发行债券的三种方式.pptVIP

Chapter 9 Bonds and Long-Term Notes Bonds Medium-and large-sized company often choose to borrow cash by issuing bonds. A bond issue divides a large liability into many smaller liabilities Bonds obligate the issuing company to repay a stated amount at a specified maturity date and periodic interest between the issue date and maturity. The bond indenture A bond indenturedescribes the specific promises made to bondholders The bond indenture is held by a trustee (commercial bank 、other financial institution) Two participants: issuing company (issuer)/bondholder (investor) Debenture bond (无担保债券) Subordinated debenture(次级无担保债券) Mortgage bond（抵押债券） Callable bond（可赎回债券） Convertible bonds(可转换债券) Issuing the bond Bonds can be issued in three ways: Issued at face value (price=face amount) Stated rate=Market rate Issued at a discount (priceface amount) Stated rateMarket rate Issued at a premium (priceface amount) Stated rateMarket rate Other things being equal, the lower the perceived riskiness of the bonds, the higher the price those bonds will command Recording bonds issuance Bonds issued at face amount Illustration 9-1 P373 On Jan. 1, 2011, issued the bond: Issuer: Dr. Cash 700,000 Cr. Bonds payable 700,000 Investor: Dr. Investment in bonds 700,000 Cr. Cash 700,000 Recording bonds issuance Illustration 9-1 P373 On June 30, 2011, paid the interest: First interest payment =700,000×12%×(6/12)=$42,000 Issuer: Dr. Interest expense 42,000 Cr. Cash 42,000 Investor: Dr. Cash 42,000 Cr. Investment revenue 42,000 Illustration 9-1 P373 On Dec 31 2011, June 30 2012, Dec 31 2012 , June 30 2013 , make the same journal entry to record the interest payment. On Dec. 31, 2013, bonds were mature: Issuer: Dr. Interest expense 42,000 Cr. Cash 42,000 Dr. Bond