Download PDF by Andrew M. Chisholm: An Introduction to International Capital Markets: Products,

By Andrew M. Chisholm

ISBN-10: 0470758988

ISBN-13: 9780470758984

Absolutely revised and up to date from the highly renowned first variation, this e-book is an obtainable and handy one-volume advent to foreign capital markets, excellent for these getting into or making plans to go into funding banking or asset administration. in addition to serving as a useful reference software for execs already operating within the seeking to expand their wisdom base it is going to additionally gain all these operating in buying and selling, revenues and help roles.

Describing how the foremost items and markets paintings, who the main individuals are and their total pursuits and ambitions, Andrew Chisholm offers a radical evaluate of the worldwide capital markets. The publication covers a variety of fairness, debt, foreign currencies and credits tools in addition to the vital spinoff items. In a step by step style, making broad use of actual international instances and examples, it explains funds markets, foreign currencies, bond markets, money fairness markets, fairness valuation options, swaps, forwards, futures, credits derivatives, innovations, alternative probability administration and convertible bonds. an intensive word list additionally explains concisely some of the ‘jargon’ expressions utilized in the monetary markets.

Boasting a global concentration, examples are drawn from significant overseas markets worldwide. It makes wide use of numerical examples and case reviews to aid clarify quite a lot of funds and spinoff items utilized in the capital markets enterprise. It covers either debt and fairness items and contains new fabric on credits items resembling collateralized debt responsibilities and credits by-product buildings; fairness primary research, portfolio conception and convertible bonds. industry info has been absolutely up to date from the 1st version and up to date occasions corresponding to the ‘credit drawback’ are mentioned.

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Extra info for An Introduction to International Capital Markets: Products, Strategies, Participants

Example text

Or it can seek to tighten credit and The Money Markets 17 Release Date: September 16, 2008 For immediate release The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. Strains in financial markets have increased significantly and labor markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending. Tight credit conditions, the ongoing housing contraction, and some slowing in export growth are likely to weigh on economic growth over the next few quarters.

Institutional investors such as pension funds, insurance companies and mutual funds invest in shares, bonds and money market securities on a global basis and have to enter the FX markets to buy and sell currencies. Sovereign wealth funds have become significant investors in foreign currency assets. In addition, major international corporations making direct investments in their foreign subsidiaries or completing cross-border takeovers generate substantial requirements for foreign exchange. 1 The Central Banks In developed economies such as the US, the eurozone, the UK, and Japan there is no longer an official rate of exchange, and the national currency floats freely against other currencies in response to supply and demand factors in the international markets.

Suppose the investor can buy the CD more cheaply in the market from another dealer, at a dollar price of only $ 1,003,000. By rearranging the formula for calculating the present value of the CD we can calculate the yield-to-maturity the investor would achieve by buying the paper at that price. 12 %. Effectively the formula works out the percentage return on the initial investment then annualizes the result based on the number of days from purchase to maturity. Again, this is a simple interest calculation with no compounding.

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An Introduction to International Capital Markets: Products, Strategies, Participants by Andrew M. Chisholm

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