发行债券的三种方式

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1、Chapter9BondsandLong-TermNotesBondsMedium-andlarge-sizedcompanyoftenchoosetoborrowcashbyissuingbonds.AbondissuedividesalargeliabilityintomanysmallerliabilitiesBondsobligatetheissuingcompanytorepayastatedamountataspecifiedmaturitydateandperiodicinterestbetweentheissuedatean

2、dmaturity.IssuedateMaturitydatefaceamount+interestFaceamount×statedrateThebondindentureAbondindenturedescribesthespecificpromisesmadetobondholdersThebondindentureisheldbyatrustee(commercialbank、otherfinancialinstitution)Twoparticipants:issuingcompany(issuer)/bondholder(inv

3、estor)Debenturebond(无担保债券)Subordinateddebenture(次级无担保债券)Mortgagebond（抵押债券）Callablebond（可赎回债券）Convertiblebonds(可转换债券)IssuingthebondBondscanbeissuedinthreeways:Issuedatfacevalue(price=faceamount)Statedrate=MarketrateIssuedatadiscount(price

4、uedatapremium(price>faceamount)Statedrate>MarketrateOtherthingsbeingequal,thelowertheperceivedriskinessofthebonds,thehigherthepricethosebondswillcommandRecordingbondsissuanceBondsissuedatfaceamountIllustration9-1P373OnJan.1,2011,issuedthebond:Issuer:Dr.Cash700,000Cr.Bondsp

5、ayable700,000Investor:Dr.Investmentinbonds700,000Cr.Cash700,000LiabilityAssetRecordingbondsissuanceIllustration9-1P373OnJune30,2011,paidtheinterest:Firstinterestpayment=700,000×12%×(6/12)=$42,000Issuer:Dr.Interestexpense42,000Cr.Cash42,000Investor:Dr.Cash42,000Cr.Investmen

6、trevenue42,000RecordingbondsissuanceIllustration9-1P373OnDec312011,June302012,Dec312012,June302013,makethesamejournalentrytorecordtheinterestpayment.OnDec.31,2013,bondsweremature:Issuer:Dr.Interestexpense42,000Cr.Cash42,000Dr.Bondspayable700,000Cr.Cash700,000Recordingbonds

7、issuanceBondsissuedatadiscountTheissuingprice?Price=PVofinterest+PVoffaceamountIllustration9-2P375PVofinterest:Interestpayment=$700,000×12%×(6/12)=$42,000n=2×3=6semiannualperiodsi=14%×(6/12)=7%PVofinterest=$42,000×4.76654=$200,195RecordingbondsissuanceIllustration9-2P375PV

8、offaceamount:Faceamount=$700,000n=2×3=6semiannualperiodsi=14%×(6/12)=7%PV=$700,000×0.6663