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nburfffloppyFINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
Yields on Money Market securities
Chapter 5: Money Markets
Bond Equivalent Yields (bey)
Money Markets
● Bond equivalent yield, 𝑖𝑏𝑒, is the quoted
● S hort-term debt instruments thatisissuedby nominal, or stated, yield on a security.
economicagentsthatrequireshort-termfunds ● U sed to calculate the present value of an
and are purchased by economic agents. investment.
● Money market instruments are traded in ● It is the product of the periodic rate and the
secondary markets. They serve to reallocate number of periods in a year.
the (relatively) fixed amounts of liquid funds
available in the market at any particular time. 𝑃 −𝑃
𝑖𝑏𝑒 = ⎡⎢ 𝑓𝑃 0 ⎤⎥ ×
365
● Efficient in performing service in that they
𝑛
enable large amounts of money to be ⎣ 0 ⎦
transferred from supplier of funds tousersof
funds for short periods of time both quickly here
W
and at low cost to the transacting parties. 𝑃𝑓 = 𝐹
𝑎𝑐𝑒𝑉𝑎𝑙𝑢𝑒
● Money Market Instruments
- Provides an opportunity that 𝑃0 = 𝑃
𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑃
𝑟𝑖𝑐𝑒𝑜
𝑓𝑡ℎ𝑒𝑠𝑒𝑐𝑢𝑟𝑖𝑡𝑦
generates a higher rate of interest 𝑛 = 𝑁𝑜. 𝑜
𝑓𝑑
𝑎𝑦𝑠𝑢𝑛𝑡𝑖𝑙𝑚𝑎𝑡𝑢𝑟𝑖𝑡𝑦
(return) than holding cash (which
yields zero interest), but is also very
liquid and has relatively low default NOTE
risk.
ond equivalent yield does not consider the effects
B
of compounding of interest during a less than one
hy are money markets needed?
W year investment horizon.
The immediate cash needs of individuals,
corporations, and government do not necessarily
coincide with their receipts of cash.
Effective Annual Return (EAR)
Opportunity cost ● I f interestiscompoundedmorethanonceper
● T he forgone interest cost from the holding of year, the true annual rate earned is EAR.
cash balances when they are received.
● Happens due to excessive holding of cash 365/𝑛
balances. 𝑖𝑏𝑒
𝐴𝑅 = ⎡⎢1 +
𝐸 ⎤
365/𝑛 ⎥
− 1
3 Basic Characteristics ⎣ ⎦
1. M oney market instruments are generallysold Discount Yields (dy)
inlarge denominations.
2. Moneymarketinstrumentshavelowdefault ● I nstead of directly received interestpayments
risk. over the investment horizon, the return on
- Risk of late or nonpayment of securitiesresultsfromthepurchaseofsecurity
principal and/or interestisgenerally at a discount from its face value and the
small. receipt of face value at maturity.
3. Moneymarketsecuritiesmusthaveanoriginal ● Yield on securities use a 360-day year rather
maturity of one year or less. than 365-day year.
PAGE1 AGA – 3AIS2 – 2024-2025
FINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
𝑃 −𝑃 Paper romissory notes issued by a
p
𝑖𝑑 = ⎡⎢ 𝑓𝑃 0 ⎤⎥ ×
360
𝑛 company to raise short-term
⎣ 𝑓 ⎦ cash.
● D iscount yield uses the terminalprice,onthe Negotiable ank-issued time deposits that
B
other hand, bond equivalent yields are based certificates of specify an interest rate and
on the purchase price of a security. deposits maturity date and are
● Anappropriatecomparisonofinterestrateson negotiable (saleable on
discount securities versus nondiscount secondary market)
securities,requiresconvertingadiscountyield
into a bond equivalent yield: Banker’s ime drafts payable to a seller
T
Acceptance of goods, with payment
guaranteed by a bank.
𝑃𝑓 65
3
𝑖𝑏𝑒 = 𝑖𝑑 × 𝑃𝑜
× 360
TREASURY BILLS
Single Payment Yields (spy) ● I ssued to refinance maturing government
debt.
● Special cases of the pure discount securities ● Virtually default risk free, referred to as the
that only pay the face value on maturity. risk free asset.
