Stochastic Control Experiments on a Small Macro Model Under Two Expectation Regimes

125 p.Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 1976.U of I OnlyRestricted to the U of I community idenfinitely during batch ingest of legacy ETD

HOW CHANGES IN BOND CALL FEATURES AFFECT COUPON RATES

In April 1998, Level 3, a telecommunications company, sold $2 billion of 9.19%, ten-year bonds to finance the building of a fiber-optic network. Like most below-investment-grade issues, as well as many investment-grade issues, the Level 3 issue contained an embedded call option that gave the company the right to repurchase the bonds after five years at par value plus the (semi-annual) coupon rate, with the call price declining to par two years before maturity. 1999 Morgan Stanley.