文档介绍：6
Money
Markets
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Chapter Objectives
Provide a background on money market securities
Explain how institutional investors use money markets
Explain the globalization of money markets
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Money Market Securities
Maturity of a year or less
Debt securities issued by corporations and governments that need short-term funds
Purchased by corporations and financial institutions
Large primary market focus
Secondary market for securities
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Money Market Securities
Treasury Bills
● T-bills represent the simplest form of borrowing: The government raises money by selling bills to public.
● Investors buy the bills at a discount from the stated maturity value.
● At the bills maturity, the holder receives from the government a payment equal to the face value of the bill.
● T-bills with initial maturities of 91 days or 182 days are issued weekly.
Commercial paper
● Large, well-panies often issue their own short-term unsecured debt notes rather than borrow directly from banks.
● Commercial paper is backed by a bank line of credit.
● Commercial paper maturities range up to 270 days.
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Money Market Securities
Negotiable certificates of deposits
certificates of deposit (CD) is a time deposit with a bank.
● The banks pay interest and principal to the depositor only at the end of the fixed term of the CD.
● CDs issued in denominations greater than $100,000 are usually negotiable.
● CDs are treated as bank deposits by the Federal Deposit Insurance Corporation.
Federal funds
Funds in the bank’s reserve account are called federal funds.
● Funds deposited to regional Federal Reserve Banks mercial banks, including fu