新编金融专业英语(微课版)张成思全套PPT课件.pptx
;;;Fundamentalsoffinance(金融的原理)
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;;;;Moreaboutcommercialbanks
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Whatisa‘commercialpaper’
Commercialpaper(CP)isanunsecured,short-termdebtinstrumentissuedbyacorporation,typicallyforthefinancingofaccountsreceivableandinventories,andmeetingshort-termliabilities.
Adiscountedinstrument
Mostmaturesin1to6months,somematuresinupto9months
Raiseshorttermfunds
‘unsecured’meansbuyershavenoclaimonacompany’sassetsifthecompanyfailstopayupatmaturity
soldinlargedenominationsof$100,000ormoretolargeinstitutionsandwealthyindividuals.
;Advantagesofcommercialpaper
DoesnotneedtoberegisteredwiththeSecuritiesandExchangeCommission(SEC)aslongasitmaturesbeforeninemonths,or270days,makingitaverycost-effectivemeansoffinancing.
Exampleofcommercialpaper
Aretailfirmislookingforshort-termfundingtofinancesomenewinventoryforanupcomingholidayseason.
Thefirmneeds$10millionandoffersinvestors$10.1millioninfacevalueofcommercialpaperinexchangefor$10millionincash,accordingtoprevailinginterestrates.Ineffect,therewouldbea$0.1millioninterestpaymentuponmaturityofthecommercialpaperinexchangeforthe$10millionincash,equatingtoaninterestrateof1%.Thisinterestratecanbeadjustedfortime,contingentonthenumberofdaysthecommercialpaperisoutstanding.;
Commercialpapervs.commercialbill(商业票据与商业汇票)
Commercialbillsareinstrumentsissuedbybanksthatfinanceinvoicesraisedbyacompany.
Supposeacompanysellinggoodsorproductstoanothercompanyisapprehensiveaboutthepaymentoratleastwishestoenhancethesafetyofhismoneycangetcommercialbillsissuedbybanks.Banks