International finance and investment: multinational corporate banking
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
London
Chartered Inst. of Bankers
1990
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXXVI, 927 S. graph. Darst. |
| ISBN: | 0852972725 |
Internformat
MARC
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| 245 | 1 | 0 | |a International finance and investment |b multinational corporate banking |c ed. by Brian J. Terry |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a London |b Chartered Inst. of Bankers |c 1990 | |
| 300 | |a XXXVI, 927 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Banks and banking, International | |
| 650 | 4 | |a International finance | |
| 650 | 0 | 7 | |a Internationale Bank |0 (DE-588)4140009-4 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Internationale Bank |0 (DE-588)4140009-4 |D s |
| 689 | 0 | |5 DE-604 | |
| 700 | 1 | |a Terry, Brian J. |e Sonstige |4 oth | |
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Datensatz im Suchindex
| _version_ | 1804118580167442432 |
|---|---|
| adam_text | CONTENTS
Page
Foreword xxvii
Editor s Preface to the First Edition xxix
Editor s Preface to the Second Edition xxxi
Contributors xxxiii
CHAPTER 1 Principles of Lending (Part I):
The Art of Credit Assessment and Transaction
Design a Framework 1
John Willingham
Section
1 The Purpose of Credit Assessment 2
1.1 Bank Vulnerability 2
1.2 Liquidity and Portfolio Management 3
1.3 Confidence 3
1.4 Implications for Bank Policy and Lending Practice 4
2 A Framework for Credit Assessment and Transaction Design 6
2.1 Assessing Creditworthiness The Context 7
2.2 Assessing Creditworthiness Who Runs the Business? 8
2.3 Assessing Creditworthiness Financial Capacity 14
3 Transaction Design 16
3.1 Situation 17
3.2 Purpose 17
3.3 Amount 18
3.4 Term 18
3.5 Repayment 19
3.6 Security and Quasi Security 19
3.7 Control and Monitoring 20
3.8 Structuring 20
3.9 Pricing 20
4 Conclusions on the Framework 20
5 Information Sources 21
6 Credit Committees 22
v
INTERNATIONAL FINANCE AND INVESTMENT
I
CHAPTER 2 Principles of Lending (Part II): Matching Page
Products to Needs Borrowers, Financing
Requirements, Facilities and Taxation 25
John Willingham
Section
1 Characteristics 26
1.1 Corporates 26
1.2 Sovereigns 27
1.3 Quasi Sovereigns 31
1.4 Supra Nationals 32
1.5 Other Borrowers 33
2 Financing Needs 34 i
2.1 Corporates 34
2.2 Sovereigns 38 I
2.3 Quasi Sovereigns 41
2.4 Supra Nationals 41
3 Types of Facilities 41
3.1 Maturity Date and Term 42
3.2 Commitment to Lend 46
3.3 Repayment and Prepayment Flexibility 50
3.4 Interest Rate Determination 52
3.5 Availability 54
3.6 Choice of Borrower 55
3.7 The Multis 56
4 Tax Considerations for Borrowers 58
4.1 Tax Deductibility 59
4.2 Withholding Tax 59
4.3 Tax Allowances 62
4.4 Conclusion 64
CHAPTER 3 Principles of Lending (Part III): Number
Crunching with a Purpose Business and
Financial Analysis 65
John Willingham
Section
1 Industry Analysis 66
1.1 Growth 66
vi
CONTENTS
Page
1.2 Cyclicality 67
1.3 Competition 68
1.4 Financing Needs 70
1.5 Market Position and Criteria for Viability 71
2 Country Analysis 73
2.1 Economic 73
2.2 Political 74
3 Corporate Structure 75
3.1 Holding Companies 75
3.2 Subsidiaries 76
4 The Language 76
4.1 Accounting Standards Practices 77
4.2 Special Factors 78
4.3 Consolidated Accounts 83
