货币市场解析.pptVIP

* * 商业票据 Commercial Paper Unsecured promissory notes, issued by corporations, that mature in no more than 270 days. The use of commercial paper increased significantly in the early 1980s because of the rising cost of bank loans. * 商业票据的利率 The next slide shows actual commercial paper rates and the prime rates 1990 through 2004. Although the two track closely in terms of movements, notice that difference between the two remains roughly 200 basis points. * * 商业票据市场 非银行公司广泛使用商业票据为其提供给客户的贷款筹集资金，如通用汽车金融服务公司。 它不存在有力的二级市场。60%是由发行者直接出售给购买者。以直接募股（direct placement）的方式出售证券可以节省交易商的佣金。 * 银行承兑汇票 Banker’s Acceptances 银行承兑汇票是一种在某一确定日期向持票人支付指定金额的支付命令。 These are often used when buyers / sellers of expensive goods live in different countries. * Steps for using banker’s acceptance Steps for using banker’s acceptance is as shown on p160. * Banker’s Acceptances: Advantages Exporter is paid immediately Exporter can be shielded from foreign exchange risk by future FX agreements. Exporter does not have to assess the financial security of the importer, importer’s bank guarantees payment Crucial to international trade * 银行承兑汇票的二级市场 The terms of note indicate that the bearer, whoever that is, will be paid upon maturity. There is also an active secondary market for banker’s acceptances until they mature. * 欧洲美元 Eurodollars Eurodollars represent Dollar denominated deposits held in foreign banks. The market is essential since many foreign contracts call for payment is U.S. dollars due to the stability of the dollar, relative to other currencies. * The Eurodollar market has continued to grow rapidly because depositors receive a higher rate of return on a dollar deposit in the Eurodollar market than in the domestic market. Multinational banks are not subject to the same regulations restricting U.S. banks and they are willing to accept narrower spreads between the interest paid on deposits and the interest earned on loans. * 伦敦同业银行市场 London inter-bank bid rate (LIBID) The rate paid by ban