Word: coupon
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Dates: during 1920-1929
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...years immediately following the War, credit in the U. S. was none too plentiful and U. S. investors were unfamiliar with foreign loans. As a result, the foreign bond issues brought out during this period bore, as a rule, very high coupon rates...
Recent episodes in the bond market have clearly shown that this abnormal situation is changing, probably for good. Credit is now very plentiful in this country, and underwriting houses are actively bidding for new Government flotations, so that their coupon rates and yields are falling rapidly. Moreover, in many instances the credit of the borrowing Governments abroad has improved to such an extent that they are now in a position to bargain on equal, if not superior, terms with U. S. moneylenders...
Last week, Norway wanted $33,000,000. But, instead of borrowing simply on the terms of the leading banking groups which had previously handled Norse obligations, Norway obtained her funds through a smaller house on the basis of a lower coupon rate and current yield...
...bond issue ever floated by the company, and the largest of any kind offered since the $150,000,000 Japanese Government loan of less than a year ago. Moreover, the terms of the loan were second only to those accorded to our Federal Government and our stronger states. The coupon of the Telephone issue is 5%, and the bonds were sold to the public at 95 to yield about 5.30. This interest charge is about one-third less than that recently obtainable by the Governments of Japan, Germany, France and Belgium, on their recent large loans in our financial markets...
Undoubtedly the financial "event" of the past week has been the long-awaited German external loan, $110,000,000 of which, bearing a 7% coupon, was offered for subscription at 92 by a huge syndicate headed by J. P. Morgan...