4.4 Creative Accounting 84
5 Financial Analysis 84
5.1 Profitability 85
5.2 Cash Flow 93
5.3 Capital 104
5.4 Liquidity 114
6 Tying it All Together Looking to the Future 119
CHAPTER 4 Principles of Lending (Part IV):
The Transaction (1): Tailoring to Fit
Situation, Purpose, Amount, Terni
and Repayment 123
John Willingham
Section
1 Situation 124
2 Purpose 125
2.1 Working Capital 125
2.2 Trade Finance 126
2.3 Capital Expenditure 126
2.4 Acquisitions 127
2.5 Project Finance 141
2.6 Contingency Cover 141
2.7 Exposure Management and Debt Mix 142
vii
INTERNATIONAL FINANCE AND INVESTMENT
Page
2.8 Balance of Payments and Rescheduling
(Sovereign Borrowers) 142
3 Amount 143
3.1 Term and Repayment 143
3.2 Adequacy 143
3.3 Cushion and Contribution 143
3.4 Portfolio Risk 145
3.5 Transaction Risk 145
3.6 Yield 145
3.7 Legal and Regulatory Considerations 146
4 Term 146
5 Repayment 147
5.1 Repayment Source Type 148 t
5.2 Repayment Source Quality 150
5.3 Repayment Source Currency 150
5.4 Cash Flow Protection 151
5.5 Financial Flexibility 152
5.6 Asset Protection 153
5.7 CountryRisk 153
5.8 Documentary Protection 155
5.9 Repayment Schedules 155
CHAPTER 5 Principles of Lending (Part V):
The Transaction (2): Protection and
Pricing Security, Quasi Security, Control
and Monitoring, Structuring and Pricing 161
John Willingham
Section
1 Security and Quasi Security 163
1.1 Guarantees 164
1.2 Guarantee Substitutes 169
1.3 Quasi Guarantees 171
1.4 Capital Assets 174
1.5 Stocks and Debtors 175
1.6 Shares 178
1.7 Bonds 179
viii
CONTENTS
Page
1.8 Conclusion 180
2 Control and Monitoring 180
2.1 Control 182
2.2 Monitoring 188
3 Structuring 189
3.1 Priority of Recourse 189
3.2 Impact of Taxation 192
3.3 The Choice of Debt Market 193
3.4 Flexibility, Cost and Simplicity 193
3.5 Sales Appeal 194
3.6 Novation 195
4 Pricing 195
4.1 Risk and Reward 196
4.2 Direct Administration and Overheads 197
4.3 Reserve Asset Costs 198
4.4 Capital Adequacy Costs 198
4.5 The Pricing Dilemma 201
4.6 The Tools of Pricing and Yield Optimisation 203
5 Creditworthiness and Bank Finance Conclusions 206
CHAPTER 6 Principles of Lending (Part VI):
Asset Finance (Airlines and Jet Aircraft) 209
John Willingham
Section
1 Introduction 209
1.1 The Repayment Profile 209
1.2 Return Options 209
1.3 Tax Allowances or Credits 209
2 Asset Finance and Asset Based Finance 210
2.1 Asset Finance 210
2.2 Asset Based Finance 210
3 Leasing Definition and Role 212
4 Risks in Asset Based Financing 213
5 Secured Credit Risk 213
5.1 The Operator 214
5.2 Asset Values 231
ix
INTERNATIONAL FINANCE AND INVESTMENT
Page
5.3 Transaction Design Financial Protection 235
5.4 Transaction Design Repossession and Legal Protection 241
5.5 Transaction Design Asset Value Protection 246
6 Asset Value Risk 247
6.1 Asset Quality 248
6.2 Likelihoodof Return 248
6.3 Remarketing Capability 249
6.4 Return Conditions 249
6.5 Currency 249
6.6 Return Dates and Notice Periods 250
6.7 Asset Value Risk Sharing Slice Liabilities 250
6.8 Pricing 251
6.9 Conclusions on Asset Value Risk 251
7 Tax Based Financing 252
8 Conclusions 256
CHAPTER7 SyndicatedFadlities (* ^««1^.6» u j 257
Peter Wiseman
Section
1 Introduction: History of the Syndicated Loan 257
2 Marketing of a Syndicated Facility 259
2.1 Sovereign or Related Entities 260
2.2 Corporate Sector 261
2.3 Project Finance 263
2.4 Financial Sector 263
