The Business of Investment Banking

By K. Thomas Liaw | Go to book overview

Glossary

Aftermarket The public market for a security after the initial public offering.

Alternative investment market A separate section on the London Stock Exchange for listing young and fast-growing companies.

American depository receipt A registered certificate issued by an American depositary in the name of a particular foreign issuer.

Asset securitization The process of packaging illiquid individual loans and debt instruments into liquid securities.

Back-end load The charge when mutual fund shares are redeemed. Also called redemption fee.

Basis point One one-hundredth of 1%.

Best efforts An underwriting arrangement in which underwriters only agree to use their best efforts to sell the shares on the issuer's behalf.

Bid-to-cover ratio The ratio of the bids received to the amount awarded in a Treasury auction.

Big Bang Securities market reforms in UK that included lifting the separation of jobbers and brokers, extending dealership to banks and other financial institutions, and deregulating commissions.

Blue Sky laws State securities laws that protect investors against fraud.

Book-entry securities Securities that are not in physical certificate form but instead are maintained in computerized records.

Bought deal A firm commitment by the underwriter to purchase an entire offering from the issuer.

Brady bonds Brady bonds are created under the 1990 Brady Plan. Brady bonds are collateralized securities that have resulted from the exchange of commercial bank loans into new bonds. There are four basic types: par or discount, debt conversion, front loaded interest reduction, and interest arrears capitalization bonds.

Break fee Payments by the target to the first accepted bidder if it is beaten out by another offer.

Bulge bracket firm Major underwriter in a syndicate.

Call auction In a call auction, orders are collected for execution at predetermined points in time. A clearing price is set to maximize the trading volume.

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The Business of Investment Banking
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Preface vii
  • Acknowledgments ix
  • 1: Investment Banking in Global Capital Markets 1
  • 2: Venture Capital Markets 9
  • 3: Mergers and Acquisitions 27
  • 4: Stock Underwriting 47
  • 5: Underwriting Fixed-Income Securities 72
  • 6: Asset Securitization 94
  • 7: Foreign Listing on Wall Street 111
  • 8: Euromarkets and European Markets 125
  • 9: Japanese Securities Markets 148
  • 10: Emerging Markets 167
  • 11: Trading and Trading Techniques 185
  • 12: Repurchase Transactions 203
  • 13: Financial Engineering 222
  • 14: Money Management 241
  • 15: Clearing and Settlement 261
  • 16: Securities Regulation and Ethics 275
  • 17: Investment Banking Trends and Section 20 296
  • Chapter Notes 309
  • Glossary 315
  • Index 325
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