By Andrew M. Chisholm
Totally revised and up-to-date from the highly renowned first version, this booklet is an available and handy one-volume creation to overseas capital markets, excellent for these coming into or making plans to go into funding banking or asset administration. in addition to serving as a useful reference instrument for execs already operating within the trying to expand their wisdom base it is going to additionally gain all these operating in buying and selling, revenues and help roles.
Describing how the foremost items and markets paintings, who the main contributors are and their total targets and goals, Andrew Chisholm offers a radical review of the worldwide capital markets. The booklet covers quite a lot of fairness, debt, foreign currencies and credits tools in addition to the primary by-product items. In a step by step style, making large use of genuine international instances and examples, it explains funds markets, foreign currency, bond markets, money fairness markets, fairness valuation options, swaps, forwards, futures, credits derivatives, ideas, choice threat administration and convertible bonds. an in depth word list additionally explains concisely a number of the ‘jargon’ expressions utilized in the monetary markets.
Boasting a world concentration, examples are drawn from significant overseas markets around the globe. It makes vast use of numerical examples and case experiences to assist clarify a variety of money and spinoff items utilized in the capital markets enterprise. It covers either debt and fairness items and contains new fabric on credits items similar to collateralized debt responsibilities and credits by-product constructions; fairness primary research, portfolio conception and convertible bonds. industry facts has been absolutely up to date from the 1st variation and up to date occasions akin to the ‘credit main issue’ are mentioned.
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Extra info for An Introduction to International Capital Markets: Products, Strategies, Participants
The Eurocurrency market is an international market for funds, based in major global centres such as London. The majority of deals are in US dollars and the banks can borrow and lend Eurocurrencies without being subject to direct regulation by the central bank of the currency in question. The main participants are commercial banks, investment banks and securities houses, international corporations, and investing institutions such as pension funds and insurance companies. Eurocurrency deposits and loans are made for a speciﬁc term such as three months or six months.
Because of the short-term nature of the securities being evaluated the agencies focus on assessing the cash ﬂow-generating ability of the issuer: how likely or otherwise it is that the paper will be repaid at maturity in 30 or so days’ time. The concern is normally not so much with the risk of outright insolvency as with the danger that the issuer may not have enough cash to redeem all the paper at maturity. However when there is an economic downturn investors do start to have concerns about default, particularly about less well-rated paper.
1 Sell/Buy-backs A sell/buy-back agreement is very similar to a classic repo except that it is structured in a slightly different way. e. later) date at a higher price. The rate of interest charged on the loan is not explicitly stated; it is implied in the fact that the repurchase price on the forward date is higher than the cash sale price. Any coupon payments due on the collateral are not paid over separately; they are incorporated into the forward repurchase price and therefore paid at the termination of the agreement rather than on the actual coupon dates.