● Q uoted nominal interest rates on ● Have little interest rate risk and liquidity risk.
single-payment securities assume a 360-day ● Treasury Bill Asked Discount Yield
year. Example:
● In order to compare interest rates on these Suppose that you purchase the T-bill
securities with others that pay interest based maturing on October 24, 2013, for
on a 365-day year, the nominal interest rate $9,998.599.TheT-billmatures123daysafter
must be converted to bond equivalent yield: the settlement date,June23,2013,andhasa
face value of $10,000. The T-bill’s asked
discount yield is reported as:
65
3
𝑖𝑏𝑒 = 𝑖𝑠𝑝𝑦 × 360
The bond equivalent yield or asked yield is
Money Market Instruments
Finally, the EAR on the T-bill is calculated as
Treasury Bills hort-term obligations issued
S
by government.
Federal Funds hort-term funds transferred
S
FEDERAL FUNDS
between financial institutions
usually for no more than one ● T heovernight(oroneday)interestrateinthe
day. interbank lending market is the federalfunds
rate.
epurchase
R greements involving the sale
A ● Feerald funds transactions take the form of
Agreement of securities by one party to short-term (mostly overnight) unsecured
another with a promise to loans.
repurchase the securities at a ● Importantbecauseitisafocusortargetratein
specified date and price. the conduct of monetary policy.
● Federal Funds Yields
Commercial Short-term unsecured
PAGE2 AGA – 3AIS2 – 2024-2025
FINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
● C ompanies with strong credit ratings can
generally borrow money at a lower interest
xample:
E rate by issuing commercial paper than by
TheovernightfedfundsrateonJune21,2013, directly borrowing (via loans) from banks.
was 0.13 percent. The conversion of the fed ● No active secondary market for commercial
funds rate to a bond equivalent rate is paper. Because commercial paper is not
calculated as follows: actively traded and because it is also
unsecured debt.
● Generally held by investors from the time of
issue until maturity.
ememberingthatfedfundsaregenerallylent
R ● Yield on Commercial Paper
foroneday,theEARonthefedfundscanthen Example:
be calculated as: Suppose an investor purchases 95-day
commercial paper with a par value of
$1,000,000 for a price of $990,023. The
discountyield(d)onthecommercialpaperis
calculated as:
REPURCHASE AGREEMENT
● E ssentiallyacollateralizedfedfundsloan,with
the collateral (held by the repo seller) taking And te bond equivalent yield (bey) is:
the form of securities.
● Reverse repurchase agreement (reverse repo)
isthelender’spositionintherepotransaction.
Finally, the EAR on the commercial paper is:
It is an agreement involving the purchase
(buying) of securities by one party from
anotherwiththepromisetosellthembackata
given date in the future.
● Generallymaturesfrom1to14days.Butthere
is a growing market for longer-term, 1 to 3 EGOTIABLE CERTIFICATES OF
N
months. DEPOSITS
● Repurchase agreements are less liquid than ● b ank-issued time deposit that specifies an
fed funds. interest rate and maturity date and is
● Nonbanks are more frequent users of negotiable (i.e., salable) in the secondary
repurchase agreements. market.
● Repurchase Agreement Yield ● Can be traded any number of times in
Example: secondary markets; therefore, the original
Suppose a bank enters a reverse repurchase buyer is not necessarily the owner at maturity.
agreement in whichitagreestobuyfedfunds ● Maturities range from two weekstooneyear,
fromoneofitscorrespondentbanksataprice with most having a maturity of one to four
of$10,000,000,withthepromisetosellthese months.
funds back at a price of $10,000,291.67 ● Negotiated between the bank and the CD
($10,000,000 plus interest of $291.67) after buyer.
fivedays.Theyieldonthisrepotothebankis ● Negotiable CDs aresingle-paymentsecurities.
calculated as follows: Thus, interest rates on negotiable CDs are
generally quoted using a 360-day year.
● Secondary market Yield on Negotiable
CD
COMMERCIAL PAPER Example:
A bank has issued a six-month, $1 million
● O
ne of the largest ( in terms of dollar value negotiable CD with a 0.72 percent quoted
outstanding) of t he money market annualinterestrate.Thebondequivalentyield
instruments. on the CD is:
PAGE3 AGA – 3AIS2 – 2024-2025
FINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
rincipal Investor:brokers and dealers,
P
mutual funds, corporations, other Fis,
hus,atmaturity(in6months)theCDholder
T individuals
will receive: 5. Negotiable CDs
Principal Issuer:Commercial banks
Principal Investor:Brokers and dealers,
I n exchange for $1 million deposited in the mutual funds, corporations, other FIs,
bank today. Further, the EAR on the CD is: individuals
. Banker’s Acceptances
6
Principal Issuer:Commercial banks
Principal Investor:Commercial banks,
I mmediately after the CD is issued, the brokers and dealers, corporations
secondary market price on the $1 million CD
falls to $999,651. As a result, the secondary
market bond equivalent yield on the $1 million Treasury llow the government to raise
A
face value CD increases as follows: money to meet unavoidable
short-term expenditure needs
prior to the receipt of tax
revenues.
