KIC000094 - Performance of Corporate Bonds:rmium h‘l...

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Unformatted text preview: Performance of Corporate Bonds :rmium h‘l ’7' -v .v.‘ -r" ‘ ll run r in rat ran 1-4111: ~— m um am 3.15 am . I.“ run. II tm ml. use rm uni ‘ um. um Corporate Bonds (continued) > Secondary Market I A: wiflr Ill bonds, the prr'nnipel second snorkel for corporal: bonds is the ever—flie-oerrnler (OTC) m-rkor. 1 EM ‘0 inerelse price “asp-reney in the [1.5. corporal: debt rnnrkel resulted in the inituducuon in July 2002 by the Nllioml Association at sum-nae: Dealers (NASD) in 3 Manny reporting of OTC semdlry marker minus rm ourporll: bends. I The Trude Reponing and Complimce Engine (“mm requires that all broker/dealers when: NASD member firms report Inneulrmls in nor-pom: bonds In rhem. v’ Treditionelly. enrpurhle bond indirrg has been an OTC market conducted vie telephone and based on broker-dealer Indira; desks. I PJeeisnnie bond rndirig now makes up about 30% el'eorpnme band Ending, Elm-fin Err: hl‘r-fi‘rlm-rlr’ «u remnrmawww Corporate Bonds (continued) > Private-Placement erket for Corporate Bonds -/ Securities privately placed are exempl from the registration with the SEC because they are issued in transactions ihal do not involve a public offering I The private-placement markel has undergone a major change since the adoption of SEC Rule l44A in 1990, which allows the trading of privately planed securities among qualified institutional buyers. V Unlike publicly issued bonds. the issuer: of privately placed issues tend to be less well known \’ Yields on privalely placed deb! issues are still higher than those on publicly offered bonds. e. n m: mum-g» {mm m 1 mam“ ’rc'I-n‘lr ...
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