第五讲-国际资本市场业务.ppt

课堂练习 某公司从外国某商业银行取得一笔贷款5 000万美元,于2000年5月10日签定贷款协议，确定承担期为半年（到2000年11月10日截止），并规定从签定贷款协议日一个月后（即2000年6月10日起）开始支付承担费，承担费率（年率）为0.25%。该公司实际支用贷款情况如下：5月12日支用1 000万美元，6月5日支用2 000万美元，7月12日支用500万美元，8月9日支用700万美元，到11月10日仍有800万美元未动用，自动注销。要求：计算该公司应支付的承担费。 分析：首先，计算出应支付承担费的天数：6月10日——7月11日为32天，7月12日——8月8日为28天，8月9日——11月9日为93天；然后，就可以计算应支付的承担费了：=1.2528（万美元）=12 528美元 国际债劵市场概况 Amounts outstanding (未偿付的) on the global bond market increased 6% in 2008 to US$83 trillion. Domestic bonds accounted for 71% of this and the remainder international bonds. Domestic bond market stocks increased 7% during the year, largely due to an increase in government bonds. As the largest market for domestic bonds in 2008, US accounted for 43% of amounts outstanding---1/4 in mortgage backed bonds, 1/5 in corporate debt and 18% in Treasury bonds---followed by Japan (16%). Nearly all of the $822 billion average daily trading volume in U.S. bond market takes place between broker-dealers and large institutions in a decentralized OTC market. A small number of bonds (corporate) are listed on exchanges. In Europe, public sector debt is substantial in Italy (103% of GDP), Germany (61%), and France (58%) with government borrowing set to increase in the next few years. International bond issuance fell 19% in 2008 with international mortgage-backed bond issuance hitting record levels. UK overtook US to become the leading centre globally for amounts issued with 30% of the global total. 主权国家信用评级 The sovereign credit rating(主权信用评级) indicates the risk level of the investing environment of a country. It takes political and economic risk into account and used by investors looking to invest abroad. Euromoney（《欧洲货币》杂志） bi-annual country risk index monitors the political and economic stability of 185 sovereign countries. Results focus on economics, specifically sovereign default risk （主权债务违约风险）and/or payment default risk（支付违约风险） for exporters. M. Best defines country risk as the risk that country-specific factors could a