Case IV: Arbitrage in the Government Bond Market Fixed income management (EBC4058) Tutor: Micheal Viehs Coordinator: Thomas Post Group C: de Vivo Paolo 6057152 Bing-Jun Zhu 6030493 Honglei Zhao 6051963 04/03/2013 INDEX I INTRODUCTION II BOND MARKET – A snapshot III TWO SYNTHETIC BONDS BUILD THE TWO SYNTHETIC BONDS PRICE OF THE SYNTHETIC BONDS IV HOW TO EXPLOIT THE ARBITRAGE OPPORTUNITY SPECULATING ON POSSIBLE REASONS V THE ADVANTAGES OF CALLABLE BONDS VI CONCLUSIONS VII PROBLEM SET
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If you were awarded this scholarship‚ how will it impact your educational goals? If I am awarded this scholarship‚ my educational goals will be impacted in many ways. Most importantly‚ I will have the confidence of those that awarded this scholarship. I will also have more confidence in myself to reach my goals. Finally‚ I will have the means to pursue my dream of obtaining a degree. Knowing that someone believes in my abilities enough to select me over all the other worthy candidates
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country or nation. In the Philippines the tax department‚ popularly known as Bureau of Internal Revenue (BIR)‚ is under the support of the Department of Finance. The tax department has enormous and wide ranging administrative and legislative powers when it comes to assessment‚ enforcing taxes and collection. It is considered to be the main revenue earning agency for the government of Philippines. Annually the bureau collects practically 80 percent of the total generated revenue. The BIR has monthly
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million in 2007. Expenses other than depreciation totaled 75% percent of revenues‚ and depreciation expense was $1.5 million. All revenues were collected in cash during the year and all expenses other than depreciation were paid in cash. What were Brandywine’s 2007 net income‚ total profit margin‚ and cash flow? Net income = 12M * (1 - 75%) - 1.5M = $1.5 million Total profit margin = $1.5M/12M = 12.5% Cash flow = 1.5M + 1.5M = $3 million Suppose the company changed
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Where Do Income Tax Dollars Go Opening up an envelope on the first of the month to reveal ones monthly pay is a surprise in itself. After arriving down at the bottom of the pay stub it seems that half of the paycheck goes to the government. Where does the money go? Where do income tax dollars go? On that pay stub there are three places ones tax dollars go to and they are social security‚ healthcare‚ and defense spending. The first line that appears on a pay stub is social security tax. Where does
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INITIAL ENVIRONMENTAL EXAMINATION REPORT PROPOSED CONSTRUCTION OF FIVE – STOREY COLLEGE BUILDING AT UNIVERSITY OF NEGROS OCCIDENTAL – RECOLETOS‚ BACOLOD CITY Prepared for: University of Negros Occidental – Recoletos Bacolod City Prepared by: Engr. Bevelyn Grace P. Alson College of Engineering UNO – Recoletos‚ Bacolod City PROJECT FACT SHEET The Proposed Construction of Five – Storey College Building‚ which shall be located at southern most part of the University of Negros Occidental – Recoletos
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distribution of income is to achieve economic equality‚ which is to give every citizen the opportunity of earning a decent living. However‚ our current system’s inability to better allocate the resources we have at our disposal has widened the gap between the wealthy and the poor especially during the past 20 years. The primary benefit of the distribution of income is to transfer wealth‚ with the help of the government‚ to those who are less fortunate. The current distribution of income is a cost to
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fair tax: towards a modern tax system The Smith Institute The Smith Institute is an independent think tank that has been set up to look at issues which flow from the changing relationship between social values and economic imperatives. If you would like to know more about the Smith Institute please write to: Telephone +44 (0)20 7823 4240 Fax +44 (0)20 7823 4823 Email info@smith-institute.org.uk Website www.smith-institute.org.uk fair tax: towards a modern tax system The Director
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There is a very clear distinction between tax avoidance and tax evasion from academic publications. Tax books have defined tax avoidance as “the lawful minimization of tax liability through sound financial planning techniques‚ while tax evasion is the “unlawful attempt to minimize tax liability through fraudulent techniques to circumvent or frustrate tax laws”. The consequences of either action are also clear. The former is not punishable by law while the latter is. However‚ the lines between evasion
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information: Describe the proposed amendment and what it would do. When was the amendment proposed? Why was the amendment proposed? Why did some individuals believe there was a need for such an amendment at that time? Why did the amendment fail? Could this amendment pass today?
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