The single-payment yield increases to:
Federal ost important participant in
M
eserve
R the money markets. It holds
And the EAR becomes: T-bills, T-notes, and T-bonds.
ften uses repurchase
O
agreements and reverse repos to
BANKER’S ACCEPTANCE
temporarily smooth interest
● A time draft payabletoasellerofgoods,with rates and the money supply.
payment guaranteed by a bank.
● Timedraftsissuedbyabankareordersforthe Commercial ost diverse group of
M
bank to pay a specified amount of money to Banks participants in the money
the bearer of the time draft on a given date. markets.
he importance of banks in the
T
Money Market Participants money markets is driven in part
by their need to meet
1. T reasury Bills reserve requirements imposed by
Principal Issuer:Government Treasury regulation.
Principal Investor:Federal reserve system,
commercial banks, mutual banks, brokers and
Money oney market mutual funds
M
dealers, other FIs, corporations, individuals
arket
M purchase large amounts of
2. Federal Funds
Mutual money market securities and sell
Principal Issuer:Commercial banks
Funds shares in these pools based on
Principal Investor:Commercial banks
the value of their underlying
3. Repurchase Agreements
(money market) securities. It
Principal Issuer:Federal Reserve System,
allows small investors to invest
Commercial banks, brokers and dealers, other
in money market instruments.
FIs
Principal Investor:Federal reserve systems,
Brokers & I mportant to the smooth
Commercial banks, Mutual funds, brokers and
Dealers functioning of money markets.
dealers, other FIs, Corporations
Includes primary government
4. Commercial Paper
security dealers, money and
Principal Issuer:commercial banks, other FIs,
security brokers, and thousands
Corporations
PAGE4 AGA – 3AIS2 – 2024-2025
FINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
1. Collateral
f brokers and dealers who acts
o - As part of the mortgage agreement,
as intermediaries in the money the financial institution will place a
markets by linking buyers and lienagainstapropertythatremainsin
sellers. place until the loan is fully paid off.
- Lienisapublicrecordattachedtothe
Corporations T
he ones who raise large title of the property tha givesFIsthe
amounts of funds in the money right to sell the property if the
markets, mortgage borrower defaults or falls
primarily in the form of into arrears on his/her payments.
commercial paper. 2. Down Payment
- As part of anymortgageagreement,a
Other FIs ecause their liability payments
B financial institution requires the
are relatively unpredictable, mortgageborrowertopayaportionof
property-casualty (PC) the purchase price of the property (a
insurance companies, and to a downpayment)attheclosing(theday
lesser extent life insurance the mortgage is issued).
companies, must maintain large - Decreases the probability that the
balances of liquid assets. borrower will default on the mortgage.
- Generally,a20percentdownpayment
Individuals hey participate in the money
T is required.
markets through direct 3. Insured versus Conventional Mortgages
investments in these securities or - Mortgages are classified as either
through investments in money federally insured or conventional.
market mutual funds, which - Federally insured mortgages
contain a mix of all types of originated by FIs, but repayment is
money market securities. guaranteed by either the Federal
Housing Administration or the
Veterans Administration.
Chapter 7: Mortgage Markets - Conventional mortgages
mortgages held by FIs and are not
federally insured, but they generally
Primary Mortgage Markets arerequiredtobeprivatelyinsuredif
the borrower’s down payment is less
● Mortgage than 20 percent of the property’s
- Loans to individuals or business to value.
purchase a home, land, or other real 4. Mortgage Maturities
property. - A mortgage generally has an original
- The property purchased with the loan maturity of either 15 or 30 years.
serves as collateral backing the loan. - FIs find the 15-year mortgage
attractive because of thelowerdegree
4 Basic Categories of Mortgages of interest rate risk on a 15-year
relative to a 30-year mortgage.
1 . ome
H - Mostmortgagesallowtheborrowerto
2. Multifamily dwelling prepay all or part of the mortgage
3. Commercial principal early without penalty.
4. farm - Ingeneral,themonthlypaymentisset
at a fixed level to repay interest and
principal on the mortgage by the
Mortgage Characteristics maturity date.
