第3部分货币市场重点分析.pptxVIP

THREE Money Markets Chapter Objectives Provide a background on money market securities Explain how institutional investors use money markets Explain the globalization of money markets Money Market Securities Maturity of a year or less Debt securities issued by corporations and governments that need short-term funds Large primary market focus Purchased by corporations and financial institutions Secondary market for securities Money Market Securities Treasury Bills Commercial paper Negotiable certificates of deposits Repurchase agreements Federal funds Banker’s acceptances Money Market Securities Treasury bills Issued to meet the short-term needs of the U.S. government Attractive to investors Minimal default risk—backed by Federal Government Excellent liquidity for investors Short-term maturity Very good secondary market Par value : traditional USD10,000,now USD1000, and in multiples of USD 1000 Money Market Securities Treasury bill auction (fill bids in amount determined by Treasury borrowing needs) Bid process used to sell T-bills Bids submitted to Federal Reserve banks by the deadline Bid process Accepts highest bids(先接受最高价,然后按报价高低顺序依次排列,直至全部售完) Accepts bids until Treasury needs generated Competitive Bidding(竞争性报价） Money Market Securities Treasury bill auction—noncompetitive bids ($1 million limit每份定单最大购买额小于100万美圆) May be used to make sure bid is accepted Investors do not know the price in advance so they submit check for full par value After the auction, investor receives check from the Treasury covering the difference between par and the actual price 付出的价格是所有被接受的竞争性报价者出价的加权平均值) Noncompetitive Bidding(非竞争性报价) Money Market Securities Since 1998, the treasury applies the lowest accepted bid price to all competitive bids that are accepted and to all noncompetitive bids. Thurs, the price paid by competitive and Noncompetitive bidders reflects the lowest price of the competitive bids. （3）国债的招标发行（网上）： 缴款期招标。在国债票面利率和发行价格已经确定条件下，按承销机构向财政部缴款的先后顺序获得中标权利。 价格招标。用于贴现国债