06国贸1国际金融复习资料
Readings Chapter 11
考点：国际银行业 国际银行业的《巴塞尔协议》资本充足率 欧洲货币市场是什么？如何发展起来的？要如何评价？ 远期利率协议：防范利率风险 投机 辛迪加贷款 Main Contents
? International Banking
? International Money Market ? International Debt Crisis International Banking Services
? International Banks do everything domestic banks do and:
? Arrange trade financing. ? Arrange foreign exchange.
? Offer hedging services for foreign currency receivables and payables through
forward and option contracts.
? Offer investment banking services (where allowed).
? Low Marginal Costs ? Knowledge Advantage
? Home Nation Information Services ? Prestige
? Regulatory Advantage
? Wholesale Defensive Strategy ? Retail Defensive Strategy ? Transactions Costs ? Growth
? Risk Reduction
Types of International Banking Offices
? Correspondent Bank（往来业务） ? Representative Offices（代表处） ? Foreign Branches（国外分行）
? Subsidiary and Affiliate Banks（子银行和联营银行） ? Edge Act Banks （埃奇法案银行）
? Offshore Banking Centers（离岸金融中心）
? International Banking Facilities（国际银行便利） Capital Adequacy Standards（资本充足率）
? Bank capital adequacy refers to the amount of equity capital and other securities a
bank holds as reserves against risky assets to reduce the probability of a bank failure. ? In a 1988 agreement known as the Basle Accord（巴塞尔协议）, the Bank for
International Settlement(BIS) established a framework for measuring bank capital adequacy. 8% is stipulated as the minimum rate.
? There are various standards and international agreements regarding how much bank
capital is “enough” to ensure the safety and soundness of the banking system.
? While traditional bank capital standards may be enough to protect depositors from
traditional credit risk, they may not be sufficient protection from derivative risk.
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06国贸1国际金融复习资料
? For example, Barings Bank, which collapsed in 1995 from derivative losses, looked
good on paper relative to capital adequacy standards. ? Basel II（巴塞尔协议II） is based on three mutually reinforcing pillars: minimum capital
requirements, a supervisory review process, and the effective use of market discipline. ? With respect to the first pillar ( the minimum capital requirements), bank capital is
defined as per 1988 accord, but the minimum 8% ratio is calculated on the sum of the bank’s credit, market, and operational risk.
? The second pillar is designed to ensure that each bank has a sound internal process in
place to properly assess the adequacy of its capital based on a thorough evaluation. ? The third pillar is designed to complement the other two. It is believed that public
disclosure of key information will bring market discipline to bear on banks and supervisors to better manage risk and improve bank stability.
International Money Market
欧洲货币：Eurocurrency is a time deposit in an international bank located in a country different than the country that issued the currency.
欧洲货币是指货币发行国之外的国际银行所拥有的该货币的定期存款。
For example, Eurodollars are U.S. dollar-denominated time deposits in banks located abroad.如：欧洲美元是在美国以外的美元
Euroyen are yen-denominated time deposits in banks located outside of Japan. 欧洲日元是日本外的日圆
The foreign bank doesn’t have to be located in Europe.
Eurocurrency Market（欧洲货币市场）
? Most Eurocurrency transactions are interbank transactions in the amount of $1,000,000 and up. 大多数的欧洲货币的交易都是金额在一百万以上的银行间拆借。 ? Common reference rates include
? LIBOR the London Interbank Offered Rate 伦敦同业银行拆借利率 ? PIBOR the Paris Interbank Offered Rate 巴黎同业银行拆借利率 ? SIBOR the Singapore Interbank Offered Rate 新加波同业银行拆借利率
A new reference rate for the new euro currency
? EURIBOR the rate at which interbank time deposits of are
offered by one prime bank to another.
? 欧洲货币市场是怎样发展起来的：
? 由于英美等主要资本主义国家实行严格的外汇管制措施，国际金融市场发展步伐放
慢。此时，美国国际收支出现持续巨额逆差，黄金外流，美元的国际信用开始动摇，美国的资金外逃严重，美国被迫采取了一些限制资本外逃的措施，导致大量美元为逃避管制而纷纷流向境外金融市场，形成了“欧洲美元市场”。后来，由于类似的原因，又出现了“欧洲英镑市场”，“欧洲西德马克市场”等其他欧洲货币市场，与欧洲美元市场一起统称为欧洲货币市场。因此，欧洲货币市场是在欧洲美元市场的基础上发展起来的，交易对象也主要是欧洲美元。
? 欧洲货币市场业务的作用：对国际资本的流动产生了巨大的作用。
? 正面的：为国际企业融资提供了更大的空间，对国际企业的发展起了促进作用，因
为存贷款的利差小，存款的利率高，贷款的利率低，促进了国际资本的流动。
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06国贸1国际金融复习资料
? 反面的：是一个没有管理的市场，因为欧洲货币市场不属于任何一个国家，对国际
经济的发展非常不利，引起资本的进出和国际金融市场的动荡，减少了国家的自主性，这样是的欧洲货币市场的功效大打折扣。
Euro credits(欧洲信贷)：关注辛迪加贷款
? Eurocredits are short- to medium-term loans of Eurocurrency.
