資源描述:
《inflation-linked bonds》由會(huì)員上傳分享,免費(fèi)在線閱讀,更多相關(guān)內(nèi)容在工程資料-天天文庫。
1、CHAPTERFOURTEENMEDIUM-TERMNOTESLELANDE.CRABBE,PH.D.ConsultantOverthepastthreedecades,medium-termnotes(MTNs)haveemergedasamajorsourceoffundingforU.S.andforeigncorporations,federalagencies,supranationalinstitutions,andsovereigncountries.U.S.corporationshaveissuedMTNssince
2、theearly1970s.Atthattime,themarketwasestablishedasanalter-nativetoshort-term?nancinginthecommercialpapermarketandlong-termbor-rowinginthebondmarket,hencethenamemediumterm.Throughthe1970s,however,onlyafewcorporationsissuedMTNs,andby1981,outstandingsamountedtoonlyabout$80
3、0million.Inthe1980s,theU.S.MTNmarketevolvedfromarelativelyobscurenichemarketdominatedbytheauto?nancecompaniesintoamajorsourceofdebt?nancingforseveralhundredlargecorpo-rations.Inthe1990s,theU.S.marketcontinuedtoattractadiversityofnewbor-rowers,andoutsidetheUnitedStates,t
4、heEuro-MTNmarkethasgrownataphe-nomenalrate.MostMTNsarenoncallable,unsecured,seniordebtsecuritieswith?xedcouponratesandinvestment-gradecreditratings.Inthesefeatures,MTNsaresimilartoinvestment-gradecorporatebonds.However,theygenerallyhavedif-feredfrombondsintheirprimarydi
5、stributionprocess.MTNstraditionallyhavebeensoldonabest-effortsbasisbyinvestmentbanksandotherbroker-dealersactingasagents.Incontrasttoanunderwriterintheconventionalbondmarket,anagentintheMTNmarkethasnoobligationtounderwriteMTNsfortheissuer,andtheissuerisnotguaranteedfund
6、s.Also,unlikecorporatebonds,whichtypicallyaresoldinlarge,discreteofferings,MTNsusuallyaresoldinrel-ativelysmallamountseitheronacontinuousoranintermittentbasis.BorrowerswithMTNprogramshavegreat?exibilityinthetypesofsecu-ritiestheymayissue.AsthemarketforMTNshasevolved,iss
7、uershavetakenadvantageofthis?exibilitybyissuingMTNswithlessconventionalfeatures.ManyMTNsarenowissuedwith?oatinginterestratesorwithratesthatarecomputedaccordingtounusualformulastiedtoequityorcommodityprices.ThischapterisadaptedandupdatedfromLelandE.Crabbe,“AnatomyoftheMe
8、dium-TermNoteMarket,”FederalReserveBulletin(August1993),pp.751–768.339Copyright?2005,2001,1997,1995,1991,1987,