国际投资学的课件布鲁诺.索尔尼克丹尼斯.麦克利维编写的教材第五版配套.pptVIP

Chapter 7 Global Bond Investing Introduction In this chapter we look at: Global bond market statistics Major differences among bond markets Bond quotations, conventions and valuation Exhibit 7.1: Market Capitalization of Domestic Bond Markets Total $48.7 trillion The Eurobond Market/International Bond Market The major types of instruments are: Straight bonds with fixed coupons Floating-rate notes (FRNs) with a coupon indexed on a short-term interest rate Bonds with some equity feature (convertibles). Exhibit 7.2: Market Capitalization of International Bonds Total $17.6 trillion Instead the global bond market may be classified into three categories: Domestic bond market Issued by domestic borrower in local currency Foreign bonds e.g. Yankee, Samurai, dragon, Rembrandt, Matador bonds, Caravel，Bulldog bonds International bonds Underwritten by a multinational syndicate Domestic bonds: Issued locally by a domestic borrower and are usually denominated in the local currency Usually make up the bulk of the national bond market Issuers include government, semi-government and corporate agencies Foreign bond market Issued on a local market by a foreign borrower and are usually denominated in the local currency. Foreign bond issues and trading are under the supervision of local market authorities. Foreign bonds include: Yankee bonds (in the U.S) Samurai bonds (in Japan) Bulldog bonds (in the UK) Matador bonds (in Spain) Rembrandt bonds (in the Netherlands) International bond market Underwritten by a multinational syndicate of banks and are placed mainly in countries other than the one in whose currency the bond is denominated. International bonds (Eurobonds) are not traded on a specific national market. Avoids most national regulations and constraints Developed in the 1960s and was early recognized as an efficient, low-cost and innovative market. A note on terminology… In 1999, all bonds denominated in one of the former currencies of Euroland were translated into euros. Th