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3 results on '"CORPORATE BOND ISSUE"'

1. THE ASSESSMENT OF CORPORATE BONDS ON THE BASIS OF THE WEIGHTED AVERAGE

Author

Victor V. Prokhorov

Subjects
методики оценки, кумулятивная барьернаяпроцентнаяставка, отраслеваясредневзвешенная процентная ставка, модель сарм, корпоративный облигационный заем, valuation techniques, cumulative barrier interestrate, industry’s weighted average interest rate, model capm, corporate bond issue, Economics as a science, HB71-74
Abstract

The article considers the problem associated with the assessment of the interest rate of a public corporate bond issue. The theme of research is the study of techniques for evaluationof interest rates of corporate bond. The article discusses the task of developing a methodology for assessing the marketinterest rate of corporate bonded loan, which allows to takeinto account the systematic and specific risks. The technique of evaluation of market interest rates of corporate bonds onthe basis of weighted averages is proposed. This procedure uses in the calculation of cumulative barrier interest rate, sectoral weighted average interest rate and the interest ratedetermined on the basis of the model CAPM (Capital Asset Pricing Model). The results, which enable to speak about the possibility of applying the proposed methodology for assessing the market interest rate of a public corporate bond issuein the Russian conditions. The results may be applicable for Russian industrial enterprises, organizing issue public bonds,as well as investment companies exposed organizers of corporate securities loans and other organizations specializingin investments in the Russian public corporate bond loans.

Published
2016
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2. A Financial Recovery Plan for Vietnam Electricity : With Implications for Vietnam’s Power Sector

