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Seventh Edition - The Addison-Wesley Series in Economics Phần 2

Phụ lục Chương 2 Trái phiếu công ty. Đây là những trái phiếu dài hạn do tổng công ty xếp hạng tín dụng rất mạnh. Các trái phiếu doanh nghiệp điển hình gửi chủ một khoản thanh toán lãi suất hai lần một năm và trả tiền mệnh giá khi trái phiếu đáo hạn. | 6 Appendix to Chapter 2 Corporate Bonds. These are long-term bonds issued by corporations with very strong credit ratings. The typical corporate bond sends the holder an interest payment twice a year and pays off the face value when the bond matures. Some corporate bonds called convertible bonds have the additional feature of allowing the holder to convert them into a specified number of shares of stock at any time up to the maturity date. This feature makes these convertible bonds more desirable to prospective purchasers than bonds without it and allows the corporation to reduce its interest payments because these bonds can increase in value if the price of the stock appreciates sufficiently. Because the outstanding amount of both convertible and nonconvertible bonds for any given corporation is small they are not nearly as liquid as other securities such as U.S. government bonds. Although the size of the corporate bond market is substantially smaller than that of the stock market with the amount of corporate bonds outstanding less than one-fourth that of stocks the volume of new corporate bonds issued each year is substantially greater than the volume of new stock issues. Thus the behavior of the corporate bond market is probably far more important to a firm s financing decisions than the behavior of the stock market. The principal buyers of corporate bonds are life insurance companies pension funds and households are other large holders. U.S. Government Securities. These long-term debt instruments are issued by the U.S. Treasury to finance the deficits of the federal government. Because they are the most widely traded bonds in the United States the volume of transactions on average exceeds 100 billion daily they are the most liquid security traded in the capital market. They are held by the Federal Reserve banks households and foreigners. U.S. Government Agency Securities. These are long-term bonds issued by various government agencies such as Ginnie Mae the .