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Footnotes 1 . Financing strategies vary among the borrowers. Some corporate treasurers prefer to “go in for size” on one day with financings in the $50‐$100 million range, reasoning that smaller offerings are more time‐consuming. Furthermore, a firm may be able to maintain a “scarcity value” for its debt by financing intermittently with large offerings, rather than continuously with small offerings. Other treasurers prefer to raise $50‐100 million over the course of several days with $2‐10 million drawdowns. Proponents of this strategy argue that a $50 million daily drawdown is an indication they could have posted a lower offering rate. With regard to the posting of offering rates, some treasurers post an absolute yield while others post a spread over Treasuries, usually along with a cap on the absolute yield. Active borrowers typically post rates in all maturity sectors; less active borrowers post only in the maturity sector in which they seek financing and suspend postings when they do not require funds. 2 . See Palani‐Raja Kadapakkam and Stanley J. Kon , 1989 , “ The Value of Shelf Registration for New Debt Issues ,” Journal of Business , 62 , pp. 271 – 292 ; David S.
Journal of Applied Corporate Finance – Wiley
Published: Jan 1, 1992
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