2

20

 

Blackwell Publishing (Visit publisher website)

2005

English

 

 

 

Non-Technical

 

 

Credit risk, market risk, fixed income fundamentals, issuers of securities, US Treasury, nonmarketable vs. marketable debt, savings bonds, Treasury bills, notes and bonds, issue patterns, debt maturity, noncompetitive and competitive bids, discriminatory auctions, Dutch auctions, index-linked bonds, government sponsored entities, municipal securities, municipal bond regulation, bond ratings, bond insurers, taxation, mortgages, corporate debt and equity

 

From the book - This chapter discusses the issuers of securities in the United States, including the US Treasury, municipalities, corporations, US government and government-sponsored agencies, and mortgage issuers. The US Treasury issues debt to finance federal budget deficits. Given the large cumulative total of the deficits over time, the total amount of debt is large. The Treasury has a serious task to issue debt to cover new deficits and roll over the maturing debt from previous deficits. Given the magnitude of Treasury operations, the impacts on interest rates can be considerable. Other large issuers of securities include government-sponsored enterprises, municipalities, mortgage issuers, and corporations.

 

2.1 The US Treasury
2.2 Index-Linked Bonds
2.3 Government-Sponsored Enterprises
2.4 Municipal Securities
2.5 Mortgages
2.6 Corporations
2.7 Summary
2.8 Questions and Problems

 

If you are interested in purchasing the book, please click here.

 

This book provides an introduction to bond markets and bond derivatives for students as well as for executives in commercial businesses and financial institutions. It also:

Presents the essential elements of debt instruments in an intuitive manner;
Covers updated institutional material, new sections on callable bonds and the yield to call, convertible bonds, and methods for estimating and modern models of term structure of interest rates, as well as a comprehensive discussion of bonds in the European Economic Union;
Includes additional end-of-chapter questions, PowerPoint slides, and an Instructor`s text bank through the author`s website: http://bear.cba.ufl.edu/livingston