Ch012InternationalBondMarketdocWord文档格式.docx
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Ch012InternationalBondMarketdocWord文档格式.docx
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CurrencyDistribution,Nationality,andTypeofIssuer
InternationalBondMarketCreditRatings
InternationalFinanceinPractice:
HeinekenRefreshesEuromarketwithSpectacularUnratedBonds
EurobondMarketStructureandPractices
PrimaryMarket
SecondaryMarket
ClearingProcedures
InternationalBondMarketIndexes
Summary
MINICASE:
SaraLeeCorporation’sEurobonds
1Inanygivenyear,whatpercentofnewinternationalbondsarelikelytobeEurobondsratherthanforeignbonds
a)80%
b)45%
c)25%
d)15%
Answer:
a)
2A“foreignbond”issueis
a)onedenominatedinaparticularcurrencybutsoldtoinvestorsinnationalcapitalmarketsotherthanthecountrythatissuedthedenominatingcurrency
b)oneofferedbyaforeignborrowertoinvestorsinanationalmarketanddenominatedinthatnation’scurrency
c)forexample,aGermanMNCissuingdollar-denominatedbondstoU.S.investors
d)b)andc)
d)
3
A“Eurobond”issueis
b)usuallyabearerbond
c)forexampleaDutchborrowerissuingdollar-denominatedbondstoinvestorsintheU.K.,Switzerland,andtheNetherlands
d)Alloftheabove
4Inanygivenyear,rightly80percentofnewinternationalbondsarelikelytobe
a)Eurobonds
b)Foreigncurrencybonds
c)Domesticbonds
d)Noneoftheabove
5“Yankee”bondsare
a)dollar-denominatedforeignbondsoriginallysoldtoU.S.investors
b)yen-denominatedforeignbondsoriginallysoldinJapan
c)poundsterling-denominatedforeignbondsoriginallysoldintheU.K.
d)noneoftheabove.
6“Samurai”bondsare
b)
7“Bulldog”bondsare
c)
8A“bearerbond”isonethat
a)showstheowner’snameonthebond
b)theowner’snameisrecordedbytheissuer
c)possessionisevidenceofownership
d)a)andb)
9A“registeredbond”isonethat
c)theowner’snameisassignedtoabondserialnumberrecordedbytheissuer
d)botha)andb),orc)
10U.S.securityregulationsrequireYankeebondsandU.S.corporatebondssoldtoU.S.citizenstobe
a)Municipalbonds
b)registeredbonds
c)bearerbonds
d)noneoftheabove
11PubliclytradedYankeebondsmust
a)MeetthesameregulationsasU.S.domesticbonds
b)MeetthesameregulationsasEurobondsifsoldtoEuropeans
c)MeetthesameregulationsasSamuraibondsifsoldtoJapanese
12TheEurobondsegmentoftheinternationalbondmarket:
a)Isroughlyfourtimesthesizeoftheforeignbondsegment.
b)Hasconsiderablylessregulatoryhurdlesthantheforeignbondsegment.
c)TypicallyhasalowerrateofinterestthatborrowerspayincomparisontoYankeebondfinancing.
13U.S.corporations
a)Areallowedtoissuebearerbondstonon-U.S.citizens
b)Arenotallowedtoissuebearerbonds
c)AreallowedtoissuetreasurybondsbutnotT-bills
14Shelfregistration
a)Allowsasetofbookshelvestoremainlevel.
b)Allowsanissuertopreregisterasecuritiesissue,andthen“shelve”thesecuritiesforlatersale.
c)Allowsaninvestmentbanktoincreasethefeestheychargebychargingforstorageofthe“shelved”securities
d)Eliminatestheinformationdisclosurethatmanyforeignfirmsfoundobjectionableintheforeignbondmarket.
15Rule144A
a)AllowsqualifiedinstitutioninvestorsintheUnitedStatestotradeprivateplacements.
b)WasdesignedtomaketheU.S.capitalmarketmorecompetitivewiththeEurobondmarket.
c)Primarily,butnotexclusively,impactsYankeebonds.
d)Alloftheabove.
