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2014.07.29
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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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