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Corporate Bonds

Corporate Bonds - 17-1Corporate Bonds•U.S Corporate Bond...

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Unformatted text preview: 17-1Corporate Bonds•U.S. Corporate Bond Market–Mortgage bonds–Collateral trust bonds–Equipment trust certificates–Mortgage pass-through securities–Collateralized mortgage obligations (CMOs)–Asset-backed securities (ABS)–Certificates for automobile receivables (CARs)–Credit card receivables17-2Corporate Bonds•High-Yield Bonds –Also known as speculative bonds and junk bonds–Based on a specification that bonds rated below BBB make up the high-yield market, that is, non-investment grade bonds–The high-yield bond market exploded in size and activity beginning in the early 1980s (Exhibit 17.6)–Exhibit 17.7 contains the distribution of ratings for all the bonds contained in the 17-3Exhibit 17.617-4Exhibit 17.717-5Corporate Bonds•Japanese Corporate Bond Market–Bonds issued by industrial firms or utilities–Minimum issuing requirements are specified by the Ministry of Finance–Bonds issued by banks to finance loans to corporation•Commercial banks•Long-term credit banks•Mutual loan and savings banks•Specialized financial institutions17-6...
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Corporate Bonds - 17-1Corporate Bonds•U.S Corporate Bond...

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