- •Курс англійської мови для фінансистів
- •Unit 1 financial markets. The bond market
- •Text trading in the bond market
- •Vocabulary list
- •Exercises
- •The Eurobond Market
- •French Government Securities
- •The Chinese Bond Market
- •Discussion
- •Eurobond Market
- •In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
- •Reading practice
- •Us Government Securities
- •Borrowers Pile Up the Yankees
- •Unit 2 financial markets. The stock market
- •Text stocks and markets
- •The corporate securities market in russia
- •Vocabulary list
- •Exercises
- •Equity Market
- •The New York Stock Exchange
- •Discussion
- •A) Bulls, Bears and Stags
- •Reading practice
- •Third and Fourth Markets
- •Investment activity
- •Investments
- •Investment climate
- •Vocabulary list
- •Exercises
- •Think of word combinations with these nouns:
- •Think of the verbs most commonly used with:
- •Write down 3-5 questions about the text.
- •Say what advantages individuals have when they invest in investment companies.
- •Investment Companies
- •Write down 3-5 questions about the text.
- •Explain how most dynamic institutional investors today - pension funds and
- •Food Giants Build Local Yogurt Plants
- •Norwegians to Buy 25% of Vimpelcom
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Investment Skill Is a Rare Commodity
- •Investment Trusts
- •Foreign Investments in Russia
- •Cornerstone of the global financial market
- •Vocabulary list
- •Exercises
- •Write down 3-5 questions about the text.
- •Describe the components of the global financial markets. Global Financial Markets
- •Managing Exchange Rate Risk. Hedging
- •The Eurocurrency Market
- •Discussion
- •Present them in a short review.
- •Discuss the problem raised in the text. Tougher Measures Needed to Counter Macroeconomic Effects of Money Laundering
- •In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:
- •Reading practice
- •Foreign Exchange Swaps
- •Foreign Exchange Options
- •Unit 5 financial management
- •Text finance function
- •Financial ratios
- •Ratio analysis
- •Vocabulary list
- •Exercises
- •Write down 3-5 questions about the texts.
- •Say in what activities financial managers are involved.
- •Financial Capital
- •Discussion
- •Corporate Governance
- •Investment Management
- •In order to get prepared for participation in the class discussion of these questions.
- •Reading practice
- •Capital Structure and Cost of Capital
- •Liquidation
- •The Cash Flow Concept
- •Unit 6 accounting
- •Accounting principles and concepts
- •Accountancy in a free-market economy
- •Public and private accountants
- •Vocabulary list
- •Exercises
- •Accounting Records
- •Accountancy Profession
- •Discussion
- •Accounting Methods .
- •In order to get prepared for participation in the class discussion of the questions, write a short paragraph, explaining:
- •Reading practice
- •Green Accounting
- •Unit 7 international monetary system
- •International monetary institutions
- •Imf's support for russian reforms
- •Vocabulary list
- •Exercises
- •Make your own sentences with any five word combinations from (b) and (c).
- •Match the verbs from (a) with the nouns from (b) below:
- •Write down 3-5 questions about the text.
- •Describe the purposes for which the imf was set up.
- •International Monetary Fund
- •Write down 3-5 questions about the text.
- •Describe the purposes for which the organization was set up. Your Partner ebrd
- •Fiftieth Anniversary of the Bretton Woods Conference
- •Sum up the text in 5-7 sentences and present your summary in class.
- •Describe the World Bank's activities. Say how they differ from those of the imf.
- •Discussion
- •Fiscal Issues Are a Growing Concern of the imf
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Some Facts About the sdr
- •Literature
- •Contents
- •Курс англійської мови для фінансистів
- •83050, М. Донецьк, вул. Щорса, 31
- •83023, М.Донецьк, вул. Харитонова,10.
In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
a) A bond as a financial instrument.
b) Financial markets.
(Use: to classify, to divide, to create, to develop, to emerge)
c) Bond market.
(Use: global, domestic, internal, external, national, foreign, to
consist of, to decompose, issuer, to domicile)
Ex. 13. Prepare a short talk on the following:
a) Future of the Russian debt market.
b) Prospects of restructuring Russia's treasury bill debt and GKOs.
c) Your opinion about the role of Russian government bonds as an instrument of monetary policy and a means to finance the budget deficit.
Ex. 14. Scan the available financial papers and summarize the attitude of foreign investors towards Russian bonds placed abroad.
Reading practice
Ex. 15.
a) Look through the text below to say what types of securities are described in it.
b) Reread the text more carefully and explain how the US government uses debt instruments.
Us Government Securities
The US government relies heavily on debt financing. Since the 1960s, revenues have seldom covered expenses, and the differences have been financed primarily by issuing debt instruments. Moreover, new debt must be issued in order to get the necessary funds to pay off old debt that comes due.
About two-thirds of the public debt is marketable, meaning that it s represented by securities that can be sold at any time by the original purchaser through government security dealers.
Marketable issues include Treasury bills, notes, and bonds.
US Treasury Bonds have maturities greater than ten years at the time .of issuance, with denominations ranging from $ 1,000 upward. Some Treasury bond issues have call provisions under which the Treasury has the right to force the investor to sell the bonds back to the government at par value.
US Savings Bonds are nonmarketable securities, offered only to individuals and selected organizations. There is a limit to the amount that may be purchased by any person in a single year. Two types are available: pure discount bonds and bonds that pay interest semiannually but can be redeemed for par value at any time.
To support credit for home purchase, the government has authorized the issuance of participation certificates. The most important certificates of this type are those issued by the Government National Mortgage Association (GNMA or "Ginnie Mae"), they are known as GNMA Modified Pass-Through Securities. Unlike most bonds, GNMA pass-through securities pay investors on a monthly basis an amount of money that represents both a pro rata return of principal and interest on the underlying mortgages.
US Corporate bonds. Corporate bonds are similar to other kinds of fixed-income securities. An issue of bonds is generally covered by an indenture, in which the issuing corporation promises a specified trustee that it will comply with a number of stated provisions, like the timely payment of required coupons and principal on the issue. The major types are as follows:
Mortgage bonds are debt that is secured by the pledge of specific property. In the event of default, the bondholders are entitled to obtain the property in question.
Collateral trust bonds are debt-backed by other securities that are usually held by the trustee.
Debentures are general obligations of the issuing corporation representing unsecured debt. A bond indenture will often require the issuing corporation to make annual payments into a sinking fund.
Words you may need:
Англійський варіант |
Російський варіант |
Український варіант |
treasury bond |
долгосрочные казначейские обязательства (облигации) |
довгострокові казначейські зобов’язання (облігації) |
call provision |
ycловие займа, предусматривающее право эмитента досрочно выкупить ценные бумаги |
умова позики, яка передбачає право емітента достроково викупити цінні папери |
par value |
паритет, номинал |
паритет, номінал |
participation certificate |
cepтификат участия |
сертифікат участі |
Government National Mortgage Association (GNMA) |
Правительственная национальная ипотечная ассоциация |
Урядова національна іпотечна асоціація
|
pass-through security |
ценная бумага, выпущенная на базе пула ипотек |
цінна папера,яка випущена на базі пула іпотек |
pro rata |
пропорциональный, пропорционально |
пропорціональний, пропорціонально |
fixed-income security |
ценная бумага с фиксированным доходом |
цінна папера з фіксованим доходом |
Ex. 16.
a) Read the text below quickly to find the developments in the US bond market that occurred in the early 90s.
b) Reread the text more carefully to describe the changes in the Yankee offerings and the interests of US investors.