financial institutions 金融市场与机构.pptx

Financial Markets and Intermediaries;Money Market Instruments;;;;;;Who buy MM instruments?;Money Market Instruments;Money Market;Commercial Paper Outstanding;Annualized Yields on Commercial Paper ;;Money Market Instruments;Discount yield;Commercial paper rates: Thursday, January 15, 2015. ;Selected Treasury Bill Quotes: Thursday, January 15, 2015;Comparing discount yields to long-term bond yields Bond yields are calculated using a 365 day year and using P0 as the basis. Need to convert the discount yield: Bond-equivalent Discount Yield = [(Pf – P0)/P0] * [ 365/h] Neither of these two discoun