16A“globalbond”issue
a)isaverylargeinternationalbondofferingbyseveralborrowerspooledtogether
b)isaverylargeinternationalbondofferingbyasingleborrowerthatissimultaneouslysoldinseveralnationalbondmarkets
c)hashigheryieldsforthepurchasers
d)hasalowerliquidity
17AglobalbondissuedenominatedinU.S.dollarsandissuedbyU.S.corporations
a)TradeasEurobondsoverseas
b)TradeasdomesticbondsintheU.S.domesticmarket
c)Botha)andb)
18Globalbondissues
a)CansaveU.S.issuers15basispointsrelativetodomesticbonds,allelseequal
b)TendtohaveincreasedliquidityrelativetoEurobondsordomesticbonds
c)Havebeenpartiallyfacilitatedbyrule144A
19Intermsofthetypesofinstrumentsoffered,
a)TheYankeebondmarkethasbeenmoreinnovativethantheinternationalbondmarket
b)TheinternationalbondmarkethasbeenmuchmoreinnovativethantheU.S.market.
c)ThemostinnovationshavecomefromMilan,justlikeanyotherfashion
20Findthepresentvalueofa10-yearTreasurybondthatpaysasemi-annualcoupon,hasacouponrateof6%,ayieldtomaturityof5%,aparvalueof$1,000whentheyieldtomaturityis5%.
a)$1,018.81
b)$1,231.15
c)$699.07
Rationale:
ifyourstudentshavefinancialcalculatorsandhavehadapreviousfinanceclass,thisiseasy:
withthecalculatorsettotwopaymentsperyear,N=4;
I/Y=5%;
PMT=$30;
FV=$1,000;
calculatePV=$1,018.81
Ifnot,then:
.Thebookdoesnotexplicitlycoverbondpricing;
howevermanyprofessorsreviewbondpricinginthischapter.Useyourjudgment.
21Thevastmajorityofnewinternationalbondofferings
a)Arestraightfixed-ratenotes
b)Arecallableandconvertible
c)Areconvertibleadjustablerate
d)Areadjustablerate,withinterestratecapsandcollars.
22Thevastmajorityofnewinternationalbondofferings
a)Makeannualcouponpayments
b)Havefixedcouponpayments
c)Haveafixedmaturity
23Euro-mediumtermnotes
a)Aretypicallyfixed-ratecorporatenotesissuedwithmaturitiesrangingfromlessthanayeartoabouttenyears.
b)Aretypicallyfixed-ratecorporatenotesissuedwithmaturitiesrangingfromthreeyearstoabouttenyears.
c)Aresoldjustlikebondsintheprimarymarket
24Findtheyieldtomaturityforthisfloatingratenote:
Theresetdateistoday;
couponsarepaidannuallyaccordingtotheformula(LIBOR+¼
percent);
sinceissuance,therehasnotbeenachangeintheissuer’screditrating.ThebondhastenyearstomaturityandLIBOR=3.5percent.
a)3.5%
b)4%
c)3.75%
d)Thereisnotenoughinformationprovidedtomakeadetermination.
25Floating-ratenotes(FRN)
a)experienceveryvolatilepricechangesbetweenresetdates
b)aretypicallymedium-termbondswithcouponpaymentsindexedtosomereferencerate(e.g.LIBOR)
c)appealtoinvestorswithstrongneedtopreservetheprincipalvalueoftheinvestmentshouldtheyneedtoliquidatepriortothematurityofthebonds
d)
26Onaresetdate,floating-ratenotes
a)experienceveryvolatilepricechanges
b)marketpricewillusuallygravitatetowardpar
c)marketpricewillusuallygravitatetowardpar,unlesstheborrowerscreditratinghasdeclined
27Floating-ratenotes
a)Areaformofadjustableratebond
b)Havecontractuallyspecifiedcouponpayments,thereforetheyarefixedratebonds
c)Alwaystradeatparvalue
d)a)andc)
a)
28
Afive-yearFloating-ratenote(FRN)hascouponsreferencedtosix-monthdollarLIBOR,andpayscouponinterestsemiannually.Assumethatthecurrentsix-monthLIBORis6percent.IftheriskpremiumaboveLIBORthattheissuermustpayis1/8percent,thenextperiod’scouponrateona$1,000facevalueFRNwillbe:
a)$29.375
b)$30.000
c)$30.625
d)$61.250
.5×
(LIBOR+riskpremiumpercent)×
$1,000
=.5×
(.06+.00125)×
$1,000=$30.625
29Aten-yearFloating-ratenote(FRN)hascouponsreferencedtosix-monthpoundLIBOR,andpayscouponinterestquarterly.Assumethatthecurrentsix-monthLIBORis3percent.IftheriskpremiumaboveLIBORthattheissuermustpayis1/8percent,thenextperiod’scouponrateona£
1,000facevalueFRNwillbe:
a)£
31.25
b)£
15.625
c)£
30.625
d)£
7.8125
¼
×
parvalue
=.25×
(.03+.00125)×
£
1,000=£
30Thefloorvalueofaconvertible
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