Tham khảo tài liệu 'wiley accounting and finance_4', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Cash Flow Concerns CHAPTER 4 Housing Administration and the Government National Mortgage Association. These obligations are not guaranteed by the Treasury however there is an implied backing of the government. It would be hard to imagine the federal Treasury allowing an agency to fail. Major government-sponsored agencies that issue securities include the federal home loan banks federal land banks and the Federal National Mortgage Association. The securities provided by these agencies return a modest yield advantage over treasury securities of the same maturity. These securities have a high degree of marketability and are sold in the secondary market through the same security dealers as the Treasury securities. Banker s Acceptances Banker s acceptances are drafts accepted by banks and used in financing foreign and domestic trade. The creditworthiness of banker s acceptances is judged relative to the bank accepting the draft rather than the drawer. Acceptances generally have maturities of less than 180 days and are of very high quality. They are traded in an over-the-counter market dominated by a few dealers. The rates on banker s acceptances tend to be slightly higher than rates on Treasury bills of similar maturity. Commercial Paper Commercial paper consists of short-term unsecured promissory notes issued by finance companies and certain industrial concerns. Commercial paper can be purchased either directly or through dealers. Among the companies selling commercial paper on this basis are CIT Financial Corporation Ford Motor Credit Company and General Motors Acceptance Corporation. Negotiable Certificates of Deposit Negotiable time certificates of deposit CDs are time-certain investments. The CD is evidence of the deposit of funds at a commercial bank for a specified period of time and at a specified rate of interest. Money market banks quote rates on CDs that are changed 107 SECTION II Operating the Business periodically in keeping with changes in other money .
