An Introduction to International Capital Markets: Products, by Andrew M. Chisholm PDF

By Andrew M. Chisholm

ISBN-10: 0470758988

ISBN-13: 9780470758984

Absolutely revised and up to date from the highly well known first variation, this e-book is an obtainable and handy one-volume advent to overseas capital markets, excellent for these getting into or making plans to go into funding banking or asset administration. in addition to serving as a useful reference device for execs already operating within the seeking to expand their wisdom base it's going to additionally profit all these operating in buying and selling, revenues and aid roles.

Describing how the major items and markets paintings, who the main individuals are and their total pursuits and pursuits, Andrew Chisholm presents an intensive assessment of the worldwide capital markets. The ebook covers quite a lot of fairness, debt, foreign currencies and credits tools in addition to the significant by-product items. In a step by step style, making broad use of genuine global instances and examples, it explains cash markets, foreign currencies, bond markets, money fairness markets, fairness valuation ideas, swaps, forwards, futures, credits derivatives, thoughts, choice threat administration and convertible bonds. an intensive word list additionally explains concisely a number of the ‘jargon’ expressions utilized in the monetary markets.

Boasting a global concentration, examples are drawn from significant foreign markets worldwide. It makes huge use of numerical examples and case reviews to assist clarify a variety of funds and spinoff items utilized in the capital markets enterprise. It covers either debt and fairness items and comprises new fabric on credits items akin to collateralized debt duties and credits by-product buildings; fairness primary research, portfolio thought and convertible bonds. industry facts has been absolutely up-to-date from the 1st version and up to date occasions equivalent to the ‘credit concern’ are mentioned.

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Extra info for An Introduction to International Capital Markets: Products, Strategies, Participants

Example text

In favourable market conditions lower quality A2/P2 issuers can also achieve keen funding rates. The secondary market for USCP is far less liquid than that for US Treasury bills and most paper is held by investors until maturity. 12 BANKERS’ ACCEPTANCES Bankers’ acceptances (BAs) are trade-related negotiable bills issued by companies but accepted or guaranteed by a bank in return for a fee. They can be freely traded in the secondary market. In the US and UK BAs are issued at a discount to face value.

This makes repo a cheaper form of borrowing compared to borrowing without collateral. Repos are widely used by fixed-income operations to fund their trading activities. In addition, investors such as pension fund managers can put their securities out on repo and reinvest the funds raised at higher returns. 1 The Repo Rate The repo rate is the rate of interest charged by the lender of funds to the borrower, who supplies collateral. A classic repo transaction has two legs. In leg one the collateral (the securities) is sold by the borrower to the supplier of funds.

In addition, major international corporations making direct investments in their foreign subsidiaries or completing cross-border takeovers generate substantial requirements for foreign exchange. 1 The Central Banks In developed economies such as the US, the eurozone, the UK, and Japan there is no longer an official rate of exchange, and the national currency floats freely against other currencies in response to supply and demand factors in the international markets. In such cases the central banks and associated agencies play two main roles: • they supervise the market; • they maintain control over domestic interest rates, which will influence the attractiveness of the currency to foreign investors as well as the level of inflation in the economy.

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An Introduction to International Capital Markets: Products, Strategies, Participants by Andrew M. Chisholm

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