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  • Lecture No. 08 Markert For Government Debt

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    financecottage
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    This document provides an overview of the market for government debt, including U.S. Treasury securities such as bills, notes, and bonds. It discusses the primary and secondary markets for treasury securities, including how they are auctioned and traded. It also covers repurchase agreements, stripped treasury securities, coupon stripping and reconstitution, as well as federal agency and non-U.S. government bonds.

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    Lecture No. 08 Markert for Government Debt

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    Lecture No. 08 Markert for Government Debt

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    This document provides an overview of the market for government debt, including U.S. Treasury securities such as bills, notes, and bonds. It discusses the primary and secondary markets for treasury securities, including how they are auctioned and traded. It also covers repurchase agreements, stripped treasury securities, coupon stripping and reconstitution, as well as federal agency and non-U.S. government bonds.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Marcar por contenido inapropiado
    30 vistas11 páginas

    Lecture No. 08 Markert For Government Debt

    Cargado por

    financecottage
    This document provides an overview of the market for government debt, including U.S. Treasury securities such as bills, notes, and bonds. It discusses the primary and secondary markets for treasury securities, including how they are auctioned and traded. It also covers repurchase agreements, stripped treasury securities, coupon stripping and reconstitution, as well as federal agency and non-U.S. government bonds.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Marcar por contenido inapropiado
    de 11

    Fall 2013 ADVANCED FINANCIAL INSTRUMENTS AND MARKETS

    LectureNo.08

    MarketforGovernmentDebt
    Hammad HassanMirza AssistantProfessor(Finance) DepartmentofBusinessAdministration UniversityofSargodha

    TreasurySecurities
    TreasuryBills
    DiscountSecurity Maturityofoneyearorless

    TreasuryNotes
    CouponSecurity Maturitybetweentwoandtenyears

    TreasuryBonds
    CouponSecurity Maturity M i greaterthan h tenyears

    ThePrimaryMarket
    AuctionCycles
    WeeklyauctionforTreasurybills Monthlyauctionfortwo andfiveyearTreasurynotes

    Auction A i results l Submissionofbids


    Competitive p bids Noncompetitivebids

    Primarydealers

    TheSecondaryMarket
    Features
    OverTheCounterMarket ContinuousMarket LiquidMarket WhenIssuedMarket

    GovernmentBrokersandDealers
    GovernmentDealers
    tradewiththeinvestingpublic

    GovernmentBrokers
    dealerstradewithotherdealerfirmsthrough interdealerbrokers

    BidandOfferQuotes
    Treasurybills
    quotedonadiscountbasis yield=(D/F)x(360/t)

    Treasurycouponsecurities
    quotedonapricebasis yield i ldto t maturity t it

    RepurchaseAgreementMarket
    CollateralizedSecuritiesLoan RepoRate Types
    Overnightrepo Termrepo Reverserepo p Systemrepo Customerrepo Matchedsale

    StrippedTreasurySecurities
    Zerocouponinstruments
    createdfromcouponstrippingprocess BackedbyTreasurySecuritiesfromwhichtheyare created NotissuedbytheU.S.government

    CouponStrippingand Reconstitution
    Couponstripping
    couponsecuritiessplitintomultiplediscountsecurities

    Reconstitution
    creatingsyntheticTreasurycouponsecurities arbitrage

    FederalAgencySecurities
    FederallyRelatedInstitutionsSecurities
    BackedbyfullfaithandcreditofU.S.government

    GovernmentSponsoredEnterprisesSecurities
    Issuedbyprivatelyowned,publiclycharteredentities NotbackedbyfullfaithandcreditofU.S.government

    NonU.S.GovernmentBonds: TypesofSecurities
    Fixedratecouponbonds
    Convertibles

    Indexlinkedsecurities
    Inflation Interestrate Capital C it lvalue l

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