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1、ChapterChapter1111InternationalDebtFinancingIn2010,RelianceIndustries,anenergycompanyandIndia’sbiggestcompanybymarketvalue,raised$1.5billionintheglobalbondmarkets,helpedbytwoAmericanbanks(BankofAmericaMerrillLynchandCitibank)andtwoBritishbanks(HSBCandRBS).Theba
2、nksdirectlyapproachedinvestorsinSingapore,HongKong,London,andtheUnitedStates,anddemandforthebondswasoverwhelming,allowingaggressivepricing.ThisglobalbonddealwaslaudedasoneofthecorporatebonddealsoftheyearintheFebruary2011issueofEuromoney,amagazinespecializingini
3、nternationalfinance.Thedealvividlyillustrateshowlargecompaniesusetheinternationaldebtmarketstopullinasmanyinves-torsaspossibletomeettheirfinancingneeds.IfReliancehadtriedtoraise$1.5billioninIndia,itwouldhavefacedamuchhighercostoffunding,anditmightnothavebeenabl
4、etoraisenearlyasmuchcapitalatthesameterms.Thegoalofthischapteristodescribethevariousfundingsourcesfordebtthatareavail-abletomultinationalcorporations(MNCs)inanincreasinglyglobalizedworldandtoex-aminewhatmakesMNCschooseparticularoptions.Itiscriticalforafinancial
5、managertounderstandthevariousworldwidemarketsthatcanbetappedtoborrowmoney,andthischaptercoversimportantinstitutionaldetailsregardinginternationalbondsandbanklend-ing.Atthesametime,itisalsoimportanttorealizethatfreelunchesarehardtoget,andwecarefullydiscusshowtoc
6、omparedifferentdebtoptionswithdifferentcharacteristics(e.g.,intermsofmaturityandcurrencydenomination)onanapples-to-applesbasis.11.1THEGLOBALSOURCESOFFUNDSFORINTERNATIONALFIRMSThesourcesoffundsforanMNC(anditssubsidiaries)canbesplitintotwomajorcategories:cashthat
7、isinternallygeneratedbytheMNCandcashthatisexternallyprovidedfromthedebtmarketsortheequitymarkets.Exhibit11.1surveysthevarioussourcesoffundsforanMNC,startingontopwithinternalsourcesoffundsreinvestedinthecompany.Thepotentialsourcesofexternalcapitalareextremelywid
8、eranging.Bothbondsandstocks(debtandequityfinancing)canbeissuedbyafirmandsoldtoinvestors,typicallythroughthefinancialintermediationofaninvestmentbank.Theseexternallyissuedsec
