- 1、本文档共30页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
InternationalFinancial
InstitutionsandMarkets
Slides2
DebtSecurities
CoreReading-Reading1(ifnotyetfinished☺)
+ChapterTwo(IFIMCustomText)
orasternative(HuntandTerry,Cha8)
Areminder
◼Afinancialassetisaclaimyouhaveon
someoneelse’sfutureresources
◼Afinancialliabilityisaclaimsomeoneelse
hasonyourfutureresources
◼Asecurityisatransferablefinancialclaim
◼Asecuritycanbeanequityoradebtclaim
Securities–keyquestions
◼Whoistheissuer(deficitunit)?
◼Whoaretheinvestors(surplusunit)?
◼Whatarethepromisedreturnsandtherisks?
◼Whatisthematurityandtheliquidity?
◼Whatisthecurrency?
TwoCategoriesofSecurities
◼EquitySecurities(ordinaryshares)
◼Ownershiinthefirmissuedbycorporationsto
investors
◼‘Contingent’righttofuturecashflowsoffirm(Dividends)
◼Nomaturity
i.e.capitalmarket(long-term)
◼DebtSecurities
◼Issuedbycorporationsorernments(borrowers)
◼Contractualclaimissuertopayinterestandpripal
◼Setmaturity
i.e.capitalmarketdebtsecurity-bonds/ernmentbonds
moneymarketdebtsecurity-bankbills/commercialpaper
•4
DebtSecurities
Upto1Morethan
year1year
MoneyMarketCapitalMarket
▪TreasuryNotes▪TreasuryBonds
▪sofDeposit▪Semi-ernmentBonds
▪BankBills▪CorporateBonds
▪CommercialPaper(or▪F
文档评论(0)