QUESTION 12

Mutinational corporations have a cost advantage to raise capital globally at more advantageous terms (i.e. lower cost, longer maturities) than local firms. Please mark the only transaction that is not related to raising capital by a multinational firm

	a.	multinationals raise equity or debt capital through access to global primary markets
	b.	European firms rely much more on raising capital through global bond deals than its peers in the US, who fund themselves primarily through commercial bank loans
	c.	the firm issues a new global bond deal in international capital markets
	d.	When multinationals raise capital in the primary market, their securities will usually trade in the secondary market