On April 30, 2024, Samuel Kaplan, a fixed-income portfolio manager at Boston-based registered investment adviser Jennison Associates LLC (Jennison), took note of a “butterfly dislocation” on the United States Department of the Treasury bond yield curve. Since the reintroduction of the 20-year US Treasury bond in 2020, unusual supply demand dynamics and bouts of interest rate volatility had pushed 20-year yields above both 10-year and 30-year yields, .....more

Teaching note for product W48105.

Student Spreadsheet to accompany product W48105.

Instructor Spreadsheet to accompany product W48106.

Student Spreadsheet to accompany product W47947.

Teaching note for product W47947.

Instructor Spreadsheet to accompany product W47948.

In late 2023, Birkenstock Holding Plc (Birkenstock), the 250-year-old German shoemaker, stood at a crossroads as its Connecticut-based private equity (PE) owner L Catterton prepared the company for its initial public offering (IPO). Under the PE firm’s stewardship, Birkenstock had rapidly expanded its direct-to-consumer (DTC) sales channels, fueling growth and enhancing profitability, while rebranding itself for a new generation of global consumers. .....more

Cartel Coffee Lab Inc. had grown from a single location in Tempe, Arizona, into a thriving brand with 13 locations. The company was at an “inflection point” and needed capital, but its historical organic growth strategy had reached its limits. The chief executive officer wanted to raise capital, but without sacrificing the firm's independence. Inspired by a crowdfunding campaign from Mother Road Brewery in Flagstaff, Arizona, Cartel became intrigued .....more

Teaching note for product W48030.