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Chapter 11 - International debt markets. In this chapter, the learning objectives are: Examine the use of international debt markets as a source of funding, describe the role of euromarkets and US capital markets, distinguish between eurocurrency, euronote and eurobond markets, consider US debt markets and securities, explain the role of credit rating agencies. | Chapter 11 International Debt Markets 11- Learning Objectives Examine the use of international debt markets as a source of funding Describe the role of euromarkets and US capital markets Distinguish between eurocurrency, euronote and eurobond markets Consider US debt markets and securities Explain the role of credit rating agencies 11- Chapter Organisation 11.1 The Euromarkets 11.2 Eurocurrency Market 11.3 Euronote Market 11.4 Eurobond Market 11.5 Markets in the USA 11.6 Credit Rating Agencies 11.7 Summary 11- 11.1 The Euromarkets International debt markets Are used by: financial institutions, who are the largest borrowers governments and corporations Attract investors as they: provide a deep and liquid market allow higher investment returns are a form of portfolio diversification Have grown in importance owing to deregulation of FX markets Accessible to borrowers with a strong financial reputation and a very good credit rating 11- 11.1 The Euromarkets (cont.) International debt markets (cont.) Consist of large unregulated money and capital markets Major centres in London, the Middle East and Asia USD is the dominant currency Euro-zone is the domestic market for countries adopting the euro currency Debt securities denominated in euros have grown as the predictability, liquidity and volatility of the euro consolidate 11- 11.1 The Euromarkets (cont.) Euromarkets Initially evolved to enable countries to hold USD outside of the US, e.g. USSR Although euromarkets originated in Europe, euromarket transactions can occur in any nation-state of the world ‘Euro’ means ‘outside’ A euromarket transaction is conducted in a foreign country but not in its currency Growth in euromarket transactions is driven mainly by interest rate factors, i.e lower borrowing and higher lending rates 11- 11.1 The Euromarkets (cont.) Euromarkets (cont.) Provide intermediated and direct finance over a range of terms to maturity and are categorised as follows: Eurocurrency . | Chapter 11 International Debt Markets 11- Learning Objectives Examine the use of international debt markets as a source of funding Describe the role of euromarkets and US capital markets Distinguish between eurocurrency, euronote and eurobond markets Consider US debt markets and securities Explain the role of credit rating agencies 11- Chapter Organisation 11.1 The Euromarkets 11.2 Eurocurrency Market 11.3 Euronote Market 11.4 Eurobond Market 11.5 Markets in the USA 11.6 Credit Rating Agencies 11.7 Summary 11- 11.1 The Euromarkets International debt markets Are used by: financial institutions, who are the largest borrowers governments and corporations Attract investors as they: provide a deep and liquid market allow higher investment returns are a form of portfolio diversification Have grown in importance owing to deregulation of FX markets Accessible to borrowers with a strong financial reputation and a very good credit rating 11- 11.1 The Euromarkets (cont.) .
