THE ECONOMICS OF THE PRIVATE MARKET (Manual 166)

  1. Terms of Privately Placed Debt Contracts

  1. Borrowers in the Private Placement Market

  1. Lenders in the Private Placement Market

  1. Private Placements, the Theory of Financial Intermediation and the Structure of Capital Markets

Part 2:  Secondary Trading, the New Market for Rule 144A Private Placement and the Role of Agents

  1. The Rule 144A Market

  1. The Role of Agents

Part 3:  Special Topics

  1. The Recent Credit Crunch in the Private Placement Market

  1. The Current and Prospective Roles of Commercial Banks

Appendixes

  1. Definition of Private Placement, Resales of Private Placements, and Additional Information about Rule 144A

  2. The Market for Privately Placed Equity Securities

  3. Legal and Regulatory Restrictions on Bank Participation in the Private Placement Market

  4. Historical Data on Issuance of Private Debt

  5. A Review of the Empirical Evidence on Covenants and Renegotiation

  6. An Example of a Private Placement Assisted by an Agent

  7. Estimates of Issue-Size and Maturity Distributions

  8. Borrower Substitution between the Public and Private Markets

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