International Business

Get An Introduction to International Capital Markets: Products, PDF

By Andrew M. Chisholm

ISBN-10: 0470758988

ISBN-13: 9780470758984

Totally revised and up to date from the highly renowned first version, this ebook is an available and handy one-volume advent to foreign capital markets, perfect for these getting into or making plans to go into funding banking or asset administration. in addition to serving as a useful reference instrument for pros already operating within the seeking to expand their wisdom base it's going to additionally gain all these operating in buying and selling, revenues and aid roles.

Describing how the foremost items and markets paintings, who the primary contributors are and their total targets and targets, Andrew Chisholm offers an intensive evaluation of the worldwide capital markets. The booklet covers a variety of fairness, debt, foreign currency and credits tools in addition to the important by-product items. In a step by step type, making wide use of actual international instances and examples, it explains funds markets, foreign currency, bond markets, money fairness markets, fairness valuation ideas, swaps, forwards, futures, credits derivatives, suggestions, choice chance administration and convertible bonds. an intensive thesaurus additionally explains concisely a number of the ‘jargon’ expressions utilized in the monetary markets.

Boasting a world concentration, examples are drawn from significant foreign markets world wide. It makes large use of numerical examples and case reports to aid clarify quite a lot of funds and spinoff items utilized in the capital markets company. It covers either debt and fairness items and comprises new fabric on credits items akin to collateralized debt responsibilities and credits spinoff constructions; fairness basic research, portfolio conception and convertible bonds. marketplace facts has been absolutely up-to-date from the 1st variation and up to date occasions comparable to the ‘credit situation’ are mentioned.

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

Example text

As the percentage rate divided by 100. Multiply the calculated yield by 100 to obtain the percentage value. a. 3 UK Treasury Bills The UK government also issues Treasury bills on a discount basis. These are fully backed by the UK government and effectively by the tax revenues of the country. The typical maturity is around three months and the maximum maturity is one year. On 3 April 2000 the Debt Management Office (DMO), an agency of the UK government, took over full responsibility for the weekly tender of T-bills from the Bank of England.

Economic growth appears to have slowed recently, partly reflecting a softening of household spending. Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth. Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities.

9 DISCOUNTING TREASURY BILLS US Treasury bills, also known as ‘T-bills’, do not pay interest as such. Instead they are issued and trade at a discount to their face or par value, the amount repayable by the US government at maturity. The discount method, also used with UK T-bills, goes back to the early days of commercial banking and is sometimes known as the bank discount method, to differentiate it from modern discounted cash flow calculations. Financial instruments traded using the bank discount method are quoted in terms of a percentage discount from their face value rather than at their yield or rate of return on investment.

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

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