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Lecture International finance: An analytical approach (3/e): Chapter 15 - Imad A. Moosa

Chapter 15 - International long-term financing and investment. In this chapter, the learning objectives are: To describe international bank loan financing, to demonstrate how the currency denominating a bond issue is chosen, to describe the primary and secondary international equity markets, | Lecture International finance An analytical approach 3 e Chapter 15 - Imad A. Moosa Chapter 15 International Long-Term Financing and Investment Objectives To describe international bank loan financing To demonstrate how the currency denominating a bond issue is chosen To describe the primary and secondary international equity markets To outline other means of international long-term financing cont. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 15-2 Objectives cont. To explain how choice is made between domestic and foreign securities as investment outlets To consider the effect of taxation on the choice between domestic and foreign portfolio investments To illustrate the effect of international portfolio diversification Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 15-3 International bank loans Foreign loans raised by borrowers who are foreign to the country where the loans are raised Euroloans loans denominated in a currency other than the currency of the country where the loans are raised Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 15-4 Syndicated loans Syndicated loans Euro or foreign are so large that it becomes necessary to form a syndicate or a group of lending banks to finance the loans. The interest charged is a reference rate plus a spread Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 15-5 The spread The interest paid on syndicated loans is usually calculated by adding a spread to the London interbank offer rate LIBOR or another reference rate such as the US prime rate or the Singapore interbank offer rate SIBOR Copyright 2010 McGraw-Hill Australia