武汉东湖学院金融学专业必修课国际金融InternationalFinance本科.PPT

Certificate of Deposits Definition A certificate of deposit is a?time deposit with a bank that is usually negotiable and bears a specified interest rate. Initial maturity bearing a specific maturity date （3/6） Denomination value （ $100,000/ $1,000,000） a?time deposit（negotiable） Denomination value is usually high. a specified interest rate 第三节 国际货币市场 第四节 国际资本市场 International Capital Market The market in which residents of different countries trade assets is called the international capital market. 国际资本市场=国际银行中长期信贷市场+国际证券市场 国际银行中长期信贷市场 One Bank Loans Syndicated Loans 国际债券市场 International Bond Market 一国政府、企业、金融机构等为筹措外币资金在国外发行一外币计值的债券。 There are two types of international bonds. The foreign bonds： are issued in local market by a foreign borrower, with the assistance of a large investment bankers, and are denominated in a local currency. 扬基(Yankee)债券、武士(Samurai)债券、猛犬(Bulldog)债券 Eurobonds: are financed by long-term funds in the Eurocurrency markets. They are underwritten by a multinational syndicate of banks and placed in countries other than the one in whose currency they are denominated. 第四节 国际资本市场 国际债券的资信评级 Moddy’s Investor Services； StandardPoor’s Corporation； Fitch Investor Service； Duff and Phelps. 第四节 国际资本市场 第四节 国际资本市场 AAA 信用好 投资安全 AA A BBB 信用还可以，所在国政局和经济有突变能 BB 有风险 B 有风险 CCC 有风险 CC 有风险 C 有风险 国际货币市场与国际资本市场的区别 Money Short-Term, 1 Year High Quality Issuers Debt Only Primary Market Focus Liquidity Market--Low Returns Capital Long-Term, 1Yr Range of Issuer Quality Debt and Equity Secondary Market Focus Financing Investment--Higher Returns 第四节 国际资本市场 场内交易与场外交易的区别 Organized Visible Marketplace Members Trade Securities Listed New York Stock Exchange OTC Wired Network of Dealers No Central, Physical Location All Securities Traded off the Exchanges 第四节 国际资本市场 Foreign Exchange Market The foreign exchange market is the market in which national moneys are traded for other national moneys. In this market an exchange rate is