tailieunhanh - Lecture Money and capital markets: Financial institutions and instruments in a global marketplace (8th edition): Chapter 12 - Peter S. Rose
Chapter 12 - Money market instruments: Commercial paper, federal agency securities, bankers’ acceptances, and eurocurrency deposits. After studying this chapter you will be able: To discover the important roles that large corporations, government agencies and banks play in the money market; to explore the nature and characteristics of commercial paper; to learn how federal agencies aid various economic sectors in finding low-cost credit;. | Money and Capital Markets 12 C h a p t e r Eighth Edition Financial Institutions and Instruments in a Global Marketplace Peter S. Rose McGraw Hill / Irwin Slides by Yee-Tien (Ted) Fu Money Market Instruments: Commercial Paper, Federal Agency Securities, Bankers’ Acceptances, and Eurocurrency Deposits Learning Objectives To discover the important roles that large corporations, government agencies and banks play in the money market. To explore the nature and characteristics of commercial paper. To learn how federal agencies aid various economic sectors in finding low-cost credit. Learning Objectives To see the trend toward the internationalization of the money market, and examine how bankers’ acceptances and Eurodeposits are employed in aiding both domestic and international trade. To understand how the transfers of money from one spending unit to another across international boundaries can impact a nation’s economy. Commercial Paper Commercial paper consists of short-term, . | Money and Capital Markets 12 C h a p t e r Eighth Edition Financial Institutions and Instruments in a Global Marketplace Peter S. Rose McGraw Hill / Irwin Slides by Yee-Tien (Ted) Fu Money Market Instruments: Commercial Paper, Federal Agency Securities, Bankers’ Acceptances, and Eurocurrency Deposits Learning Objectives To discover the important roles that large corporations, government agencies and banks play in the money market. To explore the nature and characteristics of commercial paper. To learn how federal agencies aid various economic sectors in finding low-cost credit. Learning Objectives To see the trend toward the internationalization of the money market, and examine how bankers’ acceptances and Eurodeposits are employed in aiding both domestic and international trade. To understand how the transfers of money from one spending unit to another across international boundaries can impact a nation’s economy. Commercial Paper Commercial paper consists of short-term, unsecured promissory notes issued by well-known and financially strong companies. Commercial paper is traded mainly in the primary market. Opportunities for resale in the secondary market are more limited. Commercial paper is rated prime, desirable, or satisfactory, depending on the credit standing of the issuing company. Types of Commercial Paper There are two major types of commercial paper. Direct paper is issued mainly by large finance companies and bank holding companies directly to the investor. Dealer paper, or industrial paper, is issued by security dealers on behalf of their corporate customers (mainly nonfinancial companies and smaller financial companies). Structure of the Commercial Paper Market Investors in commercial paper Money market funds Banks Insurance companies Pension funds Industrial companies Other investors Demand Side Supply Side Issuers of commercial paper Finance companies Bank holding companies Nonfinancial firms Direct or finance paper Paper dealer houses .
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