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1、Lecture 8 - International Bond Market12-1 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in
2、whole or part.Lecture 8(Chapter 12) International Bond MarketTrue / False Questions1. Eurobonds sold in the United States may not be sold to U.S. citizens. True FalseMultiple Choice Questions2. In any given year, about what percent of new international bonds are likely to be Eurobonds rather than fo
3、reign bonds? A. 80% B. 45% C. 25% D. 15%3. In any given year, about what percent of outstanding bonds are likely to be international rather than domestic bonds? A. 70% B. 50% C. 30% D. 5%4. A “foreign bond“ issue is A. one denominated in a particular currency but sold to investors in national capita
4、l markets other than the country that issued the denominating currency. B. one offered by a foreign borrower to investors in a national market and denominated in that nations currency. C. for example, a German MNC issuing dollar-denominated bonds to U.S. investors. D. both b) and c)Lecture 8 - Inter
5、national Bond Market12-2 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.5.
6、The four currencies in which the majority of domestic and international bonds are denominated are A. U.S. dollar, the euro, the Indian rupee, and the Chinese Yuan. B. U.S. dollar, the euro, the pound sterling, and the Swiss franc. C. U.S. dollar, the euro, the Swiss franc, and the yen. D. U.S. dolla
7、r, the euro, the pound sterling, and the yen.6. A “Eurobond“ issue is A. one denominated in a particular currency but sold to investors in national capital markets other than the country that issued the denominating currency. B. usually a bearer bond. C. for example a Dutch borrower issuing dollar-d
8、enominated bonds to investors in the U.K., Switzerland, and the Netherlands. D. all of the above7. Proportionately more domestic bonds than international bonds are denominated in the _ while more international bonds than domestic bonds are denominated in the _ A. Euro and the yen, the dollar and the
9、 pound sterling. B. Dollar and the pound sterling, the euro and the yen. C. Euro and the pound sterling, the dollar and the yen. D. Dollar and the yen, the euro and the pound sterling.8. In any given year, rightly 80 percent of new international bonds are likely to be A. Eurobonds. B. foreign curren
10、cy bonds. C. domestic bonds. D. none of the above9. “Yankee“ bonds are A. dollar-denominated foreign bonds originally sold to U.S. investors. B. yen-denominated foreign bonds originally sold in Japan. C. pound sterling-denominated foreign bonds originally sold in the U.K. D. none of the aboveLecture
11、 8 - International Bond Market12-3 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole o
12、r part.10. “Samurai“ bonds are A. dollar-denominated foreign bonds originally sold to U.S. investors. B. yen-denominated foreign bonds originally sold in Japan. C. pound sterling-denominated foreign bonds originally sold in the U.K. D. none of the above11. “Bulldog“ bonds are A. dollar-denominated f
13、oreign bonds originally sold to U.S. investors. B. yen-denominated foreign bonds originally sold in Japan. C. pound sterling-denominated foreign bonds originally sold in the U.K. D. none of the above12. A “bearer bond“ is one that A. shows the owners name on the bond. B. the owners name is recorded
14、by the issuer. C. possession is evidence of ownership. D. both a) and b)13. A “registered bond“ is one that A. shows the owners name on the bond. B. the owners name is recorded by the issuer. C. the owners name is assigned to a bond serial number recorded by the issuer. D. all of the above14. U.S. s
15、ecurity regulations require Yankee bonds and U.S. corporate bonds sold to U.S. citizens to be A. municipal bonds. B. registered bonds. C. bearer bonds. D. none of the aboveLecture 8 - International Bond Market12-4 2012 by McGraw-Hill Education. This is proprietary material solely for authorized inst
16、ructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.15. Eurobonds are usually A. bearer bonds. B. registered bonds. C. bulldog bonds. D. foreign currency bonds.16. In
17、vestors will generally accept a lower yield on _ than on _ of comparable terms, making them a less costly source of funds for the issuer to service. A. bearer bonds, registered bonds B. registered bonds, bearer bonds C. Eurobonds, domestic bonds D. domestic bonds, Eurobonds17. With a bearer bond, A.
