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1、CHAPTERTWELVEPRIVATEMONEYMARKETINSTRUMENTSFRANKJ.FABOZZI,PH.D.,CFA,CPAFrederickFrankAdjunctProfessorofFinanceSchoolofManagementYaleUniversitySTEVENV.MANN,PH.D.ProfessorofFinanceMooreSchoolofBusinessUniversityofSouthCarolinaRICHARDS.WILSONConsultantHistorically,themoneymarkethasbeende?nedasth
2、emarketforassetsmaturinginoneyearorless.TheassetstradedinthismarketincludeTreasurybills,com-mercialpaper,somemedium-termnotes,bankersacceptances,federalagencydiscountpaper,short-termmunicipalobligations,certi?catesofdeposit,repur-chaseagreements,?oating-rateinstruments,andfederalfunds.Althou
3、ghseveraloftheseassetshavematuritiesgreaterthanoneyear,theyarestillclassi?edaspartofthemoneymarket.InChapter10,Treasurybillsarediscussed.Inthischapterwewillcoverprivatemoneymarketinstruments:commercialpaper,bankersacceptances,certi?catesofdeposit,repurchaseagreements,andfederalfunds.Medium-t
4、ermnoteshavematuritiesrangingfromninemonthsto30years.ThesesecuritiesarediscussedinChapter14.COMMERCIALPAPERAcorporationthatneedslong-termfundscanraisethosefundsineithertheequityorbondmarket.If,instead,acorporationneedsshort-termfunds,itmayattempttoacquirethosefundsviabankborrowing.Analternat
5、ivetobankbor-rowingiscommercialpaper.Commercialpaperisshort-termunsecuredpromis-sorynotesissuedintheopenmarketasanobligationoftheissuingentity.285Copyright?2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.286PART3SecuritiesThecommercialpapermarketoncewas
6、limitedtoentitieswithstrongcred-itratings,butinrecentyears,somelower-credit-ratedcorporationshaveissuedcommercialpaperbyobtainingcreditenhancementsorothercollateraltoallowthemtoenterthemarketasissuers.Issuersofcommercialpaperarenotrestrict-edtoU.S.corporations.Non-U.S.corporationsandsovereig
7、nissuersalsoissuecommercialpaper.Althoughtheoriginalpurposeofcommercialpaperwastoprovideshort-termfundsforseasonalandworkingcapitalneeds,ithasbeenissuedforotherpurposesinrecentyears,frequentlyfor“bridge?nancing.’’Forexample,supposethatacor-poration