Author

Maweni, Joel and Bisbey, Jyoti

Subjects
COMPETITIVE BIDDING, STATE BANK, INVESTMENT, TOTAL DEBT, PRIVATE INVESTMENT, MARKET REFORM, SHAREHOLDERS, INFLATION, LOCAL BOND MARKET, REGULATORY STRUCTURE, STRATEGIC INVESTOR, INVESTMENTS, DEBT CAPITAL, CORPORATE BOND ISSUE, GOVERNMENT POLICY, DUE DILIGENCE, STOCK, DEBT SERVICE, CONSUMER PRICE INDEX, POVERTY, INVESTORS, COLLATERAL, LAND TITLES, BONDS, SHARES, TRANSACTIONS, RISK FACTORS, INTERESTS, MORTGAGE, NPL, SPOT MARKET, ASSET RATIOS, HOLDING, FOREIGN CURRENCY DEBT, REMITTANCE, MARKETS, ASSETS RATIO, INFORMATION SYSTEMS, VARIABLE COSTS, CORPORATE GOVERNANCE, FOREIGN EXCHANGE MARKETS, HEDGE, DEVALUATION, STATE BANKS, CURRENCY DEPRECIATION, INDEBTEDNESS, LOCAL STOCK EXCHANGE, JOINT STOCK COMPANY, ASSET MANAGEMENT, BALANCE SHEET, SWAP, GOVERNMENT GUARANTEE, FOREIGN BANKS, LIQUIDITY, PRIVATE CAPITAL, CREDIT RISK, GUARANTEES, DEBT RESTRUCTURING, MARKET, INTEREST PAYMENTS, PRICE CHANGES, CREDIT AGENCIES, DEBTS, PORTFOLIO INVESTMENT, CURRENCY DEVALUATION, LOCAL MARKET, MARKET PRICES, INVESTMENT PROJECTS, CURRENCIES, LOCAL DEBT, FINANCIAL SUSTAINABILITY, STANDARD CONTRACT, PORTFOLIO, LENDERS, LENDER, BUDGETS, RETURN ON ASSETS, SECURITY, CAPITAL MARKETS, CREDITWORTHINESS, AMORTIZATION, REGULATORY FRAMEWORK, LIABILITY, FINANCIAL INSTITUTIONS, EXCHANGE RATE, INTERESTS OF INVESTORS, GOOD, EQUIPMENT, EQUITY CAPITAL, BOND MARKET, REVENUE, CURRENCY, BOND, DIRECT INVESTMENT, INTERNATIONAL INVESTORS, FOREIGN CURRENCIES, OPTION, LOAN, BOND ISSUANCE, DEVELOPING COUNTRIES, LOCAL INVESTORS, MATURITY, FUTURE, LOAN TERMS, INFORMATION DISCLOSURE, LIEN, REPAYMENT, SOVEREIGN GUARANTEES, ISSUANCE, DEVELOPMENT BANK, CONTRACTS, INVESTOR, INVESTMENT FUNDS, FINANCIAL PERFORMANCE, TRADING, INVESTOR INTEREST, RESERVE FUND, ILLIQUIDITY, BIDS, REVENUES, CASH TRANSFER, DEBTORS, CASH TRANSFERS, FOREIGN DEBT, DEVALUATIONS, MARKET ECONOMY, LOCAL CURRENCY, POTENTIAL INVESTORS, FOREIGN EXCHANGE RISK, TRANSACTION, COMMERCIAL TERMS, VALUATION, TAX, FOREIGN INVESTORS, STOCK MARKET, FOREIGN EXCHANGE RISKS, DEBT-SERVICE, DEBT-EQUITY, GROSS DOMESTIC PRODUCT, CAPITAL STRUCTURE, GOVERNMENT GUARANTEES, INSURANCE COMPANY, STRATEGIC INVESTORS, MATURITIES, DEBT REPAYMENT, LENDING, INITIAL PUBLIC OFFERING, INSURANCE POLICIES, INSTRUMENT, INTERNATIONAL STANDARDS, INVESTING, CAPITAL INVESTMENTS, INFLATION RATE, SHAREHOLDER, LONG-TERM CAPITAL, OPTIONS, GUARANTEE, DEBTOR, RESERVES, INVESTMENT REQUIREMENTS, GOODS, MARKET REFORMS, LOANS, OUTSTANDING DEBTS, SETTLEMENT, RISK MANAGEMENT, CHECK, LOCAL STOCK MARKET, EXCHANGES, TARIFF, CAPITAL INVESTMENT, INITIAL PUBLIC OFFERINGS, FINANCE, INTERNATIONAL MARKETS, STOCK EXCHANGES, LIABILITIES, EXPORTER, STOCK EXCHANGE, MARKET MECHANISMS, DEFAULTS, INSTRUMENTS, EXTERNAL INVESTORS, DEBT, VALUE OF ASSETS, ASSET BASE, REGULATORY AUTHORITY, INVESTMENT REQUIREMENT, CAPITAL ADEQUACY, IPO, FINANCIAL MANAGEMENT, CENTRAL BANK, RETURN, FINANCIAL INFORMATION, PUBLIC OFFERING, CAPITAL MARKET, PUBLIC OFFERINGS, DEBT REPAYMENTS, DIRECT INVESTMENTS, FOREIGN EXCHANGE, PRICE RISK, LOAN AGREEMENTS, INTERNATIONAL INTEREST, EXCHANGE, ACCOUNTING, FINANCES, COMMERCIAL BANK, LOCAL MARKETS, TARIFFS, LEVEL OF DEBT, REPAYMENTS, CURRENCY RISK, OIL PRICES, RESERVE, RATE OF RETURN, PRIVATE INVESTORS, INSURANCE, CURRENCY RISKS, HOLDINGS, TAXES, EQUITY, INVESTMENT STRATEGY, CAPITAL STRUCTURES, TREASURY, MARKET CONDITIONS, INTERNATIONAL BANKS, HUMAN RESOURCES, LOCAL BANKS, PRICE VOLATILITY, DEFAULT, EXPENDITURES, DEBT SERVICE PAYMENT, DEBT MANAGEMENT, ACCOUNT RECEIVABLES, LOAN GUARANTEES, COMMERCIAL BANKS, INTERNATIONAL BANK, COMPETITIVE MARKET, RATES OF RETURN, CONTRACT, CORPORATE BOND, INTEREST, ACCOUNTS RECEIVABLE, FOREIGN LENDER, DEBT BURDEN, BOND ISSUE, SHARE, INTEREST RATE, FOREIGN CURRENCY, CASH PAYMENT, EXPENDITURE
Abstract

This report sets forth details of a financial recovery plan designed to help Vietnam Electricity (EVN), and the Vietnamese power sector more generally, to address a series of complex and interconnected challenges over the next 3 to 10 years. These challenges are operational and institutional as well as financial, and will lead to fundamental changes over time in the way that EVN and the overall power sector operate.