2.5 Local Authority Sector 263
2.6 Non Debt Facilities 263
3 Benefits of Syndicated Facilities 264
4 The Roles and Rewards in a Syndicated Credit 266
4.1 Arranger/Lead Manager 268
4.2 Information Memorandum 269
4.3 Running the Books 271
4.4 Documentation 272
4.5 Signing 274
4.6 Publicity 275
4.7 Agent 278
4.8 Reference Banks 279
x
CONTENTS
Page
4.9 Fees and Rewards 280
5 Transferability of Assets 291
6 The Emergence of Hybrid Instruments 292
CHAPTER 8 Project Finance
(Limited Recourse Finance) 297
J. Gordon McKechnie
Section
1 Introduction 297
1.1 Definition 297
1.2 History of the Limited Recourse Concept 298
1.3 Typical Applications Today 299
1.4 Limiting Recourse How it is Achieved 300
1.5 Balance Sheet Impact 301
1.6 Why Borrow on Project Terms? 301
1.7 Assuming Risk and Providing Funds 303
2 Risk Analysis 303
2.1 Completion and Cost Overrun Risk 303
2.2 Reserve or Feedstock Risk 305
2.3 Production or Operating Risk 309
2.4 Marketing and Sales Risk 313
2.5 Political or Legislative Risk 319
2.6 Insurance 319
3 Cash Flow Lending 320
3.1 Cash Flow Models 320
3.2 Discounted Cash Flow 325
3.3 Sensitivity Analyses 328
3.4 Loan Values: How much to Lend 332
3.5 Repayment Terms 334
4 Documentation 335
4.1 Credit Agreement 335
4.2 Security 339
5 Summary 341
xi
INTERNATIONAL FINANCE AND INVESTMENT
Page
CHAPTER 9 Banks Lending Based on
Withholding Tax 343
Allen Hing
Section
1 Introduction 343
1.1 Definition of Withholding Tax 343
2 Double Tax Agreements 347
2.1 How is the Relief Obtained? 348
2.2 When Can a Bank Claim the Double Tax Credits? 349
3 What is Tax Capacity? 350
3.1 Withholding Tax Receipts 352
4 Types of Tax Based Lending 353
4.1 Withholding Tax Absorption Loans 354
4.2 Loans Made on a Free and Clear of all Taxes Basis 354
4.3 Grossing Up Loans 354
4.4 Tax Spared Loans 355
4.5 Fall Back Rates 357
4.6 Countries Involved 357
4.7 Sharing the Benefits 358
Appendices
A. Spanish W.H.T. certificate 360
B. Countries where tax sparing may be applicable from UK.
Other countries with which the UK has double tax treaties 362
C. A comparison of tax based loans by a UK bank 363
D. Comparisons of W.H.T. computations applicable in the UK,
Belgium, France and Canada 365
CHAPTER 10 Currency Exposure Management 371
Andrew Higgins
Section
1 Introduction 371
2 The Nature of Foreign Currency Exposure 373
2.1 The Significance of Currency Exposure 374
3 Transaction Currency Exposure 374
xii
CONTENTS
Page
3.1 Identification 374
3.2 Valuation 376
3.3 Impact 376
3.4 Currency Hedging Strategies 377
3.5 Interna] Hedging Techniques 378
3.6 External Hedging Techniques 383
4 Translation Currency Exposure 394
4.1 Introduction 394
4.2 Internal Hedging Techniques 395
4.3 External Hedging Techniques 396
5 Economic Currency Exposure 400
6 Accounting Treatment of Currency Items 401
7 Tax Treatment of Exchange Gains and Losses 402
8 Centralised/Decentralised Treasury Operations 404
8.1 Introduction 404
8.2 Centralisation Objectives 404
8.3 Internal and External Criteria and Constraints 405
8.4 Areas of Benefits 406
CHAPTER 11 Interest Rate Exposure Management 409
John H. Greenacre
Section
1 Introduction 409
1.1 What is the Maturity Range of the Existing Borrowings
or Investments? 412
1.2 What are Anticipated Commitments? 412
1.3 Summary 413
2 Interest Hedging Techniques 413
2.1 Forward Forwards 413
2.2 Forward or Future Rate Agreements (FRA) 415
