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1、CHAPTERTHREETHEPRIMARYANDSECONDARYBONDMARKETSFRANKJ.FABOZZI,PH.D.,CFAFrederickFrankAdjunctProfessorofFinanceSchoolofManagementYaleUniversityFRANKJ.JONES,PH.D.ProfessorofFinanceSanJoseStateUniversityFinancialmarketscanbecategorizedasthosedealingwithfinancialclaimsthatarenewlyissued,calledthep
2、rimarymarket,andthoseforexchangingfinancialclaimspreviouslyissued,calledthesecondarymarket,orthemarketforsea-sonedsecurities.Inthischapterwewilldiscusstheprimaryandsecondarymar-ketsforbonds.PRIMARYMARKETTheprimarymarketinvolvesthedistributiontoinvestorsofnewlyissuedsecuritiesbythecentralgove
3、rnment,itsagencies,municipalgovernments,andcorporations.Investmentbankersworkwithissuerstodistributenewlyissuedsecurities.RegulationofthePrimaryMarketTheSecuritiesActof1933governstheissuanceofsecurities.TheactrequiresthataregistrationstatementbefiledwiththeSecuritiesandExchangeCommission(SEC
4、)bytheissuerofasecurity.Thetypeofinformationcontainedintheregistra-tionstatementisthenatureofthebusinessoftheissuer,keyprovisionsorfeaturesofthesecurity,thenatureoftheinvestmentrisksassociatedwiththesecurity,andthebackgroundofmanagement.Financialstatementsmustbeincludedintheregis-trationsta
5、tement,andtheymustbecertifiedbyanindependentpublicaccountant.Theregistrationisactuallydividedintotwoparts.PartIistheprospectus.Itisthispartthatistypicallydistributedtothepublicasanofferingofthesecu-rities.PartIIcontainssupplementalinformation,whichisnotdistributedtothepublicaspartoftheofferi
6、ngbutisavailablefromtheSEConrequest.31Copyright©2005,2001,1997,1995,1991,1987,1983byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.32PART1BackgroundTheactprovidesforpenaltiesintheformoffinesand/orimprisonmentiftheinformationprovidedisinaccurateormaterialinformationisomitted.Moreover,inve
7、storswhopurchasethesecurityareentitledtosuetheissuertorecoverdamagesiftheyincuralossasaresultofthemisleadinginformation.Theunderwriteralsomaybesuedifitcanbedemonstratedthattheunderwriterdidnotconductareasonableinvestigationoftheinformationreportedbytheis
