international bond market - kauedusa国际债券市.PPTVIP

Chapter Outline The World’s Bond Markets: A Statistical Perspective Foreign Bonds and Eurobonds Types of Instruments Currency Distribution, Nationality, Type of Issuer International Bond Market Credit Ratings Eurobond Market Structure Practices International Bond Market Indices The World’s Bond Markets: A Statistical Perspective: The total market value of the world’s bond markets are about 50% larger than the world’s equity markets. The U.S. dollar, the euro, the pound sterling, and the yen are the four currencies in which the majority of domestic and international bonds are denominated. Proportionately more domestic bonds than international bonds are denominated in the dollar (44.2 percent versus 36.1 percent) and the yen (15.4 percent versus 2.6 percent) while more international bonds than domestic bonds are denominated in the euro (47.5 percent versus 21.5 percent) and the pound sterling (8.3 percent versus 2.5 percent). Amounts of Domestic and International Bonds Outstanding Amounts of Domestic and International Bonds Outstanding Domestic and International Bonds Outstanding (As of Mid-Year 2007 in U.S. $Billions) Foreign Bonds and Eurobonds Bearer Bonds and Registered Bonds National Security Registrations Withholding Taxes Recent Regulatory Changes Global Bonds Bearer Bonds and Registered Bonds Bearer Bonds are bonds with no registered owner. As such they offer anonymity but they also offer the same risk of loss as currency. Registered Bonds: the owners name is registered with the issuer. U.S. security laws require Yankee bonds sold to U.S. citizens to be registered. National Security Registrations Yankee bonds must meet the requirements of the SEC, just like U.S. domestic bonds. Many borrowers find this level of regulation burdensome and prefer to raise U.S. dollars in the Eurobond market. Eurobonds sold in the primary market in the United States may not be sold to U.S. citizens. Of course, a U.S. citizen could buy a Eurobond on the secondary market. With