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【正文】 All rights reserved. 26 Bank Discount Rate (TBills) %890360000,10800,9000,10800,9:90:360000,10000,10????????rrbdbdPdayExamplenPRbd = bank discount rate P = market price of the bill n = number of days to maturity McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 24 Money Market Instruments ? Treasury bills ? Certificates of deposit ? Commercial Paper ? Bankers Acceptances ? Eurodollars ? Repurchase Agreements (RPs) and Reverse RPs ? Federal Funds McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 22 Major Classes of Financial Assets or Securities ?Debt Money market instruments Bonds ?Common stock ?Preferred stock ?Derivative securities McGrawHill/Irwin Copyright 169。McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 21 Financial Markets and Instruments Chapter 2 McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 23 Markets and Instruments ?Money Market Debt Instruments Derivatives ?Capital Market Bonds Equity Derivatives McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 25 Money Market Instrument Yields ?Yields on Money Market Instruments are not always directly parable. ?Factors influencing yields. ?Par value vs. investment value ?360 vs. 365 days assumed in a year (366 leap year) ?Bond equivalent yield McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 27 Bond Equivalent Yield ?Can’t pare Tbill directly to bond: 360 vs 365 days Return is figured on par vs. price paid ?Adjust the bank discounted rate to make it parable. McGrawHill/Irwin Copyright 169。 2023 by The McGrawHill Companies, Inc. All rights reserved. 29 Capital M
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