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    Chris Haberlin

    Director and Investment Analyst at Agincourt Capital Management

    Chris Haberlin is a Director and Investment Analyst at Agincourt Capital Management, specializing in fixed income and credit research with a focus on companies exhibiting complex capital structures. With over 20 years of investment experience, he has been instrumental in analyzing and covering firms across a broad range of industries, providing insights on credit metrics including debt and equity ratios. Haberlin joined Agincourt Capital Management in 2013, following prior roles in investment research, and is recognized for his deep analytical expertise on company fundamentals. He holds the Chartered Financial Analyst (CFA) designation and is registered as an Investment Adviser, demonstrating rigorous professional credentials and adherence to industry standards.

    Chris Haberlin's questions to NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ (NRUC) leadership

    Chris Haberlin's questions to NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ (NRUC) leadership • Q3 2023

    Question

    Chris Haberlin of Agincourt Capital Management questioned the elevated 6.6x debt-to-equity ratio, asking about the medium-term strategy to return to the 6x target and feedback from rating agencies. He also requested a detailed update on the remaining Brazos and Brazos Sandy Creek loan exposures, including their classification and repayment outlook.

    Answer

    CEO Andrew Don explained that managing the debt-to-equity ratio is a high priority, noting that temporary line of credit growth was a key driver and that CFC is exploring options like sub-debt and faster equity accumulation. SVP & CFO Ling Wang added that adjusting for temporary loans would lower the ratio to 6.35x. Regarding Brazos, Wang clarified the exposure consists of $23 million in troubled debt restructuring and $4 million in nonperforming loans, with repayment expected from asset sales within 12 months.

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