求Auction rate security中文翻譯
An auction rate security (ARS) typically refers to a debt instrument (corporate or municipal bonds) with a long-term nominal maturity for which the interest rate is regularly reset through a dutch auction. It could also refer to a preferred stock for which the dividend is reset through the same process. In the dutch auction, broker-dealers submit bids on behalf of potential buyers and sellers of the bond. Based on the submitted bids, the auction agent will set the next interest rate as the lowest rate to match supply and demand. Since ARS holders do not have the right to put their securities back to the issuer, no bank liquidity facility is required.
Auctions are typically held every 7, 28, or 35 days; interest on these securities is paid at the end of each auction period. Certain types of ARS auction daily, with coupon being paid on the first of every month. There are also other, more unusual, reset periods, including 14 day, 49 days, 91 days, semi-annual and annual. Non-daily ARS settle on the next business day, daily ARS settle the same day.
As bank liquidity has become more expensive, the auction market has become increasingly attractive to issuers seeking the low cost and flexibility of variable rate debt.
The first auction rate security for the tax-exempt market was introduced by Goldman Sachs in 1988. Today the market for ARS has grown to over $200 billion, with roughly half of it being composed of corporate issues. Because of their complexity and the minimum denomination of $25,000 or more, most holders of auction rate securities are institutional investors and high net worth individuals.
Some negative aspects of ARS include lower liquidity and potential drops in the coupon rate.
- 1 0 年前最佳解答
拍賣率安全(ARS) 典型地提到債務儀器(公司或市政債券) 以利率通常被重新設置通過荷蘭拍賣的長期有名無實的成熟。它能並且提到股息被重新設置通過同樣過程的優先股票。在荷蘭拍賣, 經紀 經銷商 遞交出價代表債券的潛在的買家和賣主。根據遞交的出價, 拍賣代理將設置下利率作為最低的率匹配供給和需求。因為ARS 囤戶沒有權利投入他們的證券回到發行人, 銀行流動資產設施不必需。
拍賣典型地被拿著每7, 28, 或35 天; 興趣在這些證券是有償的在□拍賣期間的結尾。某些類型ARS 拍賣日報, 用優惠券是有償的在一每個月。有並且其他, 更加異常, 重新設置期間, 包括14 天, 49 天, 91 天, 每半年和每年。非 每日ARS 定居在下工作日, 每日ARS 安定同日。
第一拍賣率安全為免稅市場由高曼. 薩克斯 介紹了在1988.[1 ] 市場為ARS 今天增長到超過$200 十億, 以粗礪一半它由公司內容.[2 組成] 由於他們的複雜並且極小的衡量單位$25,000 或更, 拍賣率證券多數囤戶是金融機構投資者和高淨值個體。
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