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1、CHAPTER12INTERNATIONALBONDMARKETSSUGGESTEDANSWERSSOLUTIONSTOENDOFCHAPTERQUESTIONSPROBLEMSQUESTIONS1.DescribethedifferencesbetweenfeignbondsEurobonds.AlsodiscusswhyEurobondsmakeupthelion’sshareoftheinternationalbondmarket

2、.Answer:Thetwosegmentsoftheinternationalbondmarketare:feignbondsEurobonds.Afeignbondissueisoneofferedbyafeignbrowertoinvestsinanationalcapitalmarketdenominatedinthatnation’scurrency.AEurobondissueisonedenominatedinaparti

3、cularcurrencybutsoldtoinvestsinnationalcapitalmarketsotherthanthecountrywhichissuesthedenominatingcurrency.Eurobondsmakeupover80percentoftheinternationalbondmarket.ThetwomajreasonsfthisstemfromthefactthattheU.S.dollarist

4、hecurrencymostfrequentlysoughtininternationalbondfinancing.FirstEurodollarbondscanbebroughttomarketmequicklythanYankeebondsbecausetheyarenotofferedtoU.S.investsthusdonothavetomeetthestrictSECregistrationrequirements.Seco

5、ndEurobondsaretypicallybearerbondsthatprovideanonymitytotheownerthusallowameansfevadingtaxesontheinterestreceived.BecauseofthisfeatureinvestsaregenerallywillingtoacceptaloweryieldonEurodollarbondsincomparisontoregistered

6、Yankeebondsofcomparabletermswhereownershipisrecded.Fbrowerstheloweryieldmeansalowercostofdebtservice.2.Brieflydefineeachofthemajtypesofinternationalbondmarketinstrumentsnotingtheirdistinguishingacteristics.Answer:Themajt

7、ypesofinternationalbondinstrumentstheirdistinguishingacteristicsareasfollows:StraightfixedratebondissueshaveadesignatedmaturitydateatwhichtheprincipalAconvertiblebondissueallowstheinvesttoexchangethebondfapredeterminednu

8、mberofequitysharesoftheissuer.Theflovalueofaconvertiblebondisitsstraightfixedratebondvalue.Convertiblesusuallysellatapremiumabovethelargeroftheirstraightdebtvaluetheirconversionvalue.Additionallyinvestsareusuallywillingt

9、oacceptalowercouponrateofinterestthanthecomparablestraightfixedcouponbondratebecausetheyfindthecallfeatureattractive.Bondswithequitywarrantscanbeviewedasastraightfixedratebondwiththeadditionofacalloption(warrant)feature.

10、Thewarrantentitlesthebondholdertopurchaseacertainnumberofequitysharesintheissuerataprestatedpriceoverapredeterminedperiodoftime.Zerocouponbondsaresoldatadiscountfromfacevaluedonotpayanycouponinterestovertheirlife.Atmatur

11、itytheinvestreceivesthefullfacevalue.Anotherfmofzerocouponbondsarestrippedbonds.Astrippedbondisazerocouponbondthatresultsfromstrippingthecouponsprincipalfromacouponbond.Theresultisaseriesofzerocouponbondsrepresentedbythe

12、individualcouponprincipalpayments.Adualcurrencybondisastraightfixedratebondwhichisissuedinonecurrencypayscouponinterestinthatsamecurrency.Atmaturitytheprincipalisrepaidinasecondcurrency.Couponinterestisfrequentlyatahighe

13、rratethancomparablestraightfixedratebonds.Theamountofthedollarprincipalrepaymentatmaturityissetatinceptionfrequentlytheamountallowsfsomeappreciationintheexchangerateofthestrongercurrency.Fromtheinvest’sperspectiveadualcu

14、rrencybondincludesalongtermfwardcontract.CompositecurrencybondsaredenominatedinacurrencybasketsuchasSDRsECUsinsteadofasinglecurrency.Theyarefrequentlycalledcurrencycocktailbonds.Theyaretypicallystraightfixedratebonds.The

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