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花旗银行的内部培训材料（绝密）——债权融资（DEBT FINANCING），超级实用V1.0
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INTRODUCTION: DEBT FINANCING
COURSE OVERVIEW
This workbook provides a broad introduction to the debt markets, the participants in
the markets, and some of the more common securities being issued and traded. The
student completing this course will gain a basic working vocabulary of the key terms
currently being used in the debt markets. Because this is an introductory course, we
will cover a wide range of topics without going into great detail. Additional study
will be necessary to gain a more complete knowledge of debt securities and the
markets in which they are traded.
UNIT 1: Fundamentals of Debt Financing
Types of markets in which debt securities are traded are presented in the first
unit. Some of the more common features found in debt securities are also
introduced, including the provisions for making interest payments and repaying
the principal. The unit also discusses different types of securities, based on the
backing that the issuer provides for the bonds. The main focus is to introduce
key terms and ideas that will be helpful in evaluating securities.
UNIT 2: Raising Debt Capital
Unit Two provides a discussion of the processes necessary to issue debt
securities. Relative advantages and disadvantages of several methods for raising
debt capital are discussed. These methods include a public offering of debt, a
private offering, and securing a bank loan. Costs associated with each method
are also presented. Once again, the unit focuses on introducing key terms and
processes.
UNIT 3: Valuing Debt
The third unit focuses on the mathematics associated with debt instruments. The
student learns how to calculate the appropriate yield of an instrument and how to
compare the yields of different instruments. Formulas are provided for estimating
an instrument's market price and the accumulated interest of an interest-bearing
security. The unit concludes with an introduction to the concepts of duration and
convexity and describes their applications. The student will find a financial
calculator useful in making the required calculations.
UNIT 4: Debt Instruments
Some common debt securities are described in Unit Four. The securities are
grouped according to their relative maturity. Some more complex securities are
also discussed, including equity-linked debt instruments. The discussion of each
security includes typical issuers of the security, common investors buying the
instruments, and methods for pricing the securities. This unit focuses on building
a useful vocabulary and developing an understanding of the securities.
UNIT 5: Derivative Securities
The last unit provides an introduction to some common derivative securities,
including options, swaps, and forward agreements. Brief descriptions of each
security and the types of market participants who might use each type of security
are presented along with reasons for their use. This unit is included so that
students not only can begin to understand how debt, equity, and derivative
securities are linked together, but also how investors can hedge the risk created
by investing in one security by investing in another security. This unit briefly
touches on some of the characteristics of derivative securities. For a more
thorough discussion of these instruments, you should refer to the appropriate
Citibank self-study course.
As mentioned earlier, this course is designed to introduce a wide range of topics
with a brief discussion of each. Additional study will be necessary to gain a more
complete understanding of debt securities, how they are issued, and how they are
evaluated by investors. Students should focus on learning the basic terms and
understanding the concepts behind the calculations and relationships discussed in
the workbook.
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