InternationalFinancialMarketsCHaper3(课件发送2).pptVIP

CHAPTER 3 INTERNATIONAL MONEY MARKETS ② Bankers Acceptances CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS ③ Commercial Paper CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS ④ Certificate of Deposits（CDS） CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS CHAPTER 3 INTERNATIONAL MONEY MARKETS ⑤ Inter-bank Offered Credit CHAPTER 3 INTERNATIONAL MONEY MARKETS ⅲ Amount CHAPTER 3 INTERNATIONAL MONEY MARKETS Procedure（Simple and rapid） * * A bankers acceptance starts as an order to a bank by a banks customer to pay a sum of money at a future date. ⅰDefinition ⅱ Initial maturity Within six months （ 30days/60days/90days） ⅲ Denomination value Ⅳ The primary market issued on a discount（direct/indirect） banks（such as banks in central cities and so on） securities dealers/investors Ⅴ The secondary market OTC（securities dealers ） Ⅵ Risk and Return ⅰDefinition ⅱ Initial maturity ⅲ Denomination value Commercial paper is an unsecured, short-term debt notes issued by large, well–known companies.（backed by a bank line of credit） no longer than?nine months（270 days）, with maturities of between one and two?months being the average. Background Ⅳ The primary market Ⅴ The secondary market issued at a discount （direct/indirect） Commercial paper is usually issued?in denominations of $100,000 or multiples of $100,000. main participants issuers investors (Money Market Mutual Funds) intermediary institutions not active Ⅵ Risk and Return For the most part, commercial paper is a very safe investment because the financial situation of a company can easily be predicted over a few months. Furthermore, typically only companies with high?credit ratings and credit worthiness issue commercial paper. Over the past 40 years, there have only been a handful of cases where corporations have defaulted on their commercial paper repayment. the Penn Central episode Largely