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Lecture Financial institutions, instruments and markets (6/e): Chapter 11 - Christopher Viney

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Chapter 11 - International debt markets. In this chapter, the learning objectives are: Examine the use of international debt markets as a source of funding, describe the role of euromarkets and US capital markets, distinguish between eurocurrency, euronote and eurobond markets, consider US debt markets and securities, explain the role of credit rating agencies.

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Chapter 11 International Debt Markets Copyright 2009 McGraw-Hill Australia Pty Ltd 11-1 Learning Objectives • Examine the use of international debt markets as a source of funding • Describe the role of euromarkets and US capital markets • Distinguish between eurocurrency, euronote and eurobond markets • Consider US debt markets and securities • Explain the role of credit rating agencies Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 11-2 Chapter Organisation 11.1 The Euromarkets 11.2 Eurocurrency Market 11.3 Euronote Market 11.4 Eurobond Market 11.5 Markets in the USA 11.6 Credit Rating Agencies 11.7 Summary Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 11-3 11.1The Euromarkets • International debt markets – Are used by: financial institutions, who are the largest borrowers governments and corporations – Attract investors as they: provide a deep and liquid market allow higher investment returns are a form of portfolio diversification – Have grown in importance owing to deregulation of FX markets – Accessible to borrowers with a strong financial reputation and a very good credit rating Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 11-4 11.1The Euromarkets (cont.) • International debt markets (cont.) – Consist of large unregulated money and capital markets – Major centres in London, the Middle East and Asia – USD is the dominant currency – Euro-zone is the domestic market for countries adopting the euro currency – Debt securities denominated in euros have grown as the predictability, liquidity and volatility of the euro consolidate Copyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Financial Institutions, Instruments and Markets 6e by Viney Slides prepared by Anthony Stanger 11-5 ... - tailieumienphi.vn 1084986

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