高級(jí)公司金融long-termdebt(已修改)
2025-08-31 10:30 本頁(yè)面
【正文】 CHAPTER 2 LongTerm Debt Chapter Outline Long Term Debt: A Review The Public Issue of Bonds Bond Refunding Bond Ratings Some Different Types of Bonds Direct Placement Compared to Public Issues LongTerm Syndicated Bank Loans Summary and Conclusions Long Term Debt: A Review ?Different from mon stock: ? Creditor’s claim on corporation is specified ? Creditors receive cash flows prior to the shareholders ?The maturity of a debt instrument refers to the length of time the debt remains outstanding with some unpaid balance. ?Corporate debt can be shortterm (unfunded) or longterm (funded). ?Over half of outstanding bonds are owned by life insurance panies amp。 pension funds The Public Issue of Bonds ? The general procedure is similar to the issuance of stock, as described in the previous chapter. ? The registration statement for a public issue of bonds must include an indenture, a document not relevant for issue of mon stock. ? The indenture is a written agreement between the borrower and a trust pany. ? The trust pany is appointed by the corporation to represent the bondholders. The trust pany must ? Make sure the terms of the indenture are obeyed ? Manage the sinking fund ? Represent bondholders if the pany defaults on its payments Content of Indenture ?The typical bond indenture generally includes the following provisions: ? The basic terms of the bonds ? A description of property used as security ? The sinking funds arrangement ? The call provisions ? Covenants The Basic Terms ?Amount of Issue, Date of Issue, Maturity ?Denomination (face value, or principal value) ? Bonds usually have a face value of $1000 ? Bond prices are quoted as a percentage of the face value ?Annual Coupon, Dates of Coupon Payments ?Registered bonds and bearer bonds ? The ownership (name) of the owner of the a registered bond is recorded, while that of a bearer bond is not. A Note on Bond Price Quotes ?Accrued interest ? The amount of interest owned on the bond when the bond is purchased between coupon payment dates. ? The accrued interest theoretically belongs to the previous owner. ?Dirty price (invoice price, full price) ? The price an investor actually pay for a bond. ?Clean price ? The quoted price, which is the dirty price of accrued interest An Example ?Suppose an investor buy a bond with a 12 percent annual coupon, payable semiannually. She actually pay $1080 for this bond. So $1080 is the dirty price. On the day she buy the bond, the next coupon is due in four months, so it is between coupon dates. Notice that the coupon is $60. The accrued interest on a bond is 2/6 * $60 = $20. The bond’s quoted price (clean price) would be $1080 $20 = $1060. Security ?Security is a form of attachment to property。 the property can be sold in the event of default to satisfy the debt for which security is given. ?Debt securities can be classified according to the collateral protecting the bondholders ? Collateral is a general term for the assets that are pledged as security for payment of debt. Different Types of Collaterals ?Collateral Trust Bonds ? Common stocks as collaterals ?Mortgage Securities ? Real estate or other long term assets as collaterals ? Closedend and open end ? Borrowers are som
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