高級(jí)公司金融long-termdebt-資料下載頁(yè)
2025-08-11 10:30本頁(yè)面
【導(dǎo)讀】balance.term(funded).trustpany.Thecallprovisions. Covenants. AmountofIssue,DateofIssue,Maturity. Denomination(facevalue,orprincipalvalue). Accruedinterest. Dirtyprice(invoiceprice,fullprice). Cleanprice. $1060.MortgageSecurities. Debentures(UnsecuredBond). Protectivecoven
【正文】 ternative method to hedge inflation risk: roll over shortterm notes such as Treasury Bill. ?Investors prefer floatingrate bonds than rolling over shortterm debt. Why? ?Floatingrate bonds generally do not have call features. ?TIPS, Treasury Inflation Protection Securities link the coupon rate to the inflation rate (inflationlinked bond) Deep Discount Bonds ?Deep Discount Bonds (Pure Discount bonds, Zero Coupon Bonds): a bond that pays no coupon, and is offered at a price that is much lower than its face value. ?If an investor has a fix amount of liability in the future, zero coupon bond reduces the interest risk. ?Zero coupon bonds save tax payments for the investors. Ine Bonds ?Ine Bonds are similar to conventional bonds. Except that coupon payments depend on pany ine. Coupons are paid to bondholders only if the firm’s ine is sufficient. ?Ine bonds provide the same tax advantage to corporations from interest deductions that conventional bonds do ?A pany that issues ine bonds is less likely to experience financial distress. Why Ine Bonds Are Not So Popular? ?Two explanations: ? The “smell of death” explanation: Firms that issue ine bonds signal the capital markets of their increased prospect of financial distress. ? The “deadweight costs” explanation: The shareholders and bondholders will not necessarily agree on how to calculate corporate ine. Other Types of Bonds ?Convertible Bond can be swapped for a fixed number of shares of stock anytime. ?Puttable Bond allows the holder to force the issuer to buy the bond back at a stated price. Direct Placement Compared to Public Issues ?More than 50 percent of all debt is privately placed. ?Two basic forms of direct private longterm financing: ? Term loans: direct business loans with maturities of 115 years. The typical term loan is amortized over the life of the loan. ? Private placement: the sale of a bond or loan directly to a limited number of investors, which is similar to a term loan except that the maturity is longer. ? A direct longterm loan avoids the cost of registration with the SEC. ? Direct placement is likely to have more restrictive covenants. ? In the event of default, it is easier to renegotiate with the investors of a private placement. ? Life insurance panies and pension funds dominate the private placement segment of the bond market. Commercial banks are significant participants in the term loan market. ? The costs of distributing bonds are lower in the private market. LongTerm Syndicated Bank Loans ?Line of Credit ? Most bank loans are made with a mitment to a firm, which establishes a line of credit and allows the firm to borrow up to a predetermined limit. ? Most mitments are in the form of a revolving credit mitment (revolver) with a fixed term of up to three years or more. ?Syndicated Bank Loan ? Large moneycenter banks frequently have more demand for loans than they have supply. ? Small regional banks are often in the opposite situation. ? As a result, a lager money center bank may arrange a loan with a firm or country and then sell portions of the loan to a syndicate of other banks. ? A syndicated loan may be publicly traded. ? A syndicated loan may be a line of credit. ? Syndicated loans are always rated investment grade.
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