? The loans are denominated in currencies other than the home currency of the
Eurobank.
? Eurocredits feature an adjustable rate. On Eurocredits originating in London the base
rate is LIBOR.
? Because eurocurrency loans are frequently too large for a single bank to handle, Eurobanks will band together to form a bank lending syndicate（辛迪加贷款） to share the risk.
? The lending rate on these credits is stated as LIBOR+X%
Rollover pricing is created on Eurocredits so that eurobanks do not end up paying more on time deposits than they earn from the loans. 由于对于一个银行来说贷款数额通常很大，许多银行一起建立一个辛迪加贷款来共担风险。 Eurocredits Example
? Teltrex international can borrow $3,000,000 at LIBOR plus a lending margin of 0.75
percent per annum on a three-month rollover basis from Barclays in London. Suppose that three-month LIBOR is currently 5 17/32 percent. Further suppose that over the second three-month interval LIBOR falls to 5 1/8 percent. How much will Teltrex pay in interest to Barclays over the six-month period for the Eurodollar loan?
Exercises
? Grecian Tile Manufacturing of Athens, Georgia, borrows $1,500,000 at LIBOR plus a
lending margin of 1.25 percent per annum on a six-month rollover basis from a London bank. If six-month LIBOR is 4 ? percent over the first six-month interval and 5 3/8 percent over the second six-month interval, how much will Grecian Tile pay interest over the first year of its Eurodollar loan?
Forward Rate Agreements(FRAs)（远期利率协议）
? FRAs are useful devices for hedging future interest rate risks.（防范外汇风险） ? They are agreements about the future level of interests.
? The rate of interest at some point in the future is compared with the level agreed when
the FRA was established.
? The compensation is paid by one party to the other based on the difference. ? An interbank contract that involves two parties, a buyer and a seller.
? The buyer agrees to pay the seller the increased interest cost on a notational amount if
interest rates fall below an agreed rate.
? The seller agrees to pay the buyer the increased interest cost if interest rates increase
above the agreed rate.
? Forward Rate Agreements can be used to:
? Hedge assets that a bank currently owns against interest rate risk. （防范外汇
风险）
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06国贸1国际金融复习资料
? Speculate on the future course of interest rates.（用于投机）
? The daily global turnover in FRAs now exceeds 4bn GBP.
? A company needs to borrow $6million in 3 month for a period of one year. Current
interest rate is 7%. How will the company use the FRA?
? The company is concerned that the interest rate will rise in 3 month.So it will
buy the FRA.
? A $10million is expected to be available for putting into a one-year bank deposit in
three month. How will the company use the FRA?
? The company could lock into a rate now by selling an FRA to a bank.
Lecture 8 The International Capital Market （资本市场）Readings Chapter 12
Chapter 13
考点：债券市场是重点，要掌握：债券的分类及其概念 评价 发行程序（结合次贷危机分析）
股票市场，要掌握ADR：American Depository Receipts（美国存托凭证） Main Contents
? The International Bond Market (国际债券市场) ? The International Equity Market（国际股票市场） The International Bond Market
? Bond is a long term contract in which the bondholders lend money to a company. In return the company promises to pay the bondholders a series of interest, known as the coupon payments, until the bond matures.
Bond
? Charateristics ? Bond can be regarded as IOU(I owe you) with pages of legal clauses.
? At maturity the bondholder receives a specified principal sum called the par
value or face value. This is usually ￡100 in the UK and $1000 in the USA.
The time of maturity is generally between 7 to 30 years The World’s Bond Market
? Foreign Bonds（外国债券） ? Eurobond（欧洲债券）
? Foreign Bond is the bond denominated in the currency of the country where it is issued
when the issuer is a non-resident.
? E.g. A German company issuing dollar bonds to the US investors. ? E.g. Yankee, Bulldog, Samurai.
Eurobonds
? Eurobonds are bonds sold outside the jurisdiction of the country of the currency in
which the bond is denominated.
? A Dutch borrower issuing Dollar denominated bonds to UK, or Switzerland, or
even Netherlands.
? Most of the Eurobonds are of fixed rate, 25% are floated rate. ? The currencies denominated most often are USD, GBP, Deutsche Mark and Japanese
Yen.
Bearer Bonds and Registered Bonds（不记名债券与记名债券）
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