International finance

World Financial Markets and Institutions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

International Bond Market ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The World’s Bond Markets ,[object Object],[object Object],[object Object],[object Object]

Foreign bonds and Eurobonds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Bearer Bonds and Registered Bonds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

National Security Regulations ,[object Object],[object Object],[object Object],[object Object]

Global Bonds ,[object Object],[object Object]

Types of Instruments ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Straight Fixed Rate Debt ,[object Object],[object Object],[object Object]

Straight Fixed Rate Debt ,[object Object]

Accrued interest ,[object Object],The clean price of a Eurobond is Q=95, the annual coupon is 6%, and we are exactly three months from the past coupon payment. What is the full price of the bond?

Floating-Rate Notes ,[object Object],[object Object],[object Object]

Floating-Rate Notes ,[object Object],Reset Date LIBOR Coupon Rate Jan-02 5.5% Jul-02 5.8% Jan-03 6.3% Jul-03 6.8% Jan-04 7.3% Jul-04 3.7% Jan-05 2.5%

Floating-Rate Notes ,[object Object]

Equity-Related Bonds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Zero Coupon Bonds ,[object Object],[object Object],[object Object]

Implied Forward Exchange Rate ,[object Object],[object Object],[object Object],[object Object],[object Object]

Return and Risk of Foreign Bonds ,[object Object],[object Object],[object Object],[object Object]

Return and Risk of Foreign Bonds ,[object Object]

Dual-Currency Bonds ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Dual-Currency Bonds ,[object Object]

Dual-Currency Bonds ,[object Object],First, convert the principal into yen without calculating its present value. This can be done using forward rates. 10-year forward rate is F JPY/USD,10 =S JPY/USD *(1+i JPY ) 10 /(1+i $ ) 10

Characteristics of International Bond Market Instruments

International Bonds and Notes: Currency, Nationality, Issuers ,[object Object]

Distribution of International Bond Offerings by Nationality

Distribution of International Bond Offerings by Type of Issuer

Credit risk and credit ratings ,[object Object]

Credit risk and credit ratings ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Bond Ratings Measure Default Risk Moody’s Aaa Aa A Baa Ba B Caa C S&P AAA AA A BBB BB B CCC D

Bond Ratings and Default Risk KMV's One-Year Transition Matrices as Tabulated from Expected Default Frequencies (EDFs) Initial Rating Rating at Year End (%) : 1(AAA) 2(AA) 3(A) 4(BBB) 5(BB) 6(B) 7(CCC) 8(Default) 1(AAA) 66.26 22.22 7.37 2.45 0.86 0.68 0.14 0.02 2(AA) 21.66 43.04 25.83 6.56 1.99 0.68 0.2 0.04 3(A) 2.76 20.34 44.19 22.94 7.42 1.97 0.28 0.1 4(BBB) 0.3 2.8 22.63 42.54 23.52 6.95 1 0.26 5(BB) 0.08 0.24 3.69 22.93 44.41 24.53 3.41 0.71 6(B) 0.01 0.05 0.39 3.48 20.47 53 20.58 2.02 7(CCC) 0 0.01 0.09 0.26 1.79 17.77 69.94 10.14

Bond Ratings and Default Risk ,[object Object],What is the probability that a bond rated BB in the beginning of the year will maintain BB-rating by the end of the year? What is the probability that a bond rated BB in the beginning of the year will be downgraded by the end of the year?

Eurobond Market Structure ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

International Bond Market Indices ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

International Equity Markets ,[object Object],[object Object],[object Object],[object Object],[object Object]

Market Capitalization of Countries ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Market Capitalization of Equity Markets in Developed Countries

Liquidity and Concentration ,[object Object],[object Object],[object Object],[object Object]

Turnover Ratio of Equity Markets in Developed Countries

Market Structure, Trading Practices, and Costs ,[object Object],[object Object],[object Object],[object Object]

International Investment ,[object Object]

World Equity Market Indices ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Asia/Pacific Rim Japan: NIKKEI 225 HK: Hang Seng Singapore: STRAITS Australia: S&P/ASX More countries Check MSCI/BARRA , free registration, access to multiple indices

World Equity Benchmark Shares ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

World Equity Benchmark Shares ,[object Object],[object Object],[object Object]

International Equity Trading ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

International Equity Trading ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

International Equity Trading ,[object Object]

International finance

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International finance