ch07moneymarkets-文庫(kù)吧資料
2025-01-02 11:37本頁(yè)面
【正文】 ween the selling price and par or face value adjusted for time l If sold prior to maturity in secondary market u Yield based on the difference between price paid for Tbill and selling price adjusted for time Money Market Securities n Calculating TBill Annualized Yield YT ? SP – PP PP 365 n YT = The annualized yield from investing in a Tbill SP = Selling price PP = Purchase price n = number of days of the investment (holding period) = Money Market Securities n Tbill yield for a newly issued security Par – PP PP 360 n Tbill discount = percent discount of the purchase price from par Par = Face value of the Tbills at maturity PP = Purchase price n = number of days to maturity Tbill discount = ? Money Market Securities l Shortterm debt instrument l Alternative to bank loan l Dealer placed vs. directly placed l Used only by wellknown and creditworthy firms l Unsecured l Minimum denominations of $100,000 l Not a large secondary market Commercial Paper Money Market Securities n Commercial paper backed by bank lines of credit l Bank line used if pany loses credit rating l Bank lends to pay off mercial paper l Bank charges fees for guaranteed line of credit Money Market Securities n Estimating mercial paper yields YCP Par – PP PP 360 n YCP = Commercial paper yield Par = Face value at maturity PP = Purchase price n = number of days to maturity = ? Money Market Securities l Issued by large mercial banks l Minimum denomination of $100,000 but $1 million more mon l Purchased by nonfinancial corporations or money market funds l Secondary markets supported by dealers in security Negotiable Certificates of Deposit (NCD) Money Market Securities n NCD placement l Direct placement
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