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Yes / UV/Vis absorption and NMR spectroscopy titrations have been used to investigate the formation of complexes between cations and neutral H-bond acceptors in organic solvents. Complexes formed by two different H-bond acceptors with fifteen different cations were studied in acetone and in acetonitrile. The effects of water and ion pairing with the counter-anion were found to be negligible in the two polar solvents employed for this study. The data were used to determine self-consistent H-bond donor parameters (α) for a series of organic and inorganic cations; guanidinium, primary, tertiary and quaternary ammonium, imidazolium, methylpyridinium, lithium, sodium, potassium, rubidium and caesium. The results demonstrate the transferability of α parameters for cations between different solvents and different H-bond acceptor partners, allowing reliable prediction of cation recognition properties in different environments. Lithium and protonated nitrogen cations form the most stable complexes, but the α parameter is only 5.0, which is similar to the neutral H-bond donor 3-trifluoromethyl, 4-nitrophenol (α = 5.1). Quaternary ammonium is the weakest H-bond donor investigated with an α value of 2.7, which is comparable to an alcohol. The α parameters for alkali metal cations decrease down the group from 5.0 (Li+) to 3.5 (Cs+). / Financial support from the Engineering and Physical Sciences Research Council (EP/K025627/2) and Unilever

The initial matching relationships between underwriters and bonds/issuing firms and the certification quality of underwriters, as determined by changes in the issuing firm’s financial strength post issue, are the two primary research topics in this dissertation. Based on total underwriter syndicate market share, two distinct categories, low market power (LMP) syndicates and high market power (HMP) syndicates were defined. Firm financial strength is examined based on a new factor developed in this research. A comparison of the two underwriting categories, or pools, indicates that the HMP underwriters take on firms of lower initial financial strength and additionally, the issuing firms decline more in financial strength two years following bond issuance than do firms using LMP underwriters. Notwithstanding these results, the more interesting findings are the relationships within each of these pools. In the LMP pool of underwriters, financially stronger firms used the larger LMPs to underwrite their bonds, while the weaker firms used smaller LMPs. In contrast, among HMP underwriters, the largest HMPs aligned with the firms of relatively lower financial strength. The relationships in both pools reverse when changes in financial strength are examined. Larger LMPs are associated with greater issuing firm financial decline while larger HMPs correlate with lower levels of decline in firm financial strength. Divergent patterns in initial underwriter-issuer matching and underwriter certification found in this research indicate that there are true differences in the “small” underwriting syndicates as compared to the larger syndicates. These patterns should be considered by both issuing firms and investors as both constituencies contemplate the corporate bond market.

by Lai Tai-Hon Sammy, Sieh Shing-Chun. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaves 68-70). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF ABBREVIATIONS --- p.vi / LIST OF FIGURES AND TABLES --- p.vii / ACKNOWLEDGEMENTS --- p.viii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Objective --- p.1 / Methodology --- p.2 / Chapter II. --- HISTORY OF THE BOND MARKET IN CHINA --- p.4 / History of the Government's Debt Issuance --- p.4 / Reasons for the Rapidly Increasing Debt Outstanding --- p.6 / Recent Development of the Bond Market in China --- p.7 / Chapter III. --- THE ROLES OF BOND MARKET IN CHINA'S ECONOMY --- p.10 / The Importance of Government Securities Market for China's Development --- p.10 / Fiscal Management --- p.11 / Bond Financing of Real Sector Investment --- p.12 / Chapter IV. --- TYPES OF DEBT SECURITIES IN CHINA --- p.14 / Government Bonds --- p.14 / Treasury Bonds --- p.14 / Fiscal Bonds --- p.16 / State Construction Bonds --- p.16 / Key State Construction Bonds --- p.17 / Special Government Bonds --- p.17 / Indexed Bonds --- p.17 / National Investment Bonds --- p.18 / State Investment Corporation Bonds --- p.18 / Key Enterprise Bonds --- p.18 / Capital Construction Bonds --- p.19 / Financial Institution Bonds --- p.19 / Corporate Bonds --- p.20 / Chapter V. --- THE DOMESTIC BOND MARKET --- p.22 / Primary Market --- p.22 / Issuers --- p.22 / Issue Procedure of Government Bonds --- p.22 / Issue Procedure of Non-Government Bonds --- p.25 / Issue Characteristics --- p.26 / Interest Rate Subsidy --- p.28 / Credit Rating Agencies --- p.29 / Secondary Market --- p.30 / Development of Spot Market --- p.30 / Development of Futures and Repurchase Markets --- p.32 / Trading Centres --- p.33 / Trading Volume and Liquidity --- p.35 / Causes of Lack of Liquidity --- p.36 / Chapter VI. --- THE INTERNATIONAL BOND MARKET --- p.40 / Foreign Participation in China's Domestic Bond Market --- p.40 / China's Overseas Bond Issues --- p.41 / History --- p.41 / Convertible Bonds and Bond Derivatives --- p.43 / Issues Procedures --- p.43 / Possible Problems with the Issues Procedures --- p.44 / China's International Bond Issuers --- p.44 / Trend of International Issuance --- p.45 / Choices of Markets for Issuance --- p.47 / Chapter VII. --- DEBT MANAGEMENT OF CHINA --- p.48 / Causes of the Mexico Crisis in 1995 --- p.48 / An Analysis of the China's Current Situation --- p.49 / Compositions of Foreign Capital Flow into the Country --- p.49 / Political Risk --- p.49 / Current Account Balance --- p.50 / Foreign Reserves and Short-Term Liabilities --- p.50 / Foreign Debt --- p.52 / Conclusion: The Possibility of Financial Crisis in China --- p.53 / Chapter VIII. --- RECOMMENDATIONS FOR FOREIGN INVESTORS --- p.55 / Risk of Default --- p.55 / Credibility --- p.55 / Macroeconomics Situation --- p.56 / Credit Rating --- p.57 / Rate of Return --- p.58 / Conclusion --- p.59 / Chapter IX. --- APPENDIX --- p.61 / Chapter X. --- BIBLIOGRAPHY --- p.68

