Đang chuẩn bị liên kết để tải về tài liệu:
Lecture Financial institutions, instruments and markets (4/e): Chapter 11 - Christopher Viney

Chapter 11 - International debt. This chapter examine the use of international debt markets as a source of funding; focus on the role of euromarkets and US capital markets; distinguish between eurocurrency, euronote and eurobond markets; consider US debt markets and securities, explain the role of credit rating agencies. | Chapter 11 International Debt Learning Objectives Examine the use of international debt markets as a source of funding Focus on the role of euromarkets and US capital markets Distinguish between eurocurrency, euronote and eurobond markets Consider US debt markets and securities Explain the role of credit rating agencies Chapter Organisation 11.1 Introduction 11.2 The Euromarkets 11.3 Eurocurrency Market 11.4 Euronote Market 11.5 Eurobond Market 11.6 Markets in the USA 11.7 Credit Rating Agencies 11.8 Summary 11.1 Introduction Who uses international debt markets? Financial institutions are the largest borrowers Also used by governments and corporations Investors are attracted to international debt markets as they Provide a deep and liquid market Allow higher investment returns Are a form of portfolio diversification 11.1 Introduction (cont.) Deregulation of FX markets have contributed to the importance of international debt markets Chapter Organisation 11.1 Introduction 11.2 The . | Chapter 11 International Debt Learning Objectives Examine the use of international debt markets as a source of funding Focus on the role of euromarkets and US capital markets Distinguish between eurocurrency, euronote and eurobond markets Consider US debt markets and securities Explain the role of credit rating agencies Chapter Organisation 11.1 Introduction 11.2 The Euromarkets 11.3 Eurocurrency Market 11.4 Euronote Market 11.5 Eurobond Market 11.6 Markets in the USA 11.7 Credit Rating Agencies 11.8 Summary 11.1 Introduction Who uses international debt markets? Financial institutions are the largest borrowers Also used by governments and corporations Investors are attracted to international debt markets as they Provide a deep and liquid market Allow higher investment returns Are a form of portfolio diversification 11.1 Introduction (cont.) Deregulation of FX markets have contributed to the importance of international debt markets Chapter Organisation 11.1 Introduction 11.2 The Euromarkets 11.3 Eurocurrency Market 11.4 Euronote Market 11.5 Eurobond Market 11.6 Markets in the USA 11.7 Credit Rating Agencies 11.8 Summary 11.2 The Euromarkets Consist of large unregulated money and capital markets Major centres in London, the Middle East and Asia Euromarket transactions are mainly denominated in a currency other than the currency of the country that issued the debt USD is the dominant currency Chapter Organisation 11.1 Introduction 11.2 The Euromarkets 11.3 Eurocurrency Market 11.4 Euronote Market 11.5 Eurobond Market 11.6 Markets in the USA 11.7 Credit Rating Agencies 11.8 Summary 11.3 Eurocurrency Market The major forms of eurocurrency facility discussed are Short-term bank balances Stand-by arrangements Medium- to longer-term eurocurrency loans 11.3 Eurocurrency Market (cont.) Short-term bank advances Similar to ‘fully-drawn advances’ Term determined, and full amount drawn-down on approval Commitment fee may be charged if not drawn-down immediately after approval .