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  • 金融英语阅读范文:Passage 8 Features of Eurobonds

    Passage 8  Features of Eurobonds欧洲债券的特征
    Most eurobonds are bearer bonds.  Your ownership of the bond is evidenced by the fact that you have the bond, just as your ownership of a U.S. dollar bill is evidenced by the fact that you have the dollar bill in your pocket. Bearer bonds contrast with registered bonds. Registered bonds have an ownership name assigned to the bond's serial number, and the bond can be transferred to a new owner only through a formal transfer of the registered name.  For example, Yankee bonds are registered. The fact that eurobonds are bearer bonds and not registered means that they are attractive investment assets for people who wish to remain anonymous—because they are avoiding taxes or for any other reason.
    Bearer bonds: 持有者债券
    By evidenced by: 以…为依据或证据
    Interest paid on eurobonds is usually free of all tax.  In the event that a nation may impose withholding taxes on the borrower's interest payments, bond convenants specify that the interest payments must be increased enough that, after the tax is applied, the net interest payment is the same as before. For example, if an interest coupon is $100 payable annually, and a 20 percent withholding tax is imposed, the borrower has to pay coupons of $125. Thus the net payments to the bondholder will be 125-0.2)<($125) = $100, the same as previously.
    Eurobonds differ from eurocredits in that buyers of the bonds do not get involved in the financial affairs of the borrower. In a eurocredit loan agreement, a borrower may commit itself to maintain a certain capital/asset ratio or adhere to an IMF agreement, and if it does not do so, the borrower can be in technical default whether or not the borrower is still making payment on the loan.  But with eurobonds, since investors don't have any say about how the borrower conducts its financial affairs, default clauses say default occurs only if there is nonpayment of interest or principal.
    This means, of course, that, investors will not buy the bonds of entities whose financial affairs they worry about.  Eurobond issues are thus limited to borrowers who are considered as low credit risks. It is reported During 1989, for example, borrowers in Japan issued a total of $96.7 billion in the international bond markets, while U.K. borrowers issued $23 billion. International organizations such as the World Bank borrowed $23.1 billion. By contrast, the total amount of issues from developing countries was $2.6 billion.
    Briefly, there may be several stages to the process of issuing new eurobonds. The borrower, after negotiation, sells its bonds to a group of managing banks. Managing banks in turn sell the bonds to other banks, who are divided into underwriters and sellers. The underwriting selling banks in turn sell the bonds to dealers and final investors. Underwriting banks are distinguished from ordinary sellers in that they are committed to buy the bond a preagreed minimum price even if the bonds cannot be sold at a higher price on market. The managing banks themselves also act as underwriters and sellers.
    Eurobonds appear in a number of basic guises. Straight bonds pay a fixed interest rate at periodic intervals, usually annually. The choice of annual payments opposed to the more common interval of six months in domestic issues, is a simple reaction to the higher cost of disbursing interest payments to investors around world.
    guises.:  衍生产品
    Floating-rate notes (FRNs), by contrast, have more frequent payments-usually every six months. The interest rate on floating-rates is stated in terms of a spread over some reference rate--usually LIBOR--appropriate for the currency. The rollover pricing feature of floating-rate notes, of course, a reaction to interest rate uncertainty. The more frequently the interest rate is updated, the more the interest payment the note will reflect current money market rates. The first floating-rate notes appear in 1969 and 1970, during a period of rising interest rates.
    Is stated in terms of : 以…方式予以规定
    Most FRNs are dollar- denominated: Japanese yen and German mark FRNs did not appear until 1985. Zero-coupon bonds is the curious name given to bonds that don't pay any coupons. (Treasury bills and commercial paper don't pay coupons either, but are not referred to as "zero-coupon.") These are pure discount securities that are either sold at a fraction of their face value and redeemed at face value, or sold at face value and redeemed at a premium. The return is the difference between the purchase price and the repayment price. Zero-coupon bonds proved very popular with Japanese investors, because the increase in the bond's price as the bonds matured was treated in Japan as capital gain and was not taxed.
    at a premium:溢价,即高于票面价值的价值
    Convertible bonds are another fairly frequent type of bond offered in the eurobond markets. Japanese companies in particular have issued a great many convertible U.S. dollar eurobonds. A bond is convertible if, in addition to making the usual interest payments, the bond can be exchanged for some other type of asset. A common type of conversion feature is one that allows the bond to be exchanged at its face value for shares of common stock in the company issuing the bonds. Most conversion features, of whatever type, can be considered as options, and their value can be formally established in the same way we value foreign exchange or stock options.
    A new and interesting guise in which eurobonds began appearing in 1984 was in the form of mortgage-backed eurobonds. Such bonds are backed by a pool of mortgages, trust deeds, or other bonds.  Since mostly only borrowers perceived to have low credit risk have thus far been successful in issuing eurobonds, certain institutions, such as regional thrift institutions, would normally be excluded from the eurobond market.  Mortgage-backed U.S. dollar eurobonds are a way in which some U.S. thrift institutions have created the equivalent of bonds guaranteed by the U.S. government.
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