PL EN


2015 | 49 | 2 |
Article title

Obligacje w walucie obcej. Struktura i funkcjonowanie instrumentu

Authors
Content
Title variants
Languages of publication
PL
Abstracts
PL
Artykuł nie zawiera abstraktu w języku polskim.
EN
In the debt securities markets there are bonds that differ in their structure from straight bonds. They are an answer to changing economic conditions, the underlying cause of which are changes in interest rates and exchange rates. In the other case these are foreign currency bonds. These bonds, despite their unquestionable advantages in capital acquisition and investment, are characterized by high investment risk because, in comparison with straight bonds, there is an additional risk of changes in exchange rates. In order to cover such risk, investors have a number of instruments at their disposal; however, its reduction, with the retained advantages of classical foreign currency bonds, can also be achieved through another kind of bonds – dual currency bonds, including currency option ones. Pricing of these bonds is complicated because differences in yield curves in the countries of specific currencies as well as exchange rates should be taken into account. The importance of the bonds in question during particular periods of economic development will certainly be a function of exchange rate variability.
Year
Volume
49
Issue
2
Physical description
Dates
published
2015
online
2015-07-28
Contributors
References
  • 1. Demuth M. (1998), Fremdkapitalbeschaffung durch Finanzinnovationen, Gabler Verlag, Wiesbaden.
  • 2. Diwald H. (2012), Anleihen verstehen. Grundlagen verzinslicher Wertpapiere und weiterfürende Produkte, Deutscher Taschenbuch Verlag, München.
  • 3. Gallati R. (2004), Verzinsliche Wertpapiere. Bewertung und Strategien, 2. Auflage, Gabler Verlag, Wiesbaden. DOI: http://dx.doi.org/10.1007/978-3-322-90840-7
  • 4. Jeffery Ch. (2003), The Problem with Power-Reverse Duals, „Risk Magazine”, Vol. 16(10).
  • 5. Weisensee U. (1990), Festverzinsliche Wertpapiere. Geld verdienen mit Renten, Verlag Organisator AG, Zürich.
  • 6. http://www.investopedia.com/terms/f/foreignbonds.asp (dostęp: 10.10.2014 r.)
  • 7. http://thelawdictionary.org/dual-currency-bond (dostęp: 12.10.2014 r.)
  • 8. http://www.investment-and-finance.net/finance/i/indexed-currency-option-note.html (dostęp: 15.10.2014 r.)
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.ojs-doi-10_17951_h_2015_49_2_103
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