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Investment opportunities in new-issue convertible bonds

Article Abstract:

Several aspects of convertible bonds are explained, including: coupon rates, maturity dates, call features, and conversion premiums. Convertible bonds are bonds that can be exchanged for their underlying corporate common stocks. The difference between the stock's value and the value of the convertible bond constitutes the convertible's conversion premium. The history of the convertible bond market since 1982 is briefly described and presented in tabular form indicating annual coupon rates and conversion premiums. Convertible bonds are tied to non-convertible bonds, in that the convertible bond coupon rate is usually 2 to 5 percent below the non-convertible bond rate. During the second quarter of 1986 convertible bonds had an overall coupon rate of 7.3 percent, reflecting lower non-convertible bond rates for the period. However, the number of newly issued convertible bonds is continuing to increase as investors are finding these hybrid vehicles (half bond, half stock vehicles) reduce portfolio risk, provide relatively high income, and maintain good returns.

Author: Calamos, John P.
Publisher: Cashflow Magazine
Publication Name: Cashflow Magazine
Subject: Business
ISSN: 0196-6227
Year: 1987
Stocks, Securities, Bonds, Bonds (Securities), Convertible bonds

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Air Force Morale, Welfare, and Recreation

Article Abstract:

The Directorate of Morale, Welfare and Recreation (MWR), Air Force Manpower and Personnel Center (AFMPC) at Randolph Air Force Base in Texas is in charge of directing the global program in Air Force Morale. The program aims at enhancing the mental, social and physical stamina of troops and their families. An illustration of the chain of command of MWR is featured. Five central money funds manage the investments of the program. Over one hundred and twenty million dollars in construction loans, with about half of the money spent overseas, has been channeled out in the last four years. Tighter money conditions since 1982 have engendered a cessation of grants and interest-free loans. MWR has about fifty thousand employees and revenue well in excess of five hundred million dollars.

Author: Martin, C.Jr.
Publisher: U.S. Air Force, Financial Management and Comptroller
Publication Name: Air Force Comptroller
Subject: Business
ISSN: 0002-2365
Year: 1984
Construction industry, Human resource management, Recreation, Leisure

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Providing Banking Service and Facilities Air Force People Stationed Overseas Deserve

Article Abstract:

Base banks at overseas' locations can acquire a meaning which domestically located banks often do not have to Air Force personnel. Alternatives to base banks are often difficult to find overseas. Initiatives taken by the Air Force for overseas banking include installed Automatic Teller Machines (ATM), part-time tellers to reduce lines, customer education, and building projects. Base education programs should be oriented toward personal finances. Concentration should be placed on establishing theoretical, personal paydays and bill cycles. Using SUEE-PAY can reduce cash needs, and bill paying by check can do the same. Checking accounts in most countries are to be encouraged in order to decrease the rush for exchange dollars.

Author: Kistner, B.E.
Publisher: U.S. Air Force, Financial Management and Comptroller
Publication Name: Air Force Comptroller
Subject: Business
ISSN: 0002-2365
Year: 1984
Banking industry, Management, Education, Customer service, Finance

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Subjects list: Economic aspects, Investment analysis, Securities analysis, Military aspects
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