公司理财ppt-20.pptVIP

Chapter 20 Long-Term Debt 20.1 Long Term Debt: A Review 20.2 The Public Issue of Bonds 20.3 Bond Refunding 20.4 Bond Ratings 20.5 Some Different Types of Bonds 20.6 Direct Placement Compared to Public Issues 20.7 Long-Term Syndicated Bank Loans 20.8 Summary and Conclusions 20.1 Long Term Debt: A Review Corporate debt can be short-term (maturity less than one year) or long-term. Different from common stock: Creditor’s claim on corporation is specified Promised cash flows Most are callable Over half of outstanding bonds are owned by life insurance companies pension funds Plain vanilla bonds to