Encyclopedia of Debt Finance by Tony Rhodes

By Tony Rhodes

This definitive advisor to debt finance has been totally up-to-date to supply a close exam of debt items and huge examples of the markets in perform allowing you to use your wisdom. the hot variation comprises new chapters on DFI syndications. no matter if you're an skilled practitioner or a newcomer this is often a necessary reference textual content to your table.

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In connection with either avenue, dealers will typically require legal counsels to undertake detailed due diligence in consideration of the substantive disclosure in the prospectus and to deliver a disclosure or 10b-5 opinion which forms part of a dealer’s (and issuer’s) due diligence defence in the event that an investor instigates legal proceedings in respect of the MTNs. The listing of an MTN programme is an important feature of the marketplace. In order to obtain a listing, an issuer needs to meet the disclosure requirements set out in the listing rules of the relevant stock exchange or listing authority, and thereafter meet the ongoing filing, notification 19 Core products and disclosure obligations to maintain the listing.

Most of these houses are able to deploy dedicated shortterm interest rate trading and sales teams, which facilitate the trading of commercial paper among issuers and investors. An increasing amount of CP trades are executed electronically on systems such as Bloomberg and TradeWeb. 6 The growth of the euro commercial paper market 1000 900 Outstandings (US$ billion) 800 700 600 500 400 300 200 100 Jan-87 Jun-87 Nov-87 Apr-88 Sep-88 Feb-89 Jul-89 Dec-89 May-90 Oct-90 Mar-91 Aug-91 Jan-92 Jun-92 Nov-92 Apr-93 Sep-93 Feb-94 Jul-94 Dec-94 May-95 Oct-95 Mar-96 Aug-96 Jan-97 Jun-97 Nov-97 Apr-98 Sep-98 Feb-99 Jul-99 Dec-99 May-00 Oct-00 Mar-01 Aug-01 Jan-02 Jun-02 Nov-02 Apr-03 Sep-03 Feb-04 Jul-04 Dec-04 May-05 Oct-05 Mar-06 Aug-06 Jan-07 Jun-07 Nov-07 Apr-08 Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 0 Source: Euroclear, February 2011 Investors who buy commercial paper in the primary market are more often than not likely to hold the paper until it matures, rather than look to sell it in the secondary market.

As a result, if an investor wants to get out of such a position, in most cases it is obliged to offer the MTN back to the dealer. Pricing a structured MTN is very different to that of a vanilla MTN, due to the differences between the pay-offs. For vanilla MTNs, simply spotting swap rates for a fixed rate or Libor rates for a floating rate MTN, along with the funding level of the issuer, is already a good enough method to determine approximate pricing. For structured MTN trades it is not as simple.

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