Published
2016

3. People's Republic of China Financial Sector Assessment Program : CPSS-IOSCO Recommendations for Securities Settlement Systems and Central Counterparties

Author

World Bank and International Monetary Fund

Subjects
WARRANTS, PENSION FUNDS, BOOK ENTRY SYSTEM, TRADING VOLUME, NOMINEE ACCOUNTS, SHAREHOLDERS, DEPOSIT, LIQUIDATION, FLOW OF FUNDS, MONEY MARKETS, INSTITUTIONAL INVESTOR, FINANCIAL INFRASTRUCTURE, T-BOND, CORPORATE BOND ISSUE, COLLATERAL, PENSION, BONDS, CLEARING HOUSE, AUTOMATIC LENDING, BOND BUSINESS, BROKER, BOND TRADING, MARKET CAPITALIZATION, TRANSPARENCY, REPO, FINANCIAL MARKETS, STATUTORY LAW, FOREIGN BROKER, SECURITIES REGISTRATION, HOLDING, COMMODITIES FUTURES, WHOLESALE MARKET, CREDITORS, FUTURES CONTRACTS, FOREIGN INSTITUTIONAL INVESTOR, TRANSFER OF FUNDS, CORPORATE GOVERNANCE, DERIVATIVES EXCHANGE, MARKET EFFICIENCY, FIXED INCOME, INDEBTEDNESS, ASSET MANAGEMENT, SETTLEMENT SERVICES, INVESTOR PROTECTION, INFORMATION SYSTEM, BROKER-DEALER, MARKET SUPERVISION, DEPOSITORY SYSTEM, LIQUIDITY, CLEARING CORPORATION, CREDIT RISK, TRADING VALUE, INTERNAL AUDITS, COLLATERALIZATION, MARKET MAKER, DEPOSIT ACCOUNT, CREDIT RISK EXPOSURES, TRADING SYSTEM, BANKRUPTCY, REAL TIME GROSS SETTLEMENT, MARKET PARTICIPANTS, EXCHANGE MARKET, CAPITAL MARKETS, REGULATORY FRAMEWORK, CONTRACT LAW, LEGAL PROVISIONS, BOND MARKET, EQUIPMENT, CENTRAL SECURITIES DEPOSITORY, BOND, CORPORATE INVESTORS, ISSUANCE OF BONDS, GOVERNMENT SECURITIES, SECURITIES TRANSACTIONS, EXCHANGE SYSTEM, CASH SETTLEMENT, BOND ISSUERS, MUTUAL FUNDS, RISK MANAGEMENT TOOLS, MATURITY, SECURITIES, BANK BOND MARKET, ISSUANCE, INVESTMENT FUNDS, ROLLING SETTLEMENT, TRADING, RESERVE FUND, CASH TRANSFER, SETTLEMENT OF FUNDS, LIQUIDITY RISK, BANK BOND, ASSET BACKED SECURITIES, RISK EXPOSURE, TRANSACTION, TRANSFER OF SECURITIES, WAREHOUSE, TAX, FOREIGN INVESTORS, MARGIN REQUIREMENTS, SETTLEMENT OBLIGATIONS, INDIVIDUAL INVESTORS, GROSS DOMESTIC PRODUCT, INSURANCE COMPANIES, BROKERAGE, SECURITIES MARKET, CUSTODY, COMMODITY, BROKERAGE FIRMS, STOCKS, FINANCIAL SECTOR, SETTLEMENT PROCEDURES, BOND ISSUES, BOOK ENTRY, SETTLEMENT ARRANGEMENTS, INTERNATIONAL STANDARDS, TRADE DATE, FUTURES MARKET, FIXED INCOME MARKET, REGISTRATION SYSTEM, GOVERNMENT BONDS, SAVINGS ACCOUNTS, INTERNATIONAL SECURITIES, RESERVES, SUPERVISORY AUTHORITY, FINANCIAL FUTURES, SETTLEMENT RISK, SETTLEMENT, RISK MANAGEMENT, GUARANTEE FUND, PAPER CERTIFICATES, PAYMENT SYSTEMS, TRADES, MARK TO MARKET, MARKET STRUCTURE, DOMESTIC SECURITIES, CUSTODIAN BANK, FUTURES, FUTURES EXCHANGE, STOCK EXCHANGE, MARKET TRANSACTIONS, PAYMENT OBLIGATIONS, SECURITIES LAW, WAREHOUSE RECEIPTS, DEBT, CREDIT LINE, COMMODITIES FUTURES MARKETS, REGULATORY AUTHORITY, SETTLEMENT SYSTEM, SHARE TRADING, OWNERSHIP STRUCTURE, CENTRAL BANK, RESERVE REQUIREMENT, TRADING PLATFORM, BONDHOLDERS, CORPORATE SECURITIES, COLLATERAL REQUIREMENTS, SAVINGS ACCOUNT, SHARE VALUE, FOREIGN EXCHANGE, LEGAL PROTECTION, ENFORCEABILITY, LIMITED LIABILITY, TRADING ACTIVITY, ACCOUNTING, INFORMATION DISCLOSURES, COMMERCIAL BANK, DEFAULTER, RESERVE, FINANCIAL STABILITY, TREASURY BOND, INSURANCE, TURNOVER, PRICE LIMITS, CENTRAL BANK BILLS, JOINT VENTURE, RISK CONTROL, TREASURY, EXCHANGE TRANSACTIONS, INTERNATIONAL BANK, MONETARY AUTHORITY, COMMERCIAL BANK CREDIT, MONETARY FUND, PRIVATE SECTOR DEVELOPMENT, MARKET RISK, CORPORATE BOND, REGULATORS, DERIVATIVE, TAX RULES, LEGAL FRAMEWORK, DOMESTIC INVESTORS, VALUE PAYMENT SYSTEM, SAVINGS, FRAMEWORK FOR SECURITIES, CHECKS, GROSS SETTLEMENT SYSTEM, BANKRUPTCY LAW
Abstract