18、 possession is evidence of ownership. B. the issuer keeps records indicating only who the current owner of a bond is. C. the owners name is on the bond. D. the owners name is assigned to the bond serial number, but not indicated on the bond.18. Publicly traded Yankee bonds must A. meet the same regu
19、lations as U.S. domestic bonds. B. meet the same regulations as Eurobonds if sold to Europeans. C. meet the same regulations as Samurai bonds if sold to Japanese. D. none of the above19. Securities sold in the United States to public investors must be registered with the SEC, and a prospectus disclo
20、sing detailed financial information about the issuer must be provided and made available to prospective investors. This encourages foreign borrowers wishing to raise U.S. dollars to use A. the Eurobond market. B. their domestic market. C. bearer bonds. D. none of the aboveLecture 8 - International B
21、ond Market12-5 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.20. Because _
22、 do not have to meet national security regulations, name recognition of the issuer is an extremely important factor in being able to source funds in the international capital market. A. Eurobonds B. Foreign bonds C. Bearer bonds D. Registered bonds21. The shorter length of time in bringing a Eurodol
23、lar bond issue to market, coupled with the lower rate of interest that borrowers pay for Eurodollar bond financing in comparison to Yankee bond financing, are two major reasons why the Eurobond segment of the international bond market is roughly _ the size of the foreign bond segment. A. four times
24、B. two times C. ten times D. one hundred times22. The Eurobond segment of the international bond market A. is roughly four times the size of the foreign bond segment. B. has considerably less regulatory hurdles than the foreign bond segment. C. typically has a lower rate of interest that borrowers p
25、ay in comparison to Yankee bond financing. D. all of the above23. U.S. corporations A. are allowed to issue bearer bonds to non-U.S. citizens. B. are not allowed to issue bearer bonds. C. are allowed to issue treasury bonds but not T-bills. D. none of the aboveLecture 8 - International Bond Market12
26、-6 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.24. The withholding tax o
27、n bond income was originally called the interest equalization tax. A. You can thank John F. Kennedy for imposing this tax. B. You can thank Ronald Reagan for imposing this tax. C. You can thank Jimmy Carter for imposing this tax. D. You can thank George Washington for imposing this tax.25. Shelf reg
28、istration A. allows the shelves in a set of bookshelves to remain level. B. allows an issuer to preregister a securities issue, and then “shelve“ the securities for later sale. C. allows an investment bank to increase the fees they charge by charging for storage of the “shelved“ securities. D. elimi
29、nates the information disclosure that many foreign firms found objectionable in the foreign bond market.26. Private placement bond issues A. do not have to meet the strict information disclosure requirements of publicly traded issues. B. have auditing requirements that do not adhere to publicly trad
30、ed issues. C. meet the strict information disclosure requirements of publicly traded issues, but have larger minimum denominations. D. none of the above27. One unintended consequence of Sarbanes-Oxley A. is that international companies are starting to prefer issuing eurobonds in the private placemen
31、t market in the U.S. to avoid costly information disclosure required of registered bonds. B. is that international companies are starting to prefer to issue Yankee bonds in the private placement market in the U.S. C. is that international companies are starting to prefer issuing Yankee bonds in the
32、bearer bond market in the U.S. to avoid costly information disclosure required of registered bonds. D. is that international companies have left the bond market in the U.S. to avoid costly information disclosure required of registered bonds.Lecture 8 - International Bond Market12-7 2012 by McGraw-Hi
33、ll Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.28. SEC Rule 144A A. allows qualified institu
34、tion investors in the United States to trade private placements. B. was designed to make the U.S. capital market more competitive with the Eurobond market. C. primarily, but not exclusively, impacts Yankee bonds. D. all of the above29. Global bond issues were first offered in A. 1889 B. 1989 C. 1999
35、 D. 200730. Purchasers of global bonds are A. mainly institutional investors to date. B. desirous of the increased liquidity of the issues. C. have been willing to accept lower yields. D. all of the above31. A “global bond“ issue A. is a very large international bond offering by several borrowers po
36、oled together. B. is a very large international bond offering by a single borrower that is simultaneously sold in several national bond markets. C. has higher yields for the purchasers. D. has a lower liquidity.32. A global bond issue denominated in U.S. dollars and issued by U.S. corporations A. tr
37、ade as Eurobonds overseas. B. trade as domestic bonds in the U.S. domestic market. C. both a) and b) D. none of the aboveLecture 8 - International Bond Market12-8 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution
38、 in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.33. Global bond issues A. can save U.S. issuers 20 basis points relative to domestic bonds, all else equal. B. tend to have increased liquidity relative to Eurobonds
39、 or domestic bonds. C. have been partially facilitated by rule 144A. D. all of the above34. In terms of the types of instruments offered, A. the Yankee bond market has been more innovative than the international bond market. B. the international bond market has been much more innovative than the U.S
40、. market. C. the most innovations have come from Milan, just like any other fashion. D. none of the above35. Find the present value of a 2-year Treasury bond that pays a semi-annual coupon, has a coupon rate of 6%, a yield to maturity of 5%, a par value of $1,000 when the yield to maturity is 5%. A.
41、 $1,018.81 B. $1,231.15 C. $699.07 D. none of the above36. Find the present value of a 3-year bond that pays an annual coupon, has a coupon rate of 6%, a yield to maturity of 5%, a par value of 1,000 when the yield to maturity is 5%. A. 1,018.81 B. 1,027.23 C. 1,099.96 D. none of the above37. Find t
42、he present value of a 30-year bond that pays an annual coupon, has a coupon rate of 6%, a yield to maturity of 5%, a par value of 1,000 when the yield to maturity is 5%. A. 1,018.81 B. 1,027.23 C. 1,153.73 D. none of the aboveLecture 8 - International Bond Market12-9 2012 by McGraw-Hill Education. T
43、his is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.38. The vast majority of new international bond offerings A.
44、 are straight fixed-rate notes. B. are callable and convertible. C. are convertible adjustable rate. D. are adjustable rate, with interest rate caps and collars.39. The vast majority of new international bond offerings A. make annual coupon payments. B. have fixed coupon payments. C. have a fixed ma
45、turity. D. all of the above40. In contrast to many domestic bonds, which make _ coupon payments, coupon interest on Eurobonds is typically paid _ A. semiannual, annually. B. annual, semiannually. C. quarterly, semiannually. D. quarterly, annually.41. Straight fixed-rate bond issues have A. a designa
46、ted maturity date at which the principal of the bond issue is promised to be repaid. During the life of the bond, fixed coupon payments, which are a percentage of the face value, are paid as interest to the bondholders. B. a designated maturity date at which the principal of the bond issue is promis
47、ed to be repaid. During the life of the bond, coupon payments, which are a percentage of the face value, are computed according to a fixed formula. C. a fixed payment, which amortizes the debt, like a house payment or car payment. D. none of the above42. The coupon interest on Eurobonds A. is paid a
48、nnually. B. is paid in cash. C. is paid in arrears. D. all of the aboveLecture 8 - International Bond Market12-10 2012 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied,
49、scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.43. Eurobonds are usually A. registered bonds. B. bearer bonds. C. floating-rate, callable and convertible. D. denominated in the currency of the country that they are sold in.44. Unlike a bond issue, in which the entire issue is brought to market at once, _ is partially sold on a continuous basis t
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