In the past, the Swedish bond market has been distinguished for its illiquidity and difficulties with retrieving information. This is the starting point of our thesis and the purpose is to analyze and describe the availability of the present corporate bond market for manufacturing firms in Sweden. In order to fulfill the purpose, a qualitative method was used and interviews with different operators of the market were conducted. Our respondents were sampled from large issuing companies, the major intermediaries and companies that have not tried bonds as a financing tool. To fulfill our purpose, we analyzed subjects as credit rating, capital market segmentation, regulations and volume. We came to the conclusion that the Swedish corporate bond market is somewhat underdeveloped. This is due to the lack of public information regarding the bonds, such as prices, outstanding bonds and interest rates. The availability for already active companies is good, mainly due to the important role the intermediaries play. The regulations set by authorities do not have great effect on the large companies in general, since they issue large amounts, the cost associated with the regulations do not affect them in a considerable way. One could rather see a positive side with the regulations, for example the increase of foreign issuers that entered the market the last couple of years and hence increasing the liquidity. A credit rating is sometimes beneficial but not always, it is not a necessity to enter the bond market. As a matter of fact, it seems like volume is the most important reason to why medium-sized companies have limited access to the market. Since the minimum recommended volume to issue is 50 million SEK, many companies are excluded due to lack of financing need. Another important factor concerning medium-sized companies is that they do not have sufficient experience, knowledge or interest in the bond market. There are probably companies that would like to enter the bond market, who do not have the opportunity to do so, but this do not have anything to do with the lack of credit rating, rather the high cost associated with it. The conclusion drawn is that it is hard to compare small and medium-sized companies with large already established actors. This is due to different need of capital and overall knowledge about the debt market.

<p>In the past, the Swedish bond market has been distinguished for its illiquidity and difficulties with retrieving information. This is the starting point of our thesis and the purpose is to analyze and describe the availability of the present corporate bond market for manufacturing firms in Sweden. In order to fulfill the purpose, a qualitative method was used and interviews with different operators of the market were conducted. Our respondents were sampled from large issuing companies, the major intermediaries and companies that have not tried bonds as a financing tool.</p><p>To fulfill our purpose, we analyzed subjects as credit rating, capital market segmentation, regulations and volume. We came to the conclusion that the Swedish corporate bond market is somewhat underdeveloped. This is due to the lack of public information regarding the bonds, such as prices, outstanding bonds and interest rates.</p><p>The availability for already active companies is good, mainly due to the important role the intermediaries play. The regulations set by authorities do not have great effect on the large companies in general, since they issue large amounts, the cost associated with the regulations do not affect them in a considerable way. One could rather see a positive side with the regulations, for example the increase of foreign issuers that entered the market the last couple of years and hence increasing the liquidity. A credit rating is sometimes beneficial but not always, it is not a necessity to enter the bond market.</p><p>As a matter of fact, it seems like volume is the most important reason to why medium-sized companies have limited access to the market. Since the minimum recommended volume to issue is 50 million SEK, many companies are excluded due to lack of financing need. Another important factor concerning medium-sized companies is that they do not have sufficient experience, knowledge or interest in the bond market. There are probably companies that would like to enter the bond market, who do not have the opportunity to do so, but this do not have anything to do with the lack of credit rating, rather the high cost associated with it.</p><p>The conclusion drawn is that it is hard to compare small and medium-sized companies with large already established actors. This is due to different need of capital and overall knowledge about the debt market.</p>

När en person tar ett lån för att köpa en fastighet så tar denne ett Bolån. I Sverige har det funnits en fungerande bolånemarknad sedan länge, men år 2004 infördes en ny lag som kom att förändra hur den underliggande säkerheten hos lånen disponeras. Den nya typen av bolån benämndes säkerställda obligationer, en typ av obligation som skulle vara säkrare för både de som investerar och ger ut obligationen. Eftersom liknande lagstiftning redan fanns i flera andra länder i övriga världen, syftade även lagstiftningen till att underlätta för investerare internationellt. Lagen togs i bruk 2006 då flera av de stora svenska bankerna byta ut sina gamla obligationer för bolån mot de nya säkerställda obligationerna, och lagstiftningen ledde följaktligen till en del förändringar på den svenska bolånemarknaden. Utifrån den genomförda studien kan vi konstatera att bolånemarknaden inte genomgått några markanta förändringar, men att lagstiftningen öppnat upp nya dörrar för många potentiella investerare. Det verkar även som att marknaden för säkerställda obligationer kommer fortsätta utvecklas positivt, men det fanns en viss meningsskiljaktighet angående marknaden för säkerhetsställda obligationers framtida utveckling. Vi såg i studien, att många i vår omgivning antingen hade ingen eller en mycket begränsad kunskap om säkerställda obligationer. Studien har därför en lärande verkan, den informerar läsaren om en för vårt samhälle och vår vardag så nödvändig typ av obligation, som känns relevant att belysa. Relevansen i studien ligger i att ta reda på om lagstiftningen är det som fört marknaden framåt, detta för att öppna för vidare diskussioner om exempelvis en internationell lagstiftning skulle kunna vidga marknaden ytterligare.