2.3 Financial Futures 419
2.4 Swaps 434
2.5 Interest Rate Options 442
2.6 Caps, Collars and Floors 444
3 Tax Treatment of Interest Rate Hedging Instruments 451
4 Conclusion 453
xiii
INTERNATIONAL FINANCE AND INVESTMENT
Page
CHAPTER 12 Country Risk Assessment 455
Nigel Carter/Michael Stocks
Section
1 Introduction 455
2 Definitions 457
2.1 Country Risk 457
2.2 Sovereign Risk 458
2.3 Transfer Risk 458
2.4 Public Sector 458
2.5 Repudiation 458
2.6 Default 458
2.7 Rescheduling 458
2.8 Renegotiation 458
3 Concepts 459
4 Purposes 461
4.1 Credit Assessment 461
4.2 Country Limits 461
4.3 Portfolio Management 461
4.4 General Provisions 461
5 Types of Assessment Systems 462
6 Economic Factors 464
6.1 Debt Service Ratio 464
6.2 Total Debt Outstanding 466
6.3 Debt Maturity Analysis 467
6.4 Debt Type Analysis 468
6.5 Liquidity Indicators 468
6.6 Balance ofPayments Figures 470
6.7 Balance of Payments Structure 471
6.8 Other Economic Indicators 471
7 Political Factors 472
7.1 Internal Stability 473
7.2 External Stability 473
8 Sources of Information 475
8.1 International Monetary Fund 475
8.2 World Bank 475
8.3 Bank for International Settlements 475
8.4 OECD 475
9 Summary and Conclusions 476
xiv
CONTENTS
Page
CHAFTER 13 Rescheduling Sovereign Debt 479
Ann Millington
Section
1 Introduction 479
2 Procedures of Rescheduling 480
3 Parties Involved 482
3.1 Debtor(s) 482
3.2 Creditors 483
3.3 International Monetary Fund 484
3.4 World Bank 486
3.5 Paris Club 490
3.6 Other Agencies 492
4 Types of Arrangement 492
4.1 Bridge Finance 492
4.2 Rescheduling 493
4.3 Multi Year Rescheduling Agreements 493
4.4 New Money 495
5 Documentation 496
6 Recent Developments 499
6.1 Re lending/Onlending Rights 499
6.2 Interest Capping, Relief and Capitalisation 499
6.3 Securitisation/Long Term Instruments 501
6.4 Secondary Market 502
6.5 Debt/Equity Swaps 503
6.6 Debtors Cartel 506
6.7 Debt Service 507
7 Continuing Problems 507
7.1 Capital Flight 508
7.2 Commodity Dependence 509
7.3 Political Considerations 509
7.4 Inflation 510
7.5 Exchange Rates 510
7.6 Protectionism 511
8 Consequences to Creditor Banks 512
9 The Baker Plan 514
10 The Brady Plan 515
xv
f
INTERNATIONAL F1NANCK AND INVESTMENT
Page
CHAPTER 14 Disintermediation, Deregulation, Securitisation,
and Globalisation of Bond Markets 519
Sarah Scarlett/Team from Credit Suisse First Boston
Section
1 Introduction 519
1.1 Deregulation 519
1.2 Disintermediation 519
1.3 Securitisation 520
2 Global Markets 520
2.1 Trading 520
2.2 Capital Markets 520
2.3 Hedging Techniques 521
2.4 Global Service 521
3 Disintermediation and Securitisation 523
3.1 Investment Flows 523
3.2 Raising Funds 524
3.3 Capital Markets 525
3.4 Asset Backed Finance 526
4 Deregulation 530
4.1 Foreign Exchange Controls and Money Markets 531
4.2 Capital Controls 531
4.3 Withholding Tax 531
4.4 Capital Markets 532
4.5 Interest Rates 532
4.6 Geographie Restrictions 532
4.7 Operational Restrictions 533
5 l nited States 533
5.1 Deregulation 534
6 l nited Kingdom 536
h.l Deregulation 537
7 Japan 538
7.1 Deregulation 540
8 West German} 542
8.1 Deregulation 543
9 Switzerland 545
9.1 Deregulation 546
10 Regulation 547
xvi
CONTENTS
Page
10.1 United States 547
10.2 United Kingdom 549
10.3 Japan 551
CH APTER 15 International Capital Markets Bonds 553
Sarah Scarlett/Team from Credit Suisse First Boston
