公司债券介绍(英文版).pdf

Corporate Debt Securities ? Corporations issue debt securities to raise long- term and short-term capital. ? The corporate issuer promises to pay a specified percentage of par value (the coupon payments) on designated dates and to repay par or principal value of the bond at maturity. ? Investors in the bond markets are creditors and not residual-claimants – Interest payments to corporate debt must be paid before dividend payments to equity holders. Corporate Debt Markets ? Corporate bond market (40%) ? Bank loans (26%) ? Commercial paper (23%) ? Reminder (11%) – Medium-Term notes – International bonds – Asset-backed-securities Features of Corporate Bond Issues ? Bond Indenture – A detailed contract ? Term bonds vs. serial bonds – Serial bonds are such that specified principal amounts become due on specified dates. ? Notes vs. bonds – Obligations due in under 10 years from the date of issue are called notes. ? Call and refund provisions – Call provision allows the issuer to buy back all or part of the issue before its maturity date. – Refunding means to replace an old bond issue with a new one, often at a lower interest cost. – Callable vs. Refundable: Refunding restrictions mean that cheaper sources of debt may not be used to refund debt, although debt may still be callable. 1 Features of Corporate Bond Issues -- Continued ? Sinking fund provisions – Deposit of certain sum with the bond trustee, to be used to retire outstanding debt issue periodically. – Balloon maturity: Remainder of the outstanding issue after sinking fund provision. – Accelerated sinking fund provision: Option to retire more than the amount stipulated for