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What's In This Issue—A Message From The Editor

What's In This Issue—A Message From The Editor longer-run historical perspective, nothing appears to have changed that would materially alter the prospects for investing in emerging markets. The recent market volatility and currency crises in emerging nations are by no means extraordinary—indeed, the currencies of many developing countries fall routinely. What distinguishes the Mexican and Thai currency crises from such run-of-the-mill devaluations is that both governments resisted the inevitable until market forces brought about a crash. In the authors’ words, “The recent emerging market currency crises should be viewed as more or less predictable ‘road bumps’ that can be expected when the policymakers of emerging economies gradually—and grudgingly—relinquish their power to the markets.” In “Yankee Bonds and Cross-Border Private Placements,” Bank of America’s Greg Johnson and Thomas Funkhouser explain why cross-border U.S. bond issuance is at record levels, and why the U.S. bond markets are more and more frequently the markets of choice for international issuers. Overseas issuers have three basic choices when tapping U.S. longterm debt markets: publicly traded “Yankee” bonds, traditional private placements, and underwritten Rule 144A private placements. In discussing the advantages and drawbacks of each, the authors note that although Yankee bonds are typically the most efficient vehicle for large, investmentgrade issuers, http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Applied Corporate Finance Wiley

What's In This Issue—A Message From The Editor

Journal of Applied Corporate Finance , Volume 10 (3) – Sep 1, 1997

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Publisher
Wiley
Copyright
Copyright © 1997 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1078-1196
eISSN
1745-6622
DOI
10.1111/j.1745-6622.1997.tb00142.x
Publisher site
See Article on Publisher Site

Abstract

longer-run historical perspective, nothing appears to have changed that would materially alter the prospects for investing in emerging markets. The recent market volatility and currency crises in emerging nations are by no means extraordinary—indeed, the currencies of many developing countries fall routinely. What distinguishes the Mexican and Thai currency crises from such run-of-the-mill devaluations is that both governments resisted the inevitable until market forces brought about a crash. In the authors’ words, “The recent emerging market currency crises should be viewed as more or less predictable ‘road bumps’ that can be expected when the policymakers of emerging economies gradually—and grudgingly—relinquish their power to the markets.” In “Yankee Bonds and Cross-Border Private Placements,” Bank of America’s Greg Johnson and Thomas Funkhouser explain why cross-border U.S. bond issuance is at record levels, and why the U.S. bond markets are more and more frequently the markets of choice for international issuers. Overseas issuers have three basic choices when tapping U.S. longterm debt markets: publicly traded “Yankee” bonds, traditional private placements, and underwritten Rule 144A private placements. In discussing the advantages and drawbacks of each, the authors note that although Yankee bonds are typically the most efficient vehicle for large, investmentgrade issuers,

Journal

Journal of Applied Corporate FinanceWiley

Published: Sep 1, 1997

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