Section
1 Introduction 553
2 History and Development of Eurobond Market 554
2.1 History 554
2.2 Currency 556
2.3 Euroyen Market 558
2.4 Deutschemark Market 559
2.5 ECU Market 559
2.6 Eurosterling Market 559
2.7 Reflows 560
2.8 Issuers 560
3 Domestic Bond Markets 562
3.1 Japan 562
3.2 Switzerland 565
3.3 United Kingdom 567
3.4 West Germany 570
3.5 United States 572
4 Characteristics of Eurobonds 576
4.1 Maturity 578
4.2 Redemption 579
4.3 Size 581
4.4 Coupon Payments 581
4.5 Listing 582
4.6 Withholding Tax 582
4.7 Form of Bonds 582
4.8 Status 583
4.9 Events of Default 584
4.10 Trustee or Fiscal Agent 584
4.11 Regulation 584
4 12 I.P.M.A. 585
4 13 A.I.B.D. 585
INTERNATIONAL FINANCE AND INVESTMENT
Page
5 Types of Eurobond 586
5.1 Fixed Rate Bonds 586
5.2 Floating Rate Notes 588
5.3 Convertible Issues 594
5.4 Warrants 595
6 Eurobond Distribution and Marketing 600
6.1 Timetable 600
6.2 Syndicate Members 601
6.3 Pricing 604
6.4 Syndication 605
6.5 Distribution and Marketing 607
6.6 Commissions 608
7 Asset Packages 609
8 Eurobond Clearing Systems 610
9 The Prospectus 611
10 Rating Agencies 614
CHAPTER 16 Part I The Raising of Capital and
Listing of Securities on the World s Stock
Exchanges London 619
Patrick K F Donlea
Section
1 Introduction: The International Stock Exchange 619
2 The International Stock Exchange: Functions 621
2.1 The International Stock Exchange and the Law 622
2.2 Basic Legal Requirements for Prospectus/Listing Particulars 623
2.3 Principle Conditions for Listing on the
International Stock Exchange 626
3 Methodsoflssue 629
3.1 Issue by Public Subscription 629
3.2 Offer for Säle 630
3.3 Offer for Säle by Tender 631
3.4 Placing 632
3.5 Introduction 634
4 The First Stages 635
4.1 Decision to Go Public 635
4.2 Appointment of Advisers 636
xviii
CONTENTS
Page
4.3 Preliminary Discussions on Points of Principle 636
4.4 Financial Investigation 639
5 The Preparatory Stage 640
5.1 The Prospectus 640
5.2 The Accountants Report 641
5.3 Other Documents 642
6 The Final Stages 644
6.1 The Approach to Existing Shareholders 644
6.2 Fixing the Price 645
6.3 Underwriting 646
6.4 The Completion Meeting, Press Advertising and Listing 647
6.5 The Opening and Closing of the Subscription Lists,
Allotment and Dealings 648
7 Further Forms of Issue 649
7.1 Rightslssues 650
7.2 Placings 652
8 Listings of Overseas Companies 655
8.1 The Procedures for Listing 656
Appendix 656
CHAPTER 16 (Parts II IV) Equities in Switzerland,
USA and Japan 659
Brian Terry and Sarah Scarlett
Part II Switzerland
Section
1 Introduction: Swiss Stock Exchanges 659
2 Criteria for Listing 660
3 Types of Issue 660
4 Listing Procedures 661
4.1 Disclosure Requirements 661
5 Types of Equity 661
6 Continuing Requirements 662
xix
INTERNATIONAL FINANCE AND INVESTMENT
Page
Part III USA
Section
1 Introduction: Stock Exchanges in USA 665
2 Criteria for Listing 666
3 Types of Issue 666
4 Listing Procedures 667
5 Types of Equity 668
6 Continuing Requirements 668
7 American Depository Receipts (ADRs) 669
Part IV Japan
Section
1 Introduction: The Tokyo Stock Exchange 671
2 Criteria for Listing 671
3 Types of Issue 673
4 Listing Procedures 674
5 Types of Equity 675
6 Continuing Requirements 676
Part V Recent and Future Developments 677
CHAPTER 17 Swaps 681
Francis D Souza and Brian Terry
(with additional material by Phillipa Skinner
and Eric Warner)
