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Chapter 15
International Short-Term Financing and Investment
Objectives
• To explain why shortterm foreign currency financing and investment are considered.
• To consider the choice between domestic and foreign currency financing and investment.
• To identify the costs and benefits of financing/investment with a portfolio.
Copyright ª 2004 McGrawHill Australia Pty 2 Ltd
PPTs t/a International Finance: An Analytical
Internal Financing
• A multinational can utilise internal financing by:
Requesting a transfer of funds from a subsidiary Increasing markups on supplies sent to
subsidiaries
Copyright ª 2004 McGrawHill Australia Pty 3 Ltd
PPTs t/a International Finance: An Analytical
Sources of External Financing
• Standby Eurocredits: Eurocurrency lines and revolving commitments
• Euronotes: note issuance facilities and Eurocommercial papers
Copyright ª 2004 McGrawHill Australia Pty 4 Ltd
PPTs t/a International Finance: An Analytical
Why Foreign Currency Financing?
• Foreign currency financing introduces FX risk only if there is no exposure already.
• It may be cheaper.
Copyright ª 2004 McGrawHill Australia Pty 5 Ltd
PPTs t/a International Finance: An Analytical
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