- Balloon payment mortgages
● U
niqueascapitalmarketinstrumentsbecause requires a fixed monthly interest
the characteristics of each mortgage held by payment (and, sometimes, principal
FIs can differ.
PAGE5 AGA – 3AIS2 – 2024-2025
FINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
payments) for a three- to five-year
eriod.
p Appraisal Fee overs the remaining costs to
C
. Interest Rates
5 the mortgage issuer for
- Most important characteristic processing the mortgage
identified in a mortgage contract. application and completing
- Mortgage borrowers oftendecidehow the loan.
muchtoborrowandfromwhomsolely
by looking at the quoted mortgage Loan overs the remaining costs to
C
rates of several FIs. Origination Fee the mortgage issuer for
- Fixed versus Adjustable-Rate processing the mortgage
Mortgages application and completing
★ fixed-rate mortgage locks in the loan.
the borrower’s interest rate
and thus required monthly Closing Agent C overs the costs of the closing
payments over the life of the and Review fees agent who actually closes the
mortgage, regardless of how mortgage.
market rates change.
★ Adjustable-rate mortgage Other Costs ny other fees, such as VA
A
(ARM)istiedtosomemarket loan guarantees, of FHA or
interest rate or interest rate private mortgage insurance.
index. Thus, the required
monthly payments can
change over the life of the Mortgage Refinancing
mortgage.
- Discount Points ● O ccurswhenamortgageborrowertakesouta
★ fees or payments madewhen newmortgageandusestheproceedsobtained
a mortgage loanisissued(at to pay off the current mortgage.
closing). ● Refinancinginvolvesmanyofthesamedetails
★ One discount point paid up and steps involved in applying for a new
front is equal to 1 percent of mortgage and can involve many of the same
the principal value of the fees and expenses.
mortgage. ● Mortgages are most often refinanced when a
current mortgage has an interest rate that is
higher than the current interest rate.
Other Fees
● M
ortgage contracts generally require the Mortgage Amortization
borrowertopayanassortmentoffeestocover
the mortgage issuer’s costs of processing the ● T he fixed monthly payment made by a
mortgage. mortgageborrowergenerallyconsistspartlyof
repayment of the principal borrowed and
Application Fee C
overs the issuer’s initial costs partly of the interest on the outstanding
of processing the mortgage balance of the mortgage.
application and obtaining a ● Amortization Schedule shows how the
credit report. fixed monthly payments are split between
principal and interest.
Title Search onfirms the borrower’s legal
C
ownership of the mortgaged 𝑡
1 𝑗
property and ensures there
are no outstanding claims
𝑃𝑉 = 𝑃𝑀𝑇 ∑
𝑗=
1
( )
1+
𝑟
𝑡
against the property. 𝑃𝑀𝑇 = ({ [
1 − 1/(1 + 𝑟) ]}/𝑟 )
Title Insurance rotects the lender against an
P
here
W
error in the title search.
PV = Principal amount borrowed throughthe mortgage
PAGE6 AGA – 3AIS2 – 2024-2025
FINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
MT = Monthly mortgage payment
P
r = Month interest rate on the mortgage
t = No. of months over the life of the mortgage
xample:
E
You plan to purchase a house for $150,000
using a 30-year mortgage obtained from
your local bank. The mortgage rateofferedto
you is 8% with zero points. In ordertoforgo
the purchase of private mortgage insurance,
you will make a down payment of 20% of
the purchase price ($30,000 = 0.20 ×
$150,000) at closing and borrow $120,000
through the mortgage.
he monthly payments on this mortgage are
T
calculated using the time value of money. Other types of Mortgages
Specifically,theamountborrowedthroughthe
1. J umbo Mortgages - Mortgages that exceed
mortgage represents a present value of the
the conventional mortgage conforming limits.
principal,andthemonthlypaymentsrepresent
2. Subprime Mortgages - Mortgages to
a monthly annuity payment. The equation
borrowers who do not qualify for, prime
usedtocalculateyourfixedmonthlymortgage
mortgages because of weakened credit
paymentstopayoffthe$120,000mortgageat
histories, including payment delinquencies
an 8% annual (8%/12 = 0.6667% monthly)
and possibly more severe problems such as
interest rate over 30 years (or 30 ×12=360
charge-offs, judgements, and bankruptcies.
payments) is as follows:
3. Alt-A Mortgages - short for Alternative
A-paper, mortgages that are considered more
Therefore: riskythanaprimemortgageandlessriskythan
a subprime mortgage.
