国际财务管理第7章.ppt

Chapter Outline The World’s Bond Markets: A Statistical Perspective Foreign Bonds and Eurobonds Types of Instruments Currency Distribution, Nationality, Type of Issuer International Bond Market Credit Ratings Eurobond Market Structure Practices International Bond Market Indices The World’s Bond Markets A statistical perspective: The total market value of the world’s bond markets are about 50% larger than the world’s equity markets. Most issues are denominated in U.S. dollars, Japanese Yen are second, followed by Deutchmarks in a distant third. A Statistical Perspective: Foreign Bonds and Eurobonds Bearer Bonds and Registered Bonds National Security Registrations Withholding Taxes Recent Regulatory Changes Global Bonds Bearer Bonds and Registered Bonds Bearer Bonds are bonds with no registered owner. As such they offer anonymity but they also offer the same risk of loss as currency. Registered Bonds: the owners name is registered with the issuer. U.S. security laws require Yankee bonds sold to U.S. citizens to be registered. National Security Registrations Yankee bonds must meet the requirements of the SEC, just like U.S. domestic bonds. Many borrowers find this level of regulation burdensome and prefer to raise U.S. dollars in the Eurobond market. Eurobonds sold in the primary market in the United States may not be sold to U.S. citizens. Of course, a U.S. citizen could buy a Eurobond on the secondary market. Withholding Taxes Prior to 1984, the United States required a 30 percent withholding tax on interest paid to nonresidents who held U.S. government or U.S. corporate bonds. The repeal of this tax led to a substantial shift in the relative yields on U.S. government and Eurodollar bonds. This lends credence to the notion that market participants react to tax code changes. Recent Regulatory Changes Shelf Registration (SEC Rule 415) Allows the issuer to preregister a securities issue, and then offer the securities when the financing is actually needed. SEC Rule 144