Chap9 银行的投资功能要点解析.ppt

Copyright ? 2002 by The McGraw-Hill Companies, Inc. All rights reserved. * * Chapter 9 The Investment Function in Banking 银行的投资功能 * The Investment Function in Banking银行的投资功能 §1. Functions of a Bank’s Security Portfolio 银行证券组合的功能 §2. Investment Instruments Available to Banks 银行可用的投资工具 §3. Factors Affecting the Choice of Securities 影响证券选择的因素 §4. Investment Strategies 投资策略 * §1. Functions of a Bank’s Security Portfolio银行证券组合的功能 Stabilize the Bank’s Income 稳定银行收入 Offset Credit Risk 补偿信用风险 Provide Geographic Diversification 提供地域上的多元化 Provide Backup Source of Liquidity 提供流动性的后备资源 * §2. Investment Instruments Available to Banks银行可用的投资工具 1、Money Market Instruments 货币市场工具 2、Capital Market Instruments资本市场工具 3、Other More Recent Investment Instruments其他新型的投资工具 * Money Market Instruments Used by a Bank银行使用的货币市场工具 Treasury Bills国库券 Short-Term Treasury Notes and Bonds 短期国债 Federal Agency Securities 联邦机构证券 (FNMA, FCS, FLB, FHLMC, SLMA) Certificates of Deposit (CDs)大额可转让定期存单 Eurocurrency Deposits欧洲货币存款 Banker’s Acceptances银行承兑票据 Commercial Paper商业票据 Short-Term Municipal Obligations (TANs, RANs)短期市政债券 * Capital Market Instruments Used by a Bank银行使用的资本市场工具 Treasury Notes and Bonds Over 1 Year to Maturity一年以上的中长期国债 Municipal Notes and Bonds中长期市政债券 Corporate Notes and Bonds 公司债券 * Other More Recent Investment Instruments其他新型的投资工具 Financial Future and Options金融期货和期权 Structured Notes结构票据 Securitized Assets证券化资产 Pass-through securities传递证券 Collateralized mortgage obligation (CMO)担保抵押债券 Mortgage-based bonds (MBBs)抵押支持债券 Stripped Securities剥离证券 * Structured Notes结构化票据 Security brokers and dealers assemble pools of federal agency securities and offer banks package investment证券经纪商和交易商将联邦机构证券汇集在一起，并打包提供银行投资 Principal interest yield may be periodically reset based on a stated reference rate本金和利息收益会根据规定的参考利率周期性的重置 * 3 Main Types三种主要的类型 Pass-through securities— A bank pools a group of similar home mortgage loans and removes the