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1Àå Case outline
2Àå Which one is appropriate alternative
3Àå Basic concepts of required BIS ratio
4Àå What is required to calculate the value of convertible bonds
5Àå Calculation of price of convertible bonds
bank of tokyo corporate finance case outline bank of tokyo¡¯s problem raise the current bis capital-to-asset ratio
current ratio 6.8% required ratio 7.25
there are three ways to resolve the problem limit the asset growth
issue 60 billion yen of common stock ( tier 1 capital)
issue 60 billion yen of convertible bonds (tier 2 capital)
issue which one is the best alternative
how to calculate the value of convertible bonds
slide-* corporate finance theory which one is appropriate alternative limit asset growth
this alternative means reduction in profit.this is not a good plan for bot¡¯s future value
issue 60 billion yen of common stock
the stock market was crashed in 1990, so if bot issues new shares of common stock and sells them to the market the result will depreciate the price of the stock down because of more supply.this action will harm bot¡¯s value
issue 60 billion yen of convertible bonds
there are some advantages in coupon rate (can be under 0.875% in 1987, swiss bank issued convertible bonds with coupon rate 0.25%), so japanese issuers can take advantage of this situation.therefore convertible bonds would be the best choice to conform to bis required ratio
slide-* corporate finance theory basic concepts of required bis ratio what is required bis ratio capital/ risk adjusted asset capital: tier 1 and tier 2 tier 1 capital
common stock, preferred stock and retained earning
tier 2 capital
hybrid securities and subordinate debt and so on
risk adjusted asset
there are four categories of assets.for example, the least risky asset is cash and equivalent, risk weight of which is 1.this means no depreciation.if there is four categories of risky asset, a1, a2, a3 and a4, and the weights are w1, w2, w3 and w4, risk adjusted asset is equal to w1a1w2a2w3a3w4a4
slide-* corporate finance theory
what is required to calculate the value of convertible bonds
definition
the bond offered the option if exchanging the bond for share
the differences between c. b
and w. b
expiration after exercising the convertible bond
inseparability between option component and bond component (ÀÌÇÏ »ý·«)
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