The Securities Settlement Systems (SSS) in the People's Republic of China (PRC) are organized around three different types of markets, which are the bond market, the corporate securities market, and the futures market. The China Government Depositary and Clearing Corporation Limited (CCDC) is the SSS as well as the central securities depository (CSD) for bonds. The China Securities Depository and Clearing Corporation Limited (SD and C) is the central counterparty (CCP), SSS, as well as the CSD for all instruments traded on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE). The four futures exchanges have their own clearing and settlement departments, which offer the function of a CCP. The CCDC, SD and C, and Shanghai Futures Exchange (SHFE), Dalian Commodities Exchange (DCE), and Zhengzhou Commodities Exchange (ZCE) operate important securities and derivatives settlement systems both, due to the large volume and value of transactions and the fact that they support key financial sector markets (interbank bond market, stock exchanges and futures). The assessment of the bonds market-CCDC system against the Recommendations for Securities Settlement Systems (RSSS) concludes that the system observes (observed or broadly observed) thirteen of the 19 recommendations, being one not applicable. The assessment of the stock exchanges-SD and C system against the RSSS concludes that the system observes (observed or broadly observed) seventeen of the 19 recommendations. The assessment of the commodities futures markets-SHFE system against the Recommendations for Central Counterparties (RCCP) concludes that the system observes (observed or broadly observed) eleven of the 15 recommendations, being one not applicable. The present document is the assessment of securities and derivatives settlement systems in the PRC based on the recommendations of the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) for RSSS and the recommendations of CPSS-IOSCO for Central Counterparties (RCCP). The paper is divided into following five parts: the first part gives general information; the second gives information and methodology used for assessment; the third part is securities and derivatives settlement systems infrastructure overview; the fourth part is main findings from the assessment with international standards; and the fifth part gives authorities' response.

Published
2012

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