【正文】 ? 1981年美國政府也批準(zhǔn)了美國銀行在美國本土進(jìn)行歐洲貨幣業(yè)務(wù)。 Prospect of Eurocurrency Market—Chinese version 2 ? 國際銀行業(yè)務(wù)設(shè)施 (IBF): 允許美國銀行和在美國的外國銀行 吸收 外國居民，外國銀行和公司，美國在國外的公司的存款， 而無須繳納存款準(zhǔn)備金，也不受存款利率最高額的限制。 Prospect of Eurocurrency Market—English version 1 ? Eurocurrency benefited governments’ discriminate between deposits denominated in the home currency and those denominated in others and between transactions with domestic customers and those with foreign customers. Domestic currency deposits are heavily regulated as a way of maintaining control over the domestic money supply, while banks are given much more freedom in their dealings in foreign currencies. Prospect of Eurocurrency Market—English version 2 ? Freedom from reserve requirements is probably the most important regulatory factor that makes Eurocurrency trading attractive to banks and their customers. Eurodollar deposits are available in shorter maturities than the corresponding time deposits banks are allowed to issue in the United States. Prospect of Eurocurrency Market—English version 3 ? In 1981, the Fed allowed resident banks to set up international banking facilities (IBFs) in the United States for the purpose of accepting time deposits and making loans to foreign customers. IBFs are not subject to reserve requirements or interest rate ceilings, and they are exempt from state and local taxes. But an IBF is prohibited from accepting deposits from or lending money to . residents. Technically speaking, a dollar deposit in an IBF is not a Eurodollar because the IBF resides physically within the United States. Asian Offshore Currency Markets1 ? Many countries intend to lure lucrative international banking business to their shores while trying to insulate domestic financial systems from the banks’ international activities. Similar international banking enclaves in the Asian Currency Units of Singapore, Hong Kong and the Tokyo Offshore Market. Asian Offshore Currency Markets2 ? 亞洲貨幣市場(chǎng)的 形成 和發(fā)展 ? 。批準(zhǔn) 16家銀行經(jīng)營離岸金融業(yè)務(wù)。 ? 1978香港 開始亞洲美元的爭(zhēng)奪業(yè)務(wù)。將全世界歐洲美元存款吸引過來。 Of Samurai and Sushi: I Opening Japan’ s Financial Markets ? Starting in the late 1970s the Japanese began to liberalize the capital account by removing restrictions on foreign purchases of domestic assets. In Many 1984, under American pressure, the . Treasury and Japanese Ministry of Finance agreed o a long list of further liberalization measures. Specifically, a wider range of direct foreign investments in Japan was sanctioned. Japanese residents were given greater freedom to purchase foreign assets, and restrictions on foreign issues of bonds within Japan were relaxed. Of Samurai and Sushi: II Opening Japan’ s Financial Markets ? In February 1986 the first foreign members of the Tokyo Stock Exchange took their seats. And at the end of 1986 the Japanese opened an offshore banking market in Tokyo, in which Japanese as well as foreign banks can operate as long as they observe a strict separation between their foreign business and any domestic Japanese business. Of Samurai and Sushi: III Opening Japan’ s Financial Markets ? Closer contact between the Japanese and foreign financial cultures has spawned some colorful terminology. Yendenominated bonds issued in Japan by nonresidents are called samurai bonds. When these bonds are denominated in foreign currencies rather than in yen, they are called shogun bonds. Foreign currency bonds issued abroad by Japanese residents are known as sushi bonds. Finally, yen bonds issued in the United States by Japanese residents don’ t have a catchy Japanese name. These obligations, first issued in 1985, are called Yankee yen bonds. Asian currency market ? Special features: 1. 交易額 的 90%以上是 美元 。 2. 以 短期借貸 為主的市場(chǎng)。） 3. 時(shí)差 上填補(bǔ)歐洲和美洲。） 4. 政府誘導(dǎo) 而形成。世界金融 三足鼎立 。 ? 由于對(duì)發(fā)行者和投資者都有好處，國際金融市場(chǎng)證券化趨勢(shì)在加強(qiáng)。 2. 私募債券 (Private Placement Bond)：私下向限定的投資者發(fā)行；債券不能上市轉(zhuǎn)讓；債券利率高于公募債券利率。 International Bond Market3 ? 按是否以 發(fā)行地所在國貨幣為面值 劃分： 1. 外國債券 (Foreign Bond)：借款人在其本國以外某一國家發(fā)行的，以發(fā)行地所在國貨幣為面值的債券。在日本發(fā)行的外國債券 (日元 )?武士債券(Samurai Bond)；在美國發(fā)行的美元債券 ?洋基債券 (Yankee Bond)；在英國發(fā)行的英鎊債券 ?猛犬債券 (Bulldog)。它的發(fā)行不受任何國家金融法規(guī)的管轄。 International Bond Market—4 English version ? Foreign Bond: Bond sold outside the country of the borrower, but in the country of the currency in which the bond is denominated. The bond is underwritten by local institutions and is issued under the regulations prevalent in that country. For example, a . pany might float a bond issue in the Swiss capital market, underwritten by a Swiss syndicate and denominated in Swiss francs. The bond issue is sold to investors in the Swiss capital market, where it will be quoted and traded. International Bond Market—5 English version ? Eurobond: Bond denominated in the borrowers’ currency but sold outside the country of the borrower, usually by an international syndicate. The Eurobond market, although centered in Europe, is truly international in the sense that the underwriting syndicates prise investment bankers from a number of countries, the bonds are sold to investors around the world, and floatations are not governed by national regulations. International Bond Market6 ? 按利率確定劃分 （ 詳細(xì)見教材第 305頁 ） 1. 固定利率債券 2. 浮動(dòng)利率債券 3. 無息票債券 ? 按可轉(zhuǎn)換性劃分 1. 直接債券 2. 可兌股債券 3. 附認(rèn)股權(quán)債券 4. 可轉(zhuǎn)讓貸款證券 ? 按發(fā)行貨幣劃分 1. 雙重貨幣債券 2. 歐洲貨幣單位債券 ? 按短期票據(jù)種類劃分 1. 非承銷歐洲商業(yè)票據(jù) 2. 多成分票據(jù)便利 3. 承銷歐洲票據(jù)便利 4. 展期承銷票據(jù)便利 Censoring process of issuance ? Step 1: 借款者到證券交易委員會(huì) 注冊(cè)登記 ，提交各種證明文件；經(jīng)審查批準(zhǔn)后，才能取得債券發(fā)行資格。 2. 債信審查 ： 調(diào)查發(fā)行人在歷史上有無拖欠的 未償清債務(wù)或債務(wù)訴訟糾紛。避免償債高峰集中。