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1、6UniversityofWashingtonversion2.0SchoolofBusinessApril2004WaltDisneyCompany’sSleepingBeautyBonds–DurationAnalysis*InJuly1993,theWaltDisneyCompanyissued$300,000,000inseniordebentures(bonds).Thedebenturescarriedaninterestrateof7.55%,payablesemiannually,andwerepricedat“p
2、ar”.TheywereduetoberepaidonJuly15,2093,afullonehundredyearsafterthedateofissue.However,atthecompany’soption,thedebenturescouldberepaid(inwholeorinpart)anytimeafterJuly15,2023or30yearsaftertheissuedate.Beauty,thefairytaleprincessandheroineofapopularDisneyanimatedfilm,a
3、ccordingtolegend,sleptunderenchantmentinamagiccastleforonehundredyears.TheDisney100-yeardebentureswereimmediatelydubbedthe“SleepingBeauties.”Theissuecausedalotofcommentamongtradersofportfoliomanagers.“It’scrazy,”saidWilliamGross,headoffixed-incomeinvestmentsatPiperCap
4、italManagementCompany.“LookatthepathofConeyIslandoverthelastfiftyyearsandseewhathappenstoamusementparks.”*ThiscasewasrevisedbyJonathanM.Karpoff.ItisrevisedfromHBScase#9-294-038,preparedbyProfessorCarlissY.Baldwin.Copyright1994.QuotedbyThomasT.Vogel,“CreditMarkets:Disn
5、eyAmazesInvestorswithSaleof100-YearBonds,”TheWallStreetJournal,July21,1993.ScottJacobson,headoffixed-incomeresearchatPiperCapitalManagement,feltthatthebondsweretooriskyforhisclients,but“ifcorporatetreasurerscangetawaywithit,whynot?”QuotedbyAnneMichaud,“DisneyCo.Goesth
6、eDistance,”TheLosAngelesTimes,July22,1993.OtherinterpretedthesuccessfulsalesofthebondsasavoteofconfidenceintheDisneyCompanyandU.S.economypolicy.“ItshowsthatpeoplebelievetheMousewillstillbesinginganddancingin100years,”saidTomDeegan(headofcorporatecommunicationsatDisney
7、).Ibid.AndAlanGreenspan,ChairmanoftheFederalReserveBoardofGovernorscalledthebonds“oneofthemoreimportantindicatorsthatthelong-terminflationexpectationsthathavesobedeviledoureconomyandfinancialmarketsseemtobereceding…averygoodsign.”ThomasD.LauricellaandConstanceMitchell
8、,“CreditMarkets:Coca-ColaJoinsDisneyattheVeryLongEndwithaSaleof$150Millionof100-YearBonds,”TheWallStreetJournal,July23,1993.
