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Extra info for The handbook of fixed income securities
Both expenses are tax deductible for the ﬁrm. The total expense is the call premium of $15 million plus the issuing expenses and legal fees of $2 million. The after-tax cost is equal to the beforetax cost times (1 − tax rate). 3), or $11,900,000. 5. 078. 3). 46%) and makes the refunding a proﬁtable economic transaction. In municipal securities, refunding often refers to something different, although the concept is the same. Municipal bonds can be prerefunded prior to maturity (usually on a call date).
D. D. D. Principal White Oak Capital Management Corp. D. Fixed Income Strategist HSBC-CCF Associate Professor Mathematics Department University of Evry Val d’Essonne Jeffrey T. com Frank K. , CFA Bernard J. Hank Professor of Finance University of Notre Dame Scott F. Richard, DBA Managing Director Morgan Stanley Asset Management John C. D. Professor of Finance Temple University xxix W. Alexander Roever, CFA Managing Director Short-Term Fixed Income Strategy JPMorgan Securities, Inc. Anthony B. D.
A synthetic CDO is a CDO where the investor has economic exposure to a pool of debt instrument, but this exposure is realized via credit derivative instruments rather than the purchase of the cash market instruments. Synthetic CDOs are discussed in Chapter 31. SUMMARY This chapter has provided an overview of the types of ﬁxed income securities and has explored the key features of these securities. It is our hope that this chapter will equip the reader with a general knowledge of the instruments and provide a conceptual and terminological background for the chapters that will investigate in more detail the features of these securities and the associated risks and returns.