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Question 1 (a) ABC Ltd has decided to raise $100 million by way of bond issuance. It is deliberating the issuance of a 5-year corporate bond to be issued on 1 July 2015 with a coupon rate of 8%. The coupon payment is semi-annual with a face value of $100,000. It is expected that the bonds will be sold at a discount of 5%.

(i)                 How much would ABC Ltd raise from this issuance?

(ii)               What is the total cash flow over the course of the bond tenure to be paid to prospective bond holders (without any discounting)?

(iii)             Calculate Yield to Maturity. Intuitively, would the Yield to Maturity be the same as the coupon amount?                                 

(Question 1ai,ii,and iii, 4 marks total)

 

 (b) Using actual data to illustrate, analyse, and examine the development of the Singapore bond market (both corporate and government bonds) in the last five years, with greater emphasis on recent development.                                                (9 marks)

 

Question 2 ) Why (and how) do regulators impose capital constraints? Why has the global financial crisis led to new measures on liquidity requirements? Briefly appraise some of these measures and discuss how Singapore measures up with the rest of the world. (9 marks)

 

Question 3 (a) Analyse a recent initial public offering (IPO) of a company on the Singapore Exchange (i.e. either Fraser Hospitality Trust or iFast Corporation Ltd). Briefly review the IPO prospectus and examine the below:

(i)                 Objective of the firm in connection with the IPO;

(ii)               Reasons for the IPO; and

(iii)             Key risks associated with the firm. How has the company share price fared post IPO (using latest pricing)? What could have contributed to the price difference if any?

 (Questions 3ai,ii and iii, 8 marks total)

 

(b) Describe the steps involved in listing a company on the Singapore Exchange, and the key qualifying criteria that an IPO aspirant should have. (9 marks)

 

 (c) Examine the advantages and disadvantages between the use of debt and equity in corporate fund raising. (6 marks)

 

Question 4) The Monetary Authority of Singapore (MAS) operates a Managed Float Exchange Rate System, which maintains the value of the Singapore dollar against a trade-weighted basket of currencies within an undisclosed band.

(a) Describe what managed float exchange rate systems is and analyse why MAS adopts a managed float exchange rate system. (10 marks)

 

(b) Examine and analyse the development of international monetary system from pre- 1875 to current days, detailing key development in each stage. (10 marks)

Finance Instruments, Institutions and Markets

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