《金融专业英语》课件-Chapter-3-Financial-Instruments.ppt
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- 金融专业英语 金融 专业 英语 课件 Chapter Financial Instruments
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1、Chapter 3 Financial Instruments3.1What Is a Financial InstrumentTypes of financial instrumentsAsset classesInternational Accounting Standards (IAS) defines financial instruments as any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of anoth
2、er entity.Financial instrumentsDerivativeInstruments(衍生工具)Cash instruments(现金工具)The values and characteristics of derivative instruments are based on the vehicles underlying components, such as assets, interest rates or indices. The values of cash instruments are influenced and determined by the mar
3、kets and they can be securities that are easily transferable into cash. Equity-basedinstrumentsDebt-based Instrumentsp Stocks, stock options, equity features, exotic derivatives Short term debt-based financial instruments last for one year or less: T-bills, commercial paper, deposits, certificates o
4、f deposit, short-term interest rate futures, forward rate agreements Long-term debt-based financial instruments last for more than a year: bonds, loans, bond futures, options on bond futures, interest rate swaps, interest rate caps and floors, interest rate options, exotic derivatives.3.2Commercial
5、Paper and Commercial BillWhat is a commercial paperAdvantages of commercial paperExample of commercial paperCommercial paper vs. commercial bill What is a commercial paperCommercial paper (CP) is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of account
6、s receivable and inventories, and meeting short-term liabilities. A discounted instrument Most matures in 1 to 6 months, some matures in up to 9 months Raise short term funds unsecured means buyers have no claim on a companys assets if the company fails to pay up at maturity sold in large denominati
7、ons of $100,000 or more to large institutions and wealthy individuals. Advantages of commercial paperDoes not need to be registered with the Securities and Exchange Commission (SEC) as long as it matures before nine months, or 270 days, making it a very cost-effective means of financing.Example of c
8、ommercial paperA retail firm is looking for short-term funding to finance some new inventory for an upcoming holiday season. The firm needs $10 million and offers investors $10.1 million in face value of commercial paper in exchange for $10 million in cash, according to prevailing interest rates. In
9、 effect, there would be a $0.1 million interest payment upon maturity of the commercial paper in exchange for the $10 million in cash, equating to an interest rate of 1%. This interest rate can be adjusted for time, contingent on the number of days the commercial paper is outstanding. Commercial pap
10、er vs. commercial bill (商业票据与商业汇票) Commercial bills are instruments issued by banks that finance invoices raised by a company. Suppose a company selling goods or products to another company is apprehensive about the payment or at least wishes to enhance the safety of his money can get commercial bil
11、ls issued by banks. Banks issue advance payment in lieu of invoices that show sale of goods. This is an instrument that comes into effect only after a sale has taken place. This is an instrument used by banks to accept and/or discount the bills of a customer. Commercial bills are issued for financin
12、g needs of medium term.3.3Bankers Acceptance Bankers acceptance (银行承兑汇票)A bankers acceptance (BA) is a short-term credit investment created by a non-financial firm and guaranteed by a bank to make payment. Acceptances are traded at discounts from face value in the secondary market. 非金融企业开出,银行担保的短期信用
13、投资工具Bankers acceptances are considered very safe instruments and are used extensively in foreign trade. Banks typically charge a 2% fee.3.4Stock What is a StockPreferred StockCommon Stock What is a StockA stock (also known as shares and equity) is a type of security that signifies ownership in a cor
14、poration and represents a claim on part of the corporations assets and earnings.A shareholder is an owner of a company. Ownership is determined by the number of shares a person owns relative to the number of outstanding shares. usually do not carry voting rightshas a higher claim on its assets and e
15、arnings than common stockcombines features of debt and equity, in that it pays fixed dividends and has the potential to appreciate in price Preferred Stock(优先股) carry voting rights have rights to a companys assets after bondholders, preferred shareholders and other debtholders riskier than debt or p
16、referred shares, usually outperform bonds and preferred shares in the long run growth stocks, value stocks, large-cap stocks, small-cap stocks Common Stock(普通股)3.5Fixed Income ProductsWhat is a Fixed Income Fixed Income as a ProductInterest PaymentsFixed Income as a Strategy What is a Fixed Income F
17、ixed income is a type of investment in which real return rates or periodic income is received at regular intervals and at reasonably predictable levels. can be used to diversify ones portfolio pose less risk than equities and derivative investments offer reliable returnsFixed Income as a ProductThe
18、most common example of a security that yields a fixed income is a bond. Treasury bonds (T-bonds), Treasury notes (T-notes), Treasury bills (T-bills) investment-grade bonds, junk bonds 投资分级债券,垃圾债券The primary risk the issuer or borrower defaulting on his payment. Fixed Income as a Strategy(固定收益策略)an i
19、nvestment style generates stable and predictable returnsThe laddering strategy (梯形投资策略)With the laddering strategy, a portfolio manager can reinvest the principal of matured bonds into those with higher rates. For example, a $60,000 investment could be divided into a one-year, two-year, and three-ye
20、ar bond. When the one-year bond matures a year from now, the principal will be rolled into a three-year. When the two-year bond matures, the principal will be rolled into a three-year, and so on. By so doing, the investor is able to take advantage of the higher interest rates as the years go by.3.6B
21、ond What is a BondHow Bonds Work What is a BondA bond is a fixed income investment(固定收益投资) in which an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate. used by companies, municipalities,
22、 states and sovereign governments to raise money and finance a variety of projects and activities. owners of bonds are debtholders, or creditors, of the issuerHow Bonds Work(债券原理)When companies or other entities need to raise money to finance new projects, to maintain ongoing operations, or to refin
23、ance existing debts, they may issue bonds directly to investors instead of obtaining loans from a bank. The indebted entity (issuer) issues a bond that contractually states the interest rate that will be paid and the time at which the loaned funds (bond principal) must be returned (maturity date). T
24、he interest rate, called the coupon rate or payment, is the return that bondholders earn for loaning their funds to the issuer.The issuance price of a bond is typically set at par, usually $100 or $1,000 face value per individual bond. The actual market price of a bond depends on a number of factors
25、 including the credit quality of the issuer, the length of time until expiration, and the coupon rate compared to the general interest rate environment at the time.Bond prices move inversely with interest rates.(债券价格与利率成反比) What is a Corporate BondA corporate bond is a debt security issued by a corp
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