4. Option ARMs - also called pick-a-payment
Thus, the monthly payment is $880.52 or pay-option ARMs, are 15- or 30-year
adjustable rate mortgages that offer the
borrowerseveralmonthlypaymentsoptions.It
has 4 major types of payment.
★ Minimum Payment Option is the
lowest and carriesthemostrisk.Itis
1% fully amortized.
★ Interest-Only Payment requires
borrower to pay only the interest on
the loan during the initial period of
the loan. During this period, no
principal must be repaid. After the
interest-only period, the mortgage
must amortize so that the mortgage
will be paid off by the end of its
original term.
★ 30-year Fully Amortizing
Payment , the borrower pays both
principalandinterestontheloan.The
payment is calculated each month
based on the prior month’s fully
indexed rate, loan balance, and
remaining loan term.
PAGE7 AGA – 3AIS2 – 2024-2025
FINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
★ 1 5-Year Fully Amortizing
Mortgage-Backed Securities
Payment is simile to 30-year fully
amortizing payment option ARMbut
● T hree Major types of Mortgage-Backed
with a larger amount of principal
Securities
paid each month. The payment
1. Pass-through security
amount may change from month to
2. Collateralized Mortgaged Obligation
month based on changesintheindex
(CMO)
value used to determine the fully
3. Mortgage-backed bond
indexed rate.
● Firsttwosecuritiesaresecuritizedwhich
5. Second Mortgages - loans secured by a
means it involves the pooling of a group of
piece of real estate already used to secure a
mortgages with similar characteristics, the
first mortgage. Should default occur, the
removal in theBS,andthesubsequentsaleof
secondmortgageholderispaidonlyafterthe
interests in the mortgage pool to secondary
firstmortgageispaidoff.Asaresult,interest
market investors.
rates on second mortgages are genrallt
● Securitization of mortgages results in the
higher on first mortgages.
creation of mortgage-backed securities,which
. Reverse-Annuity
6 Mortgages - a
can be traded in the secondary mortgage
mortgageborrowerreceivesregularmonthly
markets.
payments from a financial institution rather
1. Pass-Through Securities
than making them. When RAM matures, the
- Promised payments of principal and
borrower sells the property to retire the debt.
interestonpoolsofmortgagescreated
by FIs to secondary market investors
Secondary Mortgage Markets holding an interest in these pools.
- After a financial institution accepts
hrough one of two mechanisms, FIs can remove
T mortgages, it pools them and sells
mortgages fromtheirbalancesheets,placingthemfor interests in these pools to
trading in secondary mortgage markets. pass-through security holders.
● Mortgage Sales - Each pass-through mortgage security
● Mortgage-Backed Securites represents a fractional ownership
share in a mortgage pool.
Mortgage Sales 2. Collateralized Mortgage Obligations
- A second vehicle for securitizing FI
● O ccurs when a FI originates a mortgage and assets that is increasingly used.
sells it with or withoutrecoursetoanoutside - A device formakingmortgage-backed
buyer. securities more attractive to certain
- Sold without recourse the FI not types of classes or investors by
onlyremovesitfromitsbalancesheet repacking the cash flows from
but also has noexplicitliabilityifthe mortgagesandpass-throughsecurities
mortgage eventually goes bad. Thus in a different fashion.
the buyer of the mortgage bears all - A multiclass pass-through with a
the credit risk. number of different bond holder
- Sold with recourse, under certain classes or tranches.
conditions the buyer can return the 3. Mortgage-Backed Bond
mortgage to the selling financial - Mortgages backing MBBs normally
institution.Therefore,theFIretainsa remain on the balance sheet.
contingent credit risk liability. - It is a collateralization,thecashflows
● Major reason that FIs sell loans istomanage o themortgagesbackingthebondare
their credit risk better. not necessarily directly connected to
● Allows FIs to achiev better asset interestandprincipalpaymentsonthe
diversification. MBB.
● Allows FIs to improve their liquidity riskand - Issued to raise long-term low-cost
interest rate risk situations. funds.
PAGE8 AGA – 3AIS2 – 2024-2025
FINANCIAL MARKETS
CA51021 1ST SEMESTER – ANTONIO ERIBERTO CABUG
Participants in the Mortgage Markets
1 . anks
B
2. Thrifts
3. Savings Institutions
4. Mortgage Companies
5. Mortgage Bankers
PAGE9 AGA – 3AIS2 – 2024-2025
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