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Walt Disney Company’s Sleeping Beauty Bonds – Duration …沃尔特迪士尼公司的债券–时间睡美人…
University of Washington version 2.0
School of Business April 2004
Walt Disney Company’s Sleeping Beauty Bonds – Duration Analysis*
In July 1993, the Walt Disney Company issued $300,000,000 in senior debentures (bonds). The debentures carried an interest rate of 7.55%, payable semiannually, and were priced at “par”. They were due to be repaid on July 15, 2093, a full one hundred years after the date of issue. However, at the company’s option, the debentures could be repaid (in whole or in part) any time after July 15, 2023 or 30 years after the issue date.
Beauty, the fairy tale princess and heroine of a popular Disney animated film, according to legend, slept under enchantment in a magic castle for one hundred years. The Disney 100-year debentures were immediately dubbed the “Sleeping Beauties.”
The issue caused a lot of comment among traders of portfolio managers.
“It’s crazy,” said William Gross, head of fixed-income investments at Piper Capital Management Company. “Look at the path of Coney Island over the last fifty years and see what happens to amusement parks.”
Scott Jacobson, head of fixed-income research at Piper Capital Management, felt that the bonds were too risky for his clients, but “if corporate treasurers can get away with it, why not?”
Other interpreted the successful sales of the bonds as a vote of confidence in the Disney Company and U.S. economy policy. “It shows that people believe the Mouse will still be singing and dancing in 100 years,” said Tom Deegan (head of corporate communications at Disney). And Alan Greenspan, Chairman of the Federal Reserve Board of Governors called the bonds “one of the more important indicators that the long-term inflation expectations that have so bedeviled our economy and financial markets seem to be receding… a very good sign.”
As long-term interest rates declined in 1992 and 1993, companies and investors began to show renewed interest in very long-term maturities. The Tennessee Valley Authority (a go
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