pitchbook example investment banking. Bankers like to complain about almost everything, but near the top of the complaint list is "investment banking pitch books."Some Analysts claim that you'll devote all your waking hours to creating these documents, while others say they're time .
Sources: Ziegler National CCRC Listing & Profile (Jan. ‘19), LeadingAge, NIC MAP Data and Analysis Service (Q4 2017), 14 The National Center for Health Statistics, Centers for Medicare and Medicaid Services (2015), Ziegler population estimates TODAY’S RETIREMENT OP
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2. R.K. Gupta, Banking - Law and Practice (2nd ed. 2008) 3. Mark Hapgood, Paget’s Law of Banking (13th ed., 2007) 4. M.L. Tannam, Banking Law and Practice in India (23rd ed., 2010) Topic 1: The Evolution of Banking Services and its History in India History of Banking in India, Bank Nationalization and social control over banking, Various
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