Section
1 Introduction 681
2 Basic Swap Types 684
2.1 Interest Rate Swaps 685
2.2 Warehousing an Interest Rate Swap 688
2.3 Fixed Rate Currency Swaps 691
2.4 Cross Currency Interest Rate Swaps or Currency
Coupon Swaps 694
2.5 Multi Legged Swaps 694
2.6 Basis Rate Swaps 697
2.7 Pricing 698
xx
CONTENTS
Page
3 The Market Place 702
3.1 The Interest Rate Swap Market 703
3.2 The Currency Swap Market 707
4 Risks on Swap Transactions 708
4.1 Measuring Currency Exposure or Mark to Market Exposure 709
4.2 Capital Adequacy Requirements for Swaps 710
4.3 Other Risks to Intermediary Banks 711
5 Recent Developments 713
5.1 Amortising Swaps/Zero Coupon Swaps 713
5.2 Callable, Puttable or Extendable Swaps and Swaptions 713
6 Asset Swaps 714
7 Comparison of Yields 714
8 Tax Implications 717
9 Failure of a Counterparty 718
9.1 Interest Rate Swaps 718
9.2 Currency and Interest Rate Swaps 719
10 Why do Banks Get Involved in Swaps? 721
CHAPTER 18 Short Term Instruments 723
Brian Terry and Keith Glover
Section
1 Introduction 723
2 The Instruments Banker s Acceptances and Commercial
Paper 724
2.1 Banker s Acceptances 724
2.2 Commercial Paper 727
3 The Discount Basis 728
4 Sterling Banker s Acceptances 729
4.1 Parties to a Banker s Acceptance 730
4.2 Sequence of Events 731
4.3 Tradeability of Bills 733
4.4 Eligible and Ineligible Bills 733
4.5 Costs 735
4.6 Other Features 736
4.7 Features and Benefits for UK Issuers 736
4.8 Attractions for Non UK Borrowers 737
5 US$ Banker s Acceptances 739
xxi
INTERNATIONAL FINANCE AND INVESTMENT
Page
5.1 Eligible and Ineligible Bills 741
5.2 The Dealer Market 743
5.3 Other Features 745
5.4 Finance Bills 745
5.5 Advantages to Borrowers 745
6 US Commercial Paper 747
6.1 The Rating System 748
6.2 Bank Back up Lines 750
6.3 Parties to a Commercial Paper Programme and
Sequence of Events 750
6.4 Denominations and Maturities 751
6.5 Placement 751
6.6 Associated Costs 752
6.7 Investors 752
6.8 The Fed s Form H15 752
7 Sterling Commercial Paper (SCP) 752
7.1 Requirements of Issuers 756
7.2 Issuers and the Market 757
7.3 The Rating System and Pricing 758
7.4 Bank Back up Lines 758
7.5 Parties to a Commercial Paper Programme and Sequence
of Events 758
7.6 Denominations and Maturities 759
7.7 Placement 759
7.8 Investors 760
8 Euro Commercial Paper (ECP) 760
8.1 Parties to a Euro Commercial Paper Programme 766
8.2 Form, Denominations and Maturities 767
8.3 Settlement 767
8.4 Function and Remuneration of Dealers and Issuing
and Paying Agents 767
8.5 Investors 770
9 Hedged Banker s Acceptances/Foreign Currency
Commercial Paper 770
10 Medium Term Notes (MTNs) 774
11 Revolving Acceptance Facility by Tender (RAFTS) 775
xxii
CONTENTS
Page
CHAPTER 19 Tax based Capital Markets
Financing Instruments 777
Max Ziffand Brian Terry
Section
1 Introduction 777
2 Deep Discount Securities 77g
2.1 Introduction 77g
2.2 Background 77g
2.3 Definition 77g
2.4 UK Tax Treatment of DDBs 780
2.5 The Zero Coupon Bond 7g j
2.6 Advantages of Zero Coupon Bonds 7g3
2.7 Stepped Deep Discount Bonds 7g5
2.8 Sterling Public Issues 7g5
3 Preference Share Financing 705
3.1 Introduction 78
3.2 Redemption ,„s
3.3 Dividends and Tax thereon 786
3.4 Stamp Duty _„_
3.5 Numerical Example . nQn
1 c o /o /
3.6 Summary
4 Auction Rate Preferred Stock 791
4.1 Introduction
4.2 The Instrument 7q~
4.3 Common Features 7q.
4.4 Dutch Auction !£*
4.5 Benefits to the Issuer 7%
4.6 Benefits to Investors 797
4.7 Observed and Theoretical Yields of ARPS and the Effect
of the New Tax Law 7
5 Summary ^
xxiii
INTERNATIONAL FINANCE AND INVESTMENT
Page
CHAPTER20 Euronotes 801
Nicholas Dungan
Section
1 Introduction 801
2 Structure and Mechanics of RUFs/NIFs etc. 802
2.1 General Structure 802
2.2 Elements of Costs and Rewards 816
2.3 Specific Structures, Features and Variations 817
2.4 Methods of Placing the Paper 821
3 Analysis of Parties to a Transaction 828
3.1 Issuers 828
3.2 Underwriters 831
3.3 Investors 837
4 The Future 838
CHAPTER 21 Investors and Investing 839
David Hager
Section
1 Introduction 839
2 The Liabilities 839
3 Portfolio Objectives 840
3.1 Security 841
3.2 Yield 842
3.3 Spread 846
3.4 Term 846
3.5 Exchange Risk 846
3.6 Marketability 847
3.7 Tax 847
3.8 Other Factors 847
4 Risk 848
4.1 Volatility 849
4.2 Default Risk 849
4.3 Income Risk 849
4.4 Capital Risk 849
4.5 Inflation Risk 849
4.6 Control of Risk 850
xxiv
CONTENTS
Page
5 Portfolio Management 850
5.1 The Top down Method 851
5.2 The Bottom up Method 852
5.3 Technical Analysis 852
6 Investors 855
7 Performance Measurement 856
7.1 TheAim 857
7.2 Simple Performance Measures 857
8 Conclusion 858
GLOSSARY 859
INDEX 913
xxv
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| bvnumber | BV004402692 |
| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
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| ctrlnum | (OCoLC)78197399 (DE-599)BVBBV004402692 |
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| edition | 2. ed. |
| format | Book |
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| id | DE-604.BV004402692 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T16:12:33Z |
| institution | BVB |
| isbn | 0852972725 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-002732018 |
| oclc_num | 78197399 |
| open_access_boolean | |
| owner | DE-384 DE-188 |
| owner_facet | DE-384 DE-188 |
| physical | XXXVI, 927 S. graph. Darst. |
| publishDate | 1990 |
| publishDateSearch | 1990 |
| publishDateSort | 1990 |
| publisher | Chartered Inst. of Bankers |
| record_format | marc |
| spelling | International finance and investment multinational corporate banking ed. by Brian J. Terry 2. ed. London Chartered Inst. of Bankers 1990 XXXVI, 927 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Banks and banking, International International finance Internationale Bank (DE-588)4140009-4 gnd rswk-swf Internationale Bank (DE-588)4140009-4 s DE-604 Terry, Brian J. Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002732018&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | International finance and investment multinational corporate banking Banks and banking, International International finance Internationale Bank (DE-588)4140009-4 gnd |
| subject_GND | (DE-588)4140009-4 |
| title | International finance and investment multinational corporate banking |
| title_auth | International finance and investment multinational corporate banking |
| title_exact_search | International finance and investment multinational corporate banking |
| title_full | International finance and investment multinational corporate banking ed. by Brian J. Terry |
| title_fullStr | International finance and investment multinational corporate banking ed. by Brian J. Terry |
| title_full_unstemmed | International finance and investment multinational corporate banking ed. by Brian J. Terry |
| title_short | International finance and investment |
| title_sort | international finance and investment multinational corporate banking |
| title_sub | multinational corporate banking |
| topic | Banks and banking, International International finance Internationale Bank (DE-588)4140009-4 gnd |
| topic_facet | Banks and banking, International International finance Internationale Bank |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002732018&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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