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Lecture International finance: An analytical approach (3e): Chapter 15 - Imad A. Moosa

Chapter 15 - International long-term financing and investment. In this chapter, the learning objectives are: To describe international bank loan financing, to demonstrate how the currency denominating a bond issue is chosen, to describe the primary and secondary international equity markets, | Chapter 15 International Long-Term Financing and Investment Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Objectives To describe international bank loan financing To demonstrate how the currency denominating a bond issue is chosen To describe the primary and secondary international equity markets To outline other means of international long-term financing 15- (cont.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Objectives (cont.) To explain how choice is made between domestic and foreign securities as investment outlets To consider the effect of taxation on the choice between domestic and foreign portfolio investments To illustrate the effect of international portfolio diversification 15- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa International bank loans Foreign loans: raised by borrowers who are foreign to the country where the loans are raised Euroloans: loans denominated in a currency other than the currency of the country where the loans are raised 15- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Syndicated loans Syndicated loans (Euro or foreign) are so large that it becomes necessary to form a syndicate or a group of lending banks to finance the loans. The interest charged is a reference rate plus a spread 15- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa The spread The interest paid on syndicated loans is usually calculated by adding a spread to the London interbank offer rate (LIBOR) or another reference rate . | Chapter 15 International Long-Term Financing and Investment Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Objectives To describe international bank loan financing To demonstrate how the currency denominating a bond issue is chosen To describe the primary and secondary international equity markets To outline other means of international long-term financing 15- (cont.) Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa Objectives (cont.) To explain how choice is made between domestic and foreign securities as investment outlets To consider the effect of taxation on the choice between domestic and foreign portfolio investments To illustrate the effect of international portfolio